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Financial statements

CONSOLIDATED FINANCIAL STATEMENTS

The period-on-period increase breaks down as follows:

w Like-for-like growth +33 m€ +1.9%

w Business expansion (owned and leased hotels only) +33 m€ +1.1%

w Currency effects +19 m€ +1.1%

w Disposals (56) m€ (3.2)%

INCREASE 2012 EBITDAR +29 M€ +1.7%

Change in 2012 EBITDAR by business

Δ 2012/2011 Like-for-like change

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

HOTELS +43 +30 +1.8%

Upscale and Midscale Hotels +9 +12 +1.2%

Economy +34 +18 +2.5%

OTHER BUSINESSES (14) +3 +10.2%

GROUP TOTAL +29 +33 +1.9%

Change in 2012 EBITDAR by region

Δ 2012/2011 Like-for-like change

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

France (35) (17) (2.8)%

Europe (excl. France) +11 +12 +1.4%

Asia Pacific +37 +10 +6.6%

Latin America & Caribbean +27 +21 +19.4%

Other Countries +5 +14 +32.3%

Worldwide Structures (16) (7) (13.3)%

GROUP TOTAL +29 +33 +1.9%

Information by business and by region in 2011 was as follows:

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

HOTELS 600 777 151 109 42 52 1,731

Upscale and Midscale Hotels 347 460 94 34 26 47 1,008

Economy 253 317 57 75 16 5 723

OTHER BUSINESSES 12 9 7 -1 (1) 28

TOTAL 2011 612 786 158 109 43 51 1,759

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