RNS Number:1918J
London Stock Exchange Notice
25 March 2003

                                                                         London Stock Exchange
                                                                         Old Broad Street
25 March 2003                                                            London EC2N 1HP
                                                                         Telephone +44 (0)20 7797 1000
                                                                         www.londonstockexchange.com

For the attention of the
chairman/senior partner/compliance officer,
all member firms                                                         N06/03


STOCK EXCHANGE NOTICE

DOMESTIC MARKET
WHEN ISSUED DEALING
INTERCONTINENTAL HOTELS GROUP PLC AND MITCHELLS & BUTLERS PLC

1.     Six Continents plc has announced its intention to create two separate listed companies by way of
       demerger and a change of name.  The two companies are InterContinental Hotels Group plc (ISIN
       GB0032612805) and Mitchells & Butlers plc (ISIN GB0032612797), and When Issued dealing will be
       permitted in the ordinary shares of each company under rule 7050 of the Rules of the London
       Stock Exchange.

2.     InterContinental Hotels Group plc and Mitchells & Butlers plc will trade on SETS and the
       timetable for When Issued dealing is as follows:

       When Issued dealing commences                      - 8:00am Monday 31 March 2003

       Last day for dealing in Six Continents plc         - Friday 11 April 2003
       listed shares

       Last day for dealing in When Issued                - Monday 14 April 2003
       shares

       Expected time for listing and                      - 8:00am Tuesday 15 April 2003
       commencement of unconditional dealing


3.     For the purposes of matching settlement instructions in CREST, the Intended Settlement Date for
       When Issued central counterparty transactions from 31 March 2003 until 14 April 2003 must be
       calculated on the standard T+3 basis in line with the central counterparty service.  The
       earliest actual settlement date for all transactions is the expected time for listing, 15 April
       2003.

4.     Any comments or queries on this Notice should be addressed to Arvinder Magar, Market
       Supervision, telephone 020 7797 1291 (STX 31291) or email: amagar@londonstockexchange.com.


David Shrimpton
Head of Trading Services

This Stock Exchange Notice will be available on the website at
www.londonstockexchange.com/regulation/notices/

Calls to London Stock Exchange plc may be recorded to enable the Exchange to
carry out its regulatory responsibilities.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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