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Financial statements

CONSOLIDATED FINANCIAL STATEMENTS

B. Rental expense by type of contract

Rental expense breaks down as follows by type of contract:

Number Fixed Variable (in million of euros) of hotels (1) 2012 rental rental expense rental expense

Fixed rent with purchase option 12 (17) (17) -

Fixed rent without purchase option 274 (232) (232) -

Fixed rent with a variable portion (2) 69 (93) (68) (25)

Land rent -(9) (7) (2)

Office rental expenses (Hotels business) -(45) (44) (1)

Fees on intragroup rent guarantees on Hotels
business -(15) (12) (3)

TOTAL HOTEL FIXED RENTAL EXPENSE 355 (411) (380) (31)

Variable rent with a minimum (3) 122 (100) (81) (19)

Variable rent with a minimum and cap (4) 10 (19) (7) (12)

Variable rent without a minimum (5) 629 (413) -(413)

TOTAL HOTEL VARIABLE RENTAL EXPENSE 761 (532) (88) (444)

TOTAL HOTEL RENTAL EXPENSE 1,116 (943) (468) (475)

Rental expense not related to hotels -(10) (10) (0)

Internal lease guarantee fees -15 12 3

TOTAL RENTAL EXPENSE 1,116 (938) (466) (472)

(1) Rental expense by brand and type of contract at December 31, 2012 is presented as follows:

Fixed rent Variable

Fixed rent without Fixed rent Variable rent with Variable

Leased hotels at with purchase purchase with a variable rent with a minimum rent without

December 31, 2012 option option portion a minimum and cap a minimum Total

Sofitel 13 -2 -511

Pullman -633 -517

Novotel 1 36 9 23 3 97 169

Suite Novotel -8 -1 -8 17

Mercure 5 51 20 16 3 70 165

Adagio -7 --1 -8

ibis 3 98 13 66 2 178 360

ibis Styles 1 3 8 1 -417

ibis budget 1 60 16 8 1 103189

Formule 1/HotelF1 -1 ---158 159

Other -1 -2 -14

TOTAL 12 274 69 122 10 629 1,116