<SEC-DOCUMENT>0000950103-22-018101.txt : 20221020
<SEC-HEADER>0000950103-22-018101.hdr.sgml : 20221020
<ACCEPTANCE-DATETIME>20221020161928
ACCESSION NUMBER:		0000950103-22-018101
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20221020
DATE AS OF CHANGE:		20221020
EFFECTIVENESS DATE:		20221020

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-267963
		FILM NUMBER:		221321399

	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>S-8
<SEQUENCE>1
<FILENAME>dp182734_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on October 20, 2022</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-__________</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 2.25pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>InterContinental Hotels Group PLC </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 28%; text-align: center"><B>England and Wales</B></TD>
    <TD STYLE="vertical-align: bottom; width: 46%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 26%; text-align: center"><B>Not Applicable</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of <BR>
incorporation or organization)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer <BR>
Identification No.)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Broadwater Park</B></P>

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Denham, Buckinghamshire UB9 5HR</B></P>

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United Kingdom</B></P>

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+44 0 1895 5120000</B></P>
</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">(Address of principal executive offices, including zip code)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>InterContinental Hotels Group Long Term Incentive
    Plan</B></P>

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>
</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 49%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Nimesh Patel</B></P>

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>InterContinental Hotels Group PLC</B></P>

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Three Ravinia Drive, Suite 100</B></P>

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Atlanta, Georgia 30346-2149</B></P>

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel:&nbsp;(770) 604-2930</B></P>
</TD>
    <TD STYLE="width: 25%; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">(Name, address and telephone number, including area code, of agent for service)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%"><B>Large accelerated filer </B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9746;</FONT></TD>
    <TD STYLE="width: 36%"><B>Accelerated filer </B><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Non-accelerated filer&nbsp;&nbsp;</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9744;</FONT><B>&nbsp;(Do not check if a smaller reporting company)</B></TD>
    <TD><B>Smaller reporting company </B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>Emerging growth company </B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9744;</FONT></TD></TR>
  </TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">InterContinental Hotels Group
PLC, a company organized under the laws of England and Wales (the &ldquo;Registrant&rdquo; or the &ldquo;Company&rdquo;), is filing this
Registration Statement on Form S-8 (the &ldquo;Registration Statement&rdquo;) with the U.S. Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
to register 3,500,000 ordinary shares of the Registrant, par value 20<FONT STYLE="font-size: 12pt"><SUP>340</SUP></FONT>/<FONT STYLE="font-size: 12pt"><SUB>399</SUB></FONT>&nbsp;pence
per share (&ldquo;Ordinary Shares&rdquo;), available for issuance pursuant to the InterContinental Hotels Group Long Term Incentive Plan
(as amended from time to time, the &ldquo;Plan&rdquo;). In addition, pursuant to Rule 416(a) under the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;), this Registration Statement covers any additional ordinary shares that may become issuable under the
Plan by reason of any share dividend, share split or other similar transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Item&nbsp;1. Plan Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omitted
pursuant to the instructions and provisions of Form S-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Item&nbsp;2. Registrant Information and
Employee Plan Annual Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omitted
pursuant to the instructions and provisions of Form S-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II<BR>
<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. Incorporation of Documents by Reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following documents are incorporated herein
by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
InterContinental Hotels Group PLC Annual Report on Form 20-F for the year ended December 31, 2021, filed with the Commission on March
3, 2022 (the &ldquo;Form 20-F&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Registrant&rsquo;s Reports on Form 6-Ks furnished to the Commission on September 6, 2022 (film no. 221227474) and September 29, 2022
(film no. 221277658), respectively;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) since
December 31, 2021; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
description of the Registrant&rsquo;s Ordinary Shares and American Depositary Shares, each representing one Ordinary Share, evidenced
by American Depositary Receipts, contained in the Registrant&rsquo;s Registration Statement on Form F-6, as filed with the Commission
on November 4, 2021 and on the Form 20-F (as applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, all filings on Form 20-F filed by
the Registrant pursuant to the Exchange Act after the date of this Registration Statement and prior to the termination of the distribution
contemplated hereby are incorporated by reference in this Registration Statement from the date of filing such documents or reports. Also,
to the extent designated therein, Reports on Form 6-K filed by the Registrant after the date hereof and prior to the termination of the
distribution contemplated hereby are incorporated by reference in this Registration Statement from the date of filing such documents or
reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All documents subsequently filed by the Registrant
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the&nbsp;Exchange Act, prior to the filing of the post-effective amendment which indicates
that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated
by reference in the Registration Statement and to be part thereof from the date of filing of such documents. Any statement contained in
a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified
or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently
filed document which also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement
so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4. Description of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. Interests of Named Experts and Counsel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6. Indemnification of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Article 156.1 of the Registrant&rsquo;s Articles
of Association provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Subject to the provisions of, and so far as may be permitted
by and consistent with, the Statutes and rules made by the UK Listing Authority, every Director and officer of the Company and of each
of the Associated Companies of the Company shall be indemnified by the Company out of its own funds against:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">156.1.1 any liability incurred by or attaching
to him in connection with any negligence, default, breach of duty or breach of trust by him in relation to the Company or any Associated
Company of the Company in the actual or purported execution and/or discharge of his duties and/or the exercise or purported exercise of
his powers other than:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
liability to the Company or any Associated Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any liability
of the kind referred to in Section&nbsp;234(3) of the Companies Act 2006; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">156.1.2 any other liability incurred by or attaching
to him in the actual or purported execution and/or discharge of his duties and/or the exercise or purported exercise of his powers and/or
otherwise in relation to or in connection with his duties, powers or office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Such indemnity shall extend to liabilities arising
after a person ceases to be a Director or an officer of the Company in respect of acts or omissions while he was a Director or an officer
if such acts or omissions would have been indemnified had the relevant person remained a Director or officer, as the case may be.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Article 156.2 of the Registrant&rsquo;s Articles
of Association provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Subject to the Companies Acts and rules made by the UK Listing
Authority the Company may indemnify a Director of the Company and any Associated Company of the Company if it is the trustee of an occupational
pension scheme (within the meaning of Section&nbsp;235(6) of the Companies Act 2006).&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Article 156.3 of the Registrant&rsquo;s Articles
of Association provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Where a Director or officer is indemnified against any liability
in accordance with this Article&nbsp;156, such indemnity shall extend to all costs, charges, losses, expenses and liabilities incurred
by him in relation thereto.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Article 156.4 of the Registrant&rsquo;s Articles
of Association provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;In this Article&nbsp;156<B>&nbsp;</B>&ldquo;Associated Company&rdquo;
shall have the meaning given thereto by Section&nbsp;256 of the Companies Act 2006.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 232 of the Companies Act 2006 provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(1)</TD>
    <TD>Any provision that purports to exempt a director of a company (to any extent) from any liability that would otherwise attach to him in connection with any negligence, default, breach of duty or breach of trust in relation to the company is void.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(2)</TD>
    <TD>Any provision by which a company directly or indirectly provides an indemnity (to any extent) for a director of the company, or of an associated company, against any liability attaching to him in connection with any negligence, default, breach of duty or breach of trust in relation to the company of which he is a director is void, except as permitted by&mdash;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(a) section 233 (provision of insurance),&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(b) section 234 (qualifying third party indemnity provision),
or&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(c) section 235 (qualifying pension scheme indemnity provision).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(3)</TD>
    <TD>This section applies to any provision, whether contained in a company's articles or in any contract with the company or otherwise.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(4)</TD>
    <TD>Nothing in this section prevents a company's articles from making such provision as has previously been lawful for dealing with conflicts of interest.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 233 of the Companies Act 2006 provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 232(2) (voidness of provisions for indemnifying
directors) does not prevent a company from purchasing and maintaining for a director of the company, or of an associated company, insurance
against any such liability as is mentioned in that subsection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 234 of the Companies Act 2006 provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(1)</TD>
    <TD>Section 232(2) (voidness of provisions for indemnifying directors) does not apply to qualifying third party indemnity provision.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(2)</TD>
    <TD>Third party indemnity provision means provision for indemnity against liability incurred by the director to a person other than the company or an associated company.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Such provision is qualifying third party indemnity
provision if the following requirements are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(3)</TD>
    <TD>The provision must not provide any indemnity against&mdash;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px">&nbsp;</TD>
    <TD STYLE="width: 36px">(a)</TD>
    <TD>any liability of the director to pay&mdash;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px">&nbsp;</TD>
    <TD STYLE="width: 36px">(i)</TD>
    <TD>a fine imposed in criminal proceedings, or</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px">&nbsp;</TD>
    <TD STYLE="width: 36px">(ii)</TD>
    <TD>a sum payable to a regulatory authority by way of a penalty in respect of non-compliance with any requirement of a regulatory nature (however arising); or</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px">&nbsp;</TD>
    <TD STYLE="width: 36px">(b)</TD>
    <TD>an appeal is disposed of&mdash;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px">&nbsp;</TD>
    <TD STYLE="width: 36px">(i)</TD>
    <TD>if it is determined and the period for bringing any further appeal has ended, or</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px">&nbsp;</TD>
    <TD STYLE="width: 36px">(ii)</TD>
    <TD>if it is abandoned or otherwise ceases to have effect.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(4)</TD>
    <TD>The reference in subsection (3)(b)(iii) to an application for relief is to an application for relief under&mdash;section 661(3) or (4) (power of court to grant relief in case of acquisition of shares by innocent nominee), or section 1157 (general power of court to grant relief in case of honest and reasonable conduct).</TD></TR>
  </TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 235 of the Companies Act 2006 provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(1)</TD>
    <TD>Section 232(2) (voidness of provisions for indemnifying directors) does not apply to qualifying pension scheme indemnity provision.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(2)</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pension scheme indemnity provision means provision indemnifying
a director of a company that is a trustee of an occupational pension scheme against liability incurred in connection with the company's
activities as trustee of the scheme.&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Such provision is qualifying pension scheme indemnity provision if
    the following requirements are met.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(3)</TD>
    <TD>The provision must not provide any indemnity against&mdash;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px">&nbsp;</TD>
    <TD STYLE="width: 36px">(a)</TD>
    <TD>any&nbsp;liability&nbsp;of the director to pay&mdash;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px">&nbsp;</TD>
    <TD STYLE="width: 36px">(i)</TD>
    <TD>a fine imposed in criminal proceedings, or</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px">&nbsp;</TD>
    <TD STYLE="width: 36px">(ii)</TD>
    <TD>a sum payable to a regulatory authority by way of a penalty in respect of non-compliance with any requirement of a regulatory nature (however arising); or</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px">&nbsp;</TD>
    <TD STYLE="width: 36px">(b)</TD>
    <TD>any&nbsp;liability&nbsp;incurred by the director in defending criminal proceedings in which he is convicted.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(4)</TD>
    <TD>The reference in subsection (3)(b) to a conviction is to the final decision in the proceedings.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(5)</TD>
    <TD>For this purpose&mdash;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px">&nbsp;</TD>
    <TD STYLE="width: 36px">(a)</TD>
    <TD>a&nbsp;conviction&nbsp;becomes final&mdash;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px">&nbsp;</TD>
    <TD STYLE="width: 36px">(i)</TD>
    <TD>if not appealed against, at the end of the period for bringing an appeal, or</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px">&nbsp;</TD>
    <TD STYLE="width: 36px">(ii)</TD>
    <TD>if appealed against, at the time when the appeal (or any further appeal) is disposed of; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px">&nbsp;</TD>
    <TD STYLE="width: 36px">(b)</TD>
    <TD>an appeal is disposed of&mdash;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px">&nbsp;</TD>
    <TD STYLE="width: 36px">(i)</TD>
    <TD>if it is determined and the period for bringing any further appeal has ended, or</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px">&nbsp;</TD>
    <TD STYLE="width: 36px">(ii)</TD>
    <TD>if it is abandoned or otherwise ceases to have effect.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(6)</TD>
    <TD>In this section &ldquo;occupational pension scheme&rdquo; means an occupational pension scheme as defined in section 150(5) of the Finance Act 2004 (c. 12) that is established under a trust.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 236 of the Companies Act 2006 provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(1)</TD>
    <TD>This section requires disclosure in the directors' report of&mdash;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px">&nbsp;</TD>
    <TD STYLE="width: 36px">(a)</TD>
    <TD>qualifying&nbsp;third party indemnity provision, and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD>qualifying&nbsp;pension&nbsp;scheme indemnity provision.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;&nbsp;&nbsp;Such provision is referred to in this
section as &ldquo;qualifying indemnity provision&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(2)</TD>
    <TD>If when a directors' report is approved any qualifying indemnity provision (whether made by the company or otherwise) is in force for the benefit of one or more directors of the company, the report must state that such provision is in force.</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(3)</TD>
    <TD>If at any time during the financial year to which a directors' report relates any such provision was in force for the benefit of one or more persons who were then directors of the company, the report must state that such provision was in force.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(4)</TD>
    <TD>If when a directors' report is approved and a qualifying indemnity provision made by the company is in force for the benefit of one or more directors of an associated company, the report must state that such provision is in force.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(5)</TD>
    <TD>If at any time during the financial year to which a directors' report relates any such provision was in force for the benefit of one or more persons who were then directors of an associated company, the report must state that such provision was in force.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 1157 of the Companies Act 2006 provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(1)</TD>
    <TD>If in proceedings for negligence, default, breach of duty or breach of trust against&mdash;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px">&nbsp;</TD>
    <TD STYLE="width: 36px">(a)</TD>
    <TD>an&nbsp;officer&nbsp;of a company, or</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD>a&nbsp;person&nbsp;employed by a company as auditor (whether he is or is not an officer of the company),</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt">it appears to the court hearing the case that the officer
or person is or may be liable but that he acted honestly and reasonably, and that having regard to all the circumstances of the case (including
those connected with his appointment) he ought fairly to be excused, the court may relieve him, either wholly or in part, from his liability
on such terms as it thinks fit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(2)</TD>
    <TD>If any such officer or person has reason to apprehend that a claim will or might be made against him in respect of negligence, default, breach of duty or breach of trust&mdash;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px">&nbsp;</TD>
    <TD STYLE="width: 36px">(a)</TD>
    <TD>he may apply to the court for relief, and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD>the court has the same power to relieve him as it would have had if it had been a court before which proceedings against him for negligence, default, breach of duty or breach of trust had been brought.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px">(3)</TD>
    <TD>Where a case to which subsection (1) applies is being tried by a judge with a jury, the judge, after hearing the evidence, may, if he is satisfied that the defendant (in Scotland, the defender) ought in pursuance of that subsection to be relieved either in whole or in part from the liability sought to be enforced against him, withdraw the case from the jury and forthwith direct judgment to be entered for the defendant (in Scotland, grant decree of absolvitor) on such terms as to costs (in Scotland, expenses) or otherwise as the judge may think proper.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7. Exemption from Registration Claimed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8. Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: center"><B>Exhibit Number</B></TD>
    <TD STYLE="width: 87%; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">3.1</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/858446/000119312521068584/d52499dex1.htm">Articles of Association of the Registrant (incorporated by reference to Exhibit 1 of the InterContinental Hotels Group PLC Annual Report on Form 20-F for the year ended December 31, 2020 (File No. 001-10409) filed on March 4, 2021).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="dp182734_ex0501.htm">5.1*</A></TD>
    <TD><A HREF="dp182734_ex0501.htm">Opinion of Davis Polk &amp; Wardwell London LLP, as to the validity of the securities being registered.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="dp182734_ex2301.htm">23.1*</A></TD>
    <TD><A HREF="dp182734_ex2301.htm">Consent of PriceWaterhouseCoopers LLP</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="dp182734_ex2302.htm">23.2*</A></TD>
    <TD><A HREF="dp182734_ex2302.htm">Consent of Ernst &amp; Young LLP</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="dp182734_ex0501.htm">23.3*</A></TD>
    <TD><A HREF="dp182734_ex0501.htm">Consent of Davis Polk &amp; Wardwell London LLP (included in Exhibit 5.1)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="#poa">24*</A></TD>
    <TD><A HREF="#poa">Power of Attorney (included on signature page).</A>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="dp182734_ex99.htm">99*</A></TD>
    <TD><FONT STYLE="background-color: white"><A HREF="dp182734_ex99.htm">Rules of the InterContinental Hotels Group Long Term Incentive Plan.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="dp182734_ex10701.htm">107*</A></TD>
    <TD><FONT STYLE="background-color: white"><A HREF="dp182734_ex10701.htm">Filing Fee Table</A></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9. Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20 % change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
Fee&rdquo; table in this registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the Plan not previously disclosed in this Registration Statement or any material change
to such information in this Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>provided</I>, <I>however</I>, that paragraphs (a)(1)(i)
and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange
Act that are incorporated by reference in this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of
an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the provisions referenced in Item&nbsp;6 of this Registration Statement, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">connection
with the securities being registered hereunder, the Registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of London,
England on October 20, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>InterContinental Hotels Group PLC </B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ Paul Edgecliffe-Johnson</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">Name: </TD>
    <TD STYLE="width: 30%">Paul Edgecliffe-Johnson</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:&nbsp;&nbsp;&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="poa" TITLE="poa"></A>POWER OF ATTORNEY </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below, constitutes and appoints Keith Barr, Paul Edgecliffe-Johnson and Nicolette Henfrey, and each of them, our
true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, to do any and all acts and things and
execute, in the name of the undersigned, any and all instruments which said attorneys-in-fact and agents may deem necessary or advisable
in order to enable InterContinental Hotels Group PLC to comply with the Securities Act of 1933, as amended, and any requirements of the
Securities and Exchange Commission in respect thereof, in connection with the filing with the Securities and Exchange Commission of one
or more registration statements on Form S-8 under the Securities Act of 1933, as amended, including, specifically, but without limitation,
power and authority to sign the name of the undersigned to any such registration statement, and any amendments to any such registration
statement (including post-effective amendments), and to file the same with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, to sign any and all applications, registration statements, notices or other documents necessary
or advisable to comply with applicable state securities laws, and to file the same, together with other documents in connection therewith
with the appropriate state securities authorities, granting unto said attorneys-in-fact and agents, and each of them, full power and authority
to do and to perform each and every act and thing requisite or necessary to be done in and about the premises, as fully and to all intents
and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents,
and any of them, or their substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 31%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in; border-bottom: black 0.5pt solid"><B>Signature</B></P>
</TD>
    <TD STYLE="vertical-align: bottom; width: 43%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in; border-bottom: black 0.5pt solid"><B>Title</B></P>
</TD>
    <TD STYLE="vertical-align: top; width: 26%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in; border-bottom: black 0.5pt solid"><B>Date</B></P>
</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-indent: 0.25in">/s/ Keith Barr</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director and Chief Executive Officer</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">October 20, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center; text-indent: 0.25in">Keith Barr</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">(principal executive officer)</TD>
    <TD STYLE="vertical-align: top; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-indent: 0.25in">/s/ Paul Edgecliffe-Johnson</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">Director and Chief Financial Officer</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">October 20, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center; text-indent: 0.25in">Paul Edgecliffe-Johnson</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">(principal financial and accounting officer)</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-indent: 0.25in">/s/ Deanna Oppenheimer</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">October 20, 2022</TD></TR>
  <TR>
    <TD STYLE="text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deanna Oppenheimer</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Non-Executive Chair</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-indent: 0.25in; width: 31%">/s/ Graham Allan</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in; width: 43%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in; width: 26%">October 20, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center; text-indent: 0.25in">Graham Allan </TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-indent: 0.25in">/s/ Ian Dyson</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">October 20, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center; text-indent: 0.25in">Ian Dyson</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-indent: 0.25in">/s/ Duriya Farooqui</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">October 20, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center; text-indent: 0.25in">Duriya Farooqui </TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-indent: 0.25in">/s/ Byron Grote</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">October 20, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center; text-indent: 0.25in">Byron Grote </TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-indent: 0.25in">/s/ Arthur de Haast</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">October 20, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center; text-indent: 0.25in">Arthur de Haast </TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-indent: 0.25in">/s/ Jo Harlow</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">October 20, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center; text-indent: 0.25in">Jo Harlow </TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-indent: 0.25in">/s/ Elie Maalouf</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">October 20, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center; text-indent: 0.25in">Elie Maalouf </TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-indent: 0.25in">/s/ Jill McDonald</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">October 20, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center; text-indent: 0.25in">Jill McDonald</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-indent: 0.25in">/s/ Daniela Barone Soares</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">October 20, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center; text-indent: 0.25in">Daniela Barone Soares</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-indent: 0.25in">/s/ Nimesh Patel</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">October 20, 2022</TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-align: center; text-indent: -9.35pt">Nimesh Patel</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">U.S. Duly Authorized Representative</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>dp182734_ex0501.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font-size: 8pt; color: #140B7F">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 8pt; color: #140BE3">&nbsp;</TD>
    <TD STYLE="width: 22%; font-size: 8pt; color: #140BE3">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right; font-size: 14pt; color: white; text-transform: uppercase; font-weight: bold">draft</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; color: #140B7F"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 19px; width: 104px"></TD>
    <TD>
    <P STYLE="color: #140BE3; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Davis Polk &amp; Wardwell London <FONT STYLE="font-variant: small-caps">llp</FONT></P>
    <P STYLE="color: #140BE3; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="color: #140BE3; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">5 Aldermanbury Square<BR>
London EC2V 7HR&nbsp;</P>
    <P STYLE="color: #140BE3; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">davispolk.com</P>
    <P STYLE="color: #140BE3; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="font-size: 8pt; color: #140BE3">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt; text-transform: uppercase; font-weight: bold">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">20 October 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">InterContinental Hotels Group PLC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Broadwater Park&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Denham</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Buckinghamshire&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">UB9 5HR</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>InterContinental Hotels Group PLC - Registration Statement on Form S-8</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are acting as advisers as to English law to InterContinental Hotels
Group PLC, a public company limited by shares incorporated under the laws of England and Wales with company number 5134420 (the &ldquo;<B>Company</B>&rdquo;),
in connection with its preparation and filing of a Registration Statement on Form S-8 (the &ldquo;<B>Registration Statement</B>&rdquo;)
to be filed on 20 October 2022 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;)
with respect to up to 3,500,000 ordinary shares of 20<SUP>340/399</SUP> pence each of the Company (the &ldquo;<B>Ordinary Shares</B>&rdquo;)
which may be issued from time to time pursuant to equity awards granted under the InterContinental Hotels Group PLC Long Term Incentive
Plan (the &ldquo;<B>Plan</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Documents Reviewed</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the purposes of giving this opinion, we have examined the documents
listed in Schedule 1 to this opinion. Terms defined in the Schedules have the same meaning where used in this opinion (including, for
the avoidance of doubt, the Schedules).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Nature of Opinion and Observations</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This opinion is confined to matters of English law as at the date of
this opinion and this opinion and any non-contractual obligations arising out of or in relation to it are governed by and shall be construed
in accordance with English law. Accordingly, we express no opinion with regard to any system of law other than English law as currently
applied by the English courts. To the extent that the laws of any other jurisdiction (including, without limitation, the federal laws
of the United States of America or the laws of the State of New York) may be relevant, we have made no independent investigation thereof
and our opinion is subject to the effect of such laws. By accepting this opinion you irrevocably agree and accept that the courts of England
shall have exclusive jurisdiction to hear and determine any dispute or claim arising out of or in connection with this opinion or its
formation, including, without limitation, (i) the creation, effect or interpretation of, or the legal relationships established by, this
opinion and (ii) any non-contractual obligations arising out of or in connection with this opinion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-top: #140BE3 0.5pt solid">Davis Polk &amp; Wardwell London LLP
is a limited liability partnership formed under the laws of the State of New York, USA and is authorised and regulated by the Solicitors
Regulation Authority with registration number 566321.<BR>
Davis Polk includes Davis Polk &amp; Wardwell LLP and its associated entities</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; font-size: 8pt; color: #140B7F"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 19px; width: 104px"></TD>
    <TD STYLE="width: 84%; font-size: 8pt; color: #140BE3">InterContinental Hotels Group PLC</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We assume no obligation to notify you of any future changes in law (including
any changes occurring as a result of the United Kingdom withdrawing from the European Union), which may affect the opinions expressed
herein, or otherwise to update this opinion in any respect.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have not been responsible for verifying whether statements of fact
(including foreign law), opinion or intention in any documents referred to in this opinion or in any related documents are accurate, complete
or reasonable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Opinion</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On the basis of our examination of the documents listed in Schedule
1 to this opinion and the other matters referred to above, and subject to the assumptions in Schedule 2 to this opinion, the qualifications
in Schedule 3 to this opinion and any matters not disclosed to us, we are of the opinion that following: (a) compliance by the Company
with its obligations under the rules of the Plan; and (b) the due allotment and issue by the Company of such of the Ordinary Shares as
will be issued as new shares pursuant to and in accordance with the rules of the Plan and against payment in full of the agreed &ldquo;cash
consideration&rdquo; (as such term is defined in section 583(3) of the Companies Act 2006) of not less than the nominal value of each
such Ordinary Share, and subject to the Company&rsquo;s articles of association not being materially altered prior to the allotment and
issue of any such Ordinary Shares, those new Ordinary Shares will be validly issued, fully paid and no further contribution in respect
of such Ordinary Shares will be required to be made to the Company by the holders of such shares by reason solely of them being such holders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This opinion is addressed to you in relation to the Registration Statement
to be filed under the Act and may not be used or relied upon for any other purpose.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement. In giving this consent, we do not admit that we come within the category of persons whose consent is required
under Section 7 of the Act or the rules and regulations of the SEC thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Yours faithfully</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">/s/ Davis Polk &amp; Wardwell London LLP</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 1<BR>
<BR>
DOCUMENTS EXAMINED</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the purposes of this opinion, we have examined
the following documents:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a copy of the Registration Statement to be filed under the Act;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a copy of the Plan; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD><FONT STYLE="font-size: 10pt">a certificate from the secretary of the Company dated 20 October 2022 and the documents annexed thereto
(the &ldquo;<B>Certificate</B>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">SCHEDULE 2</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">ASSUMPTIONS</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the purposes of this opinion, we have (with
your consent and without further enquiry) assumed:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">all documents submitted to us as originals are authentic and complete;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">all documents submitted to us as copies, whether in physical or electronic
form, conform to authentic, complete originals and, where a document has been examined by us in draft or specimen form, it will be or
has been executed in the form of that draft or specimen;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">all signatures (whether in physical or electronic form), stamps and seals
on all documents that we reviewed are genuine and the person who affixed any signature (whether in physical or electronic form) to any
document is the person whose signature it purports to be or a person who had the authority of the person whose signature it purports to
be to do so;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">each of the statements contained in the Certificate is true and correct
as at the date of the Certificate and as at the date hereof and will be as at the time of the allotment and issue of any Ordinary Shares
or grant of rights to subscribe for, or convert any security into, Ordinary Shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">that the directors of the Company, in authorising any allotment of Ordinary
Shares or grant of rights to subscribe for, or convert any security into, Ordinary Shares, have exercised and will exercise their powers
in accordance with their duties under all applicable laws and the articles of association of the Company in force at the relevant time,
and that all such further meetings of the board of directors of the Company or any duly authorised and constituted committee of the board
of directors of the Company which may be required in order validly to allot and issue any Ordinary Shares or to grant any rights to subscribe
for, or convert any security into, Ordinary Shares will be duly convened and held and the requisite resolutions to give effect to each
such allotment, issue or grant will be duly passed;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">that the Plan is, and will at all times be, an &ldquo;employees&rsquo; share
scheme&rdquo; within the meaning of section 1166 of the Companies Act 2006;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">that there are no facts or circumstances which are not apparent from the
face of the documents listed in Schedule 1, and no documents other than those referred to in this opinion or other arrangements, that
could affect the opinions expressed in this opinion;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the information revealed by our search of the entries shown on the Companies
House Direct online service on 19 October 2022 with respect to the Company (the &ldquo;<B>Company Search</B>&rdquo;) (i) was accurate
in all respects and has not since the time of such search been altered, and (ii) was complete and included all relevant information which
should properly have been submitted to the Registrar of Companies;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the information revealed by the results of a telephone search with the Insolvency
and Companies List (formerly known as the Companies Court) in London of the Central Registry of Winding Up Petitions on 19 October 2022
with respect to the Company (the &ldquo;<B>Central Registry Search</B>&rdquo;) was accurate in all respects and has not since the time
of such enquiry been altered;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">that insofar as any obligation under the Plan is performed in, or is otherwise
subject to, any jurisdiction other than England and Wales, its performance will not be illegal or ineffective by virtue of the law of
that jurisdiction; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">that the name of each relevant allottee and the Ordinary Shares allotted
are duly entered in the register of members of the Company and all filings required to be filed with the Registrar of Companies or otherwise
in connection therewith or in connection with any grant of rights to subscribe for, or convert any security into, Ordinary Shares will
be filed within, in each such case, the relevant time limits.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">SCHEDULE 3</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">QUALIFICATIONS</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Our opinion is subject to the following qualifications:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company Search is not capable of revealing conclusively whether or not,
inter alia, (i) a winding-up order has been made or a resolution passed for the winding up of a company; or (ii) an administration order
has been made; or (iii) a receiver, administrative receiver, administrator or liquidator has been appointed; or (iv) a court order has
been made under the Cross-Border Insolvency Regulations 2006, since notice of these matters may not be filed with the Registrar of Companies
immediately and, when filed, may not be entered on the electronic records of the relevant company immediately. In addition, the Company
Search is not capable of revealing, prior to the making of the relevant order or the appointment of an administrator otherwise taking
effect, whether or not a winding-up petition or an application for an administration order has been presented or notice of intention to
appoint an administrator under paragraphs 14 or 22 of Schedule B1 to the Insolvency Act 1986 has been filed with the court;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Central Registry Search relates only to the presentation of (i) a petition
for the making of a winding-up order or the making of a winding-up order by the Court; (ii) an application to the High Court of Justice
in London for the making of an administration order and the making by such court of an administration order; and (iii) a notice of intention
to appoint an administrator or a notice of appointment of an administrator filed at the High Court of Justice in London. It is not capable
of revealing conclusively whether or not such a winding-up petition, application for an administration order, notice of intention or notice
of appointment has been presented or winding-up or administration order granted; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">this opinion is subject to all applicable laws relating to bankruptcy, insolvency,
liquidation, administration, voluntary arrangement, scheme of arrangement, moratorium, reorganisation, rescheduling, fraudulent transfer,
preference, transactions at undervalue or other laws of general application relating to or affecting the rights of creditors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>dp182734_ex2301.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We hereby consent to the incorporation by
reference in this Registration Statement on Form S-8 of InterContinental Hotels Group PLC of our report dated 21 February 2022 relating
to the financial statements and the effectiveness of internal control over financial reporting, which appears in InterContinental Hotels
Group PLC's Annual Report on Form 20-F for the year ended 31 December 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">/s/ PricewaterhouseCoopers LLP&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">London, England</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">20 October 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>6
<FILENAME>dp182734_ex2302.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.2</B></P>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #333333">Consent of Independent Registered Public Accounting
Firm</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 82pt; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We consent to the incorporation by reference in the Registration Statement
on Form S-8 pertaining to the InterContinental Hotels Group Long Term Incentive Plan, of our report dated February 22, 2021, with respect
to the consolidated financial statements of InterContinental Hotels Group PLC, included in its Annual Report (Form 20-F) for the year
ended December 31, 2021, filed with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">/s/ Ernst &amp; Young LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">London, England&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">20 October 2022</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>7
<FILENAME>dp182734_ex99.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><IMG SRC="image_005.jpg" ALT="" STYLE="height: 81.75pt; width: 135pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 22pt"><B>INTERCONTINENTAL HOTELS GROUP</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 22pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>RULES</B></P>

<P STYLE="font: 22pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>LONG TERM INCENTIVE PLAN</B></P>

<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>Original approval:</I></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" ALIGN="CENTER" STYLE="width: 55%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; text-align: justify"><FONT STYLE="font-size: 12pt"><B>Directors&rsquo; Adoption:</B></FONT></TD>
    <TD STYLE="width: 49%; text-align: justify"><FONT STYLE="font-size: 12pt"><B>13 February 2014</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Shareholders&rsquo; Approval:</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>2 May 2014</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Effective Date:</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>2 May 2014</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Expiry Date:</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>2 May 2024</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>Subsequent amendments:</I></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>Amended by Directors on 14 February 2019,
4 December 2019 and 13 February 2020</I></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>Amended by shareholders on 7 May 2020.</I></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>TABLE OF CONTENTS&#9;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 94%; text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">1&nbsp;&nbsp;&nbsp;Meanings of Words Used</TD>
    <TD STYLE="width: 6%; text-align: right; padding-top: 6pt; padding-bottom: 6pt">1</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">2&nbsp;&nbsp;&nbsp;Operation of the Plan</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">2.1&nbsp;&nbsp;&nbsp;Committee Authority</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">2.2&nbsp;&nbsp;&nbsp;Eligibility</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">2.3&nbsp;&nbsp;&nbsp;End date for Awards</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">3&nbsp;&nbsp;&nbsp;Making of Awards</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">3.1&nbsp;&nbsp;&nbsp;Contract</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">3.2&nbsp;&nbsp;&nbsp;Details</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">3.3&nbsp;&nbsp;&nbsp;Timing of Awards</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">3.4&nbsp;&nbsp;&nbsp;Notification</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">3.5&nbsp;&nbsp;&nbsp;US Participants</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">4&nbsp;&nbsp;&nbsp;Individual limits</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">4.1&nbsp;&nbsp;&nbsp;Salary limit</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">4.2&nbsp;&nbsp;&nbsp;Exceptional circumstances</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">5&nbsp;&nbsp;&nbsp;Plan Limits</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">5.1&nbsp;&nbsp;&nbsp;10 per cent. 10 year limit</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">5.2&nbsp;&nbsp;&nbsp;5 per cent. 10 year limit</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">5.3&nbsp;&nbsp;&nbsp;Exclusions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">5.4&nbsp;&nbsp;&nbsp;Meaning of Allocate</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">6&nbsp;&nbsp;&nbsp;Voting, dividends and Dividend Equivalents</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">6.1&nbsp;&nbsp;&nbsp;Rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">6.2&nbsp;&nbsp;&nbsp;Dividend Equivalents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">6.3&nbsp;&nbsp;&nbsp;Settling Dividend Equivalents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">7&nbsp;&nbsp;&nbsp;Vesting Date</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">7.1&nbsp;&nbsp;&nbsp;Normal Vesting Date</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">7.2&nbsp;&nbsp;&nbsp;Delayed Vesting Date</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">7.3&nbsp;&nbsp;&nbsp;US Participants</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">8&nbsp;&nbsp;&nbsp;Holding Period</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">8.1&nbsp;&nbsp;&nbsp;Application of rule</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">8.2&nbsp;&nbsp;&nbsp;Nominee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">8.3&nbsp;&nbsp;&nbsp;Cash awards</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">8.4&nbsp;&nbsp;&nbsp;Proof of ownership</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">9&nbsp;&nbsp;&nbsp;Termination provisions</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">9.1&nbsp;&nbsp;&nbsp;Death</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">9.2&nbsp;&nbsp;&nbsp;Good Leavers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">9.3&nbsp;&nbsp;&nbsp;Other leavers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">9.4&nbsp;&nbsp;&nbsp;Leavers &ndash; Holding Period</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">7</TD></TR>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt">IHG &ndash; Rules &ndash; Long Term Incentive Plan</FONT></TD></TR><TR><TD STYLE="width: 28%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 44%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 28%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 8pt">&copy;Tapestry Compliance LLP 2018</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt; width: 94%">9.5&nbsp;&nbsp;&nbsp;Date of termination</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt; width: 6%">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">10&nbsp;&nbsp;&nbsp;Determination of Awards</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">10.1&nbsp;&nbsp;&nbsp;End of Performance Period</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">10.2&nbsp;&nbsp;&nbsp;Options</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">11&nbsp;&nbsp;&nbsp;Vesting of Conditional Awards</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">11.1&nbsp;&nbsp;&nbsp;Satisfying Conditional Awards</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">11.2&nbsp;&nbsp;&nbsp;Vesting statement</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">12&nbsp;&nbsp;&nbsp;Exercise of Options</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">12.1&nbsp;&nbsp;&nbsp;Exercise Period</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">12.2&nbsp;&nbsp;&nbsp;Method</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">12.3&nbsp;&nbsp;&nbsp;Delivery</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">12.4&nbsp;&nbsp;&nbsp;Lapse</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">13&nbsp;&nbsp;&nbsp;Cash alternative</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">14&nbsp;&nbsp;&nbsp;Reconstructions and Takeovers</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">14.1&nbsp;&nbsp;&nbsp;Acceleration of rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">14.2&nbsp;&nbsp;&nbsp;Exchange of rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">14.3&nbsp;&nbsp;&nbsp;Other transactions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">15&nbsp;&nbsp;&nbsp;Discretion to reduce Awards</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">15.1&nbsp;&nbsp;&nbsp;Committee can reduce Awards</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">15.2&nbsp;&nbsp;&nbsp;Circumstances</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">15.3&nbsp;&nbsp;&nbsp;Notification</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">16&nbsp;&nbsp;&nbsp;General</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">16.1&nbsp;&nbsp;&nbsp;Notice</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">16.2&nbsp;&nbsp;&nbsp;Final and conclusive</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">16.3&nbsp;&nbsp;&nbsp;Costs</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">16.4&nbsp;&nbsp;&nbsp;Withholding</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">16.5&nbsp;&nbsp;&nbsp;Regulations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">16.6&nbsp;&nbsp;&nbsp;Section 409A</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">17&nbsp;&nbsp;&nbsp;Terms of employment</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">17.1&nbsp;&nbsp;&nbsp;Application</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">17.2&nbsp;&nbsp;&nbsp;Not part of employment contract</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">12</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">17.3&nbsp;&nbsp;&nbsp;No future expectation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">12</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">17.4&nbsp;&nbsp;&nbsp;No entitlement</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">17.5&nbsp;&nbsp;&nbsp;Decisions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">17.6&nbsp;&nbsp;&nbsp;No compensation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">17.7&nbsp;&nbsp;&nbsp;Waiver</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">17.8&nbsp;&nbsp;&nbsp;Third parties</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">17.9&nbsp;&nbsp;&nbsp;Separate and independent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">18&nbsp;&nbsp;&nbsp;Personal data</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">13</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt; width: 94%">18.1&nbsp;&nbsp;&nbsp;Consent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt; width: 6%">13</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">18.2&nbsp;&nbsp;&nbsp;Types of processing</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">19&nbsp;&nbsp;&nbsp;Changes to and termination of the Plan</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">19.1&nbsp;&nbsp;&nbsp;Committee powers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">19.2&nbsp;&nbsp;&nbsp;Participant&rsquo;s consent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">19.3&nbsp;&nbsp;&nbsp;Shareholder approval</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">19.4&nbsp;&nbsp;&nbsp;Minor changes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">19.5&nbsp;&nbsp;&nbsp;Employees&rsquo; share scheme</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 6pt; padding-left: 56.7pt">19.6&nbsp;&nbsp;&nbsp;Termination</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">20&nbsp;&nbsp;&nbsp;Operating the Plan overseas</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 6pt; padding-bottom: 6pt; padding-left: 28.35pt">21&nbsp;&nbsp;&nbsp;Governing law</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">15</TD></TR>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>InterContinental Hotels Group Long Term Incentive
Plan Rules</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">1</TD><TD STYLE="text-align: justify">Meanings of Words Used</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In these Rules:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&quot;<B>Award</B>&quot; means a Conditional Award,
an Option or a conditional award of cash made to a Participant under this Plan. An Award may be designated to relate to a particular Plan
Cycle.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&quot;<B>Award Date</B>&quot; means the date of
the Award set by the Committee under Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>3.2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&quot;<B>Change in Ownership under Section 409A</B>&quot;
means a &quot;change in ownership&quot; within the meaning of US Treasury Regulation Section 1.409A-3(i)(5)(v). In general, a change in
the ownership of a corporation occurs on the date that any one person, or more than one person acting as a group (as defined for purposes
of Section 409A), acquires ownership of stock of the corporation that, together with stock held by such person or group, constitutes more
than 50 percent of the total fair market value or total voting power of the stock of such corporation. However, if any one person, or
more than one person acting as a group, is considered to own more than 50 percent of the total fair market value or total voting power
of the stock of a corporation, the acquisition of additional stock by the same person or persons is not considered to cause a change in
the ownership of the corporation. An increase in the percentage of stock owned by any one person, or persons acting as a group, as a result
of a transaction in which the corporation acquires its stock in exchange for property will be treated as an acquisition of stock for purposes
of this section. This section applies only when there is a transfer of stock of a corporation (or issuance of stock of a corporation)
and stock in such corporation remains outstanding after the transaction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Clawback</B>&rdquo; has the meaning given
in the Malus and Clawback Policy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&quot;<B>Committee</B>&quot; means the board of
directors of the Company or a duly authorised committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&quot;<B>Company</B>&quot; means InterContinental
Hotels Group PLC (with registered number 5134420).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&quot;<B>Conditional Award</B>&quot; means a conditional
award of Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Dividend Equivalent&rdquo;</B> means
a cash payment (as defined in Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>6.2) which,
although not a real dividend payment, reflects the economic value of dividends that are paid on real Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&quot;<B>Employee</B>&quot; means, except for the
purposes of Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>17, any employee, or former
employee of any Group Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Good Leaver&rdquo; </B>means Participants
who terminate employment in certain termination situations as described in Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>9.2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&quot;<B>Group Company</B>&quot; means:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD STYLE="text-align: justify">the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify">a Subsidiary; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD STYLE="text-align: justify">any other company which is associated with the Company and is so designated by the Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"><B>&ldquo;Holding
Period&rdquo;</B> means a period after Vesting during which the Participant is required to hold Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&quot;Lapse Date&quot; </B>is defined in Rule
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>12.4.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Malus&rdquo; </B>means:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the adjustment of an Award under rule 15 (Discretion to reduce Awards); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">where the Malus and Clawback Policy is expressed to apply to an Award, as set out in the Malus and Clawback
Policy.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Malus and Clawback Policy&rdquo; </B>means
the Company&rsquo;s malus and clawback policy (as amended from time to time).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&quot;Option&quot; </B>means a right to acquire
Shares. The amount payable for the Shares comprised in an Option shall be nil irrespective of the number of Shares acquired, unless the
Committee decides otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&quot;Participant&quot; </B>means an Employee
to whom the Committee has made an Award, and includes his personal representatives where appropriate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&quot;Performance Condition&quot; </B>means
the performance condition specified in relation to an Award, if any.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&quot;Performance Period&quot; </B>means the
period during which the Performance Condition is to be satisfied.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&quot;Plan&quot; </B>means the InterContinental
Hotels Group Long Term Incentive Plan constituted by this document as amended from time to time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Plan Cycle&rdquo; </B>means the operation
of the Plan in a particular year or period or in relation to particular off cycle Awards.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&quot;Reconstruction or Takeover&quot; </B>means
any takeover or merger, however effected, including a reverse takeover, partial offer, reorganisation or scheme of arrangement sanctioned
by the court other than an internal reconstruction or reorganisation which does not involve a significant change in the identity of the
ultimate shareholders of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Remuneration Policy&rdquo; </B>means
the Company&rsquo;s Directors&rsquo; Remuneration Policy as last approved by Shareholders;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&quot;Rules&quot; </B>means these rules as amended
from time to time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&quot;Salary&quot; </B>for a financial year,
means the basic annual salary in effect on the last day of that financial year excluding all payments additional to basic salary (for
example mortgage support allowance, expatriate allowance etc).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&quot;Section 409A&quot; </B>means Section 409A
of the Internal Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&quot;Shares&quot; </B>means ordinary shares
in the Company, and includes any shares representing them following a Reconstruction or Takeover.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&quot;Subsidiary&quot; </B>means a company which
is a subsidiary of the Company within the meaning of section 1159 of the Companies Act 2006.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Tax Election&rdquo; </B>means an election
for a particular tax and/or social security treatment in respect of an Award and/or any Shares acquired pursuant to it;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;US Participant&rdquo;</B> means a Participant
who is or becomes subject to taxation under the federal income tax rules of the United States of America.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&quot;<B>Vested Shares</B>&quot; means</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.4pt"></TD><TD STYLE="width: 26.95pt">(i)</TD><TD STYLE="text-align: justify">in relation to a Conditional Award, the number of Shares to be transferred to a Participant or his nominee;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify">in relation to an Option, the number of Shares which may be acquired by a Participant on the exercise
of the Option;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">and <B>&quot;Vest&quot; </B>shall be construed
accordingly.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&quot;Vesting Date&quot; </B>is defined in Rule
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>7.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">References in the Plan to any statutory provisions
are to those provisions as amended, extended or re-enacted from time to time and include any regulations made under them; and, unless
the context otherwise requires, words in the singular include the plural (and vice versa) and words imputing gender include all genders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">2</TD><TD STYLE="text-align: justify">Operation of the Plan</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">2.1</TD><TD STYLE="text-align: justify">Committee Authority</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Plan shall be operated and administered
by the Committee on behalf of the Company. The Committee shall have full authority from the Company to operate the Plan as it considers
reasonable in all the circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">2.2</TD><TD STYLE="text-align: justify">Eligibility</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Only Employees may be made Awards.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee shall have an absolute
discretion as to the selection of Employees for participation in the Plan in respect of any Plan Cycle.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">2.3</TD><TD STYLE="text-align: justify">End date for Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Awards may be granted at any time before
2 May, 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">3</TD><TD STYLE="text-align: justify">Making of Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">3.1</TD><TD STYLE="text-align: justify">Contract</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Awards will be granted by deed or in
any other manner which is legally enforceable in the relevant jurisdiction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">3.2</TD><TD STYLE="text-align: justify">Details</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">When the Committee grants an Award
it shall determine the terms of the Award in its absolute discretion, including:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.2.1</B></FONT></TD><TD STYLE="text-align: justify">the Award Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.2.2</B></FONT></TD><TD STYLE="text-align: justify">whether the Award is an Option, a Conditional Award or a conditional award of cash;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.2.3</B></FONT></TD><TD STYLE="text-align: justify">the Performance Period;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.2.4</B></FONT></TD><TD STYLE="text-align: justify">the Performance Condition, if any;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.2.5</B></FONT></TD><TD STYLE="text-align: justify">the maximum number of Shares subject to the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.2.6</B></FONT></TD><TD STYLE="text-align: justify">the Vesting Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.2.7</B></FONT></TD><TD STYLE="text-align: justify">details of any Holding Period;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.2.8</B></FONT></TD><TD STYLE="text-align: justify">whether the Malus and Clawback Policy will apply;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.2.9</B></FONT></TD><TD STYLE="text-align: justify">whether the Participant is required to enter into any Tax Election; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.2.10</B></FONT></TD><TD STYLE="text-align: justify">whether or not Dividend Equivalents will be paid.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">3.3</TD><TD STYLE="text-align: justify">Timing of Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Subject to any dealing restrictions,
Awards may only be made within 42 days of:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.3.1</B></FONT></TD><TD STYLE="text-align: justify">the day after the announcement of the Company&rsquo;s results for any period;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt">IHG &ndash; Rules &ndash; Long Term Incentive Plan</FONT></TD></TR><TR><TD STYLE="width: 28%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 44%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 28%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 8pt">&copy;Tapestry Compliance LLP 2018</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.3.2</B></FONT></TD><TD STYLE="text-align: justify">any day on which the Directors decide that exceptional circumstances exist which justify the grant of
Awards;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.3.3</B></FONT></TD><TD STYLE="text-align: justify">any day on which changes to law or regulation affecting employee share plans are announced, made or become
effective; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.3.4</B></FONT></TD><TD STYLE="text-align: justify">the lifting of dealing restrictions which prevented the granting of Awards during any period specified
above.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">No awards may be granted after 2 May,
2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">3.4</TD><TD STYLE="text-align: justify">Notification</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Company may send an award certificate
or statement to the Participant specifying the terms of the Award.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">3.5</TD><TD STYLE="text-align: justify">US Participants</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Options will not be granted to US Participants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">3.6</TD><TD STYLE="text-align: justify">Malus and Clawback</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If there is any discrepancy between
the Malus and Clawback Policy and the Plan, the Malus and Clawback Policy will prevail.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">4</TD><TD STYLE="text-align: justify">Individual limits</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">4.1</TD><TD STYLE="text-align: justify">Salary limit</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Subject to Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>4.2,
an Award must not be made to an Employee if it would at the proposed Award Date cause the aggregate of the market value of Shares or the
amount of cash over which Awards have been made in any financial year to exceed 3.5 times his Salary as at the Award Date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">4.2</TD><TD STYLE="text-align: justify">Exceptional circumstances</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The limit in this Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>4
may be exceeded if the Committee determine that exceptional circumstances make it desirable that Awards should be granted in excess of
those limits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">5</TD><TD STYLE="text-align: justify">Plan Limits</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">5.1</TD><TD STYLE="text-align: justify">10 per cent. 10 year limit</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The number of Shares which may be allocated
under the Plan on any day must not exceed 10 per cent. of the ordinary share capital of the Company in issue immediately before that day,
when added to the total number of Shares which have been allocated in the previous 10 years under the Plan and all other employee share
plan operated by the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">5.2</TD><TD STYLE="text-align: justify">5 per cent. 10 year limit</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The number of Shares which may be allocated
under the Plan on any day must not exceed 5 per cent. of the ordinary share capital of the Company in issue immediately before that day
when added to the total number of Shares which have been allocated in the previous 10 years under the Plan and any other discretionary
share plans operated by the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">5.3</TD><TD STYLE="text-align: justify">Exclusions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Where the right to acquire Shares is
released or lapses, the Shares concerned are ignored when calculating the limits in this Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>5.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt">IHG &ndash; Rules &ndash; Long Term Incentive Plan</FONT></TD></TR><TR><TD STYLE="width: 28%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 44%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 28%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 8pt">&copy;Tapestry Compliance LLP 2018</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">5.4</TD><TD STYLE="text-align: justify">Meaning of Allocate</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&quot;<B>Allocate</B>&quot; means granting
a right to acquire unissued Shares or to acquire Shares which are held by the Company in treasury or, if there is no such grant, the issue
and allotment of Shares or the transfer of Shares from treasury. (However, if at any time the relevant institutional investor guidelines
cease to require treasury shares to be taken into account for this purpose, then Allocate shall not include such treasury shares.)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">6</TD><TD STYLE="text-align: justify">Voting, dividends and Dividend Equivalents</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">6.1</TD><TD STYLE="text-align: justify">Rights</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">A Participant shall not be entitled
to vote, to receive dividends or to have any other rights of a shareholder in respect of Shares subject to an Award until the Shares are
issued or transferred to the Participant or his nominee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">6.2</TD><TD STYLE="text-align: justify">Dividend Equivalents</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Notwithstanding Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>6.1,
the Company may grant an Award on the basis that the Participant shall receive an amount equal to the dividends the record date for which
falls between the Award Date and the Vesting Date, multiplied by the number of Shares in respect of which the Award is Vesting and adjusted
assuming full dividend reinvestment (&ldquo;Dividend Equivalents&rdquo;). In the case of a Participant's death, the relevant period will
be extended (if relevant) to the date of issue or transfer to the Participants&rsquo; personal representatives. No shareholder rights
or Dividend Equivalents shall attach to conditional awards of cash.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">6.3</TD><TD STYLE="text-align: justify">Settling Dividend Equivalents</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Any Dividend Equivalent may be paid
in cash or in such whole number of Shares (rounded down) as has a market value (as at the Vesting Date) as nearly as practicable equal
to that amount. The cash will be paid or Shares issued or transferred on the same date as cash is paid or Shares are issued or transferred
with respect to the underlying Award.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">7</TD><TD STYLE="text-align: justify">Vesting Date</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">7.1</TD><TD STYLE="text-align: justify">Normal Vesting Date</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&quot;Vesting Date&quot; shall generally
mean the first business day after the announcement of the Company's results for the last financial year of the Performance Period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee may decide in its reasonable
discretion that the Vesting Date will be a date within 45 days of the announcement of the Company's results for the last financial year
of the Performance Period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">7.2</TD><TD STYLE="text-align: justify">Delayed Vesting Date</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In the event that the acquisition or
disposal of Shares is not permitted by law or by any relevant restrictions, the Vesting Date will be deferred until the ending of such
restrictions unless the Committee decides otherwise. For US Participants, such a deferral shall be effected only to the extent permitted
under Section 409A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">7.3</TD><TD STYLE="text-align: justify">Vesting &ndash; impact of investigation</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If an investigation is ongoing which
might lead to Malus and/or Clawback being triggered then, unless otherwise determined by the Committee, the Participant&rsquo;s Award
will not Vest, if at all, until the investigation is concluded and, if an Option, Rule 12.5 will apply. For US Participants, such a deferral
shall be effected only to the extent permitted under Section 409A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt">IHG &ndash; Rules &ndash; Long Term Incentive Plan</FONT></TD></TR><TR><TD STYLE="width: 28%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 44%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 28%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 8pt">&copy;Tapestry Compliance LLP 2018</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">7.4</TD><TD STYLE="text-align: justify">US Participants</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In all cases, for Awards granted to
US Participants, the Vesting Date shall be a date during the period from January 1 to March 15 of the calendar year following the calendar
year in which the Performance Period ends.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">8</TD><TD STYLE="text-align: justify">Holding Period</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">8.1</TD><TD STYLE="text-align: justify">Application of rule</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">An Award granted to an executive director
of the Company will be subject to a Holding Period as determined by the Committee under Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>3.2
(Details) for at least such period as is set out in the Remuneration Policy, if any. Any other Award may be subject to a Holding Period
as determined by the Committee under Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>3.2
(Details).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If a Holding Period applies, the Shares
may not be transferred, assigned or otherwise disposed of during the Holding Period other than a transfer:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8.1.1</B></FONT></TD><TD STYLE="text-align: justify">to the Participant&rsquo;s personal representatives on death;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8.1.2</B></FONT></TD><TD STYLE="text-align: justify">to a nominee in accordance with Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&lrm;</FONT>8.2
(Nominee);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8.1.3</B></FONT></TD><TD STYLE="text-align: justify">in accordance with Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&lrm;</FONT>16.4
(Withholding);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8.1.4</B></FONT></TD><TD STYLE="text-align: justify">in accordance with the Malus and Clawback Policy;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8.1.5</B></FONT></TD><TD STYLE="text-align: justify">in connection with an event described in Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&lrm;</FONT>14
(Reconstructions and takeovers) or Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&lrm;</FONT>15 (Discretion
to reduce); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8.1.6</B></FONT></TD><TD STYLE="text-align: justify">otherwise with the agreement of the Committee,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">and any such attempted action will
be invalid and ineffective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">8.2</TD><TD STYLE="text-align: justify">Nominee</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee may determine that Shares
will be delivered to and held by a nominee on behalf of the Participant until the expiry of the Holding Period on such terms as the Committee
may determine.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">At the end of the Holding Period, the
Participant may take the Shares out of the nominee arrangement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">8.3</TD><TD STYLE="text-align: justify">Cash awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee will decide if and how
any Holding Period will operate in relation to cash and will communicate this to the Participant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">8.4</TD><TD STYLE="text-align: justify">Proof of ownership</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If the Committee requires, a Participant
must provide such proof of continued beneficial ownership of the Shares, as the Committee requests, during and at the end of the Holding
Period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">9</TD><TD STYLE="text-align: justify">Termination provisions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">9.1</TD><TD STYLE="text-align: justify">Death</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If a Participant dies before the Vesting
Date, the Committee will as soon as reasonably practicable determine in its reasonable discretion the number of Shares which shall Vest.
The Committee will take account of the proportion of the Performance Period that has elapsed and the extent to which the Performance Condition
has been satisfied.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt">IHG &ndash; Rules &ndash; Long Term Incentive Plan</FONT></TD></TR><TR><TD STYLE="width: 28%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 44%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 28%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 8pt">&copy;Tapestry Compliance LLP 2018</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In the case of a Conditional Award,
the Committee will then procure the transfer of the Vested Shares or will pay the cash to the Participant's personal representatives as
soon as reasonably practicable. In the case of Awards granted to US Participants, the Committee will settle such Conditional Award, to
the extent deemed Vested, within 60 days following the Participant's date of death.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In the case of an Option, this may
be exercised by the Participant's personal representatives over the Vested Shares in the period of six months from the date of death,
and will lapse if not exercised.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">On death any Holding Period will be
waived.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">9.2</TD><TD STYLE="text-align: justify">Good Leavers</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If a Participant's employment with
any Group Company terminates before the Vesting Date for any of the reasons specified below, then the number of Vested Shares relating
to his Awards shall be the number determined under Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>10
after the end of the Performance Period, reduced pro rata to reflect the proportion of the Performance Period that had elapsed on the
date of termination. However, the Committee shall retain discretion to accelerate the Vesting Date if it considers it reasonable to do
so in all the circumstances. If the Vesting Date is accelerated then the number of Shares which will vest will be determined by the Committee
in its reasonable discretion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The reasons are:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>9.2.1</B></FONT></TD><TD STYLE="text-align: justify">ill-health, injury, disability;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>9.2.2</B></FONT></TD><TD STYLE="text-align: justify">redundancy;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>9.2.3</B></FONT></TD><TD STYLE="text-align: justify">retirement by agreement with the Participant's employer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>9.2.4</B></FONT></TD><TD STYLE="text-align: justify">the Participant's employing company being transferred to a person which is not a Group Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>9.2.5</B></FONT></TD><TD STYLE="text-align: justify">a transfer of the undertaking, or part of the undertaking, in which the Participant works to a person
which is not a Group Company; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>9.2.6</B></FONT></TD><TD STYLE="text-align: justify">any other reason determined by the Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee will procure the transfer
of the Vested Shares in a Conditional Award or pay cash to the Participant in accordance with Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>11.
For a US Participant, the transfer or payment will be made before March 15 of the calendar year following the calendar year in which the
Performance Period ends. An Option may be exercised by the Participant over the Vested Shares in the period of six months from the Vesting
Date, and will lapse if not exercised.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">9.3</TD><TD STYLE="text-align: justify">Other leavers</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If a Participant's office or employment
with any Group Company terminates before the Vesting Date for any reason not included in Rules <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>9.1
and <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>9.2, he shall cease to be a Participant
in the Plan. The Participant shall not be eligible to receive any Shares or cash in respect of his Awards unless the Committee decides
otherwise within a reasonable time of the termination. For US Participants the timing of any settlement of an Award pursuant to this Rule
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>9.3 shall be made in a manner consistent with
the requirements of Section 409A, if applicable. If the termination is by reason of gross misconduct, he shall not be eligible to receive
any Shares or cash in respect of any Awards in any circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">9.4</TD><TD STYLE="text-align: justify">Leavers &ndash; Holding Period</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If a Participant&rsquo;s office or
employment terminates, any Holding Period will continue to apply unless the Committee determines otherwise, except that any Holding Period
will cease to apply on death.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt">IHG &ndash; Rules &ndash; Long Term Incentive Plan</FONT></TD></TR><TR><TD STYLE="width: 28%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 44%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 28%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 8pt">&copy;Tapestry Compliance LLP 2018</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">9.5</TD><TD STYLE="text-align: justify">Date of termination</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">For the purposes of this Rule, a Participant's
employment with a Group Company will not be treated as having terminated until the Participant ceases to be employed by any Group Company.
Unless the Committee decides otherwise, in the case of termination for any of the reasons set out in Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>9.2
(other than retirement) the Participant will be treated as having terminated on the date of actual termination and not at the end of his
contractual notice period or severance period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">10</TD><TD STYLE="text-align: justify">Determination of Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">10.1</TD><TD STYLE="text-align: justify">End of Performance Period</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">As soon as reasonably practicable after
the end of the Performance Period, the Committee will calculate:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>10.1.1</B></FONT></TD><TD STYLE="text-align: justify">the extent to which the Performance Condition has been satisfied; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.4in"></TD><TD STYLE="width: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>10.1.2</B></FONT></TD><TD STYLE="text-align: justify">the number of Shares which Vest in respect of each Award, or the amount of cash to be awarded to each
Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">10.2</TD><TD STYLE="text-align: justify">Options</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In the case of an Option:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>10.2.1</B></FONT></TD><TD STYLE="text-align: justify">the Committee will notify the Participant of the number of Vested Shares; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>10.2.2</B></FONT></TD><TD STYLE="text-align: justify">the balance of the Option will immediately lapse.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">11</TD><TD STYLE="text-align: justify">Vesting of Conditional Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">11.1</TD><TD STYLE="text-align: justify">Satisfying Conditional Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee shall arrange delivery
of the Vested Shares or cash to each Participant or his nominee on, or as soon as reasonably practical after, the Vesting Date, subject
to Rule 11.3 (Investigation).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">11.2</TD><TD STYLE="text-align: justify">Vesting statement</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee may notify each Participant
of the number of Vested Shares transferred to him or his nominee in respect of his Conditional Award and the amount of any tax and social
security contributions withheld.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">11.3</TD><TD STYLE="text-align: justify">Investigation</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If an investigation is ongoing which
might lead to Malus and/or Clawback being triggered then, unless otherwise determined by the Committee, the Participant&rsquo;s Award
will only be settled (if at all) after such investigation has been concluded.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">12</TD><TD STYLE="text-align: justify">Exercise of Options</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">12.1</TD><TD STYLE="text-align: justify">Exercise Period</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Except as otherwise provided in Rule
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>8 and this Rule 12, a Participant may exercise
an Option to the extent that it has Vested at any time from the Vesting Date until the Lapse Date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">12.2</TD><TD STYLE="text-align: justify">Method</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In order to exercise an Option, the
Participant must deliver to the Company a notice of exercise in the prescribed form. The date on which the notice is received by the Company
shall, unless the notice is conditional or specifies some other date, be the Option exercise date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt">IHG &ndash; Rules &ndash; Long Term Incentive Plan</FONT></TD></TR><TR><TD STYLE="width: 28%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 44%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 28%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 8pt">&copy;Tapestry Compliance LLP 2018</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">12.3</TD><TD STYLE="text-align: justify">Delivery</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Subject to Rules <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>12.4
(Lapse) and 12.5 (Timing of Investigation), as soon as reasonably practicable following the Option exercise, the Committee will arrange
delivery of the appropriate number of Shares to the Participant. <B>&#9;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">12.4</TD><TD STYLE="text-align: justify">Lapse</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">The Lapse Date in relation
to an Option is the earliest of the following dates:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>12.4.1</B></FONT></TD><TD STYLE="text-align: justify">the second anniversary of the Vesting Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>12.4.2</B></FONT></TD><TD STYLE="text-align: justify">if a Participant dies or terminates employment before the Vesting Date then, subject to Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&lrm;</FONT>8,
the date on which the Participant's employment with any Group Company ends; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>12.4.3</B></FONT></TD><TD STYLE="text-align: justify">if a Participant dies or terminates employment after the Vesting Date, six months after the date on which
the Participant's employment with any Group Company ends.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">12.5</TD><TD STYLE="text-align: justify">Impact of investigation</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">If an investigation is ongoing which
might lead to Malus and/or Clawback being triggered then, unless otherwise determined by the Committee:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>12.5.1</B></FONT></TD><TD STYLE="text-align: justify">exercise (if any) and/or delivery will take effect after the investigation is concluded; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>12.5.2</B></FONT></TD><TD STYLE="text-align: justify">if the exercise period would otherwise have ended, it will be extended as determined by the Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">13</TD><TD STYLE="text-align: justify">Cash alternative</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee may decide to satisfy
any Award by paying an equivalent amount in cash, if it considers in its discretion that this would be appropriate. The Committee will
in its discretion determine the appropriate cash amount by any reasonable means.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">14</TD><TD STYLE="text-align: justify">Reconstructions and Takeovers</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">14.1</TD><TD STYLE="text-align: justify">Acceleration of rights</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In the event of a Reconstruction or
Takeover before the Vesting Date, the Award may be accelerated and the Committee will as soon as practicable determine the number of Vested
Shares or cash due in relation to all Awards, taking account of the proportion of the Performance Period that has elapsed, and the degree
to which the Performance Condition has been satisfied.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee will procure as soon
as reasonably practicable the delivery to each Participant of the Vested Shares in a Conditional Award or payment of the cash so determined.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">For a US Participant the transfer of
Shares or payment of cash with respect to an Award subject to Section 409A may be advanced only if the Reconstruction or Takeover constitutes
a Change in Ownership under Section 409A in which case the transfer or payment, as applicable, shall be made upon the date of the Reconstruction
or Takeover. For a US Participant, such a Reconstruction or Takeover that is a Change in Ownership under Section 409A shall always trigger
an advancement in time of the transfer of Shares or payment of cash.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In the case of an Option, this may
only be exercised by the Participant over the number of Vested Shares in the period of 21 days from the date of the Reconstruction or
Takeover, unless the Committee decides a longer period should apply, and will lapse if it has not been exercised.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If Awards are accelerated under this
rule any Holding Period will still apply unless the Committee determines otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">14.2</TD><TD STYLE="text-align: justify">Exchange of rights</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In the case of a Reconstruction or
Takeover involving the exchange of Shares for shares in another company, or in more than one other company, the Committee may in its discretion
determine that no Shares or cash should be transferred, and that instead the Participant's right to the Shares comprised in an Award should
be replaced by a right to the appropriate number of shares in that other company or companies. For US Participants who are subject to
Section 409A any such replacement of Shares with shares in that other company or companies, if made, shall be made in a manner consistent
with the requirements of Section 409A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If Awards are exchanged under this
rule any Holding Period will still apply unless the Committee determines otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">14.3</TD><TD STYLE="text-align: justify">Other transactions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee has discretion to take
such action as it may think appropriate if other events happen which may have an effect on Awards. For a US Participant no such action
shall result in an advancement or additional deferral in time of the transfer of shares or payment of cash with respect to an Award subject
to Section 409A, unless otherwise permitted under Section 409A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">14.4</TD><TD STYLE="text-align: justify">Malus and Clawback Policy</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If this Rule 14 (Reconstructions and
Takeovers) applies to an Award, the Committee may determine that the Malus and Clawback Policy will no longer apply to an Award or will
be varied in its application to the Award.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In relation to any cash or Shares acquired
prior to the relevant event, the Malus and Clawback Policy will continue to apply, subject to Committee discretion to disapply or make
other such amendments as it so determines.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">15</TD><TD STYLE="text-align: justify">Discretion to reduce Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">15.1</TD><TD STYLE="text-align: justify">Committee can reduce Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Notwithstanding any other Rule of the
Plan, if circumstances occur which, in the reasonable opinion of the Committee, justify a reduction in one or more Awards granted to any
one or more Participants, the Committee may reduce the Awards. The Committee may, at any time prior to the Vesting Date, determine (acting
fairly and reasonably) that the cash amount payable under an Award or the number of Shares over which an Award is granted shall be reduced
to such amount or number (including to nil) as the Committee considers appropriate in the circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">15.2</TD><TD STYLE="text-align: justify">Circumstances</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The circumstances in which the Committee
may consider that it is appropriate to exercise its discretion under Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>15.1,
include the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>15.2.1</B></FONT></TD><TD STYLE="text-align: justify">the misconduct of a Participant which results in or is reasonably likely to result in</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 21.25pt">(i)</TD><TD STYLE="text-align: justify">significant reputational damage to the Company, any Group Company or to a relevant business unit (as appropriate);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 21.25pt">(ii)</TD><TD STYLE="text-align: justify">a material adverse effect on the financial position of the Company, any Group Company or to a relevant
business unit (as appropriate); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 21.25pt">(iii)</TD><TD STYLE="text-align: justify">a material adverse effect on the business opportunities and prospects for sustained performance or profitability
of the Company, any Group Company or relevant business unit (as appropriate);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>15.2.2</B></FONT></TD><TD STYLE="text-align: justify">a material misstatement or restatement in the Company's or any Group Company's audited financial accounts
(other than as a result of a change in accounting practice).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">15.3</TD><TD STYLE="text-align: justify">Notification</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If the Committee decides to exercise
its discretion under this Rule, it shall confirm this in writing to each affected Participant. For the purposes of these Rules:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>15.3.1</B></FONT></TD><TD STYLE="text-align: justify">the Award shall be deemed to have been granted over the reduced cash amount or reduced number of Shares
(as the case may be);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>15.3.2</B></FONT></TD><TD STYLE="text-align: justify">any subsequent vesting of an Award shall be determined by reference to this reduced cash amount or reduced
number of Shares; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>15.3.3</B></FONT></TD><TD STYLE="text-align: justify">if the cash amount or number of Shares is reduced to nil, the Award shall be treated as if it had never
been granted and a Participant (including a Participant who has left employment before the Vesting Date other than by reason of death)
shall have no rights to any cash amount or Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">16</TD><TD STYLE="text-align: justify">General</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">16.1</TD><TD STYLE="text-align: justify">Notice</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Any notice or other document given
to any Employee or Participant pursuant to the Plan shall be delivered to him or sent to him by post or by an electronic communication
(including by the updating of any web page) at his address according to the records of his employing company. Notices or other documents
sent by post shall be deemed to have been given 5 days following the date of posting. Notices or other documents delivered electronically
shall be deemed to have been given the day of transmission.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">16.2</TD><TD STYLE="text-align: justify">Final and conclusive</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The decision of the Committee in any
question of interpretation of the Rules or any dispute relating to or connected with this Plan shall be final and conclusive.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">16.3</TD><TD STYLE="text-align: justify">Costs</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The costs of introducing, operating
and administering the Plan shall be borne by the Company and the relevant Group Companies. The Group Company will, if required by the
Company, reimburse the Company for any costs incurred in connection with Awards made to Participants who are employed by it.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">16.4</TD><TD STYLE="text-align: justify">Withholding</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Company, any relevant Group Company
and/or any relevant trustee may withhold any amounts or make such arrangements as they consider necessary to meet any liability to taxation
and social security contributions in respect of the Shares, Dividend Equivalents or cash awarded under the Plan. The arrangements may
include the sale of some or all of any Shares subject to an Award on behalf of the Participant, and the use of the proceeds to discharge
the liability.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">16.5</TD><TD STYLE="text-align: justify">Regulations</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee shall have power from
time to time to make or vary regulations for the administration and operation of the Plan provided that they are not inconsistent with
these Rules.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">16.6</TD><TD STYLE="text-align: justify">Section 409A</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">With respect to Awards granted to Participants
who are or become subject to taxation under the federal income tax rules of the United States of America, it is intended for such Awards
to be exempt from Section 409A and, to the extent such Awards are not so exempt, for such Awards to comply with the requirements of Section
409A. In furtherance of such intent the provisions of the Plan and any Award document shall be interpreted in a manner that does not result
in the imputation of any tax, penalty or interest pursuant to Section 409A, and the Plan shall be operated accordingly. If any provision
of the Plan or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition
will be interpreted and deemed amended so as to avoid this conflict. Notwithstanding the foregoing, the tax treatment of the benefits
provided under the Plan or any Award document is not warranted or guaranteed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">17</TD><TD STYLE="text-align: justify">Terms of employment</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">17.1</TD><TD STYLE="text-align: justify">Application</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">This Rule applies:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>17.1.1</B></FONT></TD><TD STYLE="text-align: justify">during an Employee's employment or employment relationship; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>17.1.2</B></FONT></TD><TD STYLE="text-align: justify">after the termination of an Employee's employment or employment relationship, whether the termination
is lawful or unlawful.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">17.2</TD><TD STYLE="text-align: justify">Not part of employment contract</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Nothing in the Rules or the operation
of the Plan forms part of the contract of employment or employment relationship of an Employee. The rights and obligations of an Employee
are separate from, and are not affected by, the Plan. Participation in the Plan does not create any right to, or expectation of, continued
employment or a continued employment relationship.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">17.3</TD><TD STYLE="text-align: justify">No future expectation</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The grant of Awards on a particular
basis in any year does not create any right to or expectation of the grant of Awards on the same basis, or at all, in any future year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">17.4</TD><TD STYLE="text-align: justify">No entitlement</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">No Employee is entitled to participate
in the Plan, or be considered for participation in it, at a particular level or at all. Participation in one operation of the Plan does
not imply any right to participate, or to be considered for participation in any later operation of the Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">17.5</TD><TD STYLE="text-align: justify">Decisions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Without prejudice to an Employee's
right to receive the Shares comprised in an Award subject to and in accordance with the express terms of the Rules and the Performance
Condition, no Employee has any rights in respect of the exercise or omission to exercise any discretion, or the making or omission to
make any decision, relating to the Award. Any and all discretions, decisions or omissions relating to the Award may operate to the disadvantage
of the Employee, even if this could be regarded as capricious or unreasonable, or could be regarded as in breach of any implied term between
the Employee and his</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt">IHG &ndash; Rules &ndash; Long Term Incentive Plan</FONT></TD></TR><TR><TD STYLE="width: 28%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 44%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 28%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 8pt">&copy;Tapestry Compliance LLP 2018</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">employer, including any implied duty
of trust and confidence. Any such implied term is excluded and overridden by this Rule.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">17.6</TD><TD STYLE="text-align: justify">No compensation</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">No Employee has any right to compensation
for any loss in relation to the Plan, including:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>17.6.1</B></FONT></TD><TD STYLE="text-align: justify">any loss or reduction of any rights or expectations under the Plan in any circumstances or for any reason
(including lawful or unlawful termination of employment or the employment relationship);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>17.6.2</B></FONT></TD><TD STYLE="text-align: justify">any exercise of a discretion or a decision taken in relation to an Award or to the Plan, or any failure
to exercise a discretion or take a decision;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>17.6.3</B></FONT></TD><TD STYLE="text-align: justify">the operation, suspension, termination or amendment of the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">17.7</TD><TD STYLE="text-align: justify">Waiver</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Participation in the Plan is permitted
only on the basis that the Participant accepts all the provisions of the Rules, including in particular this Rule. By participating in
the Plan, an Employee waives all rights under the Plan, other than the right to receive Shares subject to and in accordance with the express
terms of the Rules and the Performance Condition, in consideration for, and as a condition of, the grant of an Award under the Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">17.8</TD><TD STYLE="text-align: justify">Third parties</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Nothing in this Plan confers any benefit,
right or expectation on a person who is not an Employee. No such third party has any rights under the Contracts (Rights of Third Parties)
Act 1999 to enforce any term of this Plan. This does not affect any other right or remedy of a third party which may exist.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">17.9</TD><TD STYLE="text-align: justify">Separate and independent</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Each of the provisions of this Rule
is entirely separate and independent from each of the other provisions. If any provision is found to be invalid then it will be deemed
never to have been part of these Rules and to the extent that it is possible to do so, this will not affect the validity or enforceability
of any of the remaining provisions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">18</TD><TD STYLE="text-align: justify">Personal data</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">18.1</TD><TD STYLE="text-align: justify">Consent</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">By participating in the Plan the Participant
consents to the holding and processing of personal data provided by the Participant to the Company for all purposes relating to the operation
of the Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">18.2</TD><TD STYLE="text-align: justify">Types of processing</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">These include, but are not limited
to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>18.2.1</B></FONT></TD><TD STYLE="text-align: justify">administering and maintaining Participant records;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>18.2.2</B></FONT></TD><TD STYLE="text-align: justify">providing information to trustees of any employee benefit trust, registrars, brokers or third party administrators
of the Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>18.2.3</B></FONT></TD><TD STYLE="text-align: justify">providing information to future purchasers of the Company or the business in which the Participant works;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>18.2.4</B></FONT></TD><TD STYLE="text-align: justify">transferring information about the Participant to a country or territory outside the European Economic
Area.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt">IHG &ndash; Rules &ndash; Long Term Incentive Plan</FONT></TD></TR><TR><TD STYLE="width: 28%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 44%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 28%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 8pt">&copy;Tapestry Compliance LLP 2018</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">19</TD><TD STYLE="text-align: justify">Changes to and termination of the Plan</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">19.1</TD><TD STYLE="text-align: justify">Committee powers</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Subject as provided in this Rule, the
Committee may, in its discretion, amend the Rules or any part of the Plan as it considers appropriate. Variations may affect the terms
of Awards which have already been made.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">19.2</TD><TD STYLE="text-align: justify">Participant&rsquo;s consent</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">No amendment shall be made to the Rules
or to any outstanding Award which would have the effect of abrogating or altering adversely in any material respect any of the subsisting
rights of Participants in relation to Awards, except with the consent of the majority of the Participants affected by the proposed amendment.
For a US Participant, no amendment of the Plan may result in the advancement or additional deferral in timing of the transfer of shares
or payment of cash with respect to an Award subject to Section 409A except to the extent permitted by Section 409A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">19.3</TD><TD STYLE="text-align: justify">Shareholder approval</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Except as provided in Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>19.4,
the prior approval of the Company in general meeting is required for any proposed change to the Rules to the advantage of present or future
Participants which relates to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>19.3.1</B></FONT></TD><TD STYLE="text-align: justify">the persons to or for whom Awards may be made;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>19.3.2</B></FONT></TD><TD STYLE="text-align: justify">the limitations on the number of Shares which may be allocated under the Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>19.3.3</B></FONT></TD><TD STYLE="text-align: justify">the individual limits under Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&lrm;</FONT>4;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>19.3.4</B></FONT></TD><TD STYLE="text-align: justify">any rights attaching to Conditional Awards, Options, Awards or Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>19.3.5</B></FONT></TD><TD STYLE="text-align: justify">the terms of this Rule <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&lrm;</FONT>19.3.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">19.4</TD><TD STYLE="text-align: justify">Minor changes</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The approval of the Company in general
meeting is not required for any minor changes to the Rules which are:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>19.4.1</B></FONT></TD><TD STYLE="text-align: justify">to benefit the administration of the Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>19.4.2</B></FONT></TD><TD STYLE="text-align: justify">to comply with or take account of the provisions of any proposed or existing legislation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>19.4.3</B></FONT></TD><TD STYLE="text-align: justify">to take account of any changes to legislation; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>19.4.4</B></FONT></TD><TD STYLE="text-align: justify">to obtain or maintain favourable tax, exchange control or regulatory treatment of any Group Company or
any present or future Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">19.5</TD><TD STYLE="text-align: justify">Employees&rsquo; share scheme</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">No amendment shall take effect to the
extent that it would cause the Plan to cease to be an &quot;employees' share scheme&quot; as defined in section 1166 of the Companies
Act 2006.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">19.6</TD><TD STYLE="text-align: justify">Termination</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee shall have discretion
to terminate the Plan at any time, without prejudice to subsisting Awards.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt">IHG &ndash; Rules &ndash; Long Term Incentive Plan</FONT></TD></TR><TR><TD STYLE="width: 28%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 44%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 28%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 8pt">&copy;Tapestry Compliance LLP 2018</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">20</TD><TD STYLE="text-align: justify">Operating the Plan overseas</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Plan may be operated by the Company both in
the United Kingdom and overseas. If the Plan is operated overseas the Committee may vary these rules as it reasonably considers necessary
for legal; tax; regulatory or administrative reasons to facilitate the operation of the Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In order to enable the Plan to operate in other
overseas jurisdictions, the Committee may decide that when a Participant terminates employment with an employing entity in an overseas
jurisdiction or when a Participant relocates outside of an overseas jurisdiction, all rights that the Participant may have under the plan
may be terminated; accelerated; varied or settled as the Committee thinks reasonable in all the circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">21</TD><TD STYLE="text-align: justify">Governing law</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Plan is governed by English law and if there
is any conflict of laws, English law shall prevail. All Group Companies and Participants shall submit to the jurisdiction of the English
Courts as regards any matter arising under the Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 19; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt">IHG &ndash; Rules &ndash; Long Term Incentive Plan</FONT></TD></TR><TR><TD STYLE="width: 28%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 44%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 28%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 8pt">&copy;Tapestry Compliance LLP 2018</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>9
<FILENAME>dp182734_ex10701.htm
<DESCRIPTION>EXHIBIT 107.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>Exhibit 107.1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">Calculation of Filing Fee Tables</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">Form S-8</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">(Form Type)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">InterContinental Hotels Group
PLC&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">(Exact Name of Registrant as
Specified in its Charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">Newly Registered Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; border: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Security Type</FONT></TD>
    <TD STYLE="width: 27%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Security Class Title</FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Fee Calculation Rule</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Amount Registered (1)</FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Proposed Maximum Offering Price Per Unit(3)</FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Maximum Aggregate Offering Price(2)(3)</FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Fee Rate</FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Amount of Registration Fee(2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Equity</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Ordinary Shares, par value 20</FONT><SUP>340</SUP><FONT STYLE="font-size: 10pt">/</FONT><SUB>399</SUB><FONT STYLE="font-size: 10pt">&nbsp;pence per share</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Rule 457(c) and Rule 457(h)</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,500,000</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">$49.77</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">$174,195,000</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0.0001102</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">$19,196.29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">$174,195,000</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">$19,196.29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Total Fees Previously Paid</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">$19,196.29</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD>This Registration Statement on Form S-8 (this &ldquo;Registration Statement&rdquo;) covers 3,500,000 ordinary shares, par value 20<SUP>340</SUP>/<SUB>399</SUB>&nbsp;pence
per share (the &ldquo;Ordinary Shares&rdquo;), of InterContinental Hotels Group PLC (the &ldquo;Registrant&rdquo;) available for issuance
pursuant to the InterContinental Hotels Group Long Term Incentive Plan (the &ldquo;Plan&rdquo;). In addition, pursuant to Rule 416(a)
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this Registration Statement covers any additional ordinary
shares that may become issuable under the Plan by reason of any share dividend, share split or other similar transaction.</TD></TR></TABLE>

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<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Rounded up to the nearest penny.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Estimated pursuant to Rule 457(c) and Rule 457(h) under the Securities Act, solely for the purpose of
computing the registration fee, based on the average of the high and low prices reported for an Ordinary Share on the London Stock Exchange
on October 13, 2022 (&pound;43.92), converted to U.S. Dollars at the exchange rate at the close of the New York Stock Exchange on October
13, 2022, as reported in the Wall Street Journal (&pound;1 = $1.1331). </FONT></TD></TR></TABLE>

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