Notification of Major Interests in Shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

INTERCONTINENTAL HOTELS GROUP PLC

2. Reason for the notification (please state Yes/No):

An acquisition or disposal of voting rights: YES

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached: YES

An event changing the breakdown of voting rights:

Other (please specify):

3. Full name of person(s) subject to the notification obligation:

MORGAN STANLEY
(Institutional Securities Group and Global Wealth Management)

4. Full name of shareholder(s) (if different from 3.):

5. Date of the transaction (and date on which the threshold is crossed or  reached if different):

22.09.08

6. Date on which issuer notified:

23.09.08

7. Threshold(s) that is/are crossed or reached:

TO BELOW 6%

8. Notified details:

A: Voting rights attached to shares

Class/type of shares if possible using  the ISIN CODE	Situation previous to the triggering transaction
	Number of shares	Number of voting Rights
ISIN: GB00B1WQCS47	18,113,174	18,113,174

Class/type of shares if possible using  the ISIN CODE	Resulting situation after the triggering transaction
	Number of shares	Number of voting Rights		Percentage of voting rights
		Direct	Indirect	Direct	Indirect
ISIN: GB00B1WQCS47	4,161,969	4,161,969	N/A	1.45%	N/A

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument		Expiration Date	Exercise/ conversion period/date	No. of voting rights that may be acquired (if the instrument exercised/converted)	Percentage of voting rights
PHYSICALLY SETTLED CALL OPTIONS		19 DECEMBER 2008		5,500,000	1.92%
PHYSICALLY SETTLED CALL OPTIONS		20 MARCH 2009		6,900,000	2.42%

Total (A+B)
Number of voting rights		Percentage of voting rights
16,561,969		5.79%

9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:

Morgan Stanley Securities Limited		13,218,496		4.63%
Morgan Stanley & Co Incorporated		6,666		0.00%
Morgan Stanley & Co International Plc		3,250,000		1.14%
MS Capital (Luxembourg) SA		69,248		0.02%
Bank MS AG		14,000		0.00%

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date on which proxy holder will cease to hold voting rights:

N/A

13. Additional information:

NOTIFICATION USING THE TOTAL VOTING RIGHTS FIGURE OF 285,552,193

14. Contact name:

GROUP COMPANY SECRETARIAT

15. Contact telephone number:

01895 512000