Get Adobe Flash player 1Corporate Presentation CORE BUSINESSES Accor is the largest hotel group in Europe, with a network of 2,553 hotels and 277,010 rooms accounting for 62% of its room base at December 31, 2012. In other regions, its expertise is deployed through 554 hotels (23% of the room base) in Asia and the Pacific region, 226 hotels (8% of the room base) in Latin America and the Caribbean, 166 hotels (6% of the room base) in Africa and the Middle East and 17 hotels (1% of the room base) in North America. Hotel portfolio by region at December 31, 2012 (% based on number of rooms) Latin America and Caribbean Europe (excluding France) 31% Africa Middle East 6% Asia Paciļ¬c 23% France 31% North America 1% 8% Hotel portfolio by segment at December 31, 2012 (% based on number of rooms) 11 % 46 % 43 % Midscale Economy Luxury and upscale Differentiated ownership structures In developing new hotels, Accorā€™s strategy is to align their ownership structure with: a their positioning (luxury and upscale, midscale or economy); a the size of the country and type of economy (developed or emerging); a their location (large, mid-size or small cities); a their return on capital employed; a their earnings volatility; a their EBIT margin. In mature markets, the Group prefers asset-light ownership structures based on: a management contracts in the luxury segment; a management contracts and franchise agreements in the upscale segment; a management contracts and/or franchise agreements in the midscale; a franchise agreements in the economy segment in Europe. In the emerging markets, the Group focuses on: a management contracts in the luxury and upscale segments; a joint ventures with local partners in some countries, like India, and management contracts in the midscale segment; a all types of ownership structures in the economy segments, depending on the brand and the location in key cities. As of year-end 2012, 57 % of the room base was operated under arrangements that limited earnings volatility, such as management contracts and franchise agreements.