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Sale & variable leaseback 13 9 22
Sale & management-back 9 10 19
Sale & franchise-back 69 60 129
Outright sales 38 20 58
Total hotels 129 99 228
Cash impact (€m) 394 352 746
Impact on adjusted net debt (1) (€m) 533 606 1,139

(1) Net debt adjusted for the net present value of minimum lease payments discounted at 7% (Standard and Poor’s methodology).

4. Continued deployment of the AssetManagement program

A transformative transaction: the sale of Motel6

Completed on October1, 2012, the sale of the US Economy Hotels business represented a major new step that will enable Accor to refocus on the markets offering the greatest growth potential and the highest margins, where it already holds demonstrated leadership positions.

The disposal has consolidated our business model, in terms of operating margin, minimum lease payments and return on capital employed.

2011 2012 TOTAL

Corporate Presentation

STRATEGIC VISION AND OUTLOOK

1

Adjusted net debt successfully reduced by thetargeted €1.2million over the 2011-2012 period

In 2012, 99 hotels were sold or restructured, for a €606-million impact on adjusted net debt, including a cash impact of €352million. These transactions included 31 leasebacks, thereby opening the way for the 2013-2016 program.

The total impact on adjusted net debt over the 2011-2012 period came to €1,139million in line with the objective.