<SEC-DOCUMENT>0001654954-22-001881.txt : 20220222
<SEC-HEADER>0001654954-22-001881.hdr.sgml : 20220222
<ACCEPTANCE-DATETIME>20220222092608
ACCESSION NUMBER:		0001654954-22-001881
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220222
FILED AS OF DATE:		20220222
DATE AS OF CHANGE:		20220222

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:		22655544

	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>a3536c.htm
<DESCRIPTION>FINAL RESULTS
<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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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
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;22
February 2022<br></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: 16px">&#xA0;</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">&#xA0;</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">&#xA0;</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">&#xA0;</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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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">EXHIBIT
INDEX</font></div>
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<tr>
<td style="vertical-align: top; width: 6%">
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<font style="font-family: Times New Roman; font-size: 13px">99.1</font></div>
</td>
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<font style="font-family: Times New Roman; font-size: 13px">Final
Results dated 22 February 2022</font></div>
</td>
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<td style="vertical-align: top; width: 6%">
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</td>
<td style="vertical-align: top; width: 94%">
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</td>
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</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
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<tr>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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</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="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="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="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
No: 99.1</font></div>
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<font style="font-style: italic; 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">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
This announcement contains inside information</font></div>
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<font style="font-weight: bold; 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">
&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">IHG PLC</font><font style="color: #000000">&#xA0;</font><font style="font-weight: bold; color: #000000">- Full Year Results to 31
December 2021</font></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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td rowspan="2" style="vertical-align: middle; width: 31%; 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: middle; width: 42%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Reported</font></div>
</td>
<td style="vertical-align: middle; width: 0%; 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: 12%; 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-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000">Underlying</font><font style="font-size: 70%; vertical-align: top; color: #000000">1</font></font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 15%; 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; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 13%; 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; color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: middle; width: 14%; 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 style="color: #000000">% change</font><font style="font-size: 70%; vertical-align: top; color: #000000">2</font></font></div>
</td>
<td style="vertical-align: middle; width: 0%; 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: 12%; 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; color: #000000; font-family: Times New Roman; font-size: 13px">
% change</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%; 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-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000">REPORTABLE SEGMENTS</font><font style="font-size: 70%; vertical-align: top; color: #000000">1</font><font style="color: #000000">:</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%; border-left: 0.5pt 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">
<font style="color: #000000">&#xA0;&#xA0;
Revenue</font><font style="font-size: 70%; vertical-align: top; color: #000000">1</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$1,390m</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$992m</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+40%</font></div>
</td>
<td style="vertical-align: middle; width: 0%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+39%</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%; border-left: 0.5pt 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">
<font style="color: #000000">&#xA0;&#xA0; Revenue from fee
business</font><font style="font-size: 70%; vertical-align: top; color: #000000">1</font></font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$1,153m</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$823m</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+40%</font></div>
</td>
<td style="vertical-align: middle; width: 0%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+38%</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%; border-left: 0.5pt 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">
<font style="color: #000000">&#xA0;&#xA0; Operating
profit</font><font style="font-size: 70%; vertical-align: top; color: #000000">1</font></font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$534m</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$219m</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+144%</font></div>
</td>
<td style="vertical-align: middle; width: 0%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
+138%</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%; border-left: 0.5pt 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">
<font style="color: #000000">&#xA0;&#xA0; Fee
margin</font><font style="font-size: 70%; vertical-align: top; color: #000000">1</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
49.6%</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
34.1%</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+15.5%pts</font></div>
</td>
<td style="vertical-align: middle; width: 0%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 27%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%; 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-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000">&#xA0;&#xA0; Adjusted
EPS</font><font style="font-size: 70%; vertical-align: top; color: #000000">1</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
147.0&#xA2;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
31.3&#xA2;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
+370%</font></div>
</td>
<td style="vertical-align: middle; width: 0%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 27%; border-left: 0.5pt solid #000000; border-right: 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; color: #000000; font-family: Times New Roman; font-size: 13px">
KEY METRICS:</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%; 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-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
GROUP RESULTS:</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 27%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0;&#xA0;</font> <font style="color: #000000">$19.4bn total gross revenue</font><font style="font-size: 70%; vertical-align: top; color: #000000">1</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%; border-left: 0.5pt solid #000000">
<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;&#xA0; Total revenue</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$2,907m</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$2,394m</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+21%</font></div>
</td>
<td style="vertical-align: middle; width: 0%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 27%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(30)%
vs 2019 (+43% vs 2020)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%; border-left: 0.5pt solid #000000">
<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;&#xA0; Operating profit/(loss)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$494m</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$(153)m</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
NM</font></div>
</td>
<td style="vertical-align: middle; width: 0%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 27%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0;</font> <font style="color: #000000">(30)% global FY RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">1</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%; border-left: 0.5pt solid #000000">
<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;&#xA0;&#xA0;Basic EPS</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
145.4&#xA2;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(142.9)&#xA2;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
NM</font></div>
</td>
<td style="vertical-align: middle; width: 0%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 27%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">vs
2019 (+46% vs 2020)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%; border-left: 0.5pt solid #000000">
<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;&#xA0; Total dividend per share</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
85.9&#xA2;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
- &#xA2;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
NM</font></div>
</td>
<td style="vertical-align: middle; width: 0%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 27%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0;</font> <font style="color: #000000">(17)% global Q4 RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">1</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%; 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-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000">&#xA0;&#xA0;&#xA0;Net
debt</font><font style="font-size: 70%; vertical-align: top; color: #000000">1</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
$1,881m</font></div>
</td>
<td style="vertical-align: middle; width: 13%; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
$2,529m</font></div>
</td>
<td style="vertical-align: top; width: 14%; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
(26)%</font></div>
</td>
<td style="vertical-align: middle; width: 0%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 27%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">vs
2019 (+71% vs 2020)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #000000">1&#xA0;&#xA0;&#xA0;</font><font style="color: #000000">Definitions
for non-GAAP measures can be found in the 'Use of non-GAAP
measures' section, along with reconciliations of these measures to
the most directly comparable line items within the Financial
Statements.</font></font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #000000">2&#xA0;&#xA0;&#xA0;</font><font style="color: #000000">Percentage
change shown unless not meaningful, such as where a positive
balance in the latest period is comparable to a negative or zero
balance in the prior period.</font></font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#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: 1%;">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%;">
<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">
Significant improvement in trading during the year, with RevPAR
recovering to 70% of 2019 levels (83% in Q4)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%;">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%;">
<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">
Particularly strong recovery in the US, resulting in Americas FY
RevPAR (20)% vs 2019, with Greater China (29)% and EMEAA (52)%; in
Q4, Americas improved to (7)% vs 2019, with Greater China (33)% and
EMEAA (33)%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%;">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%;">
<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">
Global Q4 RevPAR of (17)% vs 2019&#xA0;reflected&#xA0;rate attained
broadly in line with 2019 levels and occupancy 11%pts lower;
Q4&#xA0;occupancy was 56% (53% FY), with the US reaching 61% (61%
FY)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%;">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%;">
<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">
Operating profit from reportable segments of $534m, +144% vs 2020,
(down 38% vs 2019); reported operating profit of $494m, after
System Fund result of $(11)m and operating exceptionals of
$(29)m</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%;">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%;">
<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">
Fee business cost savings of $75m vs 2019 achieved&#xA0;and
sustainable in future years; additional temporary reductions in the
2021 cost base of $25m are not expected to be retained</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%;">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%;">
<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="color: #000000">
Net cash from operating activities of $636m (2020: $137m), with
adjusted free cash flow</font><font style="font-size: 70%; vertical-align: top; color: #000000">1</font><font style="color: #000000">&#xA0;of
$571m (2020: $29m); result includes strong cash conversion and a
System Fund inflow following an outflow in the prior
year</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%;">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%;">
<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">
Leverage substantially reduced, with our net debt:adjusted EBITDA
ratio now 3.0x</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%;">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%;">
<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">
Final dividend of 85.9&#xA2; proposed, equivalent to the withdrawn
final payment in respect of 2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%;">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%;">
<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">
Gross system growth of +5.0% YOY; net (0.6)% YOY, after 49.7k rooms
removed; ~70% of removals were across Holiday Inn and Crowne Plaza,
driven by the completion of the estate review for these two
brands</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%;">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%;">
<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">
Opened 44.0k rooms&#xA0;(291 hotels) over the year, +12% vs
2020;&#xA0;global estate now at 880k rooms (5,991
hotels)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%;">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%;">
<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">
Significant acceleration in signings in Q4 at 23.7k, close to
levels achieved in 2019; strongest increase in EMEAA</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%;">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%;">
<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">
Signed 68.9k rooms (437 hotels) in total in 2021, +23% vs 2020;
global pipeline now at 271k rooms (1,797 hotels)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%;">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%;">
<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">
Conversions ~25% of openings; first six properties secured for new
Luxury &amp; Lifestyle brand, Vignette Collection</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 24px; 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: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></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">
Keith Barr, Chief Executive Officer, IHG Hotels &amp; Resorts,
said:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></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">
"Trading improved significantly in 2021, with RevPAR getting closer
to pre-pandemic levels as the year went on, profitability and cash
flow rebounding strongly, and signings accelerating in Q4. Working
hand in hand, our colleagues and hotel owners have once again shown
incredible efforts to navigate the ebbs and flows of recovery. As
vaccination rates rise and restrictions are lifted around the
world, we are seeing the demand for travel increase. While there
may be unexpected challenges ahead, we are confident in our ability
to respond and adapt to what consumers and owners need as we
position IHG for strong future growth.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Through our strategic priorities, we continue to build a better,
stronger company for guests and owners. Our commitment to
maintaining a high-quality estate and investing in operations,
service and new designs is driving the success of our established
brands. The addition of attractive new brands in multiple segments
has opened up further growth opportunities globally. Our loyalty
programme will be transformed this year, alongside important
enhancements to our digital channels and experiences, and we are
committed to ensuring that as we grow around the world, we do so in
the right way through our Journey to Tomorrow plan and joining
campaigns such as Race to Zero.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Recognising the scale of our ambitions and the strengths and
efficiencies of our distribution and technology platforms, owner
interest in our brands continues to increase. Development activity
was well ahead of 2020, with 437 hotel signings contributing to a
global pipeline that represents more than 30% of today's system
size.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
With the strong financial improvements delivered in 2021, including
more than doubling our operating profit from reportable segments
and substantially reducing our net debt, the Board is pleased to be
recommending the reinstatement of a dividend. The signs are
encouraging that we are nearing the end of the pandemic, and we are
confident in the strength of IHG's enterprise, market positioning
and ability to drive attractive levels of long-term, sustainable
growth."</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>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
For further information, please contact:</font></div>
<div style="text-align: left">
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Investor Relations (Stuart Ford; Rakesh Patel)</font></div>
</td>
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<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>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+44 (0)7527 419 431</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Media Relations (Yasmin Diamond; Mark Debenham)</font></div>
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<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>
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<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</font></div>
</td>
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</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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<font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
For the purposes of the Market Abuse Regulation, the person
responsible for arranging the release of this announcement is
Nicolette Henfrey, EVP, General Counsel &amp; 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">
&#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">
Presentation for analysts and shareholders:</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="color: #000000; font-size: 13px">
A conference call and webcast presented by Keith Barr, Chief
Executive Officer, and Paul Edgecliffe-Johnson, Chief Financial
Officer and Group Head of Strategy, will commence at 9:30am (London
time) on 22 February 2022 and can be accessed
at&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">www.ihgplc.com/en/investors/results-and-presentations</font><font style="color: #000000; font-size: 13px">&#xA0;or
directly on&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">https://www.investis-live.com/ihg/61f4103a5acd270d004e5aed/tyyt</font><font style="color: #000000; font-size: 13px">.</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
For analysts and shareholders wishing to ask questions, please use
the dial-in details below which will have a Q&amp;A
facility:</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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<tr>
<td style="vertical-align: top; width: 25%;">
<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">
UK:</font></div>
</td>
<td style="vertical-align: top; width: 25%;">
<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">
0800 640 6441</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<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">
UK Local:</font></div>
</td>
<td style="vertical-align: top; width: 25%;">
<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">
0203 936 2999</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<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">
US:</font></div>
</td>
<td style="vertical-align: top; width: 25%;">
<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">
+1 646 664 1960</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<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">
All other locations:</font></div>
</td>
<td style="vertical-align: top; width: 25%;">
<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">
+44 203 936 2999</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<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">
Passcode:</font></div>
</td>
<td style="vertical-align: top; width: 25%;">
<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">
26 40 39</font></div>
</td>
</tr></table>
</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
An archived webcast of the presentation is expected to be available
later on the day of the results and will remain on it for the
foreseeable future, accessed at&#xA0;</font><font style="text-decoration: underline; color: #0000FF">www.ihgplc.com/en/investors/results-and-presentations</font><font style="color: #000000">.
An audio replay will also be available for 7 days using the
following details:</font></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>
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<tr>
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<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">
UK:</font></div>
</td>
<td style="vertical-align: top; width: 25%;">
<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">
0203 936 3001</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<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">
US:</font></div>
</td>
<td style="vertical-align: top; width: 25%;">
<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">
+1 845 709 8569</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<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">
All other locations:</font></div>
</td>
<td style="vertical-align: top; width: 25%;">
<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">
+44 203 936 3001</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<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">
Passcode:</font></div>
</td>
<td style="vertical-align: top; width: 25%;">
<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">
24 66 47</font></div>
</td>
</tr></table>
</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: 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">
Website:</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="color: #000000">
The full release and supplementary data will be available on our
website from 7:00am (London time) on 22 February. The web address
is&#xA0;</font><font style="text-decoration: underline; color: #0000FF">www.ihgplc.com/en/investors/results-and-presentations</font><font style="color: #000000">.</font></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">
&#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">
About IHG Hotels &amp; Resorts:</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="text-decoration: underline; color: #0000FF">
IHG Hotels &amp; Resorts</font><font style="color: #000000">&#xA0;[LON:IHG, NYSE:IHG (ADRs)] is a global
hospitality company, with a purpose to provide True Hospitality for
Good.</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
With a family of 17 hotel brands and&#xA0;</font><font style="text-decoration: underline; color: #0000FF">IHG
Rewards</font><font style="color: #000000">, one of the world's
largest hotel loyalty programmes, IHG has nearly 6,000 open hotels
in more than 100 countries, and a further 1,800 in the development
pipeline.</font></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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">-&#xA0; Luxury &amp;
Lifestyle:</font><font style="color: #000000">&#xA0;</font><font style="text-decoration: underline; color: #0000FF">Six Senses Hotels
Resorts Spas</font><font style="color: #000000">,</font><font style="color: #0000FF">&#xA0;</font><font style="text-decoration: underline; color: #0000FF">Regent
Hotels &amp; Resorts</font><font style="color: #000000">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF">InterContinental
Hotels &amp; Resorts</font><font style="color: #000000">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF">Vignette
Collection</font><font style="color: #000000">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF">Kimpton Hotels &amp;
Restaurants</font><font style="color: #000000">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF">Hotel
Indigo</font></font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">-&#xA0;
Premium:</font><font style="color: #000000">&#xA0;</font><font style="text-decoration: underline; color: #0000FF">voco
hotels</font><font style="color: #000000; font-family: Times New Roman">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF">HUALUXE
Hotels &amp; Resorts</font><font style="color: #000000">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF">Crowne Plaza Hotels
&amp; Resorts</font><font style="color: #0000FF">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF">EVEN
Hotels</font><font style="color: #000000">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">-&#xA0;
Essentials:</font><font style="color: #000000">&#xA0;</font><font style="text-decoration: underline; color: #0000FF">Holiday Inn Hotels
&amp; Resorts</font><font style="color: #000000">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF">Holiday Inn
Express</font><font style="color: #000000">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF">avid
hotels</font></font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">-&#xA0;
Suites:&#xA0;</font><font style="text-decoration: underline; color: #0000FF">Atwell
Suites</font><font style="color: #000000">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF">Staybridge
Suites</font><font style="color: #000000">,&#xA0;&#xA0;</font><font style="text-decoration: underline; color: #0000FF">Holiday Inn Club
Vacations</font><font style="color: #000000">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF">Candlewood
Suites</font><font style="color: #000000">&#xA0;</font></font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
InterContinental Hotels Group PLC is the Group's holding company
and is incorporated and registered in England and Wales.
Approximately 325,000 people work across IHG's hotels and corporate
offices globally.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Visit us online for more about our&#xA0;</font><font style="text-decoration: underline; color: #0000FF">hotels and
reservations</font><font style="color: #000000">&#xA0;and&#xA0;</font><font style="text-decoration: underline; color: #0000FF">IHG
Rewards</font><font style="color: #000000">. For our latest news,
visit our&#xA0;</font><font style="text-decoration: underline; color: #0000FF">Newsroom</font><font style="color: #000000">&#xA0;and
follow us on&#xA0;</font><font style="text-decoration: underline; color: #0000FF">LinkedIn</font><font style="color: #000000">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF">Facebook</font><font style="color: #000000">&#xA0;and&#xA0;</font><font style="text-decoration: underline; color: #0000FF">Twitter</font><font style="color: #000000">.</font></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">
&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Cautionary note regarding forward-looking statements:</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">
This announcement contains certain forward-looking statements as
defined under United States law (Section 21E of the Securities
Exchange Act of 1934) and otherwise. These forward-looking
statements can be identified by the fact that they do not relate
only to historical or current facts. Forward-looking statements
often use words such as 'anticipate', 'target', 'expect',
'estimate', 'intend', 'plan', 'goal', 'believe' or other words of
similar meaning. These statements are based on assumptions and
assessments made by InterContinental Hotels Group PLC's management
in light of their experience and their perception of historical
trends, current conditions, expected future developments and other
factors they believe to be appropriate. By their nature,
forward-looking statements are inherently predictive, speculative
and involve risk and uncertainty. There are a number of factors
that could cause actual results and developments to differ
materially from those expressed in or implied by, such
forward-looking statements. The main factors that could affect the
business and the financial results are described in the 'Risk
Factors' section in the current InterContinental Hotels Group PLC's
Annual report and Form 20-F filed with the United States Securities
and Exchange Commission.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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<font style="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">
Attractive industry fundamentals</font></div>
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<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">
The long-term attractiveness of our markets and their future growth
potential are considered to be unchanged by the Covid-19 pandemic.
The pre-existing industry tailwinds, such as a growing global
population, rising middle classes, the increasing desire for travel
and new experiences, and the human need to physically interact and
collaborate, give confidence as drivers of continued growth. The
Travel &amp; Tourism sector contributed almost $9 trillion or 10%
to the world's GDP in 2019. The sector outpaced global economic
growth each year for a decade. Over that period, the hotel industry
saw consistent growth in RevPAR and the expansion of branded market
share, benefitting from consumer trends and the strength of global
brands and enterprise systems such as those of IHG.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The industry is expected to return to robust levels of growth in
new-build supply over the longer term, which is in addition to the
RevPAR growth driven by the existing hotel room inventory. We also
anticipate that further increases in consumer focus on trusted
brands, technology platforms and booking flexibility should favour
leading brands such as IHG's with both owners and
guests.</font></div>
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<font style="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="color: #000000; font-family: Times New Roman; font-size: 13px">
2021 has already demonstrated a strong recovery from the
significant demand suppression that our industry incurred in 2020
as a result of the pandemic. A rapid return in demand has been led
by removals of travel restrictions, vaccinations, and a revival of
economic activity. This return has been quickest in domestic
leisure, whilst essential business demand had already proved
resilient. Discretionary business travel, group bookings and
international trips have also more recently shown encouraging signs
of recovery.</font></div>
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<font style="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="color: #000000; font-family: Times New Roman; font-size: 13px">
We understand the shifting trends and are responding and adapting.
The pandemic may lead to some structural changes for our industry,
such as an element of technology replacing certain kinds of
business travel. However, we are already seeing clear signs of
business demand returning. There will also be other trends,
including a greater use of hotels to facilitate a global shift to
increasingly flexible working arrangements. These further support a
view that overall demand levels could be little
changed.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We therefore anticipate the attractive industry fundamentals to be
fully restored in the longer term, even though a volatile demand
environment may still continue in the short term whilst temporary
travel restrictions prevail. Supporting this, according to Oxford
Economics, global hotel room nights consumed grew at a CAGR of just
under 5% in the decade through to 2019, and are expected to be back
above 2019 levels by 2023, and to resume growing at a similar CAGR
of just under 5% in their forecasts through to 2030. Furthermore,
the latest industry forecasts by STR and CBRE, providers of
hospitality industry analytics, expect US industry RevPAR to return
to 2019 levels by the end of 2023.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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<font style="font-family: Times New Roman; font-size: 13px;"><br></font></div>
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</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
IHG strongly positioned for both resiliency and growth in
shareholder value</font></div>
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<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">
IHG's weighting towards essential business and domestic leisure
travel has driven resilience relative to the wider industry during
the Covid pandemic. The midscale segments, which represent ~70% of
our system size and includes our market-leading Holiday Inn Express
brand, have historically been impacted less and recovered faster
than other segments in economic downturns. Our business is also
weighted towards non-urban markets that are less reliant on
international inbound travel (~95% of our US business is domestic
driven) and less reliant on large group meetings and events. These
weightings supported IHG's ability to outperform the wider industry
during the pandemic. Our asset light, fee-based, predominantly
franchised model has also delivered resilience in terms of cash
flow and profitability.</font></div>
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<font style="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="color: #000000; font-family: Times New Roman; font-size: 13px">
As we look to future growth, in addition to the attractive RevPAR
growth characteristics of our overall industry, IHG expects to be
able to gain further market share. This will be driven by the
expansion of our estate, leveraging our scale efficiencies and
investing in our brands, technology and loyalty programmes. Our
system size growth will in part be driven by increased conversion
activity (either from independently branded hotels or other real
estate), as well as an ongoing level of new-build development,
reflecting lenders' recognition of the strength and value of IHG's
enterprise system and reputation for generating attractive
investment returns. Our ambition is to deliver industry-leading net
rooms growth. Whilst 2020 and 2021 saw IHG's net system size remain
broadly flat, we are confident of reverting back to pre-pandemic
levels, with IHG's net system growth being 4.8% in 2018 and 5.6% in
2019.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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<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">
Our ability to expand the Group's fee margins will increase our
profitability, additive to the long-term attractive levels of
growth in RevPAR and net system size, which drive IHG's fee
revenue. The benefit of scale advantages and efficiencies, along
with brands and markets becoming more mature, saw fee margins
expand on average by over a 100bps a year over the decade through
to 2019, to reach 54.1% that year. Our progress on sustainable cost
reductions in 2021 will also support increased margins. In the
Americas region, given the strong recovery of demand in the US and
our particular weighting to the franchise model in this market,
margins in 2021 are already ahead of 2019.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
As an asset-light business, we focus on growing our fee revenues
and fee margins, with limited requirements for capital. This
enables us to grow our business whilst generating high returns on
invested capital. Our track record of strong cash generation has
also enabled IHG to enhance earnings growth through our approach of
returning excess capital to shareholders.</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
</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-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Summary of our approach to capital allocation and shareholder
returns</font></div>
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<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">
Our asset-light business model is highly cash generative through
the cycle and enables us to invest in our brands and strengthen our
enterprise. We have a disciplined approach to capital allocation
which ensures that the business is appropriately invested in,
whilst looking to maintain an efficient and conservative balance
sheet.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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<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">
IHG has a strong track record of paying shareholders a sustainably
growing ordinary dividend, and additionally returning surplus funds
to shareholders when these are not required to invest in the
business for optimising growth and long-term shareholder value
creation. Since demerger in 2003, IHG has returned some $13.6bn to
shareholders, $2.4bn through ordinary dividends and $11.2bn via
additional returns.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In 2020, in response to the onset of Covid and as part of our
actions to preserve cash in order to maintain substantial liquidity
and support our conservative balance sheet approach, IHG's Board
withdrew its recommendation of a final dividend in respect of 2019,
a payment of which would have had a cash outflow of ~$150m in the
first half of 2020.</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">
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Since then, trading has improved significantly in 2021, leading to
profitability rebounding, accompanied by strong cash flow and a
reduction in net debt. The Board's perspectives on the uses of cash
generated by the business are unchanged: ensuring the business is
appropriately invested in to optimise growth, funding a sustainably
growing dividend, and then returning excess funds to shareholders,
whilst maintaining our leverage ratio within a range of 2.5-3.0x
net debt:adjusted EBITDA. This ratio was 3.0x at 31 December
2021.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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<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">
The Board is therefore proposing a final dividend of 85.9&#xA2; in
respect of 2021, an amount equivalent to the withdrawn final
payment in respect of 2019. No interim dividend was paid in respect
of 2021. Going forward, dividend payments will be reflective of
IHG's prior approach to sustainably grow the ordinary dividend
whilst targeting a level of leverage that maintains an investment
grade credit rating, and ensuring careful consideration of our
responsibilities to all stakeholders. The Board will also continue
to actively assess the opportunity for any surplus capital to be
additionally returned through special dividends or share
buybacks.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The ex-dividend date is Thursday 31 March 2022 and the Record date
is Friday 1 April. Subject to shareholder approval at the AGM on
Friday 6 May, the dividend will be paid on Tuesday 17
May.</font></div>
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</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
System size and pipeline progress</font></div>
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<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">
The long-term attractiveness of IHG's brands and the markets we
operate in have supported increased opening and signings activity
in 2021:</font></div>
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&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%">
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Global system of 880k rooms (5,991 hotels) at 31 December 2021,
weighted 68% across midscale segments and 32% across upscale and
luxury</font></div>
</td>
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<td style="vertical-align: top; width: 1%">
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<td style="vertical-align: top; width: 99%">
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Gross growth of 5.0%, with 44.0k rooms (291 hotels) opened, up +12%
vs 2020</font></div>
</td>
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<td style="vertical-align: top; width: 99%">
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Removals of 49.7k rooms (264 hotels) or (5.6)%; of these, 34.3k
(151 hotels) were Holiday Inn and Crowne Plaza rooms, driven by the
completed review, and impacting total global system size by
(3.9)%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%">
<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">
Future removal rate expected to revert to average
~1.5%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%">
<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">
Global pipeline of 271k rooms (1,797 hotels), which represents over
30% of current system size; pipeline change YOY of
(0.4)%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%">
<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">
Signed 68.9k rooms (437 hotels), up +23% vs 2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%">
<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">
More than 40% of the global pipeline is under construction, in line
with prior years, and with some improving trends in ground breaks
starting to be seen by Q4</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<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">
&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 99%">
<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">
45 hotels or less than 1% of the global estate remained temporarily
closed at 31 December 2021, a significant improvement from nearly
300 hotels at the start of the year</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 24px; 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-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
System and pipeline summary of movements in 2021 and total closing
position (rooms):</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">
<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: 15%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 65%; border-top: 0.5pt solid rgb(0, 0, 0);">
<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">
System</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);">
<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">
Pipeline</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px 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-bottom: 2px solid rgb(0, 0, 0);">
<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">
Openings</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<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">
Removals</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Net</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Total</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Change YOY%</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: 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">
Signings</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
Group</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
43,958</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<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">
(49,667)</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<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">
(5,709)</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<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">
880,327</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<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">
(0.6)%</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
68,870</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-right: 0.5pt solid rgb(0, 0, 0);">
<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">
270,960</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
Americas</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
15,739</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<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">
(30,662)</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<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">
(14,923)</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<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">
499,089</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<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">
(2.9)%</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
17,647</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-right: 0.5pt solid rgb(0, 0, 0);">
<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">
96,603</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
EMEAA</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
10,162</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<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">
(13,811)</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<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">
(3,649)</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<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">
224,200</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<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">
(1.6)%</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
20,376</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-right: 0.5pt solid rgb(0, 0, 0);">
<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">
80,932</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 15%; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
G. China</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
18,057</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<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">
(5,194)</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
<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">
12,863</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
<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">
157,038</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
<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">
+8.9%</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
30,847</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
93,425</font></div>
</td>
</tr></table>
</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The regional performance reviews provide further detail of the
system and pipeline by region, and further analysis by brand and by
ownership type.</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 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: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></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">
Updates on our strategic priorities</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></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: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1.&#xA0;&#xA0; Build loved and trusted brands</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Across our portfolio, we continue to move at pace to introduce new
brands, take recent brand additions to scale, and invest in the
further growth of our established brands through an ongoing focus
on design, service and quality.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Launch of Vignette Collection</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">
Launched in August 2021, our&#xA0; collection brand, Vignette
Collection, complements our existing Luxury &amp; Lifestyle brands,
whilst also offering a different price point to our upscale
conversion brand voco. Six Vignette properties have already been
secured, the first of which was open by the end of the year. Owners
that join the collection will gain access to our world class
revenue delivery systems, technology platforms, loyalty offering,
operational expertise and procurement savings, without high upfront
costs or any compromise on their hotel's distinctive identity.
Accelerating IHG's growth, we expect to attract more than 100
properties over the next decade.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The upscale and luxury segments currently represent 32% of our
system size and 42% of our pipeline. These market segments were
worth over $100bn in rooms revenue globally in 2019, and over 40%
or around 1.5 million rooms are currently independent. Owners of
independent hotels and small chains are increasingly attracted by
the opportunity to benefit from the scale, expertise and investment
of a global system, illustrated by conversions as a proportion of
our total signings growing since 2019.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Completion of the Holiday Inn and Crowne Plaza review</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">
Holiday Inn and Crowne Plaza are two powerful global brands. In
2021, 68 new hotels were opened, whilst 84 signings grew their
combined pipeline to 340 hotels, equivalent to over 20% growth on
the current system of 1,594 properties.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
To protect their significant future growth prospects, in 2021 we
completed a review to address the consistency and quality of the
hotel estate, reflective of the expectations of IHG, our owners and
guests. In total, 151 hotels were removed from the Holiday Inn and
Crowne Plaza estates. The reduction of 34.3k rooms represented 10%
of the combined estate for these two brands at the start of the
year, or 3.9% of our global system size. In addition, as part of
the review, a further 83 hotels in the Americas and EMEAA regions
have committed to improvement plans or scopes of work, reflecting
significant investment by owners. Through the outcomes of the
review, together with other property improvements and new openings
over the last four years, this will result in two-thirds of the
Americas Holiday Inn estate having been updated recently, and
three-quarters of the Crowne Plaza estate.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Completion of the review will lead the future removal rate for
these brands to align more with the remainder of the estate, which
averaged 1.6% a year between 2016 and 2019. Given the prior
elevated levels of removals of Holiday Inn and Crowne Plaza hotels,
the removal rate of the overall IHG estate averaged 2.2% over these
years.</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">
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<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Other notable developments in 2021 included:</font></div>
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&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Strengthening our IHG Hotels
&amp; Resorts masterbrand.</font><font style="color: #000000">&#xA0;New masterbrand marketing approach adopted
to increase reach and enhance perception among consumers of IHG's
brands across Luxury &amp; Lifestyle, Premium, Essentials and
Suites. This drove uplifts in brand awareness and brand preference
metrics.</font></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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Increased conversion
activity.&#xA0;</font><font style="color: #000000">Achieved 21
signings for voco, taking it to 69 openings and signings across 25
countries since launch in 2018. The addition of resort destinations
and all-suites properties demonstrate the brand's flexibility.
Conversions represented 13 of voco's signings in 2021, with a
further 83 conversion signings across our other brands, including
several multi-brand portfolio deals that reflect the increased
breadth of IHG's offering.</font></font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Driving avid and Atwell Suites
to scale.&#xA0;</font><font style="color: #000000">Our avid brand
has already become the second largest
contributor&#xA0;to&#xA0;system growth, with a doubling of the
number of hotels open to 48, a further 164 in the pipeline and the
brand outperforming peers in guest satisfaction. Our first Atwell
Suites property is set to open in Miami in the coming weeks, and
the accelerated signings pace in 2021 resulted in a pipeline of 23
hotels.</font></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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Growing momentum behind Six
Senses and Regent.</font><font style="color: #000000">&#xA0;Six
Senses has grown to 21 open properties and a pipeline of 33, which
combined represents an increase of more than 50% in its presence
since acquisition in 2019. Regent now has seven open properties and
a further eight in the pipeline, with strong international owner
interest that will be supported by the opening of the flagship
Regent Hong Kong later in 2022.</font></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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">More market
debuts.</font><font style="color: #000000">&#xA0;Kimpton's growth
to 75 hotels included its first in France, and its pipeline of 35
includes market debuts in Mainland China and Australia this year.
Hotel Indigo has reached 130 properties in over 20 countries, and
with focused work on accelerating the speed to open for the brand,
a record year of openings is expected for 2022. Our extended stay
brands, Candlewood Suites and Staybridge Suites, continued to be
among the strongest RevPAR performers in our portfolio, with recent
signings for Staybridge including its first hotels in France, Spain
and India.</font></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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Holiday Inn Express
well-positioned for further growth.&#xA0;</font><font style="color: #000000">In its 30</font><font style="font-size: 70%; vertical-align: top; color: #000000">th</font><font style="color: #000000">&#xA0;year,
Holiday Inn Express reached 3,000 properties globally and now has a
pipeline of 645 hotels, representing 26% of its current system
size. The brand achieved a leading share of signings in its chain
scale in the US, whilst a first opening in Japan extended its
presence to 50 countries.</font></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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">InterContinental Hotels &amp;
Resorts celebrates its 75</font><font style="font-weight: bold; font-size: 70%; vertical-align: top; color: #000000">th</font><font style="font-weight: bold; color: #000000">&#xA0;Diamond
Anniversary year.</font><font style="color: #000000">&#xA0;Maintaining its position as a global leader
in luxury, our InterContinental estate grew to 204 hotels, with 23
signings, including 15 in EMEAA, increasing its global pipeline to
79 properties. Our work on contemporising and future proofing the
brand continues, and guest satisfaction scores saw another year of
outperformance against its brand peers.</font></font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2.&#xA0;&#xA0; Customer centric in all we do</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Delivering True Hospitality means creating seamless and tailored
guest experiences that generate increased demand, and ensuring that
as we deliver those things, we do so with efficient operations and
high returns in mind for our owners.</font></div>
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<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Transforming loyalty</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Our IHG Rewards loyalty programme is critical to our business and
future growth. Our more than 100 million loyalty members are
responsible for around half of all room nights globally each year,
stay in our hotels more often, and spend 20% more than non-members.
They are also 9x more likely to book direct, which is our most
profitable channel.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In 2021, highlights in the development of our loyalty proposition
included:</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Reward Night bookings largely recovering to pre-pandemic levels,
with participation rates of our higher tiered members, and
particularly leisure customers, exceeding pre-pandemic
levels</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
A further nine million loyalty members added, despite the
Covid-related challenges to on-property enrolment, and with record
enrolments over our web and mobile channels</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Through growth in Reward Night dynamic pricing, on average the
number of loyalty points required to book IHG hotels is expected to
be around 15% less in 2022 than 2019, helping members get free
nights faster, and without increased cost to our owners due to
compensating changes in the reimbursement rates</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We extended membership tier status and continued the temporary
pause on points expiration, used targeted loyalty promotions and
Enrol &amp; Stay campaigns to drive new guests and members and
fast-track the status of returning travellers, and integrated more
Six Senses resorts into the programme</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
As announced in January 2022, we will be relaunching a transformed
IHG Rewards programme this year, designed to offer more rewarding
member tiers and points value; provide richer benefits and
exceptional choice, especially for our elite members; and attract
more next generation travellers. This will be brought to life by a
re-energised frontline culture to deliver great member experiences,
supported by new tools, training and incentives.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The first phase was announced in January and goes live in March.
This creates a new, simplified tier structure based upon nights and
points qualification, with more bonus points awarded across the new
Silver Elite, Gold Elite and Platinum Elite tiers, and maintaining
our industry-leading bonus points for the Diamond Elite tier, our
most loyal customers. The programme is designed to maximise return
on investment for our hotel owners, and will continue to be
self-funded through the System Fund. Greater efficiency will be
enabled by member choice, with costs incurred for only the benefits
that individual member values most. Cost will be reduced for all
hotels through eliminating some previous welcome amenities and
enrolling stay assessments, which creates capacity to invest in the
new higher-value benefits.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
To be announced in the coming months will be further phases which
will bring new, customer-preferred benefits, and to enable unique
options to personalise and put the member in control, supported by
the next generation of our IHG mobile app.</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">
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<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Other customer centric developments in the year
included:</font></div>
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<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Supporting owners with
operational challenges</font></font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Brand standards have been evolved or removed to help create more
efficient and effective operations for owners, whilst still
delivering on guest expectations - all supported by clear hotel
action plans and training to drive performance and address
opportunities from guest feedback. This assistance continues, for
example with 80 brand standards still being relaxed for owners in
the Americas region to support managing costs.</font></div>
</td>
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<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">
Staffing challenges met with new hiring resources, deeper
relationships with job platforms, targeted social media campaigns,
and new flexible working initiatives. New or enhanced programmes
have also been introduced to support retention and accelerate
development of talent.</font></div>
</td>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Supply chain pressures met with an expanded procurement offer that
uses IHG's scale and expertise to deliver new solutions, resulting
in net year-on-year savings of more than 10% for owners across the
$1.3bn of spend managed by IHG. One important cost category,
particularly in our select service formats, is breakfast, which has
seen our procurement solutions lower costs by around
15%.</font></div>
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&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Driving more demand to our
hotels.</font><font style="color: #000000">&#xA0;IHG has created
increasingly tailored marketing campaigns and promotions, supported
by new resources and services within our Revenue Management for
Hire (RMH) programme that helps hotels quickly identify and act on
revenue opportunities using business intelligence and data. Key
demographics of returning demand within specific leisure travel
categories have been targeted with real-time search/location
campaigns, and corporate travellers with tailored 'Welcome Back to
Business' campaigns. IHG's award-winning dedicated SME programme,
IHG Business Edge, increased enrolled accounts by 44% to over
57,000, gaining share.</font></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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Improving rate negotiations for
our owners.&#xA0;</font><font style="color: #000000">Delivered
revenue improvements and faster responses for owners using IHG's
award-winning centralised RFP processes (CRFP), with 2,200 hotels
now using the service. The process to roll over corporate rates has
also been successful, with high adoption and corporate customers
also embracing IHG's strategic pricing model which transitions from
static to dynamic rates and helps shift market share of corporate
account volumes to IHG.</font></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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Updating guest room and public
space designs.&#xA0;</font><font style="color: #000000">Ongoing
programmes across brands further enhance the guest experience and
drive stronger returns for owners. These include our Formula Blue
concept for Holiday Inn Express adopted in over 1,200 hotels in the
Americas since its introduction in 2014, with an enhanced '2.0'
iteration further reducing the cost-per-key for owners across
furniture, fixtures and equipment (FF&amp;E) by approximately 10%.
Other 'next-gen' formats and refurbishments are being widely
applied across Holiday Inn, Candlewood Suites and Staybridge
Suites.</font></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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Evolving the stay
experience.&#xA0;</font><font style="color: #000000">Food and
beverage options have been reintroduced for guests, whilst new
solutions for group events were added to our award-winning Meet
with Confidence programme. These, in combination with all our other
developments and initiatives, supported IHG's Guest Satisfaction
Index (GSI) continuing to improve during 2021 and achieving scores
of 100 or better for each of our brands, reflecting outperformance
against peers.</font></font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3.&#xA0;&#xA0; Create digital advantage</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Our digital-first approach enables seamless experiences across the
guest journey, drives direct bookings, creates efficiencies, and
delivers the right data, insights, technology and platforms to
drive performance for owners.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Developments in the year included:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Enabling attribute pricing
and&#xA0;the selection of stay enhancements.</font><font style="color: #000000">&#xA0;Around 95% of hotels have now completed
detailed room inventory assessments to prepare for attribute
pricing on our industry-leading Guest Reservation System (GRS),
which will allow guests to choose specific room characteristics
when booking their stay and seamlessly add additional non-room stay
enhancements. These, together with other booking flow improvements,
enable guests to fully tailor their trip, and owners to generate
maximum value from their hotel's unique
attributes.</font></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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Simple room
rates.</font><font style="color: #000000">&#xA0;To improve the
booking experience for guests we have simplified room rates and
focused on achieving consistency across all channels, as we look to
encourage booking direct and drive low-cost revenue for our owners.
In January 2022, we also moved to centralise our wholesale
distribution.</font></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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Enhancing customer
service.&#xA0;</font><font style="color: #000000">AI
voice-activated platforms used to answer and route customer calls
is helping increase both satisfaction scores and higher average
daily rates on bookings, whilst a digital concierge chatbot has
also been introduced on IHG.com and the IHG mobile app to further
assist customer bookings and communication. Further streamlining
the digital guest experience, digital arrivals has now expanded to
nearly 4,000 properties.</font></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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Next generation IHG mobile app
under development and piloting.</font><font style="color: #000000">&#xA0;With full roll out planned in 2022, our
next-gen App, using data insights and new designs, will provide a
richer customer experience, enable personal and timely marketing
offers, and allow us to introduce new features, fast, including
enabling new benefits as part of the transformed loyalty offer. The
enhancements are expected to increase direct bookings and loyalty
engagement for our owners and drive incremental spend during
stays.</font></font></div>
<div style="text-align: justify; margin-left: 24px; 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: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4.&#xA0;&#xA0; Care for our people, communities and
planet</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Central to our priority to care for our people, communities and
planet, and our purpose of True Hospitality for Good, is our
2030&#xA0;</font><font style="font-style: italic; color: #000000">Journey to
Tomorrow</font><font style="color: #000000">&#xA0;plan, which
launched in 2021 with a series of ambitious
commitments.</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Developments in 2021 included:</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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Carbon &amp;
energy</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<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">
&#x25CB;</font></div>
</td>
<td style="vertical-align: top; width: 99%">
<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">
Joining the UN's Race to Zero campaign, we upgraded our 2030
science-based target to align with the most ambitious target of the
Paris Agreement to limit global warming to 1.5&#xB0;C, with our aim
to now reduce absolute scope 1, 2 and 3 greenhouse gas emissions by
46% by 2030. IHG also became the first hotel group to join the UK's
Zero Carbon Forum.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<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">
&#x25CB;</font></div>
</td>
<td style="vertical-align: top; width: 99%">
<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">
We have developed a comprehensive decarbonisation roadmap, setting
out plans to improve the energy efficiency of existing hotels, help
owners source renewable energy, and establish our approach for
new-build hotels to operate at very low or zero-carbon in the
future. Immediate steps included launching an automated data
collection programme for all hotels globally, and creating a new
Hotel Energy Reduction Opportunities (HERO) tool, which will be key
to helping our hotels develop energy, carbon and water reductions.
In 2022, every IHG hotel will have an individual energy reduction
target.</font></div>
</td>
</tr></table>
</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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Diversity, equity &amp;
inclusion (DE&amp;I)</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<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">
&#x25CB;</font></div>
</td>
<td style="vertical-align: top; width: 99%">
<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">
Corporate employees completed more than 10,000 hours of conscious
inclusion training during the year, and new Inclusion and Wellness
Metrics were incorporated into our employee engagement survey to
help measure our progress over time.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<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">
&#x25CB;</font></div>
</td>
<td style="vertical-align: top; width: 99%">
<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="color: #000000">
New programmes such as Ascend in the Americas were launched to help
increase ethnically diverse representation in leadership roles and
IHG's progress was recognised recently for an 8</font><font style="font-size: 70%; vertical-align: top; color: #000000">th</font><font style="color: #000000">&#xA0;year
running as a 'Best Place to Work for LGBTQ Equality', with a 100%
rating in the Corporate Equality Index, alongside a Highly
Commended award in the Company of the Year category at the European
Diversity Awards.</font></font></div>
</td>
</tr></table>
</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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Human
rights.</font><font style="color: #000000">&#xA0;Requirements
related to mitigating migrant worker risks in our hotels were
developed in the year, alongside a continued assessment of our
supply chain risks and approach to the due diligence of
suppliers.</font></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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Communities.&#xA0;</font><font style="color: #000000">More
than 40,000 colleagues volunteered to help more than 350,000 people
during IHG's Giving for Good month. The IHG Academy programme
expanded with the IHG Skills Academy, a free global virtual
learning platform that breaks down barriers to education and
training. IHG also continued to support its many charity partners
responding to natural disasters around the
world.</font></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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Water.</font><font style="color: #000000">&#xA0;Work continued on water stewardship projects
in Shenzhen, China, and Hayman Island, Australia, in partnership
with the Alliance for Water Stewardship.</font></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: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="font-weight: bold; color: #000000">Waste.&#xA0;</font><font style="color: #000000">Bathroom bulk amenities solutions were secured for
all IHG hotel brands and markets, with the switch reducing our
plastic usage by an estimated 850 tonnes in the Americas region
alone. Negotiated through IHG Procurement, these bulk products also
provide hotels with cost savings of 10-30%. A global food waste
training module was developed for our hotels ahead of rollout in
2022.</font></font></div>
<div style="text-align: justify; margin-left: 24px; 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">
&#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="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></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">
Summary of financial performance</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></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">
INCOME STATEMENT SUMMARY</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 42%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;12 months
ended 31 December</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
%</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
change</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Revenue</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Americas</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
774</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
512</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
51.2</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
EMEAA</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
303</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
221</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
37.1</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Greater China</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
116</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
77</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
50.6</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Central</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
197</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
182</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
8.2</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Revenue from reportable segments</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,390</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
992</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
40.1</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
System Fund revenues</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
928</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
765</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
21.3</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Reimbursement of costs</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
589</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
637</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(7.5)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Total revenue</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,907</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2,394</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
21.4</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Operating profit/(loss)</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Americas</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
559</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
296</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
88.9</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
EMEAA</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(50)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<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 style="color: #000000">
&#xA0;NM</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Greater China</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
58</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
35</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
65.7</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Central</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(88)</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(62)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
41.9</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Operating profit from reportable segments</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
534</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
219</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
143.8</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Analysed as:</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-style: italic; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Fee Business
excluding central</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
658</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
340</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
93.5</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-style: italic; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Owned, leased
and managed lease</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
(36)</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
(59)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
(39.0)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-style: italic; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Central</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
(88)</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
(62)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
41.9</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
System Fund result</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(11)</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(102)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(89.2)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Operating profit before exceptional items</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
523</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
117</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
347.0</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Operating exceptional items</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(29)</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(270)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(89.3)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Operating profit/(loss)</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
494</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(153)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<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 style="color: #000000">
NM</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Net financial expenses</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(139)</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(140)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(0.7)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Analysed as:</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Adjusted
interest expense</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
(142)</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
(130)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
9.2</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-style: italic; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;System Fund
interest</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
(25.0)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-style: italic; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Exceptional
financial expenses</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
(14)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Fair value gains on contingent purchase consideration</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
13</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(53.8)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Profit/(loss) before tax</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
361</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(280)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<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 style="color: #000000">
NM</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Tax</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(96)</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
20</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<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 style="color: #000000">
NM</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Analysed as</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Tax
before exceptional items and System Fund</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
(125)</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
(32)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
290.6</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-style: italic; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Tax on
exceptional items and exceptional tax</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
29</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
52</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
(44.2)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Profit/(loss) for the year</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
265</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(260)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<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 style="color: #000000">
NM</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Adjusted earnings</font><font style="font-size: 70%; vertical-align: top; color: #000000">c</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
269</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
57</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
371.9</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Basic weighted average number of ordinary shares
(millions)</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
183</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
182</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
0.5</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Earnings/(loss) per ordinary share</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 0px; margin-right: -7px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Basic</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
145.4&#xA2;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(142.9)&#xA2;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<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 style="color: #000000">
NM</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 0px; margin-right: -7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Adjusted</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
147.0&#xA2;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
31.3&#xA2;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
369.6</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Dividend per share</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
85.9&#xA2;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<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 style="color: #000000">
NM</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<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">
Average US dollar to sterling exchange rate</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$1: &#xA3;0.73</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$1: &#xA3;0.78</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(6.4)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 58%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a</font><font style="color: #808080">&#xA0;&#xA0;&#xA0;
Definitions for non-GAAP measures can be found in the 'Use of
non-GAAP measures' section along with reconciliations of these
measures to the most directly comparable line items within the
Group Financial Statements.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">b</font>
<font style="color: #808080">&#xA0;&#xA0;&#xA0;Percentage change
considered not meaningful, such as where a positive balance in the
latest period is comparable to a negative or zero balance in the
prior period.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">c</font>&#xA0;&#xA0;&#xA0;
<font style="color: #808080">Adjusted earnings as used within
adjusted earnings per share, a non-GAAP
measure.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #4A4949; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #4A4949; 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: #4A4949; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#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">
Revenue</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="color: #000000">
Trading improved significantly during the year, with Group
comparable RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;getting
closer to pre-pandemic levels. More travel demand returned as
vaccines rolled out, government-mandated restrictions eased and
economic activity started to rebuild. Through the summer months
many markets, including the US and UK, saw significant
improvements, driven by domestic leisure travel. Whilst the ability
of travellers to freely move between and within countries continued
to vary significantly, the second half of the year saw a gradual
further improvement in overall trading
conditions.</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Group comparable RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;declined
34% in the first quarter, then grew 151% in the second quarter, 66%
in the third quarter, 71% in the fourth quarter and 46% in the full
year. When compared to the pre-pandemic levels of 2019, Group
comparable RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;declined
51% in the first quarter, 36% in the second quarter, 21% in the
third quarter, 17% in the fourth quarter and 30% in the full
year.</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Our other key driver of revenue, net system size, decreased by 0.6%
year-on-year to 880.3k rooms, impacted by 34.3k Holiday Inn and
Crowne Plaza removals as we concluded our quality review of these
brands.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
During the year ended 31 December 2021, total revenue increased by
$513m (21.4%) to $2,907m, including a $48m reduction in cost
reimbursement revenue. Revenue from reportable
segments</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;increased
by $398m (40.1%) to $1,390m, driven by the improved trading
conditions. Underlying revenue</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;increased
by $387m to $1,373m, with underlying fee revenue</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;increasing
by $314m. Owned, leased and managed lease revenue increased by
$68m.</font></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: 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">
Operating profit and margin</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="color: #000000; font-family: Times New Roman; font-size: 13px">
Operating profit improved by $647m from a loss of $153m to a profit
of $494m, including a $241m net reduction in operating exceptional
items, a $91m improvement in the System Fund result, from a $102m
deficit to an $11m deficit, and a $36m decrease in the charge for
expected credit losses on corporate trade receivables.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Operating profit from reportable segments</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;increased
by $315m (143.8%) to $534m, driven by improved demand and the
delivery of sustainable fee business cost savings. Underlying
operating profit</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;increased
$308m to $531m.</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Fee margin</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;increased
by 15.5 percentage points to 49.6%, benefitting from the
improvement in trading and focussed cost
management.</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
The impact of the movement in average USD exchange rates for 2021
netted to a nil impact on operating profit from reportable
segments</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">.</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
If the average exchange rate during January 2022 had existed
throughout 2021, the 2021 operating profit from reportable segments
would have been $5m higher.</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: 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">
System Fund</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="color: #000000; font-family: Times New Roman; font-size: 13px">
The Group operates a System Fund to collect and administer cash
assessments from hotel owners for the specific purpose of use in
marketing, reservations, and the hotel loyalty programme, IHG
Rewards. The System Fund also benefits from proceeds from the sale
of loyalty points under third-party co-branding arrangements. The
Fund is not managed to generate a profit or loss for IHG over the
longer term, although an in-year surplus or deficit can arise, but
is managed for the benefit of hotels in the IHG System with the
objective of driving revenues for the hotels.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In the year to 31 December 2021, System Fund revenues increased
$163m (21%) to $928m, primarily driven by the recovery in travel
demand yielding higher assessment revenues.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The System Fund income statement deficit reduced by $91m to $11m,
primarily due to the rebound in travel demand and associated
assessment income, partially offset by the reversal of temporary
savings realised in 2020.</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">
&#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">
Reimbursement of costs</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="color: #000000; font-family: Times New Roman; font-size: 13px">
Cost reimbursement revenue represents reimbursements of expenses
incurred on behalf of managed and franchised properties and
relates, predominantly, to payroll costs at managed properties
where we are the employer. As we record cost reimbursements based
upon costs incurred with no added mark up, this revenue and related
expenses have no impact on either our operating profit or net
profit for the year.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In the year to 31 December 2021, reimbursable revenue decreased by
$48m (7.5%) to $589m. The reduction reflects the impact of the
prior year termination of the SVC portfolio in the Americas estate,
meaning the overall scale of reimbursements fell.</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: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a</font><font style="color: #808080">&#xA0;&#xA0;
Comparable RevPAR includes the impact of hotels temporarily closed
as a result of Covid-19.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">b</font><font style="color: #808080">&#xA0;&#xA0;
Definitions for non-GAAP measures can be found in the 'Use of
non-GAAP measures' section along with reconciliations of these
measures to the most directly comparable line items within the
&#xA0;Group Financial Statements.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<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-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Operating exceptional items</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="color: #000000; font-family: Times New Roman; font-size: 13px">
Operating exceptional items totalled $29m, comprising the $25m
provisionally agreed costs to settle two commercial disputes in the
Americas and EMEAA, and the reversal of a $4m fair value gain
recorded in 2020 on the put option over part of the Group's
investment in the InterContinental Barclay hotel.</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="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="color: #000000; font-family: Times New Roman; font-size: 13px">
Further information on exceptional items can be found in note 5 to
the preliminary Group Financial Statements.</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">
&#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-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Net financial expenses</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="color: #000000">
Net financial expenses decreased by $1m to $139m. Adjusted
interest</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">,
which excludes exceptional finance expenses, and adds back interest
relating to the System Fund, increased by $12m to an expense of
$142m. The increase in adjusted interest</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;was
primarily driven by increased average bond
debt.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#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-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Fair value gains on contingent purchase consideration</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">
Contingent purchase consideration arose on the acquisitions of
Regent, the UK portfolio and Six Senses. The net gain of $6m (2020:
$13m) primarily arises from the conditions related to the Six
Senses contingent purchase consideration no longer being met. The
total contingent purchase consideration liability at 31 December
2021 is $73m (2020: $79m).</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">
&#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">
Taxation</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="color: #000000">
The effective rate of tax on profit before exceptional items and
System Fund</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;was
31% (2020: 38%); this was lower than 2020 largely due to the
improved profit base. In May 2021, a change to the UK rate of
Corporation Tax was enacted which led to a $30m credit; $26m was
recorded as an exceptional credit within the Income Statement and
$4m within the Statement of Other Comprehensive Income. A net
credit of $3m arose on other accounting exceptional items (2020:
$52m). Further information on tax within exceptional items can be
found in note 5 to the preliminary Group Financial Statements. Net
tax paid in 2021 totalled $86m (2020: $41m) and included refunds in
the US of $15m (2020: $24m). No more significant refunds are
expected.</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
IHG pursues an approach to tax that is consistent with its business
strategy and its overall business conduct principles. The approach
seeks to ensure full compliance with all tax filing, payment and
reporting obligations on the basis of communicative and transparent
relationships with tax authorities. The IHG Audit Committee reviews
IHG's approach to tax annually, including consideration of the
Group's current tax profile.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Further information on tax can be found in note 6 to the
preliminary Group Financial Statements.</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="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-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Earnings per share</font></div>
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">The Group's basic earnings per ordinary share is
145.4&#xA2; (2020: basic loss per ordinary share: 142.9&#xA2;).
Adjusted earnings per ordinary share</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;increased
by 115.7&#xA2; to 147.0&#xA2;.</font></font>
<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><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">
Dividends</font></div>
<div><font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Board is proposing a final dividend of 85.9&#xA2; in respect of
2021, an amount equivalent to the withdrawn final payment in
respect of 2019. No interim dividend was paid in respect of 2021.
Going forward, dividend payments will be reflective of IHG's prior
approach to sustainably grow the ordinary dividend, whilst
targeting a level of leverage that maintains an investment grade
credit rating and ensuring careful consideration of our
responsibilities to all stakeholders. The Board will also continue
to actively assess the opportunity for any surplus capital to be
additionally returned through special dividends or share
buybacks.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The ex-dividend date is Thursday 31 March 2022 and the Record date
is Friday 1 April. The corresponding dividend amount in Pence
Sterling per ordinary share will be announced on 27 April 2022,
calculated based on the average of the market exchange rates for
the three working days commencing 22 April 2022. Subject to
shareholder approval at the AGM on Friday 6 May, the dividend will
be paid on Tuesday 17 May.</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: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a</font><font style="color: #808080">&#xA0;&#xA0;
Definitions for non-GAAP measures can be found in the 'Use of
non-GAAP measures' section along with reconciliations of these
measures to the most directly comparable line items within the
Group Financial Statements.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #808080; 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">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></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">
Summary of cash flow, working capital, net debt and
liquidity</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 4px">&#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">
CASH FLOW SUMMARY</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: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 30%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;12 months
ended 31 December</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">
&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
change</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
GAAP cash flow summary</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Net cash from operating activities</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
636</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
137</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
499</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Net cash from investing activities</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(12)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(61)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
49</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Net cash from financing activities</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(860)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,354</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2,214)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Net movement in cash and cash equivalents in the year</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(236)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,430</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1,666)</font></div>
</td>
</tr></table>
</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">
<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: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 30%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;12 months
ended 31 December</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">
&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
change</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Operating profit from reportable segments</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
534</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
219</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Depreciation and amortisation</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
98</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
110</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Adjusted EBITDA</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
632</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
329</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
303</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Working capital and other adjustments</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
110</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(27)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Impairment loss on financial assets</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
40</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Other non-cash adjustments to operating
profit/loss</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font></font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
71</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
60</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
System Fund result</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(11)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(102)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
System Fund depreciation and amortisation</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
94</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
62</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Other non-cash adjustments to System Fund result</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
97</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Capital expenditure: contract acquisition costs (key money) net of
repayments</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(42)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(64)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Capital expenditure: maintenance</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(33)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(43)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Cash flows relating to exceptional items</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(12)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(87)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Net interest paid</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(126)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(130)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Tax paid</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(86)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(41)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Principal element of lease payments</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(32)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(65)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
<font style="color: #000000">Adjusted free cash
flow</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
571</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
29</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
542</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Capital expenditure: gross recyclable investments</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(5)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Capital expenditure: gross System Fund capital
investments</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(19)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(35)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Deferred purchase consideration paid</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(13)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Disposals and repayments, including other financial
assets</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
58</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
18</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Distributions from associates and joint ventures</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Other items</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Net cash flow before other net debt movements</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
592</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
14</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
578</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Add back principal element of lease repayments within adjusted free
cash flow</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
32</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
65</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Exchange and other non-cash adjustments</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
24</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
57</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Decrease in net debt</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
648</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
136</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
512</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Net debt at beginning of the year</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2,529)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2,665)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<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">
Net debt at end of the year</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1,881)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2,529)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
648</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a</font><font style="color: #808080">&#xA0;&#xA0;
Definitions for non-GAAP measures can be found in the 'Use of
non-GAAP measures' section along with reconciliations of these
measures to the most directly comparable line items within the
Group Financial Statements.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">b</font><font style="color: #808080">&#xA0;&#xA0;
2020 Excludes $48m related to trade deposits and loans which were
recognised as exceptional items.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #808080; 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-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Cash from operating activities</font></div>
<div><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net
cash from operating activities totalled $636m for the year ended 31
December 2021, an increase of $499m on the previous year, primarily
reflecting the increase in operating profit and improvement in
working capital (see below) and other adjustments.</font></div>
<div><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cash
flow from operations is the principal source of cash used to fund
the ongoing operating expenses, interest payments, maintenance
capital expenditure and normal dividend payments of the
Group.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#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-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Cash from investing activities</font></div>
<div><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net
cash outflows from investing activities decreased by $49m to $12m,
driven by $44m net proceeds from the sale of three hotels in the
Americas region. There was an overall decrease in purchases of
property, plant and equipment and intangible assets of $24m.
Deferred consideration paid of $13m related to the acquisition of
the Regent brand (2020: $nil). The Group had committed contractual
capital expenditure of $17m at 31 December 2021 (2020:
$19m).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#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-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Cash used in financing activities</font></div>
<div><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net
cash outflows from financing activities totalled $860m (2020:
$1,354m inflow). This was primarily due to the repayment of the
&#xA3;600m commercial paper under the UK Covid Corporate Financing
Facility (CCFF).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#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-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Adjusted free cash flow</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Adjusted free cash flow</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;was
an inflow of $571m, an increase of $542m on 2020, driven by an
improvement in operating profit from reportable
segments</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;partially
offset by related tax payments, coupled with a $137m improvement in
working capital as explained below. Exceptional cash costs of $12m
decreased by $75m due to lower restructuring expenses and the
timing of litigation payments.</font></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">
&#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">
Working capital</font></div>
<div><font style="color: #000000; font-family: Times New Roman; font-size: 13px">On
the Group statement of financial position, trade and other
receivables increased by $60m, from $514m to $574m, primarily due
to the significant increase in RevPAR in the fourth quarter
compared to 2020. Trade and other payables increased by $108m, from
$560m to $668m, primarily due to an increase in bonus accruals
compared to prior year. Deferred revenue increased by $44m, from
$1,569m to $1,613m, reflecting an increase in the future redeemable
points balance related to the loyalty programme.</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">
&#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">
Net and gross capital expenditure</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Net capital expenditure</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;was
a $50m inflow (2020: $67m outflow) and gross capital
expenditure</font><font style="color: #000000; font-size: 13px">&#xA0;</font><font style="color: #000000">was $100m (2020: $148m). Gross capital expenditure
comprised: $76m maintenance capex and key money; $5m gross
recyclable investments; and $19m System Fund capital investments.
Net capital expenditure includes the offset from $58m net disposal
proceeds and $91m System Fund depreciation and
amortisation</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">.
Our capex guidance is unchanged at around $150m net per annum and
up to $350m gross into the medium term.</font></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="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">
Net debt</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">At 31 December 2021, net debt</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;was
$1,881m, after favourable foreign exchange and other non-cash
adjustments of $24m, and compared to $2,529m at 31 December
2020.</font></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">
&#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-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Sources of liquidity</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">As at 31 December 2021 the Group had total
liquidity of $2,655m (31 December 2020: $2,925m), comprising
$1,350m of undrawn bank facilities and $1,305m of cash and cash
equivalents (net of overdrafts and restricted cash). The reduction
in total liquidity from December 2020 is due to the repayment of
the &#xA3;600m CCFF in March 2021, largely offset by the net cash
flow before other net debt movements of $592m</font><font style="font-size: 70%; vertical-align: top; color: #000000">c</font><font style="color: #000000">.</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Group currently has $2,786m of sterling and euro bonds
outstanding. The current bonds mature in November 2022
(&#xA3;173m), October 2024 (&#x20AC;500m), August 2025 (&#xA3;300m),
August 2026 (&#xA3;350m), May 2027 (&#x20AC;500m) and October 2028
(&#xA3;400m). There are currency swaps in place on both the euro
bonds, fixing the October 2024 bond at &#xA3;454m and the May 2027
bond at &#xA3;436m.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Group currently has a senior unsecured long-term credit rating
of BBB- from Standard and Poor's. In the event this rating was
downgraded below BBB- there would be an additional step-up of
125bps payable on the bonds which would result in an additional
interest cost of approximately $35m per year.</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: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a.</font><font style="color: #808080">&#xA0;&#xA0;
Definitions for non-GAAP measures can be found in the 'Use of
non-GAAP measures' section along with reconciliations of these
measures to the most directly comparable line items within the
Group Financial Statements.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">b.</font><font style="color: #808080">&#xA0;&#xA0;
Excluding $3m depreciation of right-of-use
assets.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">c.</font><font style="color: #808080">&#xA0;&#xA0;
As shown in Cash Flow Summary on page 4.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#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="color: #000000; font-family: Times New Roman; font-size: 13px">
The $1,275m revolving syndicated bank facility (the Syndicated
Facility) and the $75m revolving bilateral facility (the Bilateral
Facility) mature in September 2023.&#xA0; The facilities were
undrawn at 31 December 2021. The Syndicated and Bilateral
Facilities contain the same terms and two financial covenants:
interest cover and a leverage ratio. Covenants are monitored on a
'frozen GAAP' basis excluding the impact of IFRS 16 and are tested
at half year and full year on a trailing 12-month basis. The
interest cover covenant requires a ratio of Covenant EBITDA to
Covenant interest payable above 3.5:1 and the leverage ratio
requires Covenant net debt to Covenant EBITDA of below 3.5:1.
Covenant EBITDA is calculated (on a frozen GAAP basis) as operating
profit before exceptional items, depreciation and amortisation and
System Fund revenues and expenses.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
These covenants have been amended for test dates in 2022. A minimum
liquidity covenant of $400m has been introduced which will be
tested at each test date up to and including 31 December 2022. The
amended leverage ratio and interest cover covenant test levels for
the facilities are as follows:</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">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 60%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: top; width: 20%; border-left: 1pt solid rgb(191, 191, 191); border-top: 1pt solid rgb(191, 191, 191); border-bottom: 2px solid rgb(191, 191, 191);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-top: 1pt solid rgb(191, 191, 191); border-bottom: 2px solid rgb(191, 191, 191); border-left: 1px solid rgb(191, 191, 191);">
<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">
June 2022</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-color: rgb(191, 191, 191); border-style: solid; border-width: 1pt 1pt 2px 1px;">
<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">
December 2022</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 20%; border-left: 1pt solid rgb(191, 191, 191); border-bottom: 2px solid rgb(191, 191, 191);">
<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">
Leverage Ratio</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 2px solid rgb(191, 191, 191); border-left: 1px solid rgb(191, 191, 191);">
<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">
Less than 7.5x</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-right: 1pt solid rgb(191, 191, 191); border-bottom: 2px solid rgb(191, 191, 191); border-left: 1px solid rgb(191, 191, 191);">
<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">
Less than 6.5x</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 20%; border-left: 1pt solid rgb(191, 191, 191); border-bottom: 2px solid rgb(191, 191, 191);">
<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">
Interest Cover</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 2px solid rgb(191, 191, 191); border-left: 1px solid rgb(191, 191, 191);">
<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">
Greater than 1.5x</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-right: 1pt solid rgb(191, 191, 191); border-bottom: 2px solid rgb(191, 191, 191); border-left: 1px solid rgb(191, 191, 191);">
<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">
Greater than 2.0x</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 4px">&#xA0;</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
At 31 December 2021 the leverage ratio was 3.0x and the interest
cover ratio was 4.5x. See note 10 in the preliminary Group
Financial Statements for further information.&#xA0;</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Group is in compliance with all of the applicable financial
covenants in its loan documents, none of which are expected to
present a material restriction on funding in the near
future.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In the Group's opinion, the available facilities are sufficient for
the Group's present liquidity requirements. However, the Group
continues to assess its liquidity position and financing options
and will take further actions as necessary.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Group has taken certain actions during 2021 regarding the
discontinuation of LIBOR. The Group's main exposure to LIBOR is the
underlying reference rate in the Syndicated and Bilateral
Facilities. The terms of these agreements will need to be
renegotiated to address the discontinuation of LIBOR. The
replacement of LIBOR with alternative reference rates is not
expected to have a material impact on the Group at this
stage.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Group had net liabilities of $1,474m at 31 December 2021
($1,849m at 31 December 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><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></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">
Additional revenue, global system size and pipeline
analysis</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></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><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">
Total gross revenue</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="color: #000000">
Total gross revenue</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;provides
a measure of the overall strength of the Group's brands. It
comprises total rooms revenue from franchised hotels and total
hotel revenue from managed, owned, leased and managed lease hotels
and excludes revenue from the System Fund and reimbursement of
costs. Other than owned, leased and managed lease hotels, total
gross revenue is not revenue attributable to IHG as it is derived
from hotels owned by third parties.</font></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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 47%">
<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">
12 months ended 31 December</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
2020</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
%</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
$bn</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
$bn</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
change</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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">
Analysed by brand</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
2.7</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
2.0</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
31.6</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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">
Kimpton</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
0.7</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
0.4</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
83.9</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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">
HUALUXE</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
0.1</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
0.1</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
36.5</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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">
Crowne Plaza</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
2.3</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
1.8</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
25.7</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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">
Hotel Indigo</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
0.4</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
0.3</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
73.9</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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">
EVEN hotels</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
0.1</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
0.0</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
127.0</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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">
Holiday Inn</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
4.0</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
2.8</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
42.7</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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">
Holiday Inn Express</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
6.5</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
4.2</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
54.2</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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">
Staybridge Suites</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
1.0</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
0.7</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
38.2</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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">
Candlewood Suites</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
0.7</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
0.7</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
11.5</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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">
Other</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
0.9</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
0.5</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
51.9</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
____</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
19.4</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
13.5</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
42.8</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<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">
____</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<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">
____</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<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">
____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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">
Analysed by ownership type</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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">
Fee business</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
19.2</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
13.3</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
42.8</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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">
Owned, leased and managed lease</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
0.2</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
0.2</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
40.3</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
____</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<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">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<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">
19.4</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
13.5</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<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">
42.8</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<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">
____</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<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">
____</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<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">
____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;
Total gross revenue in IHG's system increased by 42.8% (40.5%
increase at constant currency) to $19.4bn (70% of 2019 levels),
driven by the improvement in trading conditions in many markets,
particularly through the second half of 2021.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font><font style="color: #808080; 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: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a.</font><font style="color: #808080">&#xA0;&#xA0;
Definitions for non-GAAP measures can be found in the 'Use of
non-GAAP measures' section along with reconciliations of these
measures to the most directly comparable line items within the
Group Financial Statements.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">b.</font><font style="color: #808080">&#xA0;&#xA0;
Year-on-year percentage movement calculated from source figures to
provide better illustration of relative impact of Covid-19 on
brands and on fee business and owned, leased and managed lease
hotels</font><font style="color: #000000">.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #808080; 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><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; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000">RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;movement
summary</font></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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 48%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000">
<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">
Full Year 2021 vs 2020</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 44%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000">
<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">
Full Year 2021 vs 2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 8%; 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: middle; width: 13%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
RevPAR</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<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">
ADR</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-bottom: 2px solid #000000">
<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">
Occupancy</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
RevPAR</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<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">
ADR</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Occupancy</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000">
<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">
Group</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000">
<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">
46.0%</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
10.6%</font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<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">
12.7%pts</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000">
<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">
(29.8)%</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
(8.0)%</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-right: 0.5pt solid #000000">
<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">
(16.5)%pts</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000">
<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">
Americas</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000">
<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">
54.0%</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
12.2%</font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<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">
15.9%pts</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000">
<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">
(19.8)%</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
(5.5)%</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-right: 0.5pt solid #000000">
<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">
(10.4)%pts</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000">
<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">
EMEAA</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000">
<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">
35.0%</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
5.3%</font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<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">
9.1%pts</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000">
<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">
(51.8)%</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
(14.2)%</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-right: 0.5pt solid #000000">
<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">
(32.4)%pts</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
G. China</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
20.6%</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<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">
3.6%</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-bottom: 2px solid #000000">
<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">
6.9%pts</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
(28.7)%</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<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">
(10.7)%</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
(12.4)%pts</font></div>
</td>
</tr></table>
</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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 48%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000">
<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">
Q4 2021 vs 2020</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 44%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000">
<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">
Q4 2021 vs 2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 8%; 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: middle; width: 13%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
RevPAR</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<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">
ADR</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-bottom: 2px solid #000000">
<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">
Occupancy</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
RevPAR</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<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">
ADR</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Occupancy</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000">
<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">
Group</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000">
<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">
71.3%</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
26.7%</font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<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">
14.5%pts</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000">
<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">
(17.1)%</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
(0.9)%</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-right: 0.5pt solid #000000">
<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">
(11.0)%pts</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000">
<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">
Americas</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000">
<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">
79.6%</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
27.0%</font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<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">
17.7%pts</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000">
<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">
(6.5)%</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
1.0%</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-right: 0.5pt solid #000000">
<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">
(4.8)%pts</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000">
<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">
EMEAA</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000">
<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">
118.3%</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
24.5%</font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<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">
22.2%pts</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000">
<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">
(33.4)%</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<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">
(5.4)%</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-right: 0.5pt solid #000000">
<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">
(21.9)%pts</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
G. China</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
(17.4)%</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<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">
1.5%</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-bottom: 2px solid #000000">
<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">
(10.5)%pts</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
(32.9)%</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<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">
(8.2)%</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
(17.2)%pts</font></div>
</td>
</tr></table>
</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">
&#xA0;</font></div>
<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">
<font style="color: #000000">RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;movement
at constant exchange rates (CER) vs. actual exchange rates
(AER)</font></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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 48%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000">
<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">
Full Year 2021 vs 2020</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 44%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000">
<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">
Full Year 2021 vs 2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 8%; 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: middle; width: 13%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
CER</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<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">
AER</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-bottom: 2px solid #000000">
<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">
Difference</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
CER</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<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">
AER</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Difference</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000">
<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">
Group</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-left: 0.5pt solid #000000">
<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">
46.0%</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<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">
47.9%</font></div>
</td>
<td style="vertical-align: bottom; width: 22%">
<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">
(1.9)%pts</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.5pt solid #000000">
<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">
(29.8)%</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<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">
(28.9)%</font></div>
</td>
<td style="vertical-align: bottom; width: 22%; border-right: 0.5pt solid #000000">
<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">
0.9%pts</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000">
<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">
Americas</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-left: 0.5pt solid #000000">
<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">
54.0%</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<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">
54.2%</font></div>
</td>
<td style="vertical-align: bottom; width: 22%">
<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">
(0.3)%pts</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.5pt solid #000000">
<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">
(19.8)%</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<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">
(20.0)%</font></div>
</td>
<td style="vertical-align: bottom; width: 22%; border-right: 0.5pt solid #000000">
<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">
(0.2)%pts</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000">
<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">
EMEAA</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-left: 0.5pt solid #000000">
<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">
35.0%</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<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">
38.3%</font></div>
</td>
<td style="vertical-align: bottom; width: 22%">
<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">
(3.3)%pts</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.5pt solid #000000">
<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">
(51.8)%</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<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">
(50.3)%</font></div>
</td>
<td style="vertical-align: bottom; width: 22%; border-right: 0.5pt solid #000000">
<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">
1.5%pts</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
G. China</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
20.6%</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<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">
27.7%</font></div>
</td>
<td style="vertical-align: bottom; width: 22%; border-bottom: 2px solid #000000">
<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">
(7.1)%pts</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
(28.7)%</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<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">
(23.8)%</font></div>
</td>
<td style="vertical-align: bottom; width: 22%; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
4.8%pts</font></div>
</td>
</tr></table>
</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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 48%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000">
<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">
Q4 2021 vs 2020</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 44%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000">
<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">
Q4 2021 vs 2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 8%; 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: middle; width: 13%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
CER</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<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">
AER</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-bottom: 2px solid #000000">
<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">
Difference</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
CER</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<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">
AER</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Difference</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000">
<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">
Group</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-left: 0.5pt solid #000000">
<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">
71.3%</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<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">
71.0%</font></div>
</td>
<td style="vertical-align: bottom; width: 22%">
<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">
0.3%pts</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.5pt solid #000000">
<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">
(17.1)%</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<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">
(16.3)%</font></div>
</td>
<td style="vertical-align: bottom; width: 22%; border-right: 0.5pt solid #000000">
<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">
0.8%pts</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000">
<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">
Americas</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-left: 0.5pt solid #000000">
<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">
79.6%</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<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">
79.4%</font></div>
</td>
<td style="vertical-align: bottom; width: 22%">
<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">
0.1%pts</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.5pt solid #000000">
<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">
(6.5)%</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<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">
(6.9)%</font></div>
</td>
<td style="vertical-align: bottom; width: 22%; border-right: 0.5pt solid #000000">
<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">
(0.4)%pts</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000">
<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">
EMEAA</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-left: 0.5pt solid #000000">
<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">
118.3%</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<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">
114.8%</font></div>
</td>
<td style="vertical-align: bottom; width: 22%">
<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">
3.5%pts</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.5pt solid #000000">
<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">
(33.4)%</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<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">
(32.8)%</font></div>
</td>
<td style="vertical-align: bottom; width: 22%; border-right: 0.5pt solid #000000">
<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">
0.7%pts</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
G. China</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
(17.4)%</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<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">
(14.5)%</font></div>
</td>
<td style="vertical-align: bottom; width: 22%; border-bottom: 2px solid #000000">
<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">
(2.8)%pts</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
(32.9)%</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<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">
(26.5)%</font></div>
</td>
<td style="vertical-align: bottom; width: 22%; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
6.4%pts</font></div>
</td>
</tr></table>
</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">
&#xA0;</font></div>
<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">
<font style="color: #000000">Monthly RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;(CER)</font></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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 10%; 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; color: #000000; font-family: Times New Roman; font-size: 13px">
2021 vs 2020</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Jan</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Feb</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Mar</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Apr</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
May</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Jun</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Jul</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Aug</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Sep</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Oct</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Nov</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Dec</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<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">
Group</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid #000000">
<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">
(51.7)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
(47.7)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
20.8%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
228.0%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
156.7%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
108.4%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
91.9%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
52.8%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
55.7%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
62.8%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
75.8%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-right: 0.5pt solid #000000">
<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">
77.9%</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<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">
Americas</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid #000000">
<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">
(44.2)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
(44.2)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
20.7%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
245.3%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
160.4%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
108.0%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
98.6%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
68.3%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
63.0%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
67.2%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
84.7%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-right: 0.5pt solid #000000">
<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">
92.0%</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<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">
EMEAA</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid #000000">
<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">
(72.2)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
(69.7)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
(21.5)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
183.4%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
194.1%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
165.4%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
100.9%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
77.8%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
82.4%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
107.9%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
137.1%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-right: 0.5pt solid #000000">
<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">
112.0%</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
G. China</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
(21.9)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<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">
335.0%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<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">
288.6%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<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">
199.6%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<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">
107.5%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<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">
51.3%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<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">
45.3%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<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">
(43.0)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<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">
(15.6)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<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">
(8.7)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<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">
(30.4)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
(14.6)%</font></div>
</td>
</tr></table>
</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">
&#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: middle; 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: 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">
2021 vs 2019</font></div>
</td>
<td style="vertical-align: middle; width: 8%; 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: 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">
Jan</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Feb</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Mar</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Apr</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
May</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<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">
Jun</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Jul</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Aug</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Sep</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Oct</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Nov</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-right: 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: 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">
Dec</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
Group</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
(52.5)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(53.8)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(46.6)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
(41.4)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(37.1)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
(31.0)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(18.4)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(23.0)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(21.5)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(19.2)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(19.1)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-right: 0.5pt solid rgb(0, 0, 0);">
<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">
(12.1)%</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
Americas</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
(45.1)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(45.4)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(39.4)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
(32.3)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(27.8)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
(19.7)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(7.3)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(12.1)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(10.6)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(10.5)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(7.4)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-right: 0.5pt solid rgb(0, 0, 0);">
<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">
0.4%</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
EMEAA</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
(71.1)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(72.7)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(70.6)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
(70.1)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(65.8)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<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">
(59.4)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(48.2)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(38.2)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(42.8)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(36.3)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<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">
(33.2)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-right: 0.5pt solid rgb(0, 0, 0);">
<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">
(30.2)%</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
G. China</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
(41.5)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<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">
(51.1)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<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">
(23.2)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<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">
(14.9)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<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">
(12.0)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<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">
(21.5)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<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">
(6.4)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<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">
(55.2)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<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">
(25.9)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<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">
(24.6)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<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">
(46.3)%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
(28.1)%</font></div>
</td>
</tr></table>
</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">
&#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: middle; width: 10%; 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; color: #000000; font-family: Times New Roman; font-size: 13px">
2020 vs 2019</font></div>
</td>
<td style="vertical-align: middle; width: 8%; 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: 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">
Jan</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Feb</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Mar</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Apr</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
May</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Jun</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Jul</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Aug</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Sep</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Oct</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
Nov</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-right: 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: 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">
Dec</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<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">
Group</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
(1.5)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(10.8)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(55.1)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(81.9)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(75.6)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(67.4)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(58.1)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(51.0)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(50.9)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(51.9)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(55.3)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-right: 0.5pt solid rgb(0, 0, 0);">
<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">
(52.4)%</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<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">
Americas</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
0.2%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(0.9)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(49.0)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(80.1)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(72.5)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(62.0)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(54.0)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(48.6)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(46.4)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(48.0)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(51.4)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-right: 0.5pt solid rgb(0, 0, 0);">
<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">
(49.5)%</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<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">
EMEAA</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid rgb(0, 0, 0);">
<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">
2.1%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(11.3)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(62.7)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(89.3)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(88.5)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(85.3)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(74.7)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(66.3)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(69.9)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(70.5)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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">
(72.4)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-right: 0.5pt solid rgb(0, 0, 0);">
<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">
(68.6)%</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
G. China</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
(24.6)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<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">
(89.3)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<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">
(81.4)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<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">
(71.2)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<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">
(57.1)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<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">
(48.6)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<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">
(35.9)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<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">
(20.2)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<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">
(11.0)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<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">
(16.9)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<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">
(22.5)%</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<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">
(15.1)%</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a.
&#xA0;</font><font style="color: #808080">RevPAR is presented on a
comparable basis, comprising groupings of hotels that have traded
in all months in both years being compared. Comparable hotel
groupings will be different for comparisons between 2021 vs 2019,
2021 vs 2020 and 2020 vs 2019. See 'Use of non-GAAP measures'
section for further information on the definition of
RevPAR.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="font-family: inherit; font-size: inherit;color: #000000; font-style: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-transform: none; white-space: normal; margin-left: -12px; width: 100%;">
<tr style="height: 16px">
<td colspan="2" rowspan="2" style="width: 250px; height: 16px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td colspan="2" rowspan="2" style="height: 16px; padding-bottom: 0px">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
Hotels</font></font></div>
</td>
<td style="height: 16px; padding-bottom: 0px">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td colspan="2" rowspan="2" style="height: 16px; padding-bottom: 0px">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
Rooms</font></font></div>
</td>
</tr><tr style="height: 16px">
<td style="height: 16px; padding-bottom: 0px">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="width: 250px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">Global hotel and room count</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Change over</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Change over</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="width: 250px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">2021</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">2020</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">2021</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">2020</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="width: 250px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">31 December</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">31 December</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">31 December</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">31 December</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="width: 250px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Analysed by brand</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
</tr><tr style="height: 17px">
<td rowspan="2" style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Six Senses</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
21</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
5</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
1,412</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
283</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Regent</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
7</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
-&#xA0;&#xA0;</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
2,190</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
-&#xA0;&#xA0;</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">InterContinental</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
204</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(1)</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
69,402</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(539)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Vignette Collection</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">1</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">1</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">146</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">146</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Kimpton</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
75</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
2</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
13,283</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
198</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">HUALUXE</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
16</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
4</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
4,603</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
1,170</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Crowne Plaza</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
404</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(25)</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
111,178</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(7,701)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Hotel Indigo</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
130</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
5</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
16,343</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
739</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">EVEN Hotels</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
21</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
5</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
2,994</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
584</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">voco</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
31</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
13</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
7,445</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
2,368</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Holiday Inn<font style="vertical-align: super; font-size: 70%">a</font></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
1,218</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(58)</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
224,684</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(11,870)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td rowspan="2" style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Holiday Inn Express</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
3,016</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
50</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
317,329</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
7,842</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">avid hotels</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
48</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
24</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
4,280</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
2,124</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Staybridge Suites</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
315</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
12</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
34,306</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
1,411</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Candlewood Suites</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
361</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(5)</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
32,025</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(410)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Other<font style="vertical-align: super; font-size: 70%">b</font></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
123</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(5)</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
38,707</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(2,054)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_____</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;____</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_______</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;______</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="width: 250px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Total</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">5,991</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">27</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
880,327</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(5,709)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_____</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;____</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_______</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;______</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="width: 250px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Analysed by ownership type</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Franchised</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
5,033</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
28</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
626,115</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(1,233)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Managed</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
939</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
3</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
249,591</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(3,697)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Owned, leased and managed lease</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
19</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(4)&#xA0;&#xA0;</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
4,621</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(779)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_____</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;____</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_______</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;______</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="width: 250px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Total</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">5,991</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">27</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
880,327</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(5,709)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_____</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;____</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_______</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;______</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 234px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a.</font><font style="color: #808080">&#xA0;&#xA0;
Includes 41 Holiday Inn Resort properties (10,454 rooms) and 28
Holiday Inn Club Vacations properties (8,679 rooms) (2020: 47
Holiday Inn Resort properties (11,446 rooms) and 28 Holiday Inn
Club Vacations properties (8,679 rooms)).</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">b.</font><font style="color: #808080">&#xA0;&#xA0;
Includes three open hotels that will be re-branded to voco and one
open hotel that will be re-branded to Vignette
Collection.</font></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>
<table cellpadding="0" cellspacing="0" style="font-family: inherit; font-size: inherit;color: #000000; font-style: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-transform: none; white-space: normal; margin-left: -12px; width: 100%;">
<tr style="height: 17px">
<td colspan="2" rowspan="2" style="width: 241px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td colspan="2" rowspan="2" style="height: 17px; padding-bottom: 0px">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
Hotels</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td colspan="2" rowspan="2" style="height: 17px; padding-bottom: 0px">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
Rooms</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="width: 241px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">Global Pipeline</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Change over</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Change over</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="width: 241px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">2021</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">2020</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">2021</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">2020</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="width: 241px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">31 December</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">31 December</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">31 December</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">31 December</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="width: 241px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Analysed by brand</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
</tr><tr style="height: 17px">
<td rowspan="2" style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Six Senses</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
33</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
2</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
2,424</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
185</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Regent</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
8</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
2</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
1,938</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
403</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">InterContinental</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
79</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
10</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
19,679</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
1,905</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Kimpton</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
35</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
3&#xA0;&#xA0;</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
6,852</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
587</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">HUALUXE</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
23</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(2)</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
6,045</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(862)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Crowne Plaza</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
96</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
7</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
25,261</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
1,033</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Hotel Indigo</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
114</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
10</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
18,452</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
2,748</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">EVEN Hotels</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
29</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(2)</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
4,907</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(139)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">voco</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
38</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
9</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
10,090</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
1,911</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Holiday Inn<font style="vertical-align: super; font-size: 70%">a</font></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
244</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(18)</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
48,078</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(3,085)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td rowspan="2" style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Holiday Inn Express</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
645</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(38)</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
83,026</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(4,126)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">avid hotels</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
164</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(28)</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
14,495</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(3,031)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Staybridge Suites</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
156</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
1</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
16,843</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(647)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Candlewood Suites</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
93</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
20</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
7,765</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
1,396</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Atwell Suites</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
23</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
4&#xA0;&#xA0;</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
2,275</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
426</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Other<font style="vertical-align: super; font-size: 70%">b</font></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
17</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
2</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
2,830</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
199</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_____</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;____</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_______</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;_____</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="width: 241px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Total</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">1,797</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(18)</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
270,960</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(1,097)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_____</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;____</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_______</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;_____</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="width: 241px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Analysed by ownership type</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Franchised</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
1,290</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(20)</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
157,832</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(1,236)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td rowspan="2" style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: black; font-family: Arial, Sans-serif"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Managed</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
506</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
2</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
112,973</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
139</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Owned, leased and managed lease</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
1</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
-&#xA0;&#xA0;</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
155</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
-&#xA0;&#xA0;</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: black; font-family: Arial, Sans-serif"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_____</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;____</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_______</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;_____</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="width: 241px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: black;">Total</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">1,797</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(18)</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
270,960</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
(1,097)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: black; font-family: Arial, Sans-serif"><br></font></font></div>
</td>
<td style="width: 225px; height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_____</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;____</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_______</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;_____</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a.</font><font style="color: #808080">&#xA0;&#xA0;
Includes 35 Holiday Inn Resort properties (8,219 rooms) (2020: 34
Holiday Inn Resort properties (7,251 rooms)).</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">b.
&#xA0;</font><font style="color: #808080">Includes four Vignette
Collection pipeline hotels.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #808080; 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="color: #000000; font-family: Times New Roman; font-size: 13px">
Net system size declined by 0.6% year-on-year. 43,958 rooms (291
hotels) were opened in the year, 11.6% higher than in 2020. 264
hotels (49,667 rooms) left the IHG system in 2021, including 151
Holiday Inn and Crowne Plaza hotels (34,345 rooms) as we concluded
our review of these brands. In 2020, 224 hotels (36,919 rooms) left
the IHG system, of which 102 hotels (16,655 rooms) related to the
termination of the SVC portfolio in the Americas
estate.</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: justify; 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 2021, the global pipeline totalled 270,960 rooms
(1,797 hotels), a 0.4% decrease of 1,097 rooms (18 hotels), as the
increase in signings was more than offset by the strong openings
pace out of the pipeline and a normal level of terminations from
the pipeline. The IHG pipeline represents hotels where a contract
has been signed and the appropriate fees paid.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Group signings increased from 360 hotels in 2020 to 437 hotels, and
rooms increased from 56,146 in 2020 to 68,870 rooms, growth of
22.7%. Signings in 2021 included 205 hotels (31,169 rooms) signed
for the Holiday Inn Brand Family, almost half of which were
contributed by Greater China (89 hotels, 16,260 rooms). Conversions
represented 22% of Group signings in 2021, including six for our
newest brand, Vignette Collection.</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="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-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">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></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">
Regional performance reviews, system size and pipeline
analysis</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 4px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #808080; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="4" style="vertical-align: top; width: 52%">
<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">
AMERICAS</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>
</td>
<td colspan="4" style="vertical-align: top; width: 47%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; 12
months ended 31 December</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 52%">
<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">
Americas Results</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
%</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
change</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 52%">
<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="font-weight: bold; color: #000000; font-size: 13px">
Revenue</font><font style="color: #000000">&#xA0;</font><font style="font-weight: bold; color: #000000; font-size: 13px">from
the reportable segment</font><font style="font-weight: bold; font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 49%">
<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">
Fee business</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
691</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
457</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
51.2</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 49%">
<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">
Owned, leased and managed lease</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
83</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
55</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
50.9</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 31%">
<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">
Total</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
774</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
512</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
51.2</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 52%">
<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">
<font style="color: #000000">Operating profit from the reportable
segment</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 49%">
<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">
Fee business</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
568</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
323</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
75.9</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 49%">
<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">
Owned, leased and managed lease</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(9)</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(27)</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(66.7)</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
559</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
296</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
88.9</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 31%">
<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">
Operating exceptional items</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(22)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(118)</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(81.4)</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
</tr><tr>
<td colspan="4" 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">
Operating profit</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
537</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
178</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
201.7</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_______</font></div>
</td>
</tr><tr>
<td colspan="6" style="vertical-align: top; width: 68%">
<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: 16px">
&#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">
&#xA0;</font></div>
<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">
<font style="color: #000000">Americas Comparable
RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;movement
on previous year</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 32%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
12 months ended</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December 2021</font></div>
</td>
</tr><tr>
<td colspan="5" style="vertical-align: top; width: 62%">
<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">
Fee business</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 59%">
<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</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 38%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
73.0%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 59%">
<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">
Kimpton</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 38%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
90.1%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 59%">
<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">
Crowne Plaza</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 38%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
54.4%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 59%">
<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">
Hotel Indigo</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 38%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
82.4%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 59%">
<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">
EVEN Hotels</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 38%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
112.4%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 59%">
<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">
Holiday Inn</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 38%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
56.8%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 59%">
<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">
Holiday Inn Express</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 38%">
<div style="text-align: right; margin-left: 168px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">53.3%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 59%">
<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">
avid hotels</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 38%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
115.4%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 59%">
<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">
Staybridge Suites</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 38%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
40.4%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 59%">
<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">
Candlewood Suites</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 38%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
30.5%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 59%">
<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">
All brands</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 38%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
53.8%</font></div>
</td>
</tr><tr>
<td colspan="5" style="vertical-align: top; width: 62%">
<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">
Owned, leased and managed lease</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 59%">
<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">
All brands</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 38%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
91.6%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 27%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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="color: #000000">
Comparable RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;was
up 54.0% vs 2020 (down 19.8% vs 2019). The pick-up in demand that
began in March continued through the year, benefitting from
improved domestic leisure demand, particularly in non-urban and
resort locations, as well as an improvement in business demand. Q4
RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;was
up 79.6% vs 2020 (down 6.5% vs 2019) with occupancy of 60% (down
five percentage points relative to 2019 with rate 1% higher than
2019 levels). US Q4 RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;was
down 4.6% vs 2019 with particular strength during December where
RevPAR was up 2.2% vs 2019. Across our US franchised estate, which
is weighted to domestic demand in upper midscale hotels, Q4
RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;declined
by 2% vs 2019. The US managed estate, weighted to upscale and
luxury hotels in urban locations, declined by 23% vs
2019.</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Revenue from the reportable segment</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;increased
by $262m (51%) to $774m (a decrease of $266m vs 2019). Operating
profit increased by $359m to $537m driven by the increase in
revenue and a $96m decrease in operating exceptional charges.
Operating profit from the reportable segment</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;increased
by $263m (89%) to $559m (a decrease of $141m vs
2019).</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Fee business revenue</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;increased
by $234m (51%) to $691m. Fee business operating
profit</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;increased
by $245m (76%) to $568m, benefitting from the improvement in
demand, along with the delivery of sustainable fee business cost
savings. Operating profit from the reportable segment also included
the benefit of $11m payroll tax credits, which relates to the Group
corporate office presence in certain countries.</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Owned, leased and managed lease revenue increased by $28m to $83m,
with comparable RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;up
91.6% (down 41.0% vs 2019) leading to an owned, leased and managed
leased operating loss of $9m compared to a $27m loss in the prior
year. Excluding the results of three owned EVEN hotels which were
disposed and retained under franchise contracts in November 2021,
and the impact of one leased hotel that exited in December 2020,
revenue increased by $34m and operating profit improved by
$14m.</font></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: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a.</font><font style="color: #808080">&#xA0;&#xA0;
Definitions for non-GAAP measures can be found in the 'Use of
non-GAAP measures' section along with reconciliations of these
measures to the most directly comparable line items within the
Group Financial Statements.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">b.</font><font style="color: #808080">&#xA0;&#xA0;
Comparable RevPAR and occupancy include the impact of hotels
temporarily closed as a result of Covid-19.</font></font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="font-family: inherit; font-size: inherit;color: #000000; font-style: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-transform: none; white-space: normal; margin-left: -12px; width: 100%;">
<tr style="height: 16px">
<td colspan="2" rowspan="2" style="height: 16px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="2" style="width: 208px; height: 16px; padding-bottom: 0px">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
Hotels</font></font></div>
</td>
<td style="width: 1px; height: 16px; padding-bottom: 0px">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td colspan="2" rowspan="2" style="height: 16px; padding-bottom: 0px">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
Rooms</font></font></div>
</td>
</tr><tr style="height: 16px">
<td style="width: 1px; height: 16px; padding-bottom: 0px">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">Americas hotel and room count</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Change over</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Change over</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">2021</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">2020</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">2021</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">2020</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">31 December</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">31 December</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">31 December</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">31 December</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Analysed by brand</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Six Senses</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">1</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">1</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">20</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">20</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">InterContinental</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">43</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(3)</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">15,651</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(1,138)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Kimpton</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">64</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">-</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">11,008</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(89)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Crowne Plaza</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">112</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(24)</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">27,930</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(7,475)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Hotel Indigo</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">66</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(1)</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">8,745</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(48)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">EVEN Hotels</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">19</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">4</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">2,743</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">504</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">voco</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">5</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">4</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">469</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">420</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Holiday Inn<font style="vertical-align: super; font-size: 70%">a</font></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">716</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(50)</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">120,850</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(10,092)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td rowspan="2" style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Holiday Inn Express</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">2,436</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">11</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">221,727</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">1,385</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">avid hotels</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">48</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">24</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">4,280</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">2,124</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Staybridge Suites</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">296</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">11</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">31,097</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">1,040</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Candlewood Suites</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">361</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(5)</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">32,025</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(410)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Other<font style="vertical-align: super; font-size: 70%">b</font></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">101</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(2)</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">22,544</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(1,164)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_____</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;____</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_______</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;______</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Total</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">4,268</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(30)</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">499,089</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(14,923)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_____</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;____</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_______</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;______</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Analysed by ownership type</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Franchised</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">4,087</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(18)</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">460,257</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(11,545)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td rowspan="2" style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Managed</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">178</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(9)</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">37,505</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(2,886)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Owned, leased and managed lease</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">3</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(3)</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">1,327</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(492)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_____</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;____</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_______</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;______</font></font></div>
</td>
</tr><tr style="height: 17px">
<td colspan="2" style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">Total</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">4,268</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(30)</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">499,089</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">(14,923)</font></font></div>
</td>
</tr><tr style="height: 17px">
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><br></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_____</font></font></div>
</td>
<td style="width: 109px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;____</font></font></div>
</td>
<td style="width: 1px; height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;"><br></font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px;"><font style="color: black;">&#xA0;_______</font></font></div>
</td>
<td style="height: 17px; padding-bottom: 0px">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px;"><font style="color: black;">&#xA0;______</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a.
&#xA0;</font><font style="color: #808080">Includes 19 Holiday Inn
Resort properties (5,334 rooms) and 28 Holiday Inn Club Vacations
properties (8,679 rooms) (2020: 22 Holiday Inn Resort properties
(6,003 rooms) and 28 Holiday Inn Club Vacations properties (8,679
rooms)).</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">b.
&#xA0;</font><font style="color: #808080">Includes one open hotel
that will be re-branded to voco.</font></font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" rowspan="2" style="vertical-align: middle; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="2" style="vertical-align: middle; width: 33%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Hotels</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="2" style="vertical-align: middle; width: 33%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
Rooms</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 30%">
<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">
Americas Pipeline</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Change over</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Change over</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 30%">
<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">
Analysed by brand</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Six Senses</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
471</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(48)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
9</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,252</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
528</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Kimpton</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
19</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,431</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(52)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Crowne Plaza</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
8</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,643</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
393</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Hotel Indigo</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
29</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4,070</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(85)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
EVEN Hotels</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
10</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,166</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(809)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
voco</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,045</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
771</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Holiday Inn</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
74</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
9,468</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(978)</font></div>
</td>
</tr><tr>
<td rowspan="2" style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Holiday Inn Express</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
338</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(48)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
32,701</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(4,654)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<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">
avid hotels</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
164</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(27)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
14,495</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2,816)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Staybridge Suites</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
137</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
14,050</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(11)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Candlewood Suites</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
93</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
20</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
7,765</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,396</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Atwell Suites</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
23</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,275</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
426</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Other</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
11</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,771</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(215)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;______</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 30%">
<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">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
926</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(60)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
96,603</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(6,154)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;______</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 30%">
<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">
Analysed by ownership type</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Franchised</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
889</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(55)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
90,732</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(5,796)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Managed</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
37</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(5)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5,871</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(358)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;______</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 30%">
<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">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
926</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(60)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
96,603</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(6,154)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;______</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<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: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a.
&#xA0;</font><font style="color: #808080">Includes one Holiday Inn
Resort property (165 rooms) (2020: three Holiday Inn Resort
properties (490 rooms)).</font></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="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="color: #000000; font-family: Times New Roman; font-size: 13px">
Net system size declined by 2.9% year-on-year. We opened 15.7k
rooms (151 hotels) during the year including 85 across the Holiday
Inn Brand Family, with others of note including a further 24 avid
hotels, a dual-branded EVEN hotel and Staybridge Suites in
Rochester, Minnesota, Hotel Indigo Miami Bricknell and the voco
Times Square South in New York. 30.7k rooms (181 hotels) were
removed in the year of which 20.1k (92 hotels) were across Holiday
Inn and Crowne Plaza, driven by the completion of a review to
address the consistency and quality of the estates for these two
powerful global brands.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
There were 17.6k rooms (175 hotels) signed during the year
including 5.8k (57 hotels) during Q4. Signings included 13 further
avid hotels, five voco properties as we further establish the brand
since launching in the Americas in the prior year, the
InterContinental Grenada and the InterContinental San Antonio,
Texas. The pipeline stands at 96.6k rooms (926 hotels), which
represents 19% of the current system size in the
region.</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: 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-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">
&#xA0; EMEAA</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="3" style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;12 months ended 31
December</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 52%">
<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">
EMEAA results</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
%</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
change</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 52%">
<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">
<font style="color: #000000">Revenue from the reportable
segment</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 50%">
<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">
Fee business</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
149</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
107</font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
39.3</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 50%">
<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">
Owned, leased and managed lease</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
154</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
114</font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
35.1</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 27%">
<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">
Total</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
303</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
221</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
37.1</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 52%">
<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">
<font style="color: #000000">Operating profit/(loss) from the
reportable segment</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 50%">
<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">
Fee business</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
32</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(18)</font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<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 style="color: #000000">
NM</font><font style="font-size: 70%; vertical-align: top; color: #000000">c</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 50%">
<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">
Owned, leased and managed lease</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(27)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(32)</font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(15.6)</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 27%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(50)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<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 style="color: #000000">
NM</font><font style="font-size: 70%; vertical-align: top; color: #000000">c</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 27%">
<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">
Operating exceptional items</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(7)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(128)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(94.5)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 27%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="3" 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">
Operating loss</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(178)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(98.9)</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="4" style="vertical-align: top; width: 71%">
<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">
&#xA0;</font></div>
<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">
<font style="color: #000000">EMEAA comparable
RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;movement
on previous year</font></font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
12 months ended</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December 2021</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 71%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 71%">
<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">
Fee business</font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 64%">
<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">
Six Senses</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
32.7%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 64%">
<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</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
26.9%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 64%">
<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">
Kimpton</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
(8.4)%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 64%">
<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">
Crowne Plaza</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
34.3%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 64%">
<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">
Hotel Indigo</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
62.6%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 64%">
<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">
voco</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
24.1%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 64%">
<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">
Holiday Inn</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
34.4%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 64%">
<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">
Holiday Inn Express</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
46.2%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 64%">
<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">
Staybridge Suites</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
46.2%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 64%">
<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">
All brands</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
34.8%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 64%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 71%">
<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">
Owned, leased and managed lease</font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 64%">
<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</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
0.1%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 64%">
<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">
Kimpton</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
111.1%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 64%">
<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">
voco</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
136.6%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 64%">
<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">
All brands</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
46.6%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 64%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 29%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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="color: #000000">
Comparable RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;in
the year was up 35.0% vs 2020 (down 51.8% vs 2019). Performance in
the first half of the year reflected the levels of
government-mandated closures and restrictions still largely in
place. As these eased, the improvement in RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;performance
seen in the third quarter continued into the fourth quarter, with
RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;up
118.3% vs 2020 (down 33.4% vs 2019). Variance in performance within
the region continued to predominantly reflect the differing levels
of restrictions. The UK, which saw an easing of restrictions
towards the end of May, saw RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;down
41% for the year vs. 2019 and down 16% in Q4 vs 2019, though this
included December down 21%, reflecting the impact of restrictions
following increased cases arising from the Omicron variant. As had
been seen through the year, the Provinces outperformed with
RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;down
2% vs 2019 in Q4 whilst London was down 39%. Elsewhere, the
differing timing and level of restrictions impacted performance
with Q4 RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;relative
to 2019 down 40% for Continental Europe, 53% in Australia, 56% for
Japan, and 59% for South East Asia and Korea. By contrast, Q4
RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;in
the Middle East was down 10% vs. 2019 reflecting demand during the
Expo 2020 event in Dubai.</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Hotel reopenings continued, with only 21 hotels or 2% of the EMEAA
estate temporarily closed at the end of the year, compared to 215
at the start of the year; all 16 of the owned, leased and managed
lease hotels were open.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Revenue from the reportable segment</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;increased
by $82m (37%) to $303m (a decrease of 58% vs 2019). The operating
loss decreased by $176m to a loss of $2m, driven by the increase in
revenue and a $121m decrease in operating exceptional charges.
Operating profit from the reportable segment</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;increased
by $55m to $5m (a decline of $212m vs 2019). Results included $29m
of incentive management fees recorded (2020: $14m; 2019: $90m)
driven by an improvement in trading, particularly in the Middle
East.</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Fee business revenue</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;increased
by $42m (39%) to $149m. Fee business operating
profit</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;improved
by $50m to $32m, benefitting from the improvement in trading and
the delivery of sustainable fee business cost
savings.</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Owned, leased and managed lease revenue increased by $40m to $154m,
with RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;up
46.6% (down 68.9% vs 2019) leading to an owned, leased and managed
lease operating loss of $27m compared to a $32m loss in the prior
year, as the lifting of travel restrictions, predominantly in the
UK, began to ease the trading challenges on this largely
urban-centred portfolio.</font></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><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #A6A6A6">a.
&#xA0;</font><font style="color: #808080">Definitions for non-GAAP
measures can be found in the 'Use of non-GAAP measures' section
along with reconciliations of these measures to the most directly
comparable line items within the Group Financial
Statements.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #A6A6A6">b.
&#xA0;</font><font style="color: #808080">Comparable RevPAR and
occupancy include the impact of hotels temporarily closed as a
result of Covid-19.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #A6A6A6">c.
&#xA0;</font><font style="color: #808080">Percentage change
considered not meaningful, such as where a positive balance in the
latest period is comparable to a negative or zero balance in the
prior period.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" rowspan="2" style="vertical-align: middle; width: 35%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="2" style="vertical-align: middle; width: 34%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0; Hotels</font></div>
</td>
<td colspan="2" rowspan="2" style="vertical-align: middle; width: 31%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0; Rooms</font></div>
</td>
</tr><tr>
<td><br></td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 35%">
<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">
EMEAA hotel and room count</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;Change over</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Change over</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 35%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 35%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;31 December</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 35%">
<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">
Analysed by brand</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="2" style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<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">
Six Senses</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
19</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,270</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
263</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<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">
Regent</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
771</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<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</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
108</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
32,561</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
87</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<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">
Vignette Collection</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
146</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
146</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<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">
Kimpton</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
10</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,146</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
287</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<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">
Crowne Plaza</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
182</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
44,828</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1,696)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<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">
Hotel Indigo</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
48</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5,183</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
117</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<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">
voco</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
21</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5,882</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,002</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<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">
Holiday Inn</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
380</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(21)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
70,824</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(4,160)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<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">
Holiday Inn Express</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
333</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
48,548</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,192</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<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">
Staybridge Suites</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
19</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,209</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
371</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<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">
Other</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
13</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(4)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
8,832</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1,258)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;_____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;______</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 35%">
<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">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,137</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(12)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
224,200</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(3,649)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;_____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;______</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 35%">
<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">
Analysed by ownership type</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<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">
Franchised</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
767</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
125,707</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(13)</font></div>
</td>
</tr><tr>
<td rowspan="2" style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<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">
Managed</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
354</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(4)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
95,199</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(3,349)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<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">
Owned, leased and managed lease</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
16</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,294</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(287)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;_____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;______</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 35%">
<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">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,137</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(12)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
224,200</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(3,649)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 33%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;_____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;______</font></div>
</td>
</tr></table>
</div>
<div><font style="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: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #A6A6A6">a.
&#xA0;</font><font style="color: #808080">Includes 14 Holiday Inn
Resort properties (3,229 rooms) (2020: 17 Holiday Inn Resort
properties (3,330 rooms)).</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #A6A6A6">b.
&#xA0;</font><font style="color: #808080">Includes two open hotels
that will be re-branded to voco and Vignette
Collection.</font></font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center">
<table cellpadding="0" cellspacing="0" style="text-align: center; width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" rowspan="2" style="vertical-align: middle; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" rowspan="2" style="vertical-align: middle; width: 65%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br></font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 1%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 34%">
<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>
</td>
<td colspan="2" style="vertical-align: middle;"><font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Hotels</font></td>
<td colspan="3" style="vertical-align: middle;"><font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Rooms</font></td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 34%">
<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">
EMEAA Pipeline</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Change over</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Change over</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 34%">
<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">
Analysed by brand</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="2" style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 32%">
<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">
Six Senses</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
23</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,720</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
169</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<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">
Regent</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,341</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
86</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 32%">
<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</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
43</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
10</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
9,520</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2,035</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 32%">
<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">
Kimpton</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
9</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,674</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
546</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 32%">
<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">
Crowne Plaza</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
40</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
10,461</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,360</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 32%">
<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">
Hotel Indigo</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
44</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
7,004</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
957</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 32%">
<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">
voco</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
8,753</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
979</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 32%">
<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">
Holiday Inn</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
98</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(10)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
21,014</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1,540)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="2" style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 32%">
<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">
Holiday Inn Express</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
99</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
15,593</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
360</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<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">
avid hotels</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(215)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 32%">
<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">
Staybridge Suites</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
19</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,793</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(636)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 32%">
<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">
Other</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,059</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
711</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 32%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 16%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;_____</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 34%">
<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">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
418</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
29</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
80,932</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
4,812</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 32%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 16%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;_____</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 34%">
<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">
Analysed by ownership type</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 32%">
<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">
Franchised</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
175</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
20</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
27,045</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,393</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="2" style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 32%">
<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">
Managed</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
242</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
9</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
53,732</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
3,419</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<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">
Owned, leased and managed lease</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
155</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 32%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 16%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;_____</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 34%">
<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">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
418</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
29</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
80,932</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
4,812</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 32%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 16%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;_____</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a.
&#xA0;</font><font style="color: #808080">Includes 20 Holiday Inn
Resort properties (4,849 rooms) (2020: 18 Holiday Inn Resort
properties (3,553 rooms)).</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">b.
&#xA0;</font><font style="color: #808080">Includes four hotels that
will be re-branded to Vignette Collection.</font></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="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="color: #000000; font-family: Times New Roman; font-size: 13px">
Net system size declined by 1.6% year-on-year. We opened 10.2k
rooms (52 hotels) during the year, including Hotel X Brisbane
Fortitude Valley, Australia, as part of the Vignette Collection,
and Hotel Indigo Cagnes-sur-Mer, France. 13.8k rooms (64 hotels)
were removed in the year, of which nearly 80% or 10.7k rooms (48
hotels) were across the Holiday Inn and Crowne Plaza estates driven
by the completion of the quality review.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
There were 20.4k rooms (109 hotels) signed in the year, with a
notable pick-up in signing pace in Q4 which improved upon the level
achieved in 2019. Signings included a multi-property deal which
encompassed a new property for voco in Algarve, Portugal and three
hotels signed to the Vignette Collection in Austria and Portugal.
We also signed a further four-hotel portfolio deal in Vietnam which
included two Holiday Inn Resort properties, together with a Crowne
Plaza and voco. In total, there were 10 voco signings in the year,
whilst for the InterContinental brand there were 15, including
properties in Crete and Bali. Other notable signings included five
Six Senses properties, the Kimpton Khao Yai Resort in Thailand and
the Regent Kyoto, Japan. The pipeline stands at 80.9k rooms (418
hotels), which represents 36% of the current system size in the
region.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #808080; 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">&#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">
GREATER CHINA</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="3" style="vertical-align: top; width: 57%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 43%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; 12 months ended 31
December</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 57%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 57%">
<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">
Greater China results</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
%</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 57%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
change</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 57%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 57%">
<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">
<font style="color: #000000">Revenue from the reportable
segment</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<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">
Fee business</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
116</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
77</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
50.6</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 30%">
<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">
Total</font></div>
</td>
<td style="vertical-align: top; width: 27%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
116</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
77</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
50.6</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 57%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 57%">
<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">
<font style="color: #000000">Operating profit from the reportable
segment</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<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">
Fee business</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
58</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
35</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
65.7</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 57%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 57%">
<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">
Operating exceptional items</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(5)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 57%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 57%">
<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">
Operating profit</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
58</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
30</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
93.3</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 57%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 27%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 27%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" style="vertical-align: top; width: 74%">
<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; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000">Greater China comparable
RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;movement
on previous year</font></font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
12 months ended</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December 2021</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 74%">
<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">
Fee business</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 71%">
<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">
Regent</font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
9.6%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 71%">
<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</font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
20.8%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 71%">
<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">
HUALUXE</font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
13.1%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 71%">
<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">
Crowne Plaza</font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
20.4%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 71%">
<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">
Hotel Indigo</font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
33.4%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 71%">
<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">
Holiday Inn</font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
21.8%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 71%">
<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">
Holiday Inn Express</font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
20.9%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 71%">
<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">
All brands</font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #262626; font-family: Times New Roman; font-size: 13px">
20.6%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 71%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 71%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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="color: #000000">
Comparable RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;in
the year was up 20.6% vs 2020 (down 28.7% vs 2019). The recovery
seen in the earlier part of the year, particularly from March
through to strong summer trading in July, slowed during the second
half of the year driven by increases in Covid-19 cases and the
reintroduction of temporar</font></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="color: #000000">
</font></font>
<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">
Additional revenue, global system size and pipeline
analysis</font></div>
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">y restrictions. The impact of more prevalent
restrictions in Q4 resulted in RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;declining
17.4% vs 2020 (down 32.9% vs 2019). Mainland China saw Q4
RevPAR</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font><font style="color: #000000">&#xA0;in
Tier 1 cities down 15.0% vs 2020, whilst Tier 2-4 cities were down
23.1%. Against 2019 levels, Tier 1 cities declined 40.3%, whereas
Tier 2-4 cities, which are more weighted to domestic and leisure
demand, performed better with a decline of
29.3%.</font></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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Revenue from the reportable segment</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;increased
by $39m (51%) to $116m (a decrease of 14% vs 2019). Operating
profit improved by $28m, driven by the increase in revenue and a
$5m decrease in operating exceptional charges. Operating profit
from the reportable segment</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;increased
by $23m to $58m (a decline of 21% vs 2019). The improvement in
demand at our managed hotels led to $25m recognition of incentive
management fees compared to $16m in 2020 (2019: $48m). Revenue and
operating profit from the reportable segment</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font><font style="color: #000000">&#xA0;also
included the benefit of a $6m individually significant liquidated
damages settlement.</font></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">
</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a.
&#xA0;</font><font style="color: #808080">Definitions for non-GAAP
measures can be found in the 'Use of non-GAAP measures' section
along with reconciliations of these measures to the most directly
comparable line items within the Group Financial
Statements.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">b.
&#xA0;</font><font style="color: #808080">Comparable RevPAR and
occupancy include the impact of hotels temporarily closed as a
result of Covid-19.</font></font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" rowspan="2" style="vertical-align: middle; width: 36%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="2" style="vertical-align: middle; width: 32%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
Hotels</font></div>
</td>
<td colspan="2" rowspan="2" style="vertical-align: middle; width: 32%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Rooms</font></div>
</td>
</tr><tr>
<td><br></td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 36%">
<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">
Greater China hotel and room count</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Change over</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Change over</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 36%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 36%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 36%">
<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">
Analysed by brand</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="2" style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<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">
Six Senses</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
122</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 34%">
<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">
Regent</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,419</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<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</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
53</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
21,190</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
512</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<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">
Kimpton</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
129</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<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">
HUALUXE</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
16</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4,603</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,170</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<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">
Crowne Plaza</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
110</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
38,420</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,470</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<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">
Hotel Indigo</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
16</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,415</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
670</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<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">
EVEN Hotels</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
251</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
80</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<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">
voco</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,094</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
946</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<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">
Holiday Inn</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
122</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
13</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
33,010</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2,382</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<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">
Holiday Inn Express</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
247</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
35</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
47,054</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5,265</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<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">
Other</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
9</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
7,331</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
368</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 36%">
<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">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
586</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
69</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
157,038</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
12,863</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 36%">
<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">
Analysed by ownership type</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<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">
Franchised</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
179</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
53</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
40,151</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
10,325</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<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">
Managed</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
407</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
16</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
116,887</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2,538</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 36%">
<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">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
586</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
69</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
157,038</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
12,863</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;_____</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10"><br></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a.
&#xA0;</font><font style="color: #808080">Includes eight Holiday
Inn Resort properties (1,891 rooms) (2020: eight Holiday Inn Resort
properties (2,113 rooms)).</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">b.
&#xA0;</font><font style="color: #808080">Includes one open hotel
that will be re-branded to voco.</font></font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" rowspan="2" style="vertical-align: middle; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="2" style="vertical-align: middle; width: 37%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
Hotels</font></div>
</td>
<td colspan="2" rowspan="2" style="vertical-align: middle; width: 33%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
Rooms</font></div>
</td>
</tr><tr>
<td><br></td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 30%">
<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">
Greater China Pipeline</font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Change over</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Change over</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;31 December</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 30%">
<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">
Analysed by brand</font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="2" style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Six Senses</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
233</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
64</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<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">
Regent</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
597</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
317</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
27</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
7,907</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(658)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Kimpton</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
7</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,747</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
93</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
HUALUXE</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
23</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6,045</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(862)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Crowne Plaza</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
48</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
13,157</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(720)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Hotel Indigo</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
41</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
9</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
7,378</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,876</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
EVEN Hotels</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
19</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,741</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
670</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
voco</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
292</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
161</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Holiday Inn</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
72</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
17,596</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(567)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Holiday Inn Express</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
208</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
34,732</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
168</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Other</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(297)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 30%">
<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">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
453</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
13</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
93,425</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
245</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 30%">
<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">
Analysed by ownership type</font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Franchised</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
226</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
15</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
40,055</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
3,167</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<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">
Managed</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
227</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
53,370</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2,922)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 30%">
<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">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
453</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
13</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
93,425</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
245</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;____</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; 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>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;_____</font></div>
</td>
</tr></table>
</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: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #A6A6A6">a.
&#xA0;</font><font style="color: #808080">Includes 14 Holiday Inn
Resort properties (3,205 rooms) (2020: 13 Holiday Inn Resort
properties (3,208 rooms)).</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#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="color: #000000; font-family: Times New Roman; font-size: 13px">
Net system size grew by 8.9% year-on-year. The opening of 88 hotels
(18.1k rooms) during the year matched that of 2019, and included
the first InterContinental hotel in Taiwan, voco Wuhan Xinhua and
the Crowne Plaza Chongli resort. There were 5.2k rooms (19 hotels)
removed during the year.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
30.8k rooms (153 hotels) were signed in the year, including 80
franchise contracts, 50 of which were for Holiday Inn Express.
Other notable signings included Regent Sanya Haitang Bay and Hotel
Indigo Sanya Haitang Bay as part of a combined complex, the
InterContinental Taipei and the Holiday Inn Shenzhen Nanshan. The
pipeline stands at 93.4k rooms (453 hotels), which represents 59%
of the current system size.</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: 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-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
CENTRAL</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" style="vertical-align: top; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 47%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
12 months ended 31 December</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
%</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 53%">
<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">
Central results</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
change</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 53%">
<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">
Revenue</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
197</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
182</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
8.2</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 53%">
<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">
Gross costs</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(285)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(244)</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
16.8</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(88)</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(62)</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
41.9</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<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">
Exceptional items</font></div>
</td>
<td style="vertical-align: top; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(19)</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 53%">
<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">
Operating loss</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(88)</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(81)</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
8.6</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
</tr></table>
</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: 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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Central revenue, which mainly comprises technology fee income,
increased by $15m (8.2%) to $197m, driven by the temporary
discounts on technology fees in 2020 no longer being
applicable.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Gross costs increased by $41m (16.8%) year-on-year, as temporary
cost saving measures were introduced from the second quarter of
2020 which were not repeated in 2021. When comparing to 2019, gross
costs decreased by 8.1%, which includes sustainable cost savings
achieved in 2021.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The operating loss before exceptional items increased by $26m, a
decrease of $37m compared to 2019.</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">
<br></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><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></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">
Use of non-GAAP measures</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></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">
In addition to performance measures directly observable in the
Financial Statements (IFRS measures), the Business Review presents
certain financial measures when discussing the Group's performance
which are not measures of financial performance or liquidity under
International Financial Reporting Standards (IFRS). In management's
view these measures provide investors and other stakeholders with
an enhanced understanding of IHG's operating performance,
profitability, financial strength and funding requirements. These
measures do not have standardised meanings under IFRS, and
companies do not necessarily calculate these in the same way. As
these measures exclude certain items (for example impairment and
the costs of individually significant legal cases or commercial
disputes) these financial measures may be materially different to
the measures prescribed by IFRS and may result in a more favourable
view of performance. Accordingly, they should be viewed as
complementary to, and not as a substitute for, the measures
prescribed by IFRS and as included in the Group Financial
Statements.</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">
&#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">
Global revenue per available room (RevPAR) growth</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">
RevPAR is the primary metric used by management to track hotel
performance across regions and brands. RevPAR is also a commonly
used performance measure in the hotel industry.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
RevPAR comprises IHG's System rooms revenue divided by the number
of room nights available and can be derived from occupancy rate
multiplied by average daily rate (ADR). ADR is rooms revenue
divided by the number of room nights sold.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
References to RevPAR, occupancy and ADR are presented on a
comparable basis, comprising groupings of hotels that have traded
in all months in both the current and comparable year. The
principal exclusions in deriving this measure are new hotels
(including those acquired), hotels closed for major refurbishment
and hotels sold in either of the comparable years. These measures
include the impact of hotels temporarily closed as a result of
Covid-19.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
RevPAR and ADR are quoted at a constant US$ conversion rate, in
order to allow a better understanding of the comparable
year-on-year trading performance excluding distortions created by
fluctuations in exchange rates.</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">
&#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">
Total gross revenue from hotels in IHG's System</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">
Total gross revenue is revenue not wholly attributable to IHG,
however, management believes this measure is meaningful to
investors and other stakeholders as it provides a measure of System
performance, giving an indication of the strength of IHG's brands
and the combined impact of IHG's growth strategy and RevPAR
performance.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Total gross revenue refers to revenue which IHG has a role in
driving and from which IHG derives an income stream.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Total gross revenue comprises:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#x25CF;
total rooms revenue from franchised hotels;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#x25CF;
total hotel revenue from managed hotels includes food and beverage,
meetings and other revenues and reflects the value IHG drives to
managed hotel owners by optimising the performance of their hotels;
and</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#x25CF;
total hotel revenue from owned, leased and managed lease
hotels.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Other than total hotel revenue from owned, leased and managed lease
hotels, total gross hotel revenue is not revenue attributable to
IHG as these managed and franchised hotels are owned by third
parties.</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">
&#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">
Revenue and operating profit measures</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">
Revenue and operating profit from (1) fee business and (2) owned,
leased and managed lease hotels, are described as 'revenue from
reportable segments' and 'operating profit from reportable
segments', respectively. These measures are presented for each of
the Group's regions. Management believes revenue and operating
profit from reportable segments is meaningful to investors and
other stakeholders as it excludes the following elements and
reflects how management monitors the business:</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;</font> <font style="color: #000000; font-size: 13px">System Fund - the Fund is not
managed to generate a profit or loss for IHG over the longer term,
but is managed for the benefit of the hotels within the IHG System.
The System Fund is operated to collect and administer cash
assessments from hotel owners for the specific purpose of use in
marketing, the Guest Reservation Systems and hotel loyalty
programme.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;</font> <font style="color: #000000; font-size: 13px">Revenues related to the
reimbursement of costs - there is a cost equal to these revenues so
there is no profit impact. Cost reimbursements are not applicable
to all hotels, and growth in these revenues is not reflective of
growth in the performance of the Group. As such, management do not
include these revenues in their analysis of
results.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;</font> <font style="color: #000000; font-size: 13px">Exceptional items - these are
identified by virtue of their size, nature, or incidence and can
include, but are not restricted to, gains and losses on the
disposal of assets, impairment charges and reversals, the costs of
individually significant legal cases or commercial disputes, and
reorganisation costs. As each item is different in nature and
scope, there will be little continuity in the detailed composition
and size of the reported amounts which affect performance in
successive periods. Separate disclosure of these amounts
facilitates the understanding of performance including and
excluding such items. Further detail of amounts presented as
exceptional is included in note 5 to the preliminary Group
Financial Statements.</font></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="color: #000000; font-family: Times New Roman; font-size: 13px">
In further discussing the Group's performance in respect of revenue
and operating profit, additional non-IFRS measures are used and
explained further below:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#x25CF;
Underlying revenue;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#x25CF;
Underlying operating profit;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#x25CF;
Underlying fee revenue; and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#x25CF;
Fee margin.</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="color: #000000; font-family: Times New Roman; font-size: 13px">
Operating profit measures are, by their nature, before interest and
tax. Management believes such measures are useful for investors and
other stakeholders when comparing performance across different
companies as interest and tax can vary widely across different
industries or among companies within the same industry. For
example, interest expense can be highly dependent on a company's
capital structure, debt levels and credit ratings. In addition, the
tax positions of companies can vary because of their differing
abilities to take advantage of tax benefits and because of the tax
policies of the various jurisdictions in which they
operate.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Although management believes these measures are useful to investors
and other stakeholders in assessing the Group's ongoing financial
performance and provide improved comparability between periods,
there are limitations in their use as compared to measures of
financial performance under IFRS. As such, they should not be
considered in isolation or viewed as a substitute for IFRS
measures. In addition, these measures may not necessarily be
comparable to other similarly titled measures of other companies
due to potential inconsistencies in the methods of
calculation.</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">
&#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">
Underlying revenue and underlying operating profit</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">
These measures adjust revenue from reportable segments and
operating profit from reportable segments, respectively, to exclude
revenue and operating profit generated by owned, leased and managed
lease hotels which have been disposed, and significant liquidated
damages, which are not comparable year-on-year and are not
indicative of the Group's ongoing profitability. The revenue and
operating profit of current year acquisitions are also excluded as
these obscure underlying business results and trends when comparing
to the prior year. In addition, in order to remove the impact of
fluctuations in foreign exchange, which would distort the
comparability of the Group's operating performance, prior year
measures are restated at constant currency using current year
exchange rates.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Management believes these are meaningful to investors and other
stakeholders to better understand comparable year-on-year trading
and enable assessment of the underlying trends in the Group's
financial performance.</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">
&#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">
Underlying fee revenue growth</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">
Underlying fee revenue is used to calculate underlying fee revenue
growth. Underlying fee revenue is calculated on the same basis as
underlying revenue as described above but for the fee business
only.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Management believes underlying fee revenue is meaningful to
investors and other stakeholders as an indicator of IHG's ability
to grow the core fee-based business, aligned to IHG's asset-light
strategy.</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">
&#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">
Fee margin</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">
Fee margin is presented at actual exchange rates and is a measure
of the profit arising from fee revenue. Fee margin is calculated by
dividing 'fee operating profit' by 'fee revenue'. Fee revenue and
fee operating profit are calculated from the revenue from
reportable segments and operating profit from reportable segments,
as defined above, adjusted to exclude the revenue and operating
profit from the Group's owned, leased and managed lease hotels and
significant liquidated damages.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In addition, fee margin is adjusted for the results of the Group's
captive insurance company, where premiums are intended to match the
expected claims over the longer term, and as such these amounts are
adjusted from the fee margin to better depict the profitability of
the fee business.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Management believes fee margin is meaningful to investors and other
stakeholders as an indicator of the sustainable long-term growth in
the profitability of IHG's core fee-based business, as the scale of
IHG's operations increases with growth in IHG's System
size.</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">
&#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">
Adjusted interest</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">
Adjusted interest is presented before exceptional items and
excludes the following items of interest which are recorded within
the System Fund:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#x25CF;
IHG records an interest charge on the outstanding cash balance
relating to the IHG Rewards programme. These interest payments are
recognised as interest income for the Fund and interest expense for
IHG.</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#x25CF;
The System Fund also benefits from the capitalisation of interest
related to the development of the next-generation Guest Reservation
System.</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#x25CF;
Other components of System Fund interest income and expense,
including lease interest expense and interest income on overdue
receivables.</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: 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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
As the Fund is included on the Group Income Statement, these
amounts are included in the reported net Group financial expenses,
reducing the Group's effective interest cost. Given results related
to the System Fund are excluded from</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">
adjusted measures used by management, these are excluded from
adjusted interest and adjusted earnings per ordinary share (see
below).</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Management believes adjusted interest is a meaningful measure for
investors and other stakeholders as it provides an indication of
the comparable year-on-year expense associated with financing the
business including the interest on any balance held on behalf of
the System Fund.</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">
&#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">
Tax excluding the impact of exceptional items and System
Fund</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">
As outlined above, exceptional items can vary year-on-year and,
where subject to tax at a different rate than the Group as a whole,
they can impact the current year's tax charge. The System Fund is
not managed to a profit or loss for IHG over the longer term and
is, in general, not subject to tax either.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Management believes removing these provides a better view of the
Group's underlying tax rate on ordinary operations and aids
comparability year-on-year, thus providing a more meaningful
understanding of the Group's ongoing tax charge. A reconciliation
of the tax charge as recorded in the Group income statement, to tax
excluding the impact of exceptional items and System Fund, can be
found in note 6 to the preliminary Group Financial
Statements.</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">
&#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">
Adjusted earnings per ordinary share</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">
Adjusted earnings per ordinary share adjusts the profit available
for equity holders used in the calculation of basic earnings per
share to remove System Fund revenue and expenses, the items of
interest related to the System Fund as excluded in adjusted
interest, the change in fair value of contingent purchase
consideration, exceptional items, and the related tax impacts of
such adjustments.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Management believes that adjusted earnings per share is a
meaningful measure for investors and other stakeholders as it
provides a more comparable earnings per share measure aligned with
how management monitors the business.</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">
&#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">
Net debt</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">
Net debt is used in the monitoring of the Group's liquidity and
capital structure and is used by management in the calculation of
the key ratios attached to the Group's bank covenants and with the
objective of maintaining an investment grade credit rating. Net
debt is used by investors and other stakeholders to evaluate the
financial strength of the business.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Net debt comprises loans and other borrowings, lease liabilities,
the exchange element of the fair value of derivatives hedging debt
values, less cash and cash equivalents. A summary of the
composition of net debt is included in note 10 to the preliminary
Group Financial Statements.</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">
&#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">
Adjusted EBITDA</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">
One of the key measures used by the Group in monitoring its debt
and capital structure is the net debt:adjusted EBITDA ratio, which
is managed with the objective of maintaining an investment grade
credit rating. The Group has a stated aim of maintaining this ratio
at 2.5-3.0x. Adjusted EBITDA is defined as operating profit,
excluding System Fund revenues and expenses, exceptional items and
depreciation and amortisation.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Adjusted EBITDA is useful to investors and other stakeholders for
comparing the performance of different companies as depreciation,
amortisation and exceptional items are eliminated. It can also be
used as an approximation of operational cash flow generation. This
measure is relevant to the Group's banking covenants, which have
been relaxed for test dates in 2022. Details of covenant levels and
performance against these is provided in note 10 to the preliminary
Group Financial Statements. The leverage ratio uses a Covenant
EBITDA measure which is calculated on a 'frozen GAAP' basis, which
excludes the effect of IFRS 16.</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">
&#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">
Gross capital expenditure, net capital expenditure, adjusted free
cash flow</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">
These measures have limitations as they omit certain components of
the overall cash flow statement. They are not intended to represent
IHG's residual cash flow available for discretionary expenditures,
nor do they reflect the Group's future capital commitments. These
measures are used by many companies, but there can be differences
in how each company defines the terms, limiting their usefulness as
a comparative measure. Therefore, it is important to view these
measures only as a complement to the Group statement of cash
flows.</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">
&#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">
Gross capital expenditure</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">
Gross capital expenditure represents the consolidated capital
expenditure of IHG inclusive of System Fund capital investments.
Gross capital expenditure is defined as net cash from investing
activities, adjusted to include contract acquisition costs (key
money). In order to demonstrate the capital outflow of the Group,
cash flows arising from any disposals or distributions from
associates and joint ventures are excluded. The measure also
excludes any material investments made in acquiring businesses,
including any subsequent payments of deferred or contingent
purchase consideration included within investing activities, which
represent ongoing payments for acquisitions.</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="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="color: #000000; font-family: Times New Roman; font-size: 13px">
Gross capital expenditure is reported as either maintenance,
recyclable, or System Fund. This disaggregation provides useful
information as it enables users to distinguish
between:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#x25CF;
System Fund capital investments which are strategic investments to
drive growth at hotel level;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#x25CF;
Recyclable investments (such as investments in associates and joint
ventures), which are intended to be recoverable in the medium term
and are to drive the growth of the Group's brands and expansion in
priority markets; and</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#x25CF;
Maintenance capital expenditure (including contract acquisition
costs), which represents a permanent cash outflow.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Management believes gross capital expenditure is a useful measure
as it illustrates how the Group continues to invest in the business
to drive growth. It also allows for comparison
year-on-year.</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">
&#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">
Net capital expenditure</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">
Net capital expenditure provides an indicator of the capital
intensity of IHG's business model. Net capital expenditure is
derived from net cash from investing activities, adjusted to
include contract acquisition costs (net of repayments) and to
exclude any material investments made in acquiring businesses,
including any subsequent payments of deferred or contingent
purchase consideration included within investing activities, which
are typically non-recurring in nature. Net capital expenditure
includes the inflows arising from any disposal receipts, or
distributions from associates and joint ventures.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In addition, System Fund depreciation and amortisation relating to
property, plant and equipment and intangible assets, respectively,
is added back, reducing the overall cash outflow. This reflects the
way in which System Funded capital investments are recharged to the
System Fund, over the life of the asset.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Management believes net capital expenditure is a useful measure as
it illustrates the net capital investment by IHG, after taking into
account capital recycling through asset disposal and the funding of
strategic investments by the System Fund. It provides investors and
other stakeholders with visibility of the cash flows which are
allocated to long-term investments to drive the Group's
strategy.</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: 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">
Adjusted free cash flow</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">
Adjusted free cash flow is net cash from operating activities
adjusted for: (1) the inclusion of the cash outflow arising from
the purchase of shares by employee share trusts reflecting the
requirement to satisfy incentive schemes which are linked to
operating performance; (2) the inclusion of maintenance capital
expenditure (excluding contract acquisition costs); (3) the
inclusion of the principal element of lease payments; and (4) the
exclusion of payments of deferred or contingent purchase
consideration included within net cash from operating
activities.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Management believes adjusted free cash flow is a useful measure for
investors and other stakeholders, as it represents the cash
available to invest back into the business to drive future growth
and pay the ordinary dividend, with any surplus being available for
additional returns to shareholders.</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-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Revenue and operating profit non-GAAP reconciliations</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; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Highlights for the 12 months ended 31 December</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">
&#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: middle; width: 44%;">
<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">
Reportable segments</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 30%;">
<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">
Revenue</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 35%;">
<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">
Operating profit</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
%</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
change</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
change</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 44%;">
<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">
Per Group income statement</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,907</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2,394</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
21.4</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
494</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(153)</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<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 style="color: #000000">
NM</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 44%;">
<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">
System Fund</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(928)</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(765)</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
21.3</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
11</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
102</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(89.2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 44%;">
<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">
Reimbursement of costs</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(589)</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(637)</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(7.5)</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 44%;">
<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">
Operating exceptional items</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
29</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
270</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(89.3)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 44%;">
<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">
Reportable segments</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,390</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
992</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
40.1</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
534</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
219</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
143.8</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 44%;">
<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">
Reportable segments analysed as:</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 44%;">
<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">
Fee business</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,153</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
823</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
40.1</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
570</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
278</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
105.0</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 44%;">
<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">
Owned, leased and managed lease</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
237</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
169</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
40.2</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(36)</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(59)</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
39.0</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 44%;">
<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">
Reportable segments</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,390</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
992</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
40.1</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
534</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
219</font></div>
</td>
<td style="vertical-align: middle; width: 15%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
143.8</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 5px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a.
&#xA0;</font><font style="color: #808080">Percentage change
considered not meaningful, such as where a positive balance in the
latest period is comparable to a negative or zero balance in the
prior period.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#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">
Underlying revenue and underlying operating profit</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" style="vertical-align: middle; width: 40%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: middle; width: 24%">
<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">
Revenue</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="6" style="vertical-align: middle; width: 27%">
<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">
Operating profit</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 40%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 40%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
%</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
%</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 40%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
change</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Change</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 40%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 9%">
<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;&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 39%">
<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">
Reportable segments (see above)</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,390</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
992</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
40.1</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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;&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
534</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
219</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
143.8</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 39%">
<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">
Significant liquidated damages</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
500.0</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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;&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
500.0</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 39%">
<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">
Owned and leased asset disposals</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font></font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(11)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(21)</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(47.6)</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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;&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(50.0)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 39%">
<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">
Currency impact</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
16</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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;&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<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;&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 39%">
<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">
Underlying revenue and underlying operating profit</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,373</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
986</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
39.2</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
531</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
223</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
138.1</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #808080; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10"><br></font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #A6A6A6">a.
&#xA0;</font><font style="color: #808080">$6m recognised in 2021
reflects the significant liquidated damages related to one hotel in
Greater China. The $1m recognised in 2020 reflects the continued
recognition of the significant liquidated damages related to the
previously disclosed exit of a portfolio of 2.1k hotels in
Germany.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10"><br></font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-size: 70%; vertical-align: top; color: #A6A6A6; font-family: Calibri">
b. &#xA0;</font><font style="color: #808080">The results of three
EVEN Hotels have been removed in 2021 (being the year of disposal
for these hotels) and the prior year to determine underlying
growth. The results of the hotels that were removed in 2020 (being
the year of disposal or lease termination for these hotels) have
also been removed to determine underlying
growth.</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-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">
Underlying fee revenue and underlying fee operating
profit</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="7" style="vertical-align: middle; width: 41%">
<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">
Revenue</font></div>
</td>
<td colspan="8" style="vertical-align: middle; width: 30%">
<div style="text-align: center; margin-left: 72px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Operating profit</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 21%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
%</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
%</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
change</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
change</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Reportable segments fee business (see above)</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,153</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
823</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
40.1</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
570</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
278</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
105.0</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Significant liquidated damages</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
500.0</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
500.0</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Currency impact</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
11</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Underlying fee revenue and underlying fee operating
profit</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,147</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
833</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
37.7</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
564</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
277</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
103.6</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #808080; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a.
&#xA0;</font><font style="color: #808080">$6m recognised in 2021
reflects the significant liquidated damages related to one hotel in
Greater China. The $1m recognised in 2020 reflects the continued
recognition of the significant liquidated damages related to the
previously disclosed exit of a portfolio of 2.1k hotels in
Germany.</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-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">
Americas</font></div>
<div style="text-align: right">
<table cellpadding="0" cellspacing="0" style="text-align: right; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px 0px 0px auto;">
<tr>
<td style="vertical-align: middle; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="6" style="vertical-align: middle; width: 29%">
<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">
Revenue</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: middle; width: 29%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000">Operating profit</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
%</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
%</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
</font>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">$m</font><br>
</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">change</font>&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font><br></font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">$m</font><br>
</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
change&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Per Group financial statements</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
774</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
512</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
51.2</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
559</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
296</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
88.9</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Reportable segments analysed as:</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Fee business</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
691</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
457</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
51.2</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
568</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
323</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
75.9</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Owned, leased and managed lease</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
83</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
55</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
50.9</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(9)</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(27)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(66.7)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
774</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
512</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
51.2</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
559</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
296</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
88.9</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Reportable segments (see above)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
774</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
512</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
51.2</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
559</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
296</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
88.9</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Owned and leased asset disposals</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(11)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(17)</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(35.3)</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(57.1)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Currency impact</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Underlying revenue and underlying operating profit</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
763</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
495</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
54.1</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
562</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
305</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
84.3</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Owned, leased and managed lease included in the above</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(72)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(38)</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
89.5</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
19</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(68.4)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Underlying fee business</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
691</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
457</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
51.2</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
568</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
324</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
75.3</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #808080; font-family: Arial; font-size: 7px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #A6A6A6">a.
&#xA0;</font><font style="color: #808080">Before exceptional
items.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #A6A6A6">b.
&#xA0;</font><font style="color: #808080">The results of three EVEN
Hotels have been removed in 2021 (being the year of disposal for
these hotels) and the prior year to determine underlying growth.
The results of the hotels that were removed in 2020 (being the year
of disposal or lease termination for these hotels) have also been
removed to determine underlying growth.</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-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">
EMEAA</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 33%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="6" style="vertical-align: middle; width: 28%">
<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">
Revenue</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="6" style="vertical-align: middle; width: 31%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000">Operating profit</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 33%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 21%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">%</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">%</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">$m</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">change</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">$m</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">change</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<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">
Per Group financial statements</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
303</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">221</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">37.1</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(50)</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">NM</font><font style="font-size: 70%; vertical-align: top; color: #000000">d</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<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">
Reportable segments analysed as:</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<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">
Fee business</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
149</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">107</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">39.3</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
32</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(18)</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#xA0;NM</font><font style="font-size: 70%; vertical-align: top; color: #000000">d</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<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">
Owned, leased and managed lease</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
154</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">114</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">35.1</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(27)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(32)</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">15.6</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
303</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">221</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">37.1</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(50)</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#xA0;NM</font><font style="font-size: 70%; vertical-align: top; color: #000000">d</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<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">
Reportable segments (see above)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
303</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">221</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">37.1</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(50)</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">NM</font><font style="font-size: 70%; vertical-align: top; color: #000000">d</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<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">
Significant liquidated damages</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<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">
Owned asset disposals</font><font style="font-size: 70%; vertical-align: top; color: #000000">c</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<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">
Currency impact</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<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">
Underlying revenue and underlying operating profit</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
303</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">224</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">35.3</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(54)</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">NM</font><font style="font-size: 70%; vertical-align: top; color: #000000">d</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<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">
Owned, leased and managed lease included in the above</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(154)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(115)</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">33.9</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
27</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(22.9)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 37%">
<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">
Underlying fee business</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
149</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">109</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">36.7</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
32</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(19)</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">NM</font><font style="font-size: 70%; vertical-align: top; color: #000000">d</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Arial; font-size: 1px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #A6A6A6; font-family: Calibri">
a. &#xA0;&#xA0;</font><font style="color: #808080">Before
exceptional items.</font></font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #A6A6A6">b.
&#xA0;</font><font style="color: #808080">$1m recognised in 2020
reflects the continued recognition of the significant liquidated
damages related to the previously disclosed exit of a portfolio of
2.1k hotels in Germany.</font></font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #A6A6A6">c.
&#xA0;</font><font style="color: #808080">The results of the hotels
removed in 2020 (being the year of disposal of these hotels) have
been removed to determine underlying growth.</font></font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #A6A6A6">d.
&#xA0;</font><font style="color: #808080">Percentage change
considered not meaningful, such as where a positive balance in the
latest period is comparable to a negative or zero balance in the
prior period.</font></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">
Greater China</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="6" style="vertical-align: middle; width: 29%">
<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">
Revenue</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="6" style="vertical-align: middle; width: 29%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000">Operating profit</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
%</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<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;&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
%</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
change</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<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;&#xA0;&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
change</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Per Group financial statements</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<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;&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Reportable segments analysed as:</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
116</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
77</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
50.6</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<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;&#xA0;&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
58</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
35</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
65.7</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<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;&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Fee business</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
116</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
77</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
50.6</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<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;&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
58</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
35</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
65.7</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Reportable segments (see above)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
116</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
77</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
50.6</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<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;&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
58</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
35</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
65.7</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Significant liquidated damages</font><font style="font-size: 70%; vertical-align: top; color: #000000">b</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<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;&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Currency impact</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<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;&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<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;&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 38%">
<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">
Underlying revenue and underlying operating profit</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
110</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
82</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
34.1</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
52</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
36</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
44.4</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #808080; 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: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #A6A6A6">a.
&#xA0;</font><font style="color: #808080">Before exceptional
items.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #A6A6A6">b.
&#xA0;</font><font style="color: #808080">$6m recognised in 2021
reflects the significant liquidated damages related to one
property.</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-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">
Fee margin reconciliation</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 70%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 70%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 70%">
<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">
Revenue</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 70%">
<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">
Reportable segments analysed as fee business (see
above)</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,153</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
823</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 70%">
<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">
Significant liquidated damages</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 70%">
<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">
Captive insurance company</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(17)</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(19)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 70%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 70%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,130</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
803</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 70%">
<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">
Operating profit</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 70%">
<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">
Reportable segments analysed as fee business (see
above)</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
570</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
278</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 70%">
<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">
Significant liquidated damages</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 70%">
<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">
Captive insurance company</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(3)</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(3)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 70%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 70%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
561</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
274</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 70%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 70%">
<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">
Fee margin</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
49.6%</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
34.1%</font></div>
</td>
</tr></table>
</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><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">
&#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">
Net capital expenditure reconciliation</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 35%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;12 months ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0; 31 December</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<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">
Net cash from investing activities</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(12)</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(61)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<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">
Adjusted for:</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<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;&#xA0;&#xA0;Contract acquisition costs, net of
repayments</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(42)</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(64)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<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="font-weight: bold; color: #000000">
&#xA0;&#xA0;&#xA0;</font><font style="color: #000000">System Fund
depreciation and amortisation</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
91</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
58</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<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;&#xA0;&#xA0;Deferred purchase consideration paid</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
13</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<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">
Net capital expenditure</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
50</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(67)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<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">
Analysed as:</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<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">
Capital expenditure: maintenance (including contract acquisition
costs, net of repayments of $42m (2020: $64m))</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(75)</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(107)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<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">
Capital expenditure: recyclable investments</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
53</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
17</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<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">
Capital expenditure: System Fund capital investments</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
72</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
23</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<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">
Net capital expenditure</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
50</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(67)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%"><br></td>
<td style="vertical-align: middle; width: 19%"><br></td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a.
&#xA0;</font><font style="color: #808080">Excludes depreciation of
right-of-use assets.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#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; font-family: Times New Roman; font-size: 13px">
Gross capital expenditure reconciliation</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 66%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 34%">
<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">
12 months ended</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">
31 December</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<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">
Net capital expenditure</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
50</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(67)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<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">
Add back:</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<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;&#xA0;&#xA0;Disposal receipts</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(58)</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(18)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<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">
Repayments of contract acquisition costs</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<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;&#xA0;&#xA0;Distributions from associates and joint
ventures</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(5)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<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="font-weight: bold; color: #000000">
&#xA0;&#xA0;&#xA0;</font><font style="color: #000000">System Fund
depreciation and amortisation</font><font style="font-size: 70%; vertical-align: top; color: #000000">a</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(91)</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(58)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<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">
Gross capital expenditure</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(100)</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(148)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<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">
Analysed as:</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Capital
expenditure: maintenance</font></div>
</td>
<td rowspan="2" style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(76)</font></div>
</td>
<td rowspan="2" style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(107)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(including
gross contract acquisition costs of $43m (2020: $64m))</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Capital
expenditure: recyclable investments</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(5)</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Capital
expenditure: System Fund capital investments</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(19)</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(35)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<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">
Gross capital expenditure</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(100)</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(148)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr></table>
</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">
<br></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #808080">a.
&#xA0;</font><font style="color: #808080">Excludes depreciation of
right-of-use assets.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#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">
Adjusted free cash flow reconciliation</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 72%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 28%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;12 months ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;31 December</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 72%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 72%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 72%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 72%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 72%">
<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">
Net cash from operating activities</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
636</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
137</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 72%">
<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">
Adjusted for:</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 72%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Principal
element of lease payments</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(32)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(65)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 72%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Capital
expenditure: maintenance (excluding contract acquisition
costs)</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(33)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(43)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 72%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 72%">
<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">
Adjusted free cash flow</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
571</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
29</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 72%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr></table>
</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">
&#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">
Adjusted interest reconciliation</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 table reconciles net financial expenses to adjusted
interest.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 39%">
<div style="text-align: center; margin-left: 180px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;12 months ended</font></div>
<div style="text-align: center; margin-left: 192px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0; 31 December</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 63%">
<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">
Net financial expenses</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 63%">
<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">
Financial income</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
8</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 63%">
<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">
Financial expenses</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(147)</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(144)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(139)</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(140)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 63%">
<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">
Adjusted for:</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 63%">
<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">
Interest attributable to the System Fund</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">
Capitalised interest relating to System Fund assets</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">
Exceptional financial expenses</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(3)</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(3)</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
14</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(3)</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
10</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 63%">
<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">
Adjusted interest</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(142)</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(130)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<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;</font></div>
<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;</font></div>
<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">
Adjusted EBITDA reconciliation</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 57%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 27%">
<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">
12 months ended</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">
31 December</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>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 67%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 67%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 67%">
<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">
Operating profit/(loss)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
494</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(153)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 67%">
<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">
Add back:</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 67%">
<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;&#xA0;&#xA0;System Fund result</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
11</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
102</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 67%">
<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;&#xA0;&#xA0;Operating exceptional items</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
29</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
270</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 67%">
<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="font-weight: bold; color: #000000">
&#xA0;&#xA0;&#xA0;</font><font style="color: #000000">Depreciation
and amortisation</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
98</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
110</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 67%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 67%">
<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">
Adjusted EBITDA</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
632</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
329</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 57%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #808080; font-family: Times New Roman; font-size: 13px">
<br></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">
Adjusted&#xA0;earnings per ordinary share
reconciliation</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 68%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 32%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0; 12 months ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0; 31 December</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<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">
Profit/(loss) available for equity holders</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
266</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(260)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<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">
Adjusting items:</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<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;&#xA0; System Fund revenues and expenses</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
11</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
102</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<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;&#xA0; Interest attributable to the System Fund</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(3)</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(4)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<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;&#xA0; Operating exceptional items</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
29</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
270</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<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;&#xA0; Exceptional financial expenses</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
14</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<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;&#xA0; Fair value gains on contingent purchase
consideration</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(13)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<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;&#xA0; Tax on fair value gains on contingent purchase
consideration</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<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;&#xA0; Tax on exceptional items</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(3)</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(52)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<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;&#xA0; Exceptional tax</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(26)</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<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">
Adjusted earnings</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
269</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
57</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<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">
Basic weighted average number of ordinary shares
(millions)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
183</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
182</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<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">
Adjusted earnings per ordinary share (cents)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
147.0</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
31.3</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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; 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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="4" style="vertical-align: bottom; width: 84%">
<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">
2019 reportable segments</font></div>
</td>
<td style="vertical-align: bottom; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<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">
Revenue from reportable segments</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Americas</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
EMEAA</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Greater China</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Central</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Total</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<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">
Revenue from reportable segments</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; 1,040</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;723</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; 135</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;185</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0; 2,083</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<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">
Fee Business</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
853</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
337</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
135</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
185</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,510</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<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">
Owned &amp; Leased</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
187</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
386</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
573</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,040</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
723</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
135</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
185</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,083</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<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">
Operating Profit from reportable segments</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Americas</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
EMEAA</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Greater China</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Central</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Total</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<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">
Operating Profit from reportable segments</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
700</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
217</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
73</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(125)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; 865</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<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">
Fee Business</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
663</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
202</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
73</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(125)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
813</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<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">
Owned &amp; Leased</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
37</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
15</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
52</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
700</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
217</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
73</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(125)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
865</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: right; 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-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">
INTERCONTINENTAL HOTELS GROUP PLC</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">
GROUP INCOME STATEMENT</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">
For the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -7px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 60px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Year ended</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
<div style="text-align: right; margin-left: 60px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Year ended</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Revenue from fee business</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,153</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">823</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Revenue from owned, leased and managed lease hotels</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
237</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">169</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
System Fund revenues</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
928</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">765</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Reimbursement of costs</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
589</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">637</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Total revenue (notes 3 and 4)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,907</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,394</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Cost of sales</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(486)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(354)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
System Fund expenses</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(939)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(867)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Reimbursed costs</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(589)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(637)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Administrative expenses</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(300)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(267)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Share of losses of associates and joint ventures</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(8)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(14)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Other operating income</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
11</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Depreciation and amortisation</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(98)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(110)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Impairment loss on financial assets</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(88)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Other impairment charges (note 5)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(4)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(226)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Operating profit/(loss) (note 3)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
494</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(153)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%; 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: 16%; 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: 24%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%; border-left: 0.5pt solid #000000">
<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">
Operating profit/(loss) analysed as:</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%; border-right: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%; border-left: 0.5pt solid #000000">
<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; Operating profit before System Fund and exceptional
items</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
534</font></div>
</td>
<td style="vertical-align: top; width: 24%; border-right: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">219</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%; border-left: 0.5pt solid #000000">
<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; System Fund</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(11)</font></div>
</td>
<td style="vertical-align: top; width: 24%; border-right: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(102)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%; border-left: 0.5pt solid #000000">
<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; Operating exceptional items (note 5)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(29)</font></div>
</td>
<td style="vertical-align: top; width: 24%; border-right: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(270)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%; border-right: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%; 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: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
494</font></div>
</td>
<td style="vertical-align: top; width: 24%; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(153)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Financial income</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
8</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Financial expenses</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(147)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(144)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Fair value gains on contingent purchase consideration</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Profit/(loss) before tax</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
361</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(280)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Tax (note 6)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(96)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">20</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Profit/(loss) for the year from continuing operations</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
265</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(260)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Attributable to:</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<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">
Equity holders of the parent</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
266</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(260)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<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">
Non-controlling interest</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
265</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(260)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<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">
Earnings/(loss) per ordinary share (note 7)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<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">
Basic</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
145.4&#xA2;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(142.9)&#xA2;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<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">
Diluted</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
144.6&#xA2;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(142.9)&#xA2;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 100%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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">
&#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">
INTERCONTINENTAL HOTELS GROUP PLC</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">
GROUP STATEMENT OF COMPREHENSIVE INCOME</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">
For the year ended 31 December 2021</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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Year ended</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Year ended</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<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">
Profit/(loss) for the year</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
265</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(260)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<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">
Other comprehensive income</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<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">
Items that may be subsequently reclassified to profit or
loss:</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 62%">
<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">
Losses on cash flow hedges, including related tax charge of $7m
(2020: $4m credit)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(69)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 62%">
<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">
Costs of hedging</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 62%">
<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">
Hedging losses/(gains) reclassified to financial
expenses</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
96</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(13)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 62%">
<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">
Exchange gains/(losses) on retranslation of foreign operations, net
of related tax charge of $4m (2020: $4m credit)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
18</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(85)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
47</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(101)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<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">
Items that will not be reclassified to profit or loss:</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 62%">
<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">
Gains/(losses) on equity instruments classified as fair value
through other comprehensive income, net of related tax charge of
$1m (2020: $4m credit)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; 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: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
14</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; 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: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(43)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 62%">
<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">
Re-measurement gains/(losses) on defined benefit plans, including
related tax credit of $nil (2020: $1m credit)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(7)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 62%">
<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">
Tax related to pension contributions</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
22</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(49)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<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">
Total other comprehensive income/(loss) for the year</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
69</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(150)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<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">
Total comprehensive income/(loss) for the year</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
334</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(410)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<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">
Attributable to:</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 62%">
<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">
Equity holders of the parent</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
335</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(410)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 62%">
<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">
Non-controlling interest</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
334</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(410)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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">
&#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">
&#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">
INTERCONTINENTAL HOTELS GROUP PLC</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">
GROUP STATEMENT OF CHANGES IN EQUITY</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">
For the year ended 31 December 2021</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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 61%">
<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">
Year ended 31 December 2021</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">
&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Equity share capital</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Other reserves*</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Retained earnings</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-controlling interest</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total equity</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<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 beginning of the year</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
156</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2,581)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
568</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
8</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1,849)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<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">
Total comprehensive income for the year</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
61</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
274</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
334</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<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">
Transfer of treasury shares to employee share trusts</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(34)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
34</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<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">
Release of own shares by employee share trusts</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
13</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(13)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<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">
Equity-settled share-based cost</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
39</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
39</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<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">
Tax related to share schemes</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<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">
Exchange adjustments</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<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">
At end of the year</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
154</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2,539)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
904</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
7</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1,474)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 19%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-top: 0px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 0px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 0px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 0px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-top: 0px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 61%">
<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">
Year ended 31 December 2020</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Equity share capital</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Other reserves*</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Retained earnings</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-controlling interest</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total equity</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<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 beginning of the year</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
151</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2,433)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
809</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
8</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1,465)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<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">
Total comprehensive loss for the year</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(147)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(263)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(410)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<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">
Transfer of treasury shares to employee share trusts</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(14)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
14</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<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">
Release of own shares by employee share trusts</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
18</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(18)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<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">
Equity-settled share-based cost, net of $3m reclassification to
cash-settled awards</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
27</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
27</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<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">
Tax related to share schemes</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<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">
Exchange adjustments</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(5)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<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">
At end of the year</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
156</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2,581)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
568</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
8</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1,849)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 19%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 24px; margin-right: 2px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;*&#xA0;&#xA0;
Other reserves comprise the capital redemption reserve, shares held
by employee share trusts, other reserves, fair value reserve, cash
flow hedge reserves and currency translation reserve.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 100%">
<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">
All items within total comprehensive income/(loss) are shown net of
tax.</font></div>
</td>
</tr></table>
</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">
&#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">
INTERCONTINENTAL HOTELS GROUP PLC</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">
GROUP STATEMENT OF FINANCIAL POSITION</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">
31 December 2021</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
ASSETS</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Goodwill and other intangible assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,195</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,293</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Property, plant and equipment</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
137</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
201</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Right-of-use assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
274</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
303</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Investment in associates</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
77</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
81</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Retirement benefit assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Other financial assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
173</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
168</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Derivative financial instruments</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Deferred compensation plan investments</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
256</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
236</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Non-current tax receivable</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
15</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Deferred tax assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
147</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
113</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Contract costs</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
72</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
70</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Contract assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
316</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
311</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Total non-current assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,650</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,796</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Inventories</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Trade and other receivables</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
574</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
514</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Current tax receivable</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
18</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Other financial assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Cash and cash equivalents</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,450</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,675</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Contract costs</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Contract assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
30</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
25</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Total current assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,066</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,243</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Total assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4,716</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5,039</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
LIABILITIES</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Loans and other borrowings</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(292)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(869)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Lease liabilities</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(35)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(34)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Trade and other payables</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(579)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(466)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Deferred revenue</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(617)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(452)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Provisions</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(49)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(16)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Current tax payable</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(52)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(30)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Total current liabilities</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1,624)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1,867)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Loans and other borrowings</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2,553)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2,898)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Lease liabilities</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(384)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(416)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Derivative financial instruments</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(62)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(18)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Retirement benefit obligations</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(92)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(103)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Deferred compensation plan liabilities</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(256)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(236)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Trade and other payables</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(89)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(94)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Deferred revenue</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(996)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1,117)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Provisions</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(41)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(44)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Deferred tax liabilities</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(93)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(95)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Total non-current liabilities</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(4,566)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(5,021)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Total liabilities</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(6,190)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(6,888)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Net liabilities</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1,474)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1,849)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
EQUITY</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
IHG shareholders' equity</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1,481)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1,857)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Non-controlling interest</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
8</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<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">
Total equity</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1,474)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1,849)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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-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">
INTERCONTINENTAL HOTELS GROUP PLC</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">
GROUP STATEMENT OF CASH FLOWS</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">
For the year ended 31 December 2021</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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Year ended</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Year ended</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
31 December</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Profit/(loss) for the year</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
265</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(260)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Adjustments reconciling profit/(loss) for the year to cash flow
from operations (note 9)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
583</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
568</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Cash flow from operations</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
848</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
308</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Interest paid</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(134)</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(132)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Interest received</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
8</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Tax paid</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(86)</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(41)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Net cash from operating activities</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
636</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
137</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Cash flow from investing activities</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Purchase of property, plant and equipment</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(17)</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(26)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Purchase of intangible assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(35)</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(50)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Investment in associates</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Investment in other financial assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(5)</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(5)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Deferred purchase consideration paid</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(13)</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Capitalised interest paid</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Distributions from associates and joint ventures</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Disposal of hotel assets, net of costs and cash
disposed</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
44</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Repayments of other financial assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
14</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
13</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Disposal of equity securities</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Net cash from investing activities</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(12)</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(61)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Cash flow from financing activities</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Issue of long-term bonds, including effect of currency
swaps</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,093</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
(Repayment)/issue of commercial paper</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(828)</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
738</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Repayment of long-term bonds</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(290)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Principal element of lease payments</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(32)</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(65)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Decrease in other borrowings</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(125)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Proceeds from currency swaps</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Net cash from financing activities</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(860)</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,354</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Net movement in cash and cash equivalents, net of overdrafts, in
the year</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(236)</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,430</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Cash and cash equivalents, net of overdrafts, at beginning of the
year</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,624</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
108</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Exchange rate effects</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
86</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<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">
Cash and cash equivalents, net of overdrafts, at end of the
year</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,391</font></div>
</td>
<td style="vertical-align: top; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,624</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 22%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 98%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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-weight: bold; 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="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
NOTES TO THE INTERIM FINANCIAL STATEMENTS</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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 3%">
<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">
1.</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 97%">
<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">
Basis of preparation</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>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 96%">
<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">
The preliminary consolidated financial statements of
InterContinental Hotels Group PLC (the 'Group' or 'IHG') for the
year ended 31 December 2021 have been prepared in accordance with
UK-adopted international accounting standards and with applicable
law and regulations and with International Financial Reporting
Standards ('IFRSs') as issued by the IASB. The Group transitioned
to UK-adopted international accounting standards in its
consolidated financial statements on 1 January 2021. There was no
impact or change in accounting policies from the transition. The
preliminary statement of results shown in this announcement does
not represent the statutory accounts of the Group and its
subsidiaries within the meaning of Section 435 of the Companies Act
2006.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Group financial statements for the year ended 31 December 2021
were approved by the Board on 21 February 2022. The auditor,
PricewaterhouseCoopers LLP, has given an unqualified report in
respect of those Group financial statements with no reference to
matters to which the auditor drew attention by way of emphasis and
no statement under s498(2) or s498(3) of the Companies Act 2006.
The Group financial statements for the year ended 31 December 2021
will be delivered to the Registrar of Companies in due
course.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Financial information for the year ended 31 December 2020 has been
extracted from the Group's published financial statements for that
year which were prepared in accordance with IFRSs adopted pursuant
to Regulation (EC) No 1606/2002 as it applies in the European Union
and with international accounting standards as applied in
accordance with the provisions of the Companies Act 2006 and which
have been filed with the Registrar of Companies. The Group's
previous auditor, Ernst &amp; Young LLP, has reported on those
financial statements. Its report was unqualified with no reference
to matters to which Ernst &amp; Young LLP drew attention by way of
emphasis and no statement under s498(2) or s498(3) of the Companies
Act 2006.</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-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Going concern</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The resilience of the Group's fee-based model, wide geographic
spread and strong cash management means that the Group has been
able to generate $636m of net cash from operating activities in a
year when trading has still been substantially impacted by the
global pandemic. Trading has recovered significantly during 2021,
with RevPAR up 46% on 2020 and returning to 70% of 2019's
pre-pandemic levels.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
As at 31 December 2021 the Group had total liquidity of $2,655m,
comprising $1,350m of undrawn bank facilities and $1,305m of cash
and cash equivalents (net of overdrafts and restricted cash).&#xA0;
In March 2021 the Group used cash reserves to repay &#xA3;600m
commercial paper under the UK's Covid Corporate Financing Facility
('CCFF').</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In 2020, the Group agreed amendments of existing covenants on its
syndicated and bilateral revolving credit facilities ('the bank
facilities') until December 2022.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
A period of 18 months has been used, from 1 January 2022 to 30 June
2023, to complete the going concern assessment. There are a wide
range of possible planning scenarios over the going concern period.
In adopting the going concern basis for preparing these financial
statements the Directors have considered a scenario (the 'Base
Case') which is based on continued improvement in demand as travel
restrictions are reduced, with RevPAR assumed to reach greater than
90% of 2019 levels in 2023.&#xA0; The only debt maturity in the
period under consideration is the &#xA3;173m 3.875% November 2022
bond which is assumed to be repaid with cash on maturity.&#xA0;
Under this scenario, the bank facilities remain
undrawn.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The principal risks and uncertainties which could be applicable
have been considered and are able to be absorbed within the $400m
liquidity covenant and amended covenant requirements.&#xA0; A large
number of the Group's principal risks, for example macro external
factors or preferred brands and loyalty, would result in an impact
on RevPAR which is one of the sensitivities assessed against the
headroom available in the Base Case.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Climate risks are not considered to have a significant impact over
the 18-month period of assessment. Other principal risks that could
result in a large one-off incident that has a material impact on
cash flow have also been considered, for example a cybersecurity
event. The assumptions applied in the Base Case scenario are
consistent with those used for Group planning purposes, for
impairment testing and for assessing recoverability of deferred tax
assets.</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: 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>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 96%">
<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">
The Directors have also reviewed a 'Downside Case' which is based
on current external market downside forecasts with RevPAR growth
reduced by 8% in 2022 in comparison to the Base Case followed by
similar growth rates to the Base Case in 2023. The Directors have
also reviewed a 'Severe Downside Case' which is based on a severe
but plausible scenario.&#xA0; This assumes that the performance
during 2022 continues without further recovery on 2021 levels with
RevPAR remaining at 70% of 2019 levels, and then with recovery in
2023. The assumptions used in the going concern assessment are
consistent with those used in the viability assessment. Under the
Downside Case and Severe Downside Case, the bank facilities remain
undrawn.&#xA0;</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Under the Severe Downside scenario, there is limited headroom to
the covenants at 30 June 2023 to absorb additional risks. However,
based on experience in 2020, the Directors reviewed a number of
actions, such as reductions in bonuses and other discretionary
spend, creating substantial additional headroom. After these
actions are taken, the principal risks and uncertainties which
could be applicable can be absorbed within the amended covenant
requirements.&#xA0;</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In the Severe Downside Case, the Group has substantial levels of
existing cash reserves available (approximately $1bn at 30 June
2023) and is not expected to draw on the bank facilities. These
cash reserves would increase after the additional actions are taken
as described above. The Directors reviewed a reverse stress test
scenario to determine how much additional RevPAR downside could be
absorbed before utilisation of the bank facilities would be
required. The Directors concluded that the outcome of this reverse
stress test showed that it was very unlikely the bank facilities
would need to be drawn.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The leverage and interest cover covenant tests at 30 June 2022, 31
December 2022 and 30 June 2023 (the last day of the assessment
period), have been considered as part of the Base Case, Downside
Case and Severe Downside Case scenarios. However, as the bank
facilities are unlikely to be drawn even in a scenario
significantly worse than the Severe Downside scenario, the Group
does not need to rely on the additional liquidity provided by the
bank facilities to remain a going concern. In the event that a
further covenant amendment was required, the Directors believe it
is reasonable to expect that such an amendment could be obtained
based on prior experience in negotiating the 2020 amendments,
however the going concern conclusion is not dependent on this
expectation.&#xA0; The bank facilities mature in September 2023,
outside the period considered by the going concern assessment and
it has been assumed that these bank facilities are renewed as they
mature.&#xA0; However, as explained above, the going concern
conclusion is not dependent on the bank facilities.&#xA0; The Group
also has alternative options to manage this risk including raising
additional funding in the capital markets.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Having reviewed these scenarios, the Directors have a reasonable
expectation that the Group has sufficient resources to continue
operating until at least 30 June 2023 and there are no material
uncertainties that may cast doubt on the Group's going concern
status. Accordingly, they continue to adopt the going concern basis
in preparing the financial statements.</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 3%">
<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">
2.</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Exchange rates</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: justify; margin-left: 12px; margin-right: 6px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
results of operations have been translated into US dollars at the
average rates of exchange for the year. In the case of sterling,
the translation rate is $1 = &#xA3;0.73 (2020: $1 = &#xA3;0.78). In
the case of the euro, the translation rate is $1 = &#x20AC;0.85
(2020: $1 = &#x20AC;0.88).</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 6px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 6px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Assets
and liabilities have been translated into US dollars at the rates
of exchange on the last day of the year. In the case of sterling,
the translation rate is $1 = &#xA3;0.74 (2020: $1 = &#xA3;0.73). In
the case of the euro, the translation rate is $1 = &#x20AC;0.88
(2020: $1 = &#x20AC;0.81).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 3%">
<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">
3.</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<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">
Segmental Information</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<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">
Revenue</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<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">
Americas&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
774</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
512</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<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">
EMEAA&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
303</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
221</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<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">
Greater China</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
116</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
77</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<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">
Central</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
197</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
182</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<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">
Revenue from reportable segments</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,390</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
992</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<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">
System Fund revenues</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
928</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
765</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<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">
Reimbursement of costs</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
589</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
637</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<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">
Total revenue</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,907</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,394</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 21%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr></table>
</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">
<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: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<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">
Profit/(loss)</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<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">
Americas&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
559</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
296</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<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">
EMEAA</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(50)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<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">
Greater China</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
58</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
35</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<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">
Central</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(88)</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(62)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<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">
Operating profit from reportable segments</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
534</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
219</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<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">
System Fund</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(11)</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(102)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<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">
Operating exceptional items (note 5)</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(29)</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(270)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<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">
Operating profit/(loss)</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
494</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(153)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<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">
Net financial expenses</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(139)</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(140)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<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">
Fair value gains on contingent purchase consideration</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
13</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<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">
Profit/(loss) before tax</font></div>
</td>
<td style="vertical-align: top; width: 18%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
361</font></div>
</td>
<td style="vertical-align: top; width: 21%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(280)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 21%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 98%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 48px; 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: 48px; 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">
&#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: 3%">
<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">
4.</font></div>
</td>
<td colspan="6" style="vertical-align: top; width: 90%;">
<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">
Revenue</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>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="6" style="vertical-align: top; width: 90%;">
<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">
Disaggregation of revenue</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 42%">
<div style="text-align: left; margin-left: 0px; margin-right: 7px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">Year
ended 31 December 2021</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Americas</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
m</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
EMEAA</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Greater China</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Central</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 48px; margin-right: 7px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Franchise
and base management fees</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
683</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">120</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">91</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">894</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 48px; margin-right: 7px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Incentive
management fees</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
8</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">29</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">62</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 48px; margin-right: 7px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Central
revenue</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">197</font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">197</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 48px; margin-right: 7px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Revenue
from fee business</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
691</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">149</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">116</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">197</font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,153</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 48px; margin-right: 7px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Revenue
from owned, leased and managed lease hotels</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
83</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
154</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">237</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
774</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">303</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">116</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">197</font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,390</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 48px; margin-right: 7px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">System
Fund revenues</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">928</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 48px; margin-right: 7px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of costs</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">589</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 48px; margin-right: 7px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total revenue</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,907</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 0px 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: 9%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 48px; 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: 48px; 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: right">
<table cellpadding="0" cellspacing="0" style="text-align: right; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px 0px 0px auto;">
<tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Year ended 31 December 2020</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold"><font style="font-weight: bold"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Americas</font></font></font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">
$m<br></font></font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold"><font style="font-weight: bold"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
EMEAA</font></font></font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold"><font style="font-weight: bold"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
$m</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Greater China</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Central</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: left; margin-left: 48px; margin-right: -11px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Franchise
and base management fees</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
452</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">93</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">61</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
606</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Incentive
management fees</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
35</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Central
revenue</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
182</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
182</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Revenue
from fee business</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
457</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">107</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">77</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
182</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
823</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Revenue
from owned, leased and managed lease hotels</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
55</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">114</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 12px; 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: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
169</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
512</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">221</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">77</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
182</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
992</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">_____</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">System
Fund revenues</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
765</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of costs</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
637</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total revenue</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,394</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<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: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">At
31 December 2021, the maximum exposure remaining under performance
guarantees was $85m (2020: $72m).</font></div>
</td>
</tr></table>
</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">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 3%">
<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">
5.</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 97%">
<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">
Exceptional items</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<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">
Cost of sales:</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<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">
Derecognition of right-of-use assets and lease
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
22</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<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">
Gain on lease termination</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
30</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<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">
Provision for onerous contractual expenditure</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(10)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<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">
Reorganisation costs</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(8)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
34</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<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">
Administrative expenses:</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<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">
Reorganisation costs</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(19)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<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">
Acquisition and integration costs</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<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">
Litigation and commercial disputes</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(25)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(5)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(25)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(30)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<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">
Impairment loss on financial assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(48)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<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">
Other impairment charges:</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<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">
Management agreements</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(48)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<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">
Property, plant and equipment</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(90)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<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">
Right-of-use assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(16)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<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">
Associates</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(4)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(19)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<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">
Contract assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(53)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(4)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(226)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 54%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<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">
Operating exceptional items</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(29)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(270)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<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">
Financial expenses</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(14)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<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">
Fair value gains on contingent purchase consideration</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
21</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<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">
Exceptional items before tax</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(29)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(263)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<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">
Tax on exceptional items</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
52</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<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">
Exceptional tax</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
26</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<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">
Tax (note 6)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
29</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
52</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 97%">
<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">
Litigation and commercial disputes</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In 2021, relates to the provisionally agreed costs to settle two
commercial disputes, $18m in the Americas region and $7m relating
to a leased property in the EMEAA region.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In 2020, related to the agreed cost of settlement of $14m in
respect of a lawsuit in the EMEAA region, offset primarily by the
partial release of a 2019 provision related to a lawsuit in the
Americas region which was settled in 2020.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
These costs are presented as exceptional reflecting (i) the nature
of the 2021 disputes which arose as a direct result of trading
performance during Covid-19; (ii) the quantum of the settlements;
and (iii) in respect of releases, consistency with the treatment
applied in prior years.</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">
&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 97%">
<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">
Other impairment charges: associates</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Relates to the reversal of the $4m fair value gain recorded in 2020
on the put option over part of the Group's investment in the
InterContinental Barclay hotel. The classification as exceptional
is consistent with the presentation of the initial gain (included
within the net impairment charge in 2020).</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<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">
Tax</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
An exceptional tax credit of $26m has been recorded as a result of
the enactment of a change to the UK rate of corporate income tax
from 19% to 25%, effective 1 April 2023.&#xA0; The change has
resulted in the re-measurement of those</font><font style="color: #FF0000">&#xA0;</font><font style="color: #000000">UK
deferred tax assets and liabilities which are forecast to be
utilised or to crystallise after this effective date, using the
higher tax rate.&#xA0; A further credit of $4m has been recorded
within the Group statement of comprehensive income in respect of
movements in deferred tax assets and liabilities originally
recorded there.&#xA0; The value attributable to unrecognised
deferred tax assets has increased by $34m as a result of the rate
change.&#xA0; This has no impact on the reported tax
charge.</font></font></div>
</td>
</tr></table>
</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">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 3%">
<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">
6.</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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">
<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: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 30%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 30%;">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Profit/(loss)</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Tax</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Tax</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
rate</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Profit/(loss)</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Tax</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Taxrate</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Before
exceptional items and System Fund</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
401</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(125)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
31%</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
85</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(32)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
38%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">System
Fund</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(11)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(102)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Exceptional
items (note 5)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(29)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
29</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(263)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
52</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
361</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(96)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(280)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
20</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<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">
Analysed as:</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 27%;">Current tax<br></td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(143)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(34)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 27%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Deferred
tax</font></font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
47</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
54</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(96)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
20</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<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">
Further analysed as:</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 27%;">
<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><font style="color: #000000; font-family: Times New Roman; font-size: 13px">UK
tax</font></div>
<div></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
28</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
36</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 27%;">
<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><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Foreign
tax</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(124)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(16)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(96)</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
20</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 37%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<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">
The 2021 UK tax charge includes credits of $26m in respect of the
announced increase in the UK rate of corporate income tax (see note
5).&#xA0;</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The deferred tax asset has increased from $113m to $147m in the
year and comprises $127m (31&#xA0;December 2020: $103m) in the UK
and $20m (31 December 2020: $10m) in respect of other
territories.&#xA0; The deferred tax asset has been recognised based
upon forecasts consistent with those used in the going concern
assessment.&#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">
&#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">
&#xA0;</font></div>
</td>
</tr></table>
</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">
&#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">
&#xA0;</font></div>
<div style="text-align: right">
<table cellpadding="0" cellspacing="0" style="text-align: right; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px 0px 0px auto;">
<tr>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
7.</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Earnings/(loss) per ordinary share</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Basic earnings/(loss) per ordinary share</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Profit/(loss) available for equity holders ($m)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">266</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(260)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Basic weighted average number of ordinary shares
(millions)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">183</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
182</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Basic earnings/(loss) per ordinary share (cents)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">145.4</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(142.9)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 21%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Diluted earnings/(loss) per ordinary share</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Profit/(loss) available for equity holders ($m)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">266</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(260)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Diluted weighted average number of ordinary shares
(millions)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">184</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
182</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Diluted earnings/(loss) per ordinary share (cents)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">144.6</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(142.9)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 21%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 97%">
<div style="text-align: left; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Diluted weighted average number of ordinary shares is calculated
as:</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
millions</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
millions</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>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Basic weighted average number of ordinary shares</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
183</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
182</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Dilutive potential ordinary shares</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
______</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
184</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
182</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 21%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 97%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 3%">
<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">
8.</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<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">
Dividends</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>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<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">
The final dividend of 85.9&#xA2; per ordinary share (amounting to
$157m) is proposed for approval at the AGM on 6&#xA0;May 2022. No
dividends were paid in 2021 or 2020.</font></div>
</td>
</tr></table>
</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">
&#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">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 3%">
<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">
9.</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<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">
Reconciliation of profit/(loss) for the year to cash flow from
operations</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 48px; margin-right: -7px; text-indent: -48px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 48px; margin-right: -62px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Profit/(loss) for the year</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
265</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(260)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 48px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Adjustments
for:</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net
financial expenses</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
139</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">140</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fair
value gains on contingent purchase consideration</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(13)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Income
tax charge/(credit)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
96</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(20)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Operating
profit adjustments:</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Impairment
loss on financial assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
88</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
impairment charges</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
226</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
operating exceptional items</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
25</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(4)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Depreciation
and amortisation</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
98</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
110</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
127</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
420</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Contract
assets deduction in revenue</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
35</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
25</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Share-based
payments cost</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
28</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
21</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Share
of losses of associates and joint ventures</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
8</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
14</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
71</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
60</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">System
Fund adjustments:</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Depreciation
and amortisation</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
94</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
62</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Impairment
(reversal)/loss on financial assets</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
24</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
impairment (reversals)/charges</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(3)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
41</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
operating exceptional items</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
20</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Share-based
payments cost</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
13</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
11</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Share
of losses of associates</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
100</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
159</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Working
capital and other adjustments:</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Increase
in deferred revenue</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
39</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Changes
in working capital</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
79</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(30)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
adjustments</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(8)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
110</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(27)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cash
flows relating to exceptional items</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(12)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(87)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Contract
acquisition costs, net of repayments</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(42)</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(64)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 48px; margin-right: -62px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total
adjustments</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
583</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
568</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Cash flow from operations</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
848</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
308</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr></table>
</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">
&#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">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 3%">
<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">
10.</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 97%">
<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">
Net debt</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>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<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">
Cash and cash equivalents</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,450</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,675</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<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">
Loans and other borrowings - current</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(292)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(869)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<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">
Loans and other borrowings - non-current</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2,553)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2,898)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<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">
Lease liabilities - current</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(35)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(34)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<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">
Lease liabilities - non-current</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(384)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(416)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<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">
Derivative financial instruments hedging debt values</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(67)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<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">
Net debt*</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1,881)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2,529)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 97%">
<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">
*&#xA0;</font><font style="color: #000000; font-size: 13px">See the
Use of Non-GAAP measures section.</font></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>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 97%">
<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">
In the Group statement of cash flows, cash and cash equivalents is
presented net of $59m bank overdrafts (31 December 2020:
$51m).</font></div>
</td>
</tr></table>
</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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 97%">
<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">
Cash and cash equivalents includes $9m (31 December 2020: $5m)
restricted for use on capital expenditure under hotel lease
agreements and therefore not available for wider use by the Group.
An additional $77m (31 December 2020: $44m) is held within
countries from which funds are not currently able to be repatriated
to the Group's central treasury company.</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>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 97%">
<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">
Syndicated and Bilateral Facilities</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Group's $1,275m revolving syndicated bank facility and $75m
revolving bilateral facility were both undrawn at 31 December 2021
and 31 December 2020.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The following table details performance against the Group's
covenant tests, which were waived until 31 December 2021 and have
been relaxed for test dates in 2022. The measures used in these
tests are calculated on a frozen GAAP basis and do not align to the
values reported by the Group as Non-GAAP measures:</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 56%">
<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">
Covenant EBITDA ($m)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">601</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">272</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 56%">
<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">
Covenant net debt ($m)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,801</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,375</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 56%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Covenant interest payable ($m)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">133</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">111</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 56%">
<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">
Leverage</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3.00</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8.73</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 56%">
<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">
Interest cover</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4.52</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2.45</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 56%">
<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">
Liquidity ($m)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,655</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,925</font></div>
</td>
</tr></table>
</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">
&#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">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 3%">
<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">
11.</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 97%">
<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">
Movement in net debt</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<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">
Net (decrease)/increase in cash and cash equivalents, net of
overdrafts</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(236)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1,430</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<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">
Add back financing cash flows in respect of other components of net
debt:</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<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">
Principal element of lease payments</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
32</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
65</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<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">
Issue of long-term bonds, including effect of currency
swaps</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; 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: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1,093)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<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">
Repayment/(issue) of commercial paper</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
828</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(738)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<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">
Repayment of long-term bonds</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
290</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<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">
Decrease in other borrowings</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
125</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
860</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1,351)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<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">
Decrease in net debt arising from cash flows</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
624</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
79</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<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">
Other movements:</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<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">
Lease liabilities</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(7)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
144</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<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">
Increase in accrued interest</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(5)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<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">
Disposals</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
19</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<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">
Exchange and other adjustments</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
29</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(101)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
24</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
57</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<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">
Decrease in net debt</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
648</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
136</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<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">
Net debt at beginning of the year</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2,529)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2,665)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<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">
Net debt at end of the year</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1,881)</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2,529)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
<td style="vertical-align: top; width: 24%; border-bottom: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
_____</font></div>
</td>
</tr></table>
</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: 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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 3%">
<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">
12.</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 97%">
<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">
Assets and liabilities sold</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">
&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 97%">
<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">
Three hotels in the Americas region have been sold in 2021. Total
cash consideration of $46m was received with no gain or loss
arising after charging disposal costs. Net assets of $44m disposed
comprised $45m property, plant and equipment and $2m right-of-use
assets, less $3m lease liabilities. The net cash inflow arising was
$44m.</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: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In 2020, the Group sold one hotel in EMEAA, the Holiday Inn
Melbourne Airport. Total consideration of $2m was received with a
total gain, net of disposal costs, of $3m. The gain was included in
other operating income in the Group income statement.</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>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 97%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</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">
&#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: 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: 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>
<div style="text-align: right">
<table cellpadding="0" cellspacing="0" style="text-align: right; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px 0px 0px auto;">
<tr>
<td style="vertical-align: bottom; width: 24%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</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>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<font style="font-family: Times New Roman; font-size: 13px">(Registrant)</font></div>
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<font style="text-decoration: underline"><font style="font-family: Times New Roman; font-size: 13px">/s/ F. <font style="text-decoration: underline">Cuttell</font></font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">F.
CUTTELL</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-weight: bold; font-family: Times New Roman; font-size: 13px">
</font><font style="font-family: Times New Roman; font-size: 13px;">22 February
2022</font></div>
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