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NOTE26 CUMULATIVE UNREALIZED GAINS AND LOSSES ONFINANCIAL INSTRUMENTS

Dec. 2012

(in million of euros) Dec. 2011

Convertible bonds -Equity notes -Mutual fund units -Interest rate and currency swaps (7) Fair value adjustments to non-consolidated investments -Fair value adjustments to available-for-sale investments

IMPACT ON EQUITY (7)

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The performance shares are subject to vesting conditions based on business revenue, EBIT and operating cash flow for each of the years 2011 and 2012. Targets have been set for annual growth in relation to the budget over the next two years, with interim milestones, and a certain percentage of the shares vest each year as each milestone is met.

The cost of the performance share plan – corresponding to the fair value of the share grants – amounted to €7.6million at April4, 2011 and was being recognized on a straight-line basis over the vesting period under “Employee benefits expense” with a corresponding adjustment to equity. The fair value of the share grants was measured as the average of the Accor share prices for the twenty trading days preceding the grant date multiplied by the number of shares granted under the plan.

In 2011, the performance criteria were met. Plan costs recognized in 2011 amounted to €2.5million.

In 2012, the performance criteria were almost met. Plan costs recognized in 2012 amounted to €3.3million.

2012 Plan

On March27, 2012, Accor granted 284,976 performance shares to senior executives and certain employees. Of these:

a 170,332 have a two-year vesting period followed by a twoyear lock-up period and are subject to two vesting conditions;

a 67,269 have a four-year vesting period with no subsequent lock-up period, and are subject to two vesting conditions;

a 47,375 have a two-year vesting period followed by a two-year lock-up period and are subject to three vesting conditions.

Financial statements

CONSOLIDATED FINANCIAL STATEMENTS

5

The performance shares are subject to vesting conditions based on EBIT margin, operating cash flow and disposals’ plan for each of the years 2012 and 2013. Targets have been set for annual growth in relation to the budget over the next two years, with interim milestones, and a certain percentage of the shares vest each year as each milestone is met.

The cost of the performance share plan – corresponding to the fair value of the share grants – amounted to €7.1million at March27, 2012 and was being recognized on a straightline basis over the vesting period under “Employee benefits expense” with a corresponding adjustment to equity. The fair value of the share grants was measured as the average of the Accor share prices for the twenty trading days preceding the grant date multiplied by the number of shares granted under the plan.

In 2012, the performance criteria were met. Plan costs recognized in 2012 amounted to €2.4million.

Cost of share-based payments recognized in the accounts

The total cost recognized in profit or loss by adjusting equity in respect of share-based payments amounted to €14million at December31, 2012 (December31, 2011: €12.9million).