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Financial statements

CONSOLIDATED FINANCIAL STATEMENTS

Change in 2012 consolidated revenue by business

Δ 2012/2011 Like-for-like change

(in million of euros) (in million of euros) %

HOTELS +113 +144 +2.7%

Upscale and Midscale Hotels +48 +95 +2.7%

Economy Hotels +65 +49 +2.6%

OTHER BUSINESSES (32) +8 +4.1%

GROUP TOTAL +81 +152 +2.7%

Change in 2012 consolidated revenue by region

Δ 2012/2011 Like-for-like change

(in million of euros) (in million of euros) %

France (170) +7 +0.3%

Europe (excl. France) +20 +31 +1.3%

Asia Pacific +155 +32 +5.7%

Latin America & Caribbean +47 +38 +10.8%

Other Countries +2 +28 +13.8%

Worldwide Structures +27 +16 +117.8%

GROUP TOTAL +81 +152 +2.7%

At December 31, 2012, revenue from managed and franchised hotels, included in the hotels’ revenue presented above of €5,497 million, amounted to €511 million. This amount breaks down as follows:

(in million of euros) Management fees Franchise fees

2012* 2011*

HOTELS

Upscale and Midscale Hotels 310 95 329

Economy Hotels 39 67 87

TOTAL 2012* 349 162

TOTAL 2011* 289 127 416

405 106 511
* Due to the faster pace of development through management and franchise agreements and in order to present full information about fee revenues, as from 2011 and 2012, the amounts in the above table include distribution and loyalty program fees. In addition, Economy Hotels US fees for prior period have been reclassified under “Discontinued operations”.

Total fees for Managed and Franchised hotels only, excluding currency and acquisitions, up 16.5%

2011 information by business and by region was as follows:

Europe Latin America Other Worldwide (in million of euros) France (excl. France) Asia Pacific & Caribbean Countries Structures (1) 2011

HOTELS 1,953 2,330 536 349 205 11 5,384

Upscale and Midscale Hotels 1,245 1,526 381 162 163 11 3,488

Economy 708 804 155 187 42 1,896

OTHER BUSINESSES 118 29 34 -1 2 184

TOTAL 2011 2,071 2,359 570 349 206 13 5,568

(1) “Worldwide Structures” corresponds to revenue (royalties) that is not specific to a single geographic region.