Get Adobe Flash player No provisions for impairment in value were set aside in 2012 for marketable securities as their fair value exceeded or was equal to their carrying amount.

Financial statements

PARENT COMPANY FINANCIAL STATEMENTS AND NOTES

5

Pension benefit obligations and underlying actuarial assumptions

Dec. 31, 2011

3.0% Required Mortality Table by France Insurance Code 3% 65 years Voluntary 46% Dec. 31, 2012

Discount rate 4.6% Required Mortality Table by France Mortality tables Insurance Code Rate of future salary increases 3% Retirement age 65 years Voluntary or compulsory retirement Voluntary Payroll tax rate 46%

2011

30 3 2 14 (2) 47 2012

Provisions for pensions and other post-retirement benefit obligations at Jan. 1 27 Service cost 3 Interest cost 3 Actuarial (gains)/losses 2 Other movements (5) Provisions for pensions and other post-retirement benefit obligations at Dec. 31 30

Staff turnover assumptions for employees aged 17 to 70 ranged between 0% and 7.11% for non-managerial employees and between 0% and 5.18% for managerial employees.

(3) These provisions mainly concern impairment in value of shares in subsidiaries and affiliates, with the 2012 year-end balance primarily corresponding to write-downs of ALNA (€881 million), CIWLT (€769 million), IBL (€652 million), SIET (€116 million), SHNM (€76 million), Accor Participation Italie (€68 million), Belle Rivière Hôtel (€35 million), Accor Hoteles Espana (€30 million), SPFH (€29 million), HOLPA (€25 million) and Accor Afrique (€23 million).

Movements in 2012 in provisions for impairment in value of shares in subsidiaries and affiliates broke down as €697 million in additions and €131 million in reversals.
Additions included €370 million for ALNA and €213 million for IBL and reversals included €11 million for Accor Hospitality Germany, €69 million following
the liquidation of Accor.com, and €14 million following the sale of SH 18 Suffren.

NOTE 8 MARKETABLE SECURITIES PORTFOLIO

Dec. 31, 2011 (in millions of euros) Gross value

Certificates of deposit -Retail certificates of deposit -Term deposits 1,006

TOTAL 1,006

--1,354 1,354 Dec. 31, 2012 Gross value