Exhibit 4.(a)(i)
  TRUST DEED
  Between
  INTERCONTINENTAL HOTELS GROUP PLC Issuer
  SIX CONTINENTS LIMITED Six
    Continents
  INTERCONTINENTAL HOTELS LIMITED InterContinental Guarantors
  HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED Trustee
  Whereas
  Programme Authorised Amount
      NOW THIS
    TRUST DEED WITNESSES AND IT IS HEREBY DECLARED
  1. Definitions
    and Interpretation
  1.1  Definitions
    Additional Rating Agency
  Agency Agreement
 1




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Agents
  Appointee
  Auditors
  Authorised Signatory sub-clause 8(p) Authorised Signatories
  Calculation Agent
  CGN Permanent Global Note
  CGN Temporary Global Note
  Change of Control
  Clearstream, Luxembourg société anonyme
  Common Safekeeper
  Conditions
  Contractual Currency Remuneration
 2




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Couponholder
  Coupons
  Dealer Agreement
  Dealers
  Director
  Drawdown Prospectus
  Euroclear
  Event of Default
  Extraordinary Resolution
  Final Terms
  Fitch
  Fixed Rate Note
  Floating Rate Note
 3




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FSMA
  Global Note
  ICSDs
  Index Linked Interest Notes
  Issue Date
  Interest Commencement Date
  Liabilities Liability
  London Stock Exchange
  Material Subsidiary
  Moodys
  NGN Permanent Global Note
  NGN Temporary Global Note
  Noteholder holder
  Notes Global Notes Signature
  outstanding
   4




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provided that
    Legal Proceedings Waiver
        Paying Agents
 5




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and/or
  Permanent Global Note
  Potential Event of Default and/or
  Principal Paying Agent
  Put Option
  Rating Agency
  Receiptholder
  Receipts
  Relevant Date
  Reserved Matter
  repay redeem vice versa repaid repayable repayment redeemed redeemable redemption
  Series and/or
  Specified Office
  Subsidiary
  Substitute Rating Agency
 6




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Successor
  Successor in Business Original Company
      S&P
  Talonholder
  Talons
  Temporary Global Note
  this Trust Deed
  Tranche
  Trustee Acts
  Written Resolution
 7




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Zero Coupon Note
  1.2
    Principles
    of interpretation    Statutory modification:
  Additional amounts: and/or
  Relevant Currency: relevant
    currency and/or and/or
  Tax:
  Enforcement of rights:
  Clauses and Schedules: sub-clause, sub-paragraph sub-clause, sub-paragraph
  Clearing systems: and/or
  Trust corporation:
  Gender:
 8




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Records:
  Drawdown Prospectus:
  Guarantees:
  Proceedings: and/or and/or
  1.3  The
    Conditions
    1.4  Headings
  sub-headings
  1.5  The
    Schedules
    1.6 Written
    Notices/Approvals
    2. Amount
    and Issue of the Notes
  2.1  Amount
    of the Notes
    2.2  Prior
    to each Issue Date
   9




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2.3  Constitution
    of Notes
    2.4  Further
    legal opinions
    3. Covenant
    to Repay
  3.1  Covenant
    to repay
  Interest on Floating Rate Notes following Event of
    Default
 10




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pro tanto
        3.2  Following
    an Event of Default
  and/or
     11




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out-of-pocket
    Covenant to repay Payments
    to Noteholders, Receiptholders and Couponholders
  3.3  Interest
    on Floating Rate Notes and Index Linked Interest Notes following
    Event of Default
  and/or
  3.4  Currency
    of payments
    3.5  Separate
    Series
  mutatis
    mutandis Notes Noteholders Receipts Receiptholders Coupons Couponholders Talons Talonholders
 12




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4. Guarantee
          and/or and/or and/or sub-clause
   13




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14




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5. The
    Notes
  5.1  Global
    Notes
        5.2  Notes
    in definitive form
   15




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5.3  Signature
    5.4  Entitlement
    to treat holder as owner
    5.5  Further
    Notes
    6. Cancellation
    of Notes and Records
  Replacement of Notes, Receipts, Coupons and
    Talons Replacement of Notes, Receipts,
    Coupons and Talons
 16




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pro tanto
   17




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7. Covenant
    to Comply with the Trust Deed
  7.1  Covenant
    to comply with the Trust Deed
    7.2  Trustee
    may enforce Conditions
    8. Covenants
    by the Issuer and the Guarantors
    Books of account:
  Event of Default: Negative
    Pledge
 18




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Certificate of Compliance:
  Financial statements:
  Information: Certificate of
    Compliance
  Notes held by Issuer and the
    Guarantors:
 19




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Execution of further Documents:
  Notices to Noteholders: Notices
  Notification of non-payment:
  Notification of late payment: Notices
  Notification of redemption or
    payment:
  Tax or optional redemption:
  Obligations of Agents:
  Change of taxing jurisdiction: sub-division
 20




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Listing: and/or and/or and/or and/or and/or and/or
  Authorised Signatories:
  Payments:
  Notification of amendment to Dealer
    Agreement:
  Auditors certificates:
  Further documents:
 21




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Appointment and removal of
    Agents: Notices
  Subsidiaries: Redemption and Purchases
  Documents available for
    inspection:
  U.S. Paying Agent: Notices
  Dealer Agreement: and/or and/or
  List of Material Subsidiaries: Events of Default
  Change in Material
    Subsidiaries:
 22




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Coupons:
  Legal Opinions:
  Euroclear and Clearstream: and/or
  Notice of rating downgrade:
  9. Amendments
    and Substitution
  9.1  Waiver
   23




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9.2  Modifications
  Notices
  9.3  Substitution
  Procedure: Substituted Obligor Substituted Obligor
     24




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sub-clause (c)
  sub-clauses sub-clause 9.3(a)) sub-division Substituted Territory Issuers Territory
  sub-clause 9.3(d) Directors certification
   25




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Change of law:
  Extra duties:
  Directors certification:
  Interests of Noteholders:
  Release of Issuer or, as the case may be, the
    relevant Guarantor: sub-clause 9.3(a) Procedure
 26




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sub-clause 9.3(c)).
  Completion of substitution:
  9.4  Rating
    Confirmations
    10. Breach
    11. Enforcement
  11.1  Legal
    proceedings
  and/or and/or
 27




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and/or
  11.2  Evidence
    of default
            12. Application
    of Moneys
  12.1
    Application
    of moneys  pari passu Investment of moneys
    pari passu
 28




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pari passu
    Prescription
  12.2
    Investment
    of moneys  Application of moneys
  12.3
    Authorised
    Investments   29




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12.4  Payment
    to Noteholders, Receiptholders and Couponholders
  Notices Application of Moneys Payments
  12.5  Production
    of Notes, Receipts and Coupons
  Payment to
    Noteholders, Receiptholders and Couponholders
  12.6  Noteholders
    to be treated as holding all Receipts and Coupons
    12.7  Regulated
    Activities
      13.
    Terms
    of Appointment   30




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13.1
    Reliance
    on Information  Advice:
  Certificate of Directors or Authorised
    Signatories: and/or
  Certificate of Auditors:
  Resolution or direction of
    Noteholders:
  Reliance on certification of clearing
    system:
 31




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Noteholders as a class: sub-division and/or
  Trustee not responsible for
    investigations:
  No obligation to monitor:
  Notes held by the Issuer: sub-clause 8(f) Notes held by Issuer and the Guarantors
 32




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Forged Notes:
  Events of Default:
  Legal Opinions:
  Authorised Amount:
  Trustee not Responsible:
  Freedom to Refrain:
  Right to Deduct or
    Withhold:
 33




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Reliance by Trustee: and/or and/or
  13.2
    Trustees
    powers and duties  Trustees determination:
  Determination of questions:
  Trustees discretion:
 34




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and/or and/or
  Trustees consent:
  Conversion of currency:
  Application of proceeds:
  Error of judgment:
  Agents:
  Delegation:
 35




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sub-delegate sub-delegate;
  Custodians and nominees:
  Maintenance of ratings:
  Confidential information:
  Responsibility for loss:
  13.3
    Financial
    matters  Professional charges:
 36




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Expenditure by the Trustee:
  Trustee may enter into financial transactions with
    the Issuer and Guarantors:
  13.4
    Disapplication    13.5
    Trustee
    Liability     37




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14.
    Costs
    and Expenses  14.1
    Remuneration  Normal remuneration:
  Extra remuneration:
  Value added tax:
  Failure to agree:
  sub-clause 14.1(a)
  sub-clause 14.1(b)
   38




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Expenses:
  Indemnity:
  Payment of amounts due: Expenses Indemnity
      Payment of
    amounts due
  Apportionment of expenses:
 39




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Discharges: Costs and
    Expenses
  Payments:
  14.2
    Stamp
    duties    14.3
    Exchange
    rate indemnity  Currency of Account and Payment:
  Extent of Discharge:
 40




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Indemnity:
    14.4
    Indemnities
    separate  and/or sub-clause 14.3(c) Indemnity
  15.
    Appointment
    and Retirement  15.1
    Appointment
    of Trustees   41




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15.2
    Co-trustees  Appointment of Trustees
      15.3
    Attorneys    15.4
    Retirement
    of Trustees   42




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15.5
    Competence
    of a majority of Trustees    15.6
    Powers
    additional    15.7
    Merger    16.
    Notices  16.1
    Addresses
    for notices      
  c/o the
    
 43




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16.2
    Effectiveness    Letter or fax:
  Telex:
    16.3
    No
    Notice to Couponholders or Receiptholders    17.
    Law
    and Jurisdiction  17.1
    Governing
    law    17.2
    English
    courts  Dispute
  17.3
    Appropriate
    forum    18.
    Severability   44




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19.
    Contracts
    (Rights of Third Parties) Act 1999    20.
    Counterparts    IN WITNESS
    WHEREOF
 45




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SCHEDULE 1
  TERMS AND
    CONDITIONS OF THE NOTES
  and/or
  1.
    Introduction  (a) Programme
  Issuer Programme Notes (Six Continents) (InterContinental Guarantor Guarantors
  (b) Final
    Terms
  Series Tranche Final
    Terms Conditions and/or
  (c) Trust Deed
  Trust Deed Trustee
  (d) Agency
    Agreement
  Agency
    Agreement Principal
    Paying Agent
 46




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(e) Guarantees
  Guarantee Guarantees
  (f) The
    Notes
  Notes
  (g) Summaries
  Noteholders Couponholders Coupons
  2.
    Interpretation  (a) Definitions
    Accrual Yield
  Additional Business Centre(s)
  Additional Financial Centre(s)
  Additional Rating Agency
  Borrowings
     47




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Business Day
      Business Day Convention
  Following Business Day Convention
  Modified Following Business Day
    Convention Modified Business Day
    Convention
  Preceding Business Day Convention
  FRN Convention Floating
    Rate Convention Eurodollar
    Convention
 48




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No Adjustment
  Calculation Agent and/or
  Calculation Amount
  Change of Control
     49




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Change of Control Optional
    Redemption Amount
  Change of Control Optional
    Redemption Date
  Change of Control Period
  Change of Control Put Event
         50




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Change of Control Put Event Notice Change of
    Control redemption Notices
  Change of Control Put Option Change of Control redemption
  Change of Control Put Period
  Consolidated Gross Assets
  Coupon Sheet
  Day Count Fraction Calculation Period
  Actual/Actual (ICMA)
      Actual/Actual (ISDA)
 51




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Actual/365 (Fixed)
  Actual/360
  30/360
  [360×(Y2−Y1)+[30×(M2−M1)]+(D2−D1)Day Count Fraction =360
     Y1
  Y2
  M1
  M2
  D1
  D2 1 2
  30E/360
  [360×(Y2−Y1)+[30×(M2−M1)]+(D2−D1)Day Count Fraction =360
     Y1 Y2
 52




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Y2
  M1
  M2
  D1 1
  D2
  30E/360 (ISDA)
  [360×(Y2−Y1)+[30×(M2−M1)]+(D2−D1)Day Count Fraction =360
     Y1
  Y2
  M1
  M2
  D1 1
  D2 2
  PROVIDED, HOWEVER, THAT
 53




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Early Redemption Amount (Tax)
  Early Termination Amount
  EBITDA
              Extraordinary Resolution
  Final Redemption Amount
  Financial Indebtedness
             54




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First Interest Payment Date
  Fitch
  Fixed Coupon Amount
  Group
  Guarantee Guarantees
  Guarantor Guarantors
  IFRS
  Indebtedness
  Interest Amount
 55




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Interest Commencement Date
  Interest Determination Date
  Interest Payment Date
      Interest Period
  ISDA Definitions
  Issue Date
  Margin
  Material Subsidiary
   56




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sub-paragraph
  and/or and/or
  Maturity Date
  Maximum Redemption Amount
  Minimum Redemption Amount
  Moodys
  Negative Rating Event
  Net Interest Payable
   57




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mark-to-market
  Non-Investment Grade Rating
  Optional Redemption Amount (Call)
  Optional Redemption Amount (Put)
  Optional Redemption Date (Call)
  Optional Redemption Date (Put)
 58




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Original Financial Statements
  Participating Member State
  Paying Agents
  Payment Business Day
              Person
  Principal Financial Centre PROVIDED, HOWEVER, THAT
     59




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Project Finance Indebtedness and/or
            Project Group Member
  Put Option Notice Redemption at the
    option of Noteholders
  Put Option Receipt
  Rate of Interest and/or
  Rating Agency
 60




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Redemption Amount
  Reference Banks
  Reference Price
  Reference Rate
  Regular Period
    Regular Date
  Regular
    Date
  Relevant Announcement Date
  Relevant Date
  Relevant Financial Centre
 61




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Relevant Indebtedness over-the-counter
  Relevant Period
      Relevant Potential Change of Control
    Announcement
  Relevant Screen Page
  Relevant Time
  Reserved Matter
         62




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S&P
  Security
  Security Interest
  Specified Currency
  Specified Denomination(s)
  Specified Office
  Specified Period
  Subsidiary
          Substitute Rating Agency
  Talon
  TARGET2
  TARGET Settlement Day
  Tax
 63




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Treaty
  Wholly-Owned Subsidiary and/or
  Zero Coupon Note
  (b) Interpretation
                  and/or
  3.
    Form,
    Denomination and Title   64




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4.
    Status of
    the Notes and Guarantees      5.
    Negative
    Pledge       65




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6.
    Fixed
    Rate Note Provisions  (a) Application
    (b) Accrual
    of interest
    (c) Fixed
    Coupon Amount
    (d) Calculation
    of interest amount
  sub-unit sub-unit sub-unit
  7.
    Floating
    Rate Note and Index-Linked Interest Note Provisions  (a) Application
   66




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(b) Accrual
    of interest
  Payments
  (c) Screen
    Rate Determination
               67




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PROVIDED, HOWEVER, THAT
  (d) ISDA
    Determination
  ISDA Rate
        (e) Index-Linked
    Interest
    (f) Maximum
    or Minimum Rate of Interest
   68




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(g) Calculation
    of Interest Amount
  sub-unit sub-unit sub-unit
  (h) Calculation
    of other amounts
    (i) Publication
  and/or and/or
  (j) Notifications
    etc.
   69




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(k) Determination
    or Calculation by Trustee
    8.
    Zero
    Coupon Note Provisions  (a) Application
    (b) Late
    payment on Zero Coupon Notes
       70




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9.
    Dual
    Currency Note Provisions  (a) Application
    (b) Rate
    of Interest
    10.
    Redemption
    and Purchase  (a) Scheduled
    redemption
  Cancellation Payments
  (b) Redemption
    for tax reasons
           71




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PROVIDED, HOWEVER, THAT
        (c) Redemption
    at the option of the Issuer
   72




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(d) Partial
    redemption
  Redemption at the option of
    the Issuer and/or and/or Redemption at the option of the Issuer
  (e) Redemption
    at the option of Noteholders
  PROVIDED, HOWEVER, THAT
   73




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(f) Change
    of Control redemption
  Redemption for tax reasons Redemption at the option of the Issuer
  and/or
  Exercise
    Notice Replacement of Notes and Coupons
 74




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and/or
      Change of Control Put
    Event
   75




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(g) No
    other redemption
  Scheduled
    redemption Change of control redemption
  (h) Early
    redemption of Zero Coupon Notes
          (i) Purchase
  PROVIDED THAT
  (j) Cancellation
    11.
    Payments  (a) Principal
  PROVIDED THAT
 76




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(b) Interest
  PROVIDED THAT
  (c) Payments
    in New York City
    (d) Payments
    subject to fiscal laws
  Taxation
  (e) Deductions
    for unmatured Coupons
        Relevant Coupons sub-paragraph
 77




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PROVIDED THAT
  (f) Unmatured
    Coupons void
  Redemption
    for tax reasons Redemption at the
    option of Noteholders Redemption at
    the option of the Issuer Events of
    Default
  (g) Payments
    on business days
    (h) Payments
    other than in respect of matured Coupons
    (i) Partial
    payments
   78




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(j) Exchange
    of Talons
  Prescription
  12.
    Taxation  (a) Gross
    up
         79




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(b) Taxing
    jurisdiction
  and/or
  13.
    Events of
    Default  and/or and/or
  (a) Non-payment
    (b) Breach
    of other obligations
    (c) Cross
    Default
       80




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and/or
  and/or and/or and/or
  (d) Security
    enforced
    (e) Creditors
    process
    (f) Insolvency
    etc.
   81




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(g) Winding
    up etc.
    (h) Failure
    to take action etc.
    (i) Cessation
    of business etc.
    (j) Guarantee
    etc.
    (k) Guarantors
    etc.
     82




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14.
    Prescription    15.
    Replacement
    of Notes and Coupons  and/or and/or and/or and/or
  16.
    Trustee
    and Agents  and/or inter alia and/or and/or
  and/or
   83




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PROVIDED, HOWEVER, THAT
    26-27 November
    and/or and/or and/or
  Notices
  17.
    Meetings
    of Noteholders; Modification and Waiver  (a) Meetings
    of Noteholders
  PROVIDED,
    HOWEVER, THAT
 84




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(b) Modification
    and waiver
  Notices
  (c) Substitution
    Taxation
  18.
    Enforcement  and/or
 85




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and/or
    and/or and/or
    19.
    Notices  (a) Valid
    Notices
  Financial Times
  (b) Other
    Methods
  PROVIDED THAT
  (c) Couponholders
    20.
    Rounding   86




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21.
    Further
    Issues    22.
    Governing
    Law and Jurisdiction  (a) Governing
    law
    (b) English
    courts
  Dispute
  (c) Appropriate
    forum
   87




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The IssuerEXECUTEDand DELIVEREDas a DEEDby

) NICOLETTE HENFREY)as attorney for

)INTERCONTINENTAL HOTELS GROUP PLC

)   Witness:

Signature:

DAVID CONNOLLYName:

DAVID CONNOLLY   The GuarantorsEXECUTEDand DELIVEREDas a DEEDby

)INTERCONTINENTAL HOTELS LIMITED

)a company incorporated in England and Wales acting by

)), a
    director of the Company and

) RICHARD SOLOMONS, a
    director of the company/

) GEORGE TURNEREXECUTEDand DELIVEREDas a DEEDby

)SIX CONTINENTS LIMITED

)a company incorporated in England and Wales acting by

)), a
    director of the Company and

) RICHARD SOLOMONS, a
    director of the company/

) GEORGE TURNER




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The TrusteeEXECUTEDas a DEEDby Leticia Acevedo

)as attorney for

)HSBC CORPORATE TRUSTEE

)COMPANY (UK) LIMITED

) LETICIA ACEVEDO
    Attorney   Witness:

Signature:

SAMUEL WILSONName:

SAMUEL WILSON