<SEC-DOCUMENT>0000950103-22-013665.txt : 20220908
<SEC-HEADER>0000950103-22-013665.hdr.sgml : 20220908
<ACCEPTANCE-DATETIME>20220804060408
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-22-013665
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220804

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="width: 47%">&nbsp;</TD>
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    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_002.jpg" ALT="Shape&#10;&#10;Description automatically generated with medium confidence" STYLE="height: 56px; width: 189px"></FONT></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #131313">Broadwater Park&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #131313"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #131313">Denham&nbsp;&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #131313">Buckinghamshire UB9 5HR&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #131313"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #131313">United Kingdom&nbsp;&nbsp;</P></TD></TR>
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    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">August 4, 2022</FONT></TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #131313">Switchboard +44 (0) 1895 512 000&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #131313"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #131313">www.ihg.com&nbsp;&nbsp;</P></TD></TR>
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    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>VIA EDGAR</U></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Office of Real Estate &amp; Construction</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">100 F Street, N.E.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Washington, D.C. 20549</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"><U>Attn: Mark Rakip and Kristina Marrone</U></P>

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

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    <TD STYLE="width: 6%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD STYLE="width: 94%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>InterContinental Hotels Group PLC</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Form 20-F for Fiscal Year Ended December 31, 2021</B>&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Filed March 3, 2022</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>File No. 001-10409</B>&nbsp;&nbsp;</P></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">Dear Mr Rakip,</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">Thank you for your letter dated August 2, 2022 setting forth your response
to our letter of July 21.</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"><I>Group Cash Flow Summary, page 58</I></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"><I>1. We note your response to comments 1 and 3. Please
reconfigure the reconciliation in Appendix 2 to begin with the most directly comparable measure calculated in accordance with IFRS,
which you indicate is Cash flow from operations, to avoid placing undue prominence on the non-IFRS measure. Refer to Item
10(e)(1)(i)(A) of Regulation S-K and Question 102.10 of the Division's Non-GAAP Financial Measures Compliance &amp; Disclosure
Interpretations.</I></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"><U>Response:</U></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">As discussed with you today, in order to give greater prominence to
the GAAP measure (cash flow from operations), we propose to first present the reconciliation of net cash from operations to Adjusted EBITDA
before presenting the summary cash flow information, which comprises a bridge from Adjusted EBITDA to Net Debt.</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">The proposed revisions are included at Appendix 1.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">I trust this addresses your comments and look forward to hearing back
from you.</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">Yours sincerely,</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-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">/s/ Paul
Edgecliffe-Johnson</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Chief Financial Officer &amp; Group Head of Strategy</P>

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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">CC:</TD><TD>Giles Hannam, Pricewaterhouse Coopers LLP</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">Sarah Kokot, Ernst &amp; Young LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Appendix 1 &ndash; proposed revisions to cash flow summary (p58)</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap; width: 66%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reconciliation of Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; width: 17%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; width: 17%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12 months</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12 months</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$m</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$m</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash flow from operations </B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>848</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>308</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash flows relating to exceptional items</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-cash adjustments to operating profit/loss</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(71)</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(100)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">System Fund result</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">System Fund depreciation and amortisation</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(94)</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(62)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-cash adjustments to System Fund result</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(97)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Working capital and other adjustments</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(110)</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditure: contract acquisition costs (key money)</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA </B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>632</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>329</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Group cash flow summary</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12 months</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12 months</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$m</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$m</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>632</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>329</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Working capital and other adjustments</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">110</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-cash adjustments to operating profit/loss</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">71</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">System Fund result</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11)</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(102)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-cash adjustments to System Fund result</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">159</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditure: contract acquisition costs (key money)</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(42)</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(64)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditure: maintenance</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(33)</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(43)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash flows relating to exceptional items</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12)</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(87)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net interest paid</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(126)</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(130)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax paid</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(86)</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(41)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principal element of lease payments</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(32)</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(65)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase of shares</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted free cash flow<SUP>[1]</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>571</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>29</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditure: Gross recyclable investments</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditure: Gross System Fund investments</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19)</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(35)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred consideration paid</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13)</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Disposals and repayments, including other financial assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distributions from associates and joint ventures</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends and shareholder returns</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other items / proceeds from currency swaps</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net cash flow before other net debt movements</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>592</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Add back principal element of lease repayments within free cash flow</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange and other non-cash adjustments</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Decrease in net debt</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>648</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>136</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net debt at beginning of the year</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,529)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,665)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net debt at end of the year</B><SUP>[1]</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,881)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,529)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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


<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->




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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>1</SUP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #474947">Definitions
for Non-GAAP measures can be found on pages 73 to 77. Reconciliations of these measures to the most directly comparable line items within
the Group Financial Statements can be found on pages 218 to 223.</FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
