International Hotel Investments Plc

Report Publication Announcement • Apr 8, 2020

COMPANY ANNOUNCEMENT

Audited Financial Statements for financial year ended 31 December 2019

International Hotel Investments p.l.c. (the 'Company') refers to the publication of its audited financial statements for 2019, originally due by 30 April 2020.

Although audit work on the finalisation of the audited financial statements of the Company for 2019 is ongoing, as can be expected, the COVID-19 situation has placed the Company's human resources and those of its Auditors under heavy time and logistical constraints, taking into account the multinational nature of the Company's business.

These constraints have inevitably led to an expected delay in the finalisation of the said audited financial statements. The Company is now expecting to publish the audited financial statements for the year ended 31December 2019, by 30 June 2020.

The Company wishes to again reassure its shareholders and bond holders of its continued strength, especially now after it has adopted a series of bold and far-reaching measures that have significantly reduced all operating costs and payroll expenses. The Company has also entered into ad hoc arrangements with some of its principal lending banks to defer capital and in some cases interest payments too. The Company has also organized separate lines of credit with related parties in case of any cashflow shortfalls.

The combined effects of these actions are to safeguard the Company's assets and liquidity to see the business through the period of the pandemic, when little or no income is expected to be generated in the Company's hotels and catering businesses.

On the basis of the measures taken thus far and projecting a scenario of marginal income for the rest of 2020, the Company has sufficient liquidity to honour its payment obligations, not least bond interest payments as they arise through the course of the year.

The board of directors and senior management remain vigilant on developments and will be taking further measures as and when necessary to ensure the continued viability of the Company.

This announcement is being made in conformity with the public statement made by the European Securities Market Economy on 27 March 2020 and the circular issued by the Malta Financial Services Authority on the same day.

Jean-Pierre Schembri Company Secretary

8 April 2020

INTERNATIONAL HOTEL INVESTMENTS P.L.C.