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Financial statements

CONSOLIDATED FINANCIAL STATEMENTS

5

(in million of euros) Notes Dec. 2011

212 170 160 121 67 45 19 11 11 8 7 9 840 -840 Dec. 2012

HOTELS

Australia 2.B.5 193 Germany 13.2.A 180 Grupo Posadas’ hotel network in South America 2.B.6 -Upscale and Midscale France 13.2.A 156 Economy (France) 67 Asia 46 Egypt 19 Poland 2.B.2 9 Switzerland 11 The Netherlands 8 Ivory Coast 13 Other hotels (< €6million) 10

SUB-TOTAL HOTELS 712

OTHER BUSINESSES

GOODWILL, NET 712

Changes in the carrying amount of goodwill over the period were as follows:

(in million of euros) Notes Dec. 2011

712 183 20 160 3 --(9) (11) 1 (6) (3) (27) 840 Dec. 2012

CARRYING AMOUNT AT BEGINNING OF PERIOD 743

Goodwill recognized on acquisitions for the period and other increases 17

w Hotels, Asia Pacific (1 )

w Hotels, Latin America (2 )

w Hotels, Germany (3 )

w Hotels, France (4 ) 4

w Hotels, Africa (5 ) 13

Disposals (6 ) (27) Impairment losses Note13 (21) Translation adjustment 4 Reclassifications to Property, Plant and Equipment (5 ) -Reclassifications to Assets held for sale Note32 -Other reclassifications and movements (4)

CARRYING AMOUNT AT END OF PERIOD 712