International Hotel Investments plc - Allocation Policy

On 11 May, International Hotel Investments plc issued the allocation in connection with the recent issue of €45 million 5.75% unsecured bonds maturing in 2025.

Applications from holders of the maturing bonds amounted to an aggregate value of €28,888,800 representing 82.54% of the total value of maturing bonds outstanding. Such amounts were allocated in full.

Amounts subscribed for through the Preplacement Offer held on 29 April 2015 reached €126,066,300. As a result, all amounts received were scaled down proportionately by 7.9% to the level of €10 million with the excess being added to the general public offering.

The remaining balance available for subscription in the general public offer amounted to €6,111,200 against which the Company had 1,606 applications from existing bondholders who applied for an additional €10,800,000 , the unsatisfied balance of €116,066,300 from the pre-placement offer as well as a further applications which came in at the general public offer stage. In total, at this stage, the Company received 5,365 applications for a total value of €138,299,400.

As a result of the heavy oversubscription, the Company will be satisfying the first €500 of each application together with a further 1.7948% of the remaining balance of all such applications. All amounts being allocated have been rounded to the nearest €100.

Interest on the Bonds will commence on 13 May 2015 and refunds of unallocated monies will be made by 18 May 2015. The Bonds are expected to be admitted to listing on the Official List of the Malta Stock Exchange on 19 May 2015 and trading is expected to commence on 20 May 2015.