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Update on Gross Asset Value HotelInvest

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(1)Update on Gross Asset Value. WorldReginfo - 8cff35be-d41f-4497-b151-2258d535e872. HotelInvest.

(2) HotelInvest - Gross Asset Value Build-up Dec. 2015 to June-end 2016. €0.6bn. €6.9bn. €7.3bn. €(0.3)bn. €6.5bn. GAV Year-end 2015. 43% 57%. ACCORHOTELS | GAV S1 2016. Disposals. Acquisitions incl. FRHI. Leased. Exchange Rates. Owned. Value growth. GAV June-end 2016. 41% 59%. GAV Booster Proj. Year-end 2016. 43% 57%. 12/10/2016 2. WorldReginfo - 8cff35be-d41f-4497-b151-2258d535e872. €0.2bn €(0.1)bn.

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