InterContinental Hotels Group

2 IHG vs. its Main Competitors Rooms network as of end of year, 2010 Source : Companies annual reports except for Hilton network, Accor internal data 88% 86% 85% 83% 68% 61% 56%28% Worldwide excluding the US 208 Kr 366Kr In ‘000 rooms EMEAAmericas IHG first hotel operator worldwide 1 st ~ Network 13% 19% 8%9% 8%7% 10% 4% 16% 7% 5% 20% 19% Rooms pipeline as of end of year, 2010 In ‘000 rooms Pipeline Slight decrease in most of the pipelines, IHG keeping the highest one NB: Figures include traditional lodging and extended stay units but exclude timeshare products APAC Vs end % -5% +5% +6% 0% -24% 0% (2) (2) Hilton pipeline based on an internal press release, January 2011 (1) Hilton geographical breakdown based on 2009 figures (1) Pipeline

33 InterContinental Hotels Group Summary 1.Company overviewSlide 4 2.Company organizationSlide 5 3.Brand positioningSlide 6 4.Geographical breakdownSlide 7 5.Room portfolioSlide 8 6.Operating modeSlide 9 7.Group strategySlide 11 8.Pipeline and lodging developmentSlide 13 9.Key figuresSlide SWOT analysisSlide Company historySlide Brands descriptionSlide 21 InterContinental – Company profile FY 2010

4 1. Company overview –With brands such as Holiday Inn dating back to the 1950s, Intercontinental Hotel Group (IHG) was formed by the separation of Six Continents on April 2003 –With 4,437 hotels and 647,161 rooms in over 100 countries, IHG is the largest hotel group worldwide –IHG operates 7 brands in the traditional lodging industry and the extended stay segment, from economy to luxury –Economy: Express by Holiday Inn, Candlewood Suites –Midscale: Holiday Inn, Hotel Indigo –Luxury: Intercontinental, Crowne Plaza and StayBridge –Since 2003, IHG has moved to an asset light model, with a focus on franchise and management –Only 15 owned hotels worldwide –Asset sale program £2.9bn worth since 2003 –335,000 employees Description Main Figures Revenue Sources: Reuters as of April 26, 2011, Google Finance, Company Main Shareholders Listed on the NYSE and the London Stock Exchange InterContinental – Company profile FY 2010 # rooms Eco-Lux4,437647,161 # hotels 63.4%$106.04$67.22 ADR OR RevPAR segment Segmental Revenue and Operating Profit Operating Profit

55 2. Company organization Award winning loyalty program (Over 51m members worldwide) Other activities Full & Limited service segment Extended Stay segment Hotel business InterContinental – Company profile FY 2010

66 3. Brand positioning Limited Service Full Service Extended Stay 171 h 388 h 1,241 h 38 h 2,075 h 188 h 288h 6 h Midscale (37% of room network) Luxury upscale (29% of room network) Economy (34% of room network) InterContinental – Company profile FY 2010

77 4. Geographical breakdown Americas 3,458 h 439,375 r 68% 13% Asia & Pacific 285h 86,934 r 19% Europe, Africa & Middle-East 694 h 120,852 r Hotel and room network 4,437h. / 647,161r. As of December, 31, 2010 Source: IHG report 2010 Economy Luxury Midscale X% Share of global network InterContinental – Company profile FY 2010

88 5. Room portfolio InterContinental – Company profile FY 2010

99 6. Operating mode Evolution Global network per operating mode (In room number) Network ,000 rooms Network ,161 rooms FranchiseOwned & LeasedManagement +150,161 rooms or 30% over 9 years Sources: IHG presentations and annual report InterContinental – Company profile FY h

10 6. Operating mode Per region Sources: IHG interim report Europe, Africa & Middle-East 120,852 rooms Americas 439,375 rooms Asia & Pacific 86,934 rooms FranchiseOwned & LeasedManagement Regional networks end of December 2010 per operating mode (In room number) Americas and EAME  clear focus on franchised hotels Asia and Pacific  mainly management contracts InterContinental – Company profile FY h 4h9h

11 6. Operating mode Per brand, 2010 FY Source: IHG’s FY results 2010 BrandHotelsRoomsOwnership by brand InterContinental17158,429 Crowne Plaza388106,155 Holiday Inn1,241227,225 Holiday Inn Express2,075191,228 Staybridge Suites18820,762 Candlewood Suites28828,253 Indigo384,548 HI Club Vacations62,892 Other427,669 InterContinental – Company profile FY 2010 O&L : 7h O&L : 4h O&L : 1h O&L : 2h O&L : 1h

12 7. Group strategy Over the last few years: Network ,100 hotels 497,000 rooms Network ,400 hotels 647,000 rooms –+1,300 hotels and 150,000 rooms –Focus on the lodging industry –Strong acquisition policy –Worldwide and segment-diversified development –Brand value for customers Sources: IHG presentations Objectives  “Making best use of our scale to build and grow preferred hotel brands for guests and owners in high value markets” Action Plan  Target key markets  Build powerful & distinct brands  Implement best demand delivery systems  Have and aligned and engaged organization, with reduced cost and increased efficiency  Play on 3 levers: Rooms, RevPar, Royalty Rate InterContinental – Company profile FY 2010 Conclusion  The most dynamic player with the biggest pipeline, capitalizing on its brands awareness to expand in growing markets  Strategy to penetrate massively Asia, and especially China, while continuing development in key European Countries (UK and Germany in particular)  Emerging globalization of Staybridge Suites and Indigo Hotels brands

7. Group strategy Focus on China 13 InterContinental – Company profile FY 2010

7. Group strategy Focus on India 14 InterContinental – Company profile FY 2010

7. Group strategy Focus on Middle East 15 InterContinental – Company profile FY 2010

16 7. Group strategy Zoom on 2010 key facts Sources: IHG Group at a glance & FY2010 presentation Crowne Plaza transformation : - 4 th largest upscale brand worldwide, fastest growing upscale brand in Asia - IHG capital to strengthen distribution (key locations, iconic assets) - Quality drive (c. 40 hotel removals) - Refresh brand hallmarks - Drive brand awareness Holiday Inn relaunch : - entire estate refreshed (90% Holiday Inn and HI Express now operating under the new standards) - new brand extensions (Holiday Inn Club Vacations) - strengthen brand image and reputation (Olympics sponsorship) InterContinental – Company profile FY 2010 Main facts:

7. Group strategy Zoom on 2010 key facts 17 InterContinental – Company profile FY 2010

7. Group strategy Zoom on 2010 key facts 18 InterContinental – Company profile FY 2010

19 8. Pipeline and lodging development General overview Source: IHG 2010 FY A development still focused on Americas and Holiday Inn & Holiday Inn Express Development in previous year –In 2010, 35,744 rooms (259 hotels) were added, and 35,262 rooms (260 hotels) removed Development plan as of ,275 hotels (204,859 rooms) in pipeline -Hotel Indigo outside Americas : 3 hotels open, 16 hotels in the pipeline, 7 new markets including Spain, Thailand, Hong Kong and Taipei -Holiday Inn Express in APAC : 18 hotels signings in 2010 taking pipeline to 40, market entry in India, Japan, Malaysia, Singapore and Taipei Group Pipeline by Operating Mode Group Pipeline by Region Group Pipeline by Brand InterContinental – Company profile FY 2010

20 Americas 890 hotels 102,509 rooms Pipeline and lodging development Pipeline at per region Sources: IHG FY 2010 EMEA 153 hotels 31,435 rooms APAC 232 hotels 70,915 rooms Franchise Mgt. 99% Mgt Management A development plan focused on Franchise and Midscale brands in Americas / Management and Upscale segment abroad InterContinental – Company profile FY 2010

8. Pipeline and lodging development Focus on China InterContinental – Company profile FY

8. Pipeline and lodging development Focus on India and Middle-East InterContinental – Company profile FY India Middle East

23 8. Pipeline and lodging development Pipeline at per brand Source: IHG FY 2010 results presentation 60 hotels 19,374 rooms 313 hotels 57,505 rooms 123 hotels 38,994 rooms 494 hotels 57,505 rooms 62 hotels 7,627 rooms 101 hotels 10,760 rooms 120 hotels 10,506 rooms Full Service Limited Service 100% 94%6% 12%70%13% 75%11%14% 44%40%16% 15%19% 33%7%60% Americas Extended Stay 66% EMEA APAC InterContinental – Company profile FY %

24 9. Key figures P&L evolution and forecasts Sources: company reports and Reuters consensus estimates as of March 09, 2011 InterContinental – Company profile FY 2010

26 –Very strong brand portfolio with strong brand image (Intercontinental, Express by HI) –Strong development plan in emerging countries such as Russia, China and India –Strong sales network (Internet, travel agents, retailers) –Largest loyalty program: Priority Club Rewards with 56 million members –Cash generative, resilient business model Strength –Weakening share in North America in recent years due to aggressive expansion of main competitors such as Marriott and rationalization of network –Reliability upon hotel sales within travel and tourism –Weak financial performance, with decreasing revenues Weaknesses –Development of Internet sales facilities and marketing activities as opportunities to further develop revenues through this medium –Considerable opportunities in emerging regions, such as Eastern Europe and Asia-Pacific –Extended stay segment as a fast growing and profitable segment Opportunities –Currency fluctuations particularly in case of a weak US Dollar. Uncertain Market conditions. –Threats of competition coming from budget and economic segments on Holiday Inn Express brand –New innovating concepts on the midscale segment facing ageing Holiday Inn Threats 10. SWOT analysis InterContinental – Company profile FY 2010

Company history Source: Company website Birth of the company W. Bass sets up a brewery developing since First move into the hospitality industry with the buying of Holiday Inns International 1990 Acquisition of the North American Holiday Inn 1991 Launch of Holiday Inn Express 2004 Launch of Hotel Indigo 2005 Launch of Staybridge UK 2008 Launch of Holiday Inn Club Vacations 2003 Creation of the InterContinental Hotels Group, listed on the NY- and London Stock Exchange. The restaurant and pubs part of Six Continents became Mitchells & Butlers plc. Launch of Candlewood Suites 1994 Launch of Crowne Plaza (upscale move) 2007 Relaunch program of the Holiday Inn Brand family 1998 The Intercontinental Hotel Co 1997 Move to franchise operating model Launch of Staybridge Suites in North America 2000 Change of name into Six Continents Acquisition of Southern Pacific Hotels (Australia) & the Bristol Hotels & Resorts Inc (US) 2001 Acquisition of the European Posthouse chain of hotels (UK and Europe) Acquisition of the Intercontinental Hong Kong (China, Asia Pacific) 2006 Operating JV with All Nipon Airways (ANA), IHG ANA Hotels Group Japan, InterContinental – Company profile FY 2010

28 Full Service Limited service Extended stay InterContinental H&R Crowne Plaza H&R Holiday Inn H&R Hotel Indigo Holiday Inn Express Holiday Inn Club Vacations Staybridge Suites Candlewood Suites Source: IHG’s FY results Brands description InterContinental – Company profile FY 2010

29 Overview Full-service, luxury and upper-upscale brand ►InterContinental's global flagship brand, primarily serving international business and leisure travelers ►Key figures FY 2010 ►ADR: $189 ►RevPar: $125 ►Occupancy Rate: 66% Main competitors ►Sofitel, Westin, JW Marriott H&R, Hilton, Park Hyatt Network ►171 hotels / 58,429 rooms in operation = 341 rooms per hotel on average Locations ►in major cities and resort locations ►Geographical breakdown ►more than 60 countries FY 2009 ► ADR: $179 ►RevPar: $112 ►Occupancy rate: 63% 12. Brands description Full-service – InterContinental Hotels Resorts Source: Company website & reports Americas APAC EAME InterContinental – Company profile FY 2010

30 Overview Full-service, upscale brand ►Targeting mainly business travelers due to high- level of business amenities ►“Sleep advantage” programme in North America and EMEA ►Co-branded ANA Crowne Plaza hotels open in Japan ►Strong pipeline ►Key figures FY 2010 ► ADR: $111 ► RevPar: $71 ► Occupancy Rate: 64% Main competitors ►Pullman, Sheraton, Doubletree, Renaissance, Grand Hyatt Network ►388 hotels / 106,155 rooms in operation = 274 rooms per hotel on average Locations ►mainly in major getaway cities or in resort locations ►Geographical breakdown ►50 countries FY 2009 ► ADR: $109 ► RevPar: $66 ► Occupancy rate: 60% Americas APAC EAME 12. Brands description Full-service – Crowne Plaza Hotels & Resorts Source: Company website & reports InterContinental – Company profile FY 2010

31 Overview Full-service, midscale brand ►The world’s most recognized midscale brand. Hotels outside the US market are often of a better range than inside ►Key figures FY 2010 ►ADR: $99 ►RevPar: $61 ►Occupancy Rate: 62% Main competitors ►Novotel, Courtyard, Ramada, Hyatt Place Network ►1,241 hotels / 227,225 rooms in operation = 183 rooms per hotel on average Locations ►no particular area requirements Geographical breakdown ►50 countries FY 2009 ► ADR: $95 ►RevPar: $54 ►Occupancy rate: 56% Americas APAC EAME 12. Brands description Full-service – Holiday inn Hotels & Resorts Source: Company website & reports InterContinental – Company profile FY 2010

32 Overview Limited-service, midscale brand ►Innovative design and concept, targeting mainly business travelers ►Boutique Hotel brand launched in 2004 ►Key figures FY 2010 ►ADR: $107 ►RevPar: $65 ►Occupancy Rate: 61% Main competitors ►Aloft Network ►38 hotels / 4,548 rooms in operation = 121 rooms per hotel on average Locations ►urban and nearly-urban locations Geographical breakdown ►35 hotels in the US ►Increasing international expansion: 62 hotels in the pipeline, including 5 hotels in APAC and 11 in EMEA FY 2009 ► ADR: $106 ►RevPar: $58 ►Occupancy rate: 55% 12. Brands description Limited-service – Hotel Indigo Source: Company website & reports InterContinental – Company profile FY 2010

33 Overview Limited-service, economic brand ►Key figures FY 2010 ►ADR: $94 ►RevPar: $59 ►Occupancy Rate: 63% Main competitors ►Ibis, Hampton, Fairfield Inn Network ►2,075 hotels / 191,228 rooms in operation = 92 rooms per hotel on average Geographical breakdown ►73 countries FY 2009 ► ADR: $92 ►RevPar: $56 ►Occupancy rate: 60% Americas APAC EAME 12. Brands description Limited-service – Holiday Inn Express (1/2) Source: Company website & reports InterContinental – Company profile FY 2010

34  Holiday Inn Express : the most brilliant success of spin-off  Creation -Holiday Inn in Holiday Inn Express in 1991 (roll out in Europe in 1996)  Positioning -Complementary brand to Holiday Inn (full service, midscale) on the economy segment (limited services) -Rooms look roughly the same -Differences in the extent of the hotel’s services and amenities  Branding -2 names used: Holiday Inn Express vs. Express by Holiday Inn outside the US and the UK -But current transformation to Holiday Inn Express worldwide  Existing network (end 2010): -Holiday Inn Express = 2,075 h. / 191 kr. -Holiday Inn = 1,241 h. / 227 kr.  A thriving brand with an incredibly quick development : larger network than Holiday Inn 12. Brands description Limited-service – Holiday Inn Express (2/2) Spin-Off Of A Flagship Brand : case study

35 Overview Extended stay, upscale brand ►Key figures FY 2010 ►ADR: $95 ►RevPar: $68 ►Occupancy Rate: 72% Main competitors ►Residence Inn Network ►188 hotels / 20,762 rooms in operation = 110 rooms per hotel on average Geographical breakdown ►In the US and recently launched in the UK 8 countries FY 2009 ► ADR: $97 ►RevPar: $65 ►Occupancy rate: 67% Americas EAME 12. Brands description Extended stay – Staybridge Suites Source: Company website & reports InterContinental – Company profile FY 2010

36 Overview Extended stay, midscale brand ►Key figures FY 2010 ►ADR: $62 ►RevPar: $43 ►Occupancy Rate: 69% Main competitors ►Suitehotel, Homewood Suites Network ►288 hotels / 28,253 rooms in operation = 98 rooms per hotel on average Geographical breakdown ►Only in North America FY 2009 ► ADR: $66 ►RevPar: $42 ►Occupancy rate: 64% 12. Brands description Extended stay – Candlewood Suites Source: Company website & reports InterContinental – Company profile FY 2010