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** See note 2.A.1.

Financial statements

CONSOLIDATED FINANCIAL STATEMENTS

B. At December 31, 2011

Groupe Lucien Economy Hotels Onboard (in million of euros) Barrière US business Train Services Total 2011

CONSOLIDATED REVENUE -532 54 586

Operating expense -(368) (63) (431)

EBITDAR -164 (9) 155

Rental expense -(92) (2) (94)

EBITDA -72 (11) 61

Depreciation, amortization and provision expense -(57) (1) (58)

EBIT -15 (12) 3

Net financial expense -(5) 2 (3)

Share of profit of associates after tax ---

OPERATING PROFIT BEFORE TAX AND NON RECURRING ITEMS -10 (10) -

Restructuring costs -(2) (1) (3)

Impairment losses -(49) -(49)

Gains and losses on management of hotel properties -(45) -(45)

Gains and losses on management of other assets -(25) 4 (21)

OPERATING PROFIT BEFORE TAX -(111) (7) (118)

Income tax expense -(108) (0) (108)

NET PROFIT -(219) (7) (226)

IMPACT OF REALIZED GAINS 5 -0 5

NET LOSS FROM DISCONTINUED OPERATIONS 5 (219) (7) (221)

NOTE 18 GOODWILL

(in million of euros) Dec. 2011

Goodwill (gross value) 1,017 Less impairment losses (305)

GOODWILL, NET 712

945 (105) 840 Dec. 2012