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Stock options granted under Plan 15 are performance options. The stock options vest in four equal tranches in each of the years 2007 to 2010 based on the attainment of performance targets expressed in terms of growth in the Accor Group’s return on capital employed (ROCE) and profit after tax and before nonrecurring items.

If the performance targets are met at the end of each year, grantees will receive one quarter of the stock options included in the initial grant. If only one of the two targets is met, they will receive one eighth of the options.

For all of the stock options to vest, ROCE and profit after tax and before non-recurring items will have to increase by around 10% or more per year. If ROCE and profit after tax and before non-recurring items increase by less than 10% (but more than 0%), the number of vested options will be reduced based on the ratio between the actual increase and 10%.

The performance criteria were met in 2007. The performance criteria were only partially met in 2008, 2009 and 2010 leading to the cancellation of 44,615 options.

Stock options granted under Plan 21 are performance options based on market conditions. The vesting criterion, which concerned the relative performance of the Accor SA share compared to the CAC 40 index in 2010, 2011, 2012 and 2013, has been adjusted after the Hotels and Services businesses are demerged. The options vest after four years, depending on the annual performance of the Accor SA share versus the CAC 40 index. The number of options that could be exercised after the four-year vesting period may not exceed 100% of the initial amount. The performance criteria were met in 2010. In 2011 and 2012, only some of the performance criteria were met.

Stock options granted under Plan 24 and Plan 26 are subject to an external performance measure. During each year of the vesting period (from 2011 to 2014 for Plan 24 and from 2012 to 2015 for Plan 26) options representing one quarter of the original grant are subject to an external performance measure based on Accor’s Total Shareholder Return (TSR) relative to that of eight international hotel groups. The objectives have been set for four years, with intermediate rankings. A fixed percentage of options vest each year for each level in the ranking achieved. In 2011, the Plan 24’s performance criteria were not met. In 2012, the Plan 24’s performance criteria were met and the Plan 26’s performance criteria were partially met.

Changes in outstanding stock options during 2011 and 2012 are as follows:

December 31, 2011

December 31, 2012 Number of options Weighted average exercise price

Number Weighted average of options exercise price

OPTIONS OUTSTANDING AT BEGINNING OF PERIOD 12,949,693 €29.84

Options granted during the period 675,540 €31.71 Options cancelled or expired during the period (278,377) €30.16 Options exercised during the period (349,474) €22.46

OPTIONS OUTSTANDING AT END OF PERIOD 12,997,382 €30.13 OPTIONS EXERCISABLE AT END OF PERIOD 6,458,072 €33.52

12,997,382 €30.13 574,890 €26.41 (1,958,326) €23.53 (26,526) €22.41 11,587,420 €31.07 6,635,261 €35.46