IHG. Supplementary Information 31 December 2014

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1 Supplementary Information 31 December 2014

2 Index RevPAR - 3 and 12 months to 31 December Current Trading RevPAR, ADR & Occupancy Hotel & Room Count at 31 December 2014 Pipeline at 31 December 2014 Room Count & Pipeline Growth Drivers Revenue & Operating Profit Free Cash Flow 12 months ended 31 December 2014 Ordinary Shares at 31 December

3 Explanatory Notes RevPAR & Pipeline We have disclosed franchised, managed, owned and leased RevPAR, occupancy and ADR on a comparable basis, based on comparability as at 31 December Franchised and Managed comparable RevPAR, occupancy and ADR reflects performance this year compared to the same period last year for hotels that have traded in both years. Results for 2014 and 2013 include hotels that were previously franchised, managed or owned and have been transferred to either managed or franchised and included as comparable. Owned and leased comparable RevPAR, occupancy and ADR reflects performance this year compared to the same period last year for owned and leased hotels that have traded in both years. This excludes new builds, brand changes, properties closed for major refurbishment and completed disposals. All RevPAR and ADR data is quoted at a constant US dollar conversion rate to avoid distortions created by the fluctuations in the year on year exchange rate. IHG's pipeline comprises hotels in planning and under construction but not yet opened; a contract for these has been signed and the appropriate fees paid. 3

4 Explanatory Notes Free Cash Flow Further to changes to the definition of Free Cash Flow set out in the supplementary information for the period ended 30 June 2014: The following cash flow items have been included in the calculation of free cash flow: Retirement benefit contributions, net of cost. Net purchase of shares by employee share trusts and issue of share capital, to align these cash flows with the equity-settled share-based cost. Capital expenditure on key money, which was previously included within investment capital expenditure. System Fund capital investments which were previously included within maintenance capital are now shown as a use of net cash flow. Disposal receipts have been separated to show the proceeds from owned InterContinental assets and other investments, which includes proceeds from property, plant & equipment (excluding InterContinental assets), associates and joint ventures, and other financial assets. 4

5 Comparable RevPAR 3 Months to 31 December 2014 Franchised and Managed Constant US$ Franchised Comparable Managed Comparable Hotels Occ % ADR RevPAR Hotels Occ % ADR RevPAR 2014 Pts 2014 Growth 2014 Growth 2014 Pts 2014 Growth 2014 Growth InterContinental % 2.3% % % % (1.3%) % % Crowne Plaza % 2.9% % % % 0.1% % % Holiday Inn % 2.1% % % % (0.2%) % % Holiday Inn Express 1, % 2.1% % % % 4.2% % % Staybridge Suites % 1.2% % % % (0.3%) % % Candlewood Suites % 2.9% % % % 1.7% % % Hotel Indigo % 1.4% % % % 1.6% % % Americas 3, % 2.2% % % % 0.1% % % InterContinental % 2.1% (4.4%) (1.5%) % 1.7% % % Crowne Plaza % (0.2%) % % % (0.3%) % % Holiday Inn % 1.5% % % % 0.0% % % Holiday Inn Express % 1.7% % % % 4.2% (3.8%) % Staybridge Suites % 2.6% % % - 0.0% 0.0% % % Hotel Indigo % (1.0%) % % - 0.0% 0.0% % % Europe % 1.2% % % % 0.6% % % InterContinental % (1.2%) % % % 2.1% % % Crowne Plaza % 1.2% % % % 0.3% % % Holiday Inn % (0.4%) % % % 2.0% (1.4%) % Holiday Inn Express % 2.1% % % % 5.7% (5.4%) % Staybridge Suites - 0.0% 0.0% % % % 10.8% % % Other % 2.9% % % % (0.3%) % % AMEA % 0.4% % % % 1.5% % % InterContinental % (0.1%) (4.5%) (4.6%) % (0.2%) (3.8%) (4.0%) Crowne Plaza - 0.0% 0.0% % % % 4.1% (6.0%) % Holiday Inn % (3.8%) % % % (0.7%) (3.1%) (4.2%) Holiday Inn Express % (1.7%) % % % (0.5%) % (0.1%) Hotel Indigo - 0.0% 0.0% % % % (0.1%) % % Greater China % (2.7%) % (0.7%) % 1.1% (3.5%) (1.8%) Total IHG 3, % 2.0% % % % 1.0% % % 5

6 Comparable RevPAR 3 Months to 31 December 2014 Owned & Leased and Total Constant US$ Owned & Leased Comparable Total Comparable Hotels Occ % ADR RevPAR Occ % ADR RevPAR 2014 Pts 2014 Growth 2014 Growth 2014 Pts 2014 Growth 2014 Growth InterContinental % 6.9% (0.3%) % 71.8% 0.5% % % Crowne Plaza - 0.0% 0.0% % % 64.3% 2.6% % % Holiday Inn % 1.9% % % 60.3% 2.0% % % Holiday Inn Express - 0.0% 0.0% % % 63.5% 2.1% % % Staybridge Suites - 0.0% 0.0% % % 72.6% 0.9% % % Candlewood Suites - 0.0% 0.0% % % 71.1% 2.6% % % Hotel Indigo - 0.0% 0.0% % % 69.0% 1.4% % % Americas % 4.8% % % 64.0% 2.0% % % InterContinental % (2.9%) % (3.1%) 69.9% 1.5% % % Crowne Plaza - 0.0% 0.0% % % 70.2% (0.3%) % % Holiday Inn - 0.0% 0.0% % % 68.5% 1.2% % % Holiday Inn Express - 0.0% 0.0% % % 73.1% 1.7% % % Staybridge Suites - 0.0% 0.0% % % 87.5% 2.6% % % Hotel Indigo - 0.0% 0.0% % % 80.4% (1.0%) % % Europe % (2.9%) % (3.1%) 70.3% 1.1% % % InterContinental % (9.6%) (3.8%) (19.2%) 73.6% 1.4% % % Crowne Plaza - 0.0% 0.0% % % 77.7% 0.4% % % Holiday Inn % 4.1% % % 75.6% 1.4% (0.8%) % Holiday Inn Express - 0.0% 0.0% % % 74.1% 3.0% (1.4%) % Staybridge Suites - 0.0% 0.0% % % 87.0% 10.8% % % Other - 0.0% 0.0% % % 85.4% 1.0% % % AMEA % (4.7%) % (6.4%) 75.8% 1.2% % % InterContinental % (1.8%) (6.1%) (8.1%) 65.9% (0.2%) (4.4%) (4.8%) Crowne Plaza - 0.0% 0.0% % % 60.1% 4.1% (6.0%) % Holiday Inn - 0.0% 0.0% % % 64.1% (1.0%) (1.8%) (3.3%) Holiday Inn Express - 0.0% 0.0% % % 77.3% (0.5%) % (0.1%) Hotel Indigo - 0.0% 0.0% % % 70.7% (0.1%) % % Greater China % (1.8%) (6.1%) (8.1%) 65.2% 1.0% (3.4%) (2.0%) Total IHG % (0.7%) (1.5%) (2.3%) 66.2% 1.7% % % 6

7 Comparable RevPAR 12 Months to 31 December 2014 Franchised and Managed Constant US$ Franchised Comparable Managed Comparable Hotels Occ % ADR RevPAR Hotels Occ % ADR RevPAR 2014 Pts 2014 Growth 2014 Growth 2014 Pts 2014 Growth 2014 Growth InterContinental % 1.3% % % % 0.8% % % Crowne Plaza % 3.0% % % % 4.0% % % Holiday Inn % 2.6% % % % 0.1% % % Holiday Inn Express 1, % 2.1% % % % (3.5%) % % Staybridge Suites % 2.0% % % % 2.7% % % Candlewood Suites % 2.8% % % % 5.1% % % Hotel Indigo % 3.1% % % % 3.7% % % Americas 3, % 2.4% % % % 2.5% % % InterContinental % 2.6% % % % 1.4% % % Crowne Plaza % 0.6% % % % 1.6% % % Holiday Inn % 1.9% % % % 0.2% % % Holiday Inn Express % 3.3% % % % 7.2% (0.0%) % Staybridge Suites % 5.6% % % - 0.0% 0.0% % % Hotel Indigo % 2.0% % % - 0.0% 0.0% % % Europe % 2.1% % % % 0.9% % % InterContinental % (1.1%) % % % 2.3% % % Crowne Plaza % 0.5% % % % 0.3% % % Holiday Inn % (0.0%) (0.6%) (0.7%) % 0.3% % % Holiday Inn Express % 3.9% % % % (1.6%) (1.3%) (3.7%) Staybridge Suites - 0.0% 0.0% % % % 5.3% % % Other % 1.0% % % % 1.2% % % AMEA % 0.7% % % % 1.0% % % InterContinental % (1.3%) % % % 1.1% (3.0%) (1.1%) Crowne Plaza - 0.0% 0.0% % % % 4.1% (4.4%) % Holiday Inn % (1.5%) % % % 1.6% (3.1%) (0.5%) Holiday Inn Express % 6.7% (1.7%) % % 2.2% % % Hotel Indigo - 0.0% 0.0% % % % 7.1% % % Greater China % (1.0%) % % % 2.6% (2.9%) % Total IHG 3, % 2.3% % % % 1.9% % % 7

8 Comparable RevPAR 12 Months to 31 December 2014 Owned & Leased and Total Constant US$ Owned & Leased Comparable Total Comparable Hotels Occ % ADR RevPAR Occ % ADR RevPAR 2014 Pts 2014 Growth 2014 Growth 2014 Pts 2014 Growth 2014 Growth InterContinental % (0.2%) % % 73.4% 1.0% % % Crowne Plaza - 0.0% 0.0% % % 67.5% 3.0% % % Holiday Inn % 5.0% % % 65.8% 2.5% % % Holiday Inn Express - 0.0% 0.0% % % 68.5% 2.1% % % Staybridge Suites - 0.0% 0.0% % % 77.9% 2.1% % % Candlewood Suites - 0.0% 0.0% % % 75.7% 3.4% % % Hotel Indigo - 0.0% 0.0% % % 72.5% 3.1% % % Americas % 2.0% % % 68.8% 2.4% % % InterContinental % (1.4%) (3.2%) (4.7%) 70.3% 1.4% % % Crowne Plaza - 0.0% 0.0% % % 71.9% 0.8% % % Holiday Inn - 0.0% 0.0% % % 70.3% 1.6% % % Holiday Inn Express - 0.0% 0.0% % % 75.2% 3.3% % % Staybridge Suites - 0.0% 0.0% % % 88.0% 5.6% % % Hotel Indigo - 0.0% 0.0% % % 80.2% 2.0% % % Europe % (1.4%) (3.2%) (4.7%) 72.0% 1.9% % % InterContinental % (7.4%) (6.6%) (17.8%) 71.9% 1.7% % % Crowne Plaza - 0.0% 0.0% % % 74.4% 0.3% % % Holiday Inn % 11.5% (4.9%) % 72.6% 0.4% % % Holiday Inn Express - 0.0% 0.0% % % 67.0% 2.5% % % Staybridge Suites - 0.0% 0.0% % % 84.6% 5.3% % % Other - 0.0% 0.0% % % 84.1% 1.1% % % AMEA % (0.7%) (5.4%) (6.3%) 72.9% 1.0% % % InterContinental % 1.7% (3.1%) (1.0%) 63.4% 1.0% (2.6%) (1.0%) Crowne Plaza - 0.0% 0.0% % % 56.8% 4.1% (4.4%) % Holiday Inn - 0.0% 0.0% % % 63.1% 1.4% (0.8%) % Holiday Inn Express - 0.0% 0.0% % % 75.7% 2.3% % % Hotel Indigo - 0.0% 0.0% % % 68.3% 7.1% % % Greater China % 1.7% (3.1%) (1.0%) 63.1% 2.4% (2.3%) % Total IHG % 0.5% (0.9%) (0.2%) 69.1% 2.2% % % 8

9 2014 Current Trading Comparable RevPAR Growth Constant US$ Qtr 1 Qtr 2 Qtr 3 Oct Nov Dec Qtr 4 Full Year United States: InterContinental 6.6% 2.6% 8.2% 5.6% 2.7% 6.0% 4.8% 5.5% Crowne Plaza 8.0% 7.2% 10.0% 9.4% 7.2% 6.2% 7.8% 8.3% Holiday Inn 6.9% 7.6% 9.4% 10.5% 5.6% 7.2% 8.0% 8.1% Holiday Inn Express 5.7% 6.7% 8.2% 9.8% 5.3% 8.0% 7.8% 7.2% Staybridge Suites 8.2% 7.6% 7.4% 8.0% 1.6% 3.5% 4.6% 7.0% Candlewood Suites 8.7% 8.1% 8.2% 11.1% 7.2% 6.4% 8.5% 8.3% Hotel Indigo 5.8% 11.0% 11.1% 9.2% 0.7% 3.8% 4.9% 8.3% All Brands 6.7% 7.0% 8.7% 9.7% 5.3% 7.0% 7.5% 7.5% Total Americas 7.0% 7.0% 8.5% 9.0% 4.9% 6.6% 7.0% 7.4% Total Europe 6.0% 4.1% 6.1% 2.0% 3.3% 8.3% 4.2% 5.1% Total AMEA 4.1% 3.7% 4.4% 2.1% 4.7% 2.7% 3.1% 3.8% Total Greater China 3.9% 4.6% 0.8% (3.3%) (0.3%) (2.1%) (2.0%) 1.6% Total IHG 6.2% 5.9% 7.0% 5.7% 4.1% 5.5% 5.1% 6.1% 9

10 2014 Current Trading Comparable ADR Growth Constant US$ Qtr 1 Qtr 2 Qtr 3 Oct Nov Dec Qtr 4 Full Year United States: InterContinental 2.8% 1.4% 6.5% 5.7% 2.3% 5.1% 4.4% 3.7% Crowne Plaza 2.3% 2.8% 3.3% 3.0% 2.2% 1.7% 2.4% 2.7% Holiday Inn 2.2% 3.6% 4.5% 4.1% 3.4% 3.9% 3.9% 3.6% Holiday Inn Express 2.3% 3.6% 4.6% 4.4% 3.6% 3.6% 4.0% 3.7% Staybridge Suites 2.9% 5.0% 5.0% 3.8% 2.4% 2.9% 3.1% 4.1% Candlewood Suites 1.3% 3.7% 4.0% 4.5% 4.4% 4.6% 4.5% 3.4% Hotel Indigo (0.8%) 4.7% 5.8% 4.3% 3.4% 0.1% 2.9% 3.2% All Brands 2.1% 3.4% 4.5% 4.0% 3.2% 3.5% 3.6% 3.5% Total Americas 2.5% 3.7% 4.7% 3.9% 3.2% 3.6% 3.6% 3.7% Total Europe 0.8% 1.8% 3.8% 1.4% 2.4% 4.5% 2.5% 2.3% Total AMEA 3.3% 2.6% 2.4% 0.7% 2.9% 0.8% 1.5% 2.4% Total Greater China (0.9%) (1.8%) (2.6%) (3.6%) (1.8%) (4.7%) (3.4%) (2.3%) Total IHG 1.9% 2.7% 3.6% 2.2% 2.5% 2.5% 2.4% 2.7% 10

11 2014 Current Trading Comparable Occupancy Growth (%age pts) Qtr 1 Qtr 2 Qtr 3 Oct Nov Dec Qtr 4 Full Year United States: InterContinental 2.7% 1.1% 1.3% (0.1%) 0.3% 0.7% 0.3% 1.3% Crowne Plaza 3.4% 3.0% 4.5% 4.5% 3.1% 2.3% 3.3% 3.6% Holiday Inn 2.7% 2.6% 3.2% 4.1% 1.2% 1.6% 2.3% 2.7% Holiday Inn Express 2.0% 2.1% 2.5% 3.6% 1.0% 2.2% 2.3% 2.2% Staybridge Suites 3.7% 2.0% 1.8% 3.2% (0.5%) 0.3% 1.0% 2.1% Candlewood Suites 4.8% 3.3% 3.1% 4.8% 1.9% 1.1% 2.6% 3.4% Hotel Indigo 4.5% 4.4% 3.6% 3.5% (1.8%) 2.2% 1.3% 3.4% All Brands 2.7% 2.5% 2.9% 3.8% 1.2% 1.8% 2.3% 2.6% Total Americas 2.7% 2.3% 2.6% 3.5% 1.0% 1.5% 2.0% 2.4% Total Europe 3.1% 1.7% 1.7% 0.4% 0.6% 2.2% 1.1% 1.9% Total AMEA 0.5% 0.8% 1.3% 1.0% 1.4% 1.3% 1.2% 1.0% Total Greater China 2.6% 3.9% 2.3% 0.2% 1.0% 1.6% 1.0% 2.4% Total IHG 2.6% 2.2% 2.3% 2.4% 1.0% 1.6% 1.7% 2.2% 11

12 Hotel & Room Count at 31 December 2014 Franchised Managed Owned & Leased Total Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms InterContinental 27 7, , ,897 Crowne Plaza , , ,366 Holiday Inn , , ,280 Holiday Inn Express 2, , , ,601 Staybridge Suites , , ,200 Candlewood Suites , , ,708 Hotel Indigo 36 4, ,551 EVEN Hotels Other 2 6, , ,118 Americas 3, , , ,630 3, ,017 InterContinental 7 1, , ,372 Crowne Plaza 70 16, , ,395 Holiday Inn , , ,722 Holiday Inn Express , ,138 Staybridge Suites Hotel Indigo 15 1, ,568 Total Other Europe , , ,208 InterContinental 7 2, , ,424 Crowne Plaza 10 2, , ,688 Holiday Inn 22 4, , ,750 Holiday Inn Express 9 2, , ,295 Staybridge Suites Other ,294 AMEA 50 11, , ,876 InterContinental , ,542 Crowne Plaza , ,113 Holiday Inn 2 1, , ,407 Holiday Inn Express , ,076 Hotel Indigo Other Greater China 4 2, , ,194 InterContinental 42 12, , , ,235 Crowne Plaza , , ,562 Holiday Inn 1, , , ,117 1, ,159 Holiday Inn Express 2, , , , ,110 Staybridge Suites , , ,409 Candlewood Suites , , ,708 Hotel Indigo 51 5, , ,731 EVEN Hotels Other 6 7, , ,085 Total System Size 4, , , ,190 4, ,295 12

13 Pipeline at 31 December 2014 Franchised Managed Owned & Leased Total Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms InterContinental , ,337 Crowne Plaza 15 2, ,206 Holiday Inn , ,155 Holiday Inn Express , ,125 Staybridge Suites 89 9, ,594 Candlewood Suites 89 7, ,717 Hotel Indigo 23 2, , ,259 EVEN Hotels Other , ,218 America , , ,195 InterContinental Crowne Plaza 8 1, , ,917 Holiday Inn 32 5, , ,944 Holiday Inn Express 39 5, ,374 Staybridge Suites Hotel Indigo 11 1, ,368 Other Europe 95 13, , ,893 InterContinental , ,804 Crowne Plaza , ,412 Holiday Inn , ,230 Holiday Inn Express , ,177 Staybridge Suites Hotel Indigo , ,823 AMEA 8 1, , ,346 InterContinental , ,678 Crowne Plaza , ,801 Holiday Inn , ,384 Holiday Inn Express , ,278 Hotel Indigo , ,646 HUALUXE , ,551 Greater China , ,338 InterContinental 4 1, , ,664 Crowne Plaza 23 4, , ,336 Holiday Inn , , ,713 Holiday Inn Express , , ,954 Staybridge Suites 93 9, ,908 Candlewood Suites 89 7, ,717 Hotel Indigo 34 4, , ,096 HUALUXE , ,551 EVEN Hotels Other , ,249 Total Pipeline , , , ,772 13

14 Americas Future Growth Drivers Total InterContinental Crowne Plaza Holiday Inn Holiday Inn Express Staybridge Suites Candlewood Suites Hotel Indigo EVEN Hotels Other Room Count 1 January ,424 17,453 47, , ,431 20,309 29,778 4, ,222 Openings 20, ,905 4,490 10, , Brand Conversions (388) Removals (12,230) (556) (856) (6,652) (2,918) 0 (309) (1) 0 (938) 31 December ,017 16,897 48, , ,601 21,200 30,708 4, ,118 % Growth 2% (3)% 3% (2)% 5% 4% 3% 5% 0% (1)% Pipeline 1 January ,018 1,437 3,228 19,344 33,488 7,495 6,914 3, Signings 38, ,315 7,554 16,483 3,854 3,237 1, , December ,195 2,337 3,206 20,155 37,125 9,594 7,717 4, ,218 14

15 Europe Future Growth Drivers Total InterContinental Crowne Plaza Holiday Inn Holiday Inn Express Staybridge Suites Hotel Indigo Other Room Count 1 January ,066 9,525 19,522 45,621 25, ,243 0 Openings 5, ,515 1, Brand Conversions Removals (3,211) (681) (994) (1,414) (122) December ,208 9,372 19,395 45,722 27, , % Growth 2% (2)% (1)% 0% 7% 0% 26% 0% Pipeline 1 January , ,624 6,612 6, ,576 0 Signings 7, ,499 2,100 3, December , ,917 6,944 6, ,

16 AMEA Future Growth Drivers Total InterContinental Crowne Plaza Holiday Inn Holiday Inn Express Staybridge Suites Hotel Indigo Other Room Count 1 January ,838 21,383 19,078 18,464 3, ,988 Openings 4, ,638 1, Brand Conversions (329) Removals (1,190) (376) (97) (352) (365) 31 December ,876 21,424 19,688 19,750 5, ,294 % Growth 5% 0% 3% 7% 51% 0% 0% (35)% Pipeline 1 January ,074 5,378 4,048 12,341 7, ,392 0 Signings 8, ,321 2, December ,346 5,804 4,412 13,230 8, ,

17 Greater China Future Growth Drivers Total InterContinental Crowne Plaza Holiday Inn Holiday Inn Express Hotel Indigo HUALUXE Other Room Count 1 January ,545 11,742 23,234 21,662 11, Openings 10,648 2,261 3,498 1,719 2, Brand Conversions Removals (999) (461) (619) December ,194 13,542 26,113 23,407 14, % Growth 14% 15% 12% 8% 25% 0% 0% - Pipeline 1 January ,590 9,392 18,469 11,944 7, ,804 0 Signings 15, ,400 3,824 7, , December ,338 6,678 14,801 12,384 11,278 1,646 7,

18 Revenue & Operating Profit Total Revenue Total Operating Profit * Half Year Full Year Half Year Full Year Franchised Managed Owned & Leased Regional Overhead (28) (26) (22) (65) (53) (52) Total Americas Franchised Managed Owned & Leased Regional Overhead (15) (17) (16) (33) (34) (35) Total Europe Franchised Managed Owned & Leased Regional Overhead (11) (11) (10) (19) (22) (20) Total AMEA Franchised Managed Owned & Leased Regional Overhead (10) (11) (9) (21) (21) (19) Total Greater China Central Overheads (70) (74) (78) (155) (155) (162) Total IHG ,858 1,903 1, * With effect from 1 January 2013 the Group has adopted IAS 19 (Revised) Employee Benefits resulting in the following additional charges to operating profit; $5m for the six months ended 30 June 2012 and $9m for the 12 months ended 31 December

19 Free Cash Flow Generation $m 12 months to 31 December months to 31 December 2013 Operating profit Depreciation & amortisation Working capital & other movements Movement in loyalty programme liability and System Fund surplus Utilisation of provisions, net of cost (2) (3) Equity-settled share-based cost Retirement benefit contributions, net of cost (6) (18) Net purchase of shares by employee share trusts (68) (44) Issue of share capital - 5 Cash flows relating to exceptional operating items (114) (33) Net interest paid & similar charges (74) (72) Tax paid 3 (136) (92) Capital expenditure: key money 4 (53) (18) Capital expenditure: maintenance 5 (101) (113) Free cash flow Before exceptional items 2. Includes System Fund depreciation and amortisation inflow to IHG of $20m in the year to 31 December 2014 and $16m in the year to 31 December Excludes tax paid on disposals 4. Previously included in "Capital expenditure - investments 5. Previously included System Funded investments (now shown on next slide). 6. Free cash flow in the year to 31 December 2013 previously disclosed as $502m. 19

20 Uses of Free Cash Flow $m 12 months to 31 December months to 31 December 2013 Free cash flow Capital expenditure: Recyclable investments 1 (60) (107) Capital expenditure: System Fund investments 2 (57) (31) Disposal receipts: Other 48 - Disposal receipts: InterContinental assets Tax paid on disposals - (5) Ordinary dividend (179) (178) Special dividend (763) (355) Transaction costs relating to shareholder returns (1) - Net ring-fenced deposits relating to pension arrangements - (52) Dividends paid to non-controlling interests (1) (1) Repurchase of shares (110) (283) Net cash outflow (456) (57) Exchange & other non-cash items 76 (22) Opening net debt (1,153) (1,074) Closing net debt (1,533) (1,153) 1. Previously included in investment capital expenditure. 2. Previously included in maintenance capital expenditure. 20

21 Ordinary Shares Number of shares At 31 Dec 2014 At 31 Dec 2013 Opening balance at 1 January Option exercise Share consolidation* Repurchased and cancelled** (20.6) (0.7) - - Closing balance at 31 December Basic weighted average shares Dilutive potential ordinary shares Basic diluted average shares * The special dividend paid in July was accompanied by a 12 for 13 share consolidation. ** 3.4m shares were repurchased in the 12 months to 31 December 2014, of which 0.7m (2013 nil) were cancelled and 2.7m ( m) were not cancelled but held as Treasury shares. 21

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