International Hotel Investments p l c : Financial Analysis Summary dated 2 June 2023

FINANCIAL

ANALYSIS

SUMMARY

2 JUNE 2023

ISSUER

INTERNATIONAL HOTEL INVESTMENTS P.L.C.

Prepared by:

The Directors

International Hotel Investments p.l.c. 22, Europa Centre

Floriana FRN 1400 Malta

2 June 2023

Dear Board Members,

Financial Analysis Summary

In accordance with your instructions, and in line with the requirements of the MFSA Listing Policies, we have compiled the Financial Analysis Summary (the "Analysis") set out in the following pages and which is being forwarded to you together with this letter.

The purpose of the financial analysis is that of summarising key financial data appertaining to International Hotel Investments p.l.c. (the "Issuer", "Company" or "Group"). The data is derived from various sources or is based on our own computations as follows:

1. Historical financial data for the three years ended 31 December 2020 to 31 December 2022 has been extracted from audited financial statements of the Issuer for the three years in question.
2. The projected data for the year ending 31 December 2023 has been provided by management.
3. Our commentary on the results of the Issuer and its financial position is based on the explanations provided to us by management.
4. The ratios quoted in the Analysis have been computed by us applying the definitions set out in Part 5 of the Analysis.
5. Relevant financial data in respect of the companies included in Part 4 has been extracted from public sources such as websites of the companies concerned, financial statements filed with the Registrar of Companies or websites providing financial data.

The Analysis is meant to assist investors in the Issuer's securities and potential investors by summarising the more important financial data of the Group. The Analysis does not contain all data that is relevant to investors or potential investors. The Analysis does not constitute an endorsement by our firm of any securities of the Issuer and should not be interpreted as a recommendation to invest in any of the Issuer's securities. We shall not accept any liability for any loss or damage arising out of the use of the Analysis. As with all investments, potential investors are encouraged to seek independent professional financial advice before investing in the Issuer's securities.

Yours faithfully,

Evan Mohnani

Head Corporate Finance Services

INTERNATIONAL HOTEL INVESTMENTS PLC - FINANCIAL ANALYSIS SUMMARY 1

TABLE OF CONTENTS

PART 1 - INFORMATION ABOUT THE ISSUER	2
1.	KEY ACTIVITIES	2
2.	DIRECTORS AND KEY EMPLOYEES	5
3.	PRINCIPAL ASSETS	6
4.	OTHER ASSETS	8
5.	ORGANISATIONAL STRUCTURE	9
PART 2	- OPERATIONAL DEVELOPMENT	9
6.	HOTEL OPERATIONS	9
7.	OTHER OPERATIONS	13
8.	ECONOMIC ANALYSIS	17
PART 3	- PERFORMANCE REVIEW	24
9.	GROUP FINANCIAL INFORMATION	24
10.	VARIANCE ANALYSIS - FY2022	33
11.	RELATED PARTY DEBT SECURITIES	35
12.	INFORMATION RELATING TO THE ISSUER'S EQUITY	35
PART 4	- COMPARATIVE ANALYSIS	37
PART 5	- EXPLANATORY DEFINITIONS	39

INTERNATIONAL HOTEL INVESTMENTS PLC - FINANCIAL ANALYSIS SUMMARY 2

PART 1 - INFORMATION ABOUT THE ISSUER

1. KEY ACTIVITIES

International Hotel Investments p.l.c. (the "Issuer", "Company" or "Group") is listed on the Malta Stock Exchange and carries on the business of an investment company in connection with the ownership, development and operation of hotels, residential and commercial real estate. The Company owns a number of investments in subsidiary and associate companies through which it furthers the business of the Group.

RECENT AND ONGOING PROJECTS

Described hereunder are recent and ongoing projects and developments of the Group's business. These points are set out in no particular order, both chronological as well as strategic or financial.

Corinthia Hotel Rome (opening 2024)

Corinthia Hotels Limited ("CHL"), through a lease agreement, will be operating a redeveloped hotel property in Rome which was acquired and is being funded through its extensive reconstruction and refurbishment by a third- party investor. The property is the former seat of the Bank of Italy in Parliament Square. Works are at an advanced stage for the conversion of the 7,500m2 building into a luxury hotel featuring 60 guest rooms including a number of suites. The public areas include 2 restaurants, bars and lounges, all wrapped around a central garden. The hotel also has a spa and other amenities. CDI Limited ("CDI"), IHI's development company, is contracted to support in the delivery of the project, whilst CHL is the operator and lessee.

Corinthia Hotel Brussels (opening 2024)

The project entails the development and opening of a grand luxury Corinthia Hotel in Brussels, Belgium. The owner of this investment is NLI Holdings Ltd, in which IHI has a 50% shareholding. NLI acquired the former Grand Hotel Astoria in Brussels in 2016, together with an empty land plot adjoining the listed hotel building and four vacant town houses at the rear of the original hotel. The said acquisitions were originated and executed by CDI. QPM Limited ("QP"), an IHI subsidiary, is engaged as project manager to coordinate and supervise the reconstruction process. Once complete, the hotel will be operated by CHL.

The new hotel will have 126 luxury bedrooms and suites and will offer unrivalled amenities for the city of Brussels including a fully restored grand ballroom, an 850m2 spa, various dining venues, meeting facilities and high-end retail shops.

Corinthia Hotel New York (opening 2024)

The property was acquired by the private investment firm Reuben Brothers in 2020 and is in New York's luxurious upper east side. Works are ongoing for the development of a Corinthia Hotel which shall comprise 100 guest rooms (including 33 suites, 5 signature suites and 12 luxury residences). By virtue of the management agreement, CHL is appointed as the manager of the hotel to provide management services and to supervise, direct and control the management and the marketing of the hotel. The management agreement provides for an initial term of 25 years from commencement of operation subject to an extension.