Accor - Solid Performance in First-Half 2012

Record expansion and increased asset-light target:

80%(1)?of the portfolio to be managed or franchised by end-2016

• Solid growth in revenue, up 3.6% like-for-like(2) to ?2,717 million
• Strong improvement in EBIT, up 10.1% like-for-like to ?212 million
• Sharp increase in operating profit before tax and non-recurring items, up 27.4% like-for-like to ?190 million
• Net profit of ?80 million, before the impact of the Motel 6 disposal

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• Ongoing deployment of the asset management program, with the disposal of 59 hotels over the first-half reducing adjusted net debt by ?283 million
• Full year EBIT target of ?510-530 million

First-half 2012 was shaped by:

• A solid performance in every segment, led by steadily rising room rates
• A sharp 10.1% like-for-like improvement in EBIT, to ?212 million, in particular thanks to the success of the asset management strategy
• A recurring free cash flow generation at ?140 million
• Record expansion that added 20,700 new rooms, or 141 hotels, including Mirvac
• The signature on May 22 of an agreement to sell Motel 6 to Blackstone
• The effective launch of the ibis megabrand program, with 661 hotels rebranded to date
• The issue in June of a ?600-million in five-year, 2.875% bond

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