5% INT HOTEL INVESTMENTS PLC 2010

The Company

International Hotel Investments plc (IHI) was incorporated in March 2000 by the Corinthia Group, a leading international hotel company originating in Malta, to develop and invest in upscale hotels in various countries in Europe and the Mediterranean region. Upon inception IHI acquired Five Star Hotels Ltd., the owner of the five-star Corinthia San Gorg in Malta, IHI Hungary Rt (formerly Corinthia Investments (Hungary) Kft), owner of the Corinthia Grand Hotel Royal in Budapest and a 20% shareholding in both Corinthia Hotels International Ltd., the management company, and Quality Project Management Ltd., the construction and project management company specialising in hotel projects. Since incpetion IHI acquired another two hotels: the Alfa Lisboa Hotel in Lisbon (Portugal) and the Nevskij Palace Hotel in St.Petersburg (the Russian Federation).

Security & Status

Unsecured & Unsubordinated

Coupon

5%

Amount Issued

€11,609,756

ISIN Code

MT0000111212

Conversion Option

The bondholder has the option to convert all or part of his bonds into ordinary shares of IHI during specific conversion periods at specific conversion prices as outlined hereunder:

1st Conversion Period (29 November 2005, 29 May 2006, 29 November 2006): On any one of these dates bonds can be converted into ordinary shares at the average of the daily trade weighted average price of the shares quoted by the Malta Stock Exchange during the three months preceding the relevant date LESS 10%.

2nd Conversion Period (29 May 2007, 29 November 2007, 29 May 2008): On any one of these dates bonds can be converted into ordinary shares at the average of the daily trade weighted average price of the shares quoted by the Malta Stock Exchange during the three months preceding the relevant date LESS 15%.

3rd Conversion Period (29 November 2008, 29 May 2009, 29 November 2009): On any one of these dates bonds can be converted into ordinary shares at the average of the daily trade weighted average price of the shares quoted by the Malta Stock Exchange during the three months preceding the relevant date LESS 20%.

In the event that the conversion price at any one of the above conversion dates is lower than the nominal value of the ordinary shares, i.e. €1, then the conversion price shall be €1.

Maturity

The Bonds will be redeemed at 100% (par) on 29 May 2010, unless converted into ordinary shares beforehand at the sole discretion of the bondholder.

Interest Payment

Annually on 29 May

XD Date

15 May

Listing

Official List

No. of Bondholders

357

Directors

Alfred Pisani, Mustafa Khattabi, Giuseppe Sita, Joseph Fenech, Joseph J. Vella, Frank Xerri de Caro, Simon Naudi, Khaled Al Kamda and Richard Johnson.

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