SECTION 1 -

shareholders (other than Accor itself) and the admission of the Company’s shares for trading on
Euronext Paris on July 2, 2010 (the “Ex‐Date”).
6.1.1 Projected timetable of the transactions
Execution of the Contribution Agreement April 19, 2010
AMF’s visa on the prospectus May 12, 2010
Publication in the BALO of the notice of Accor’s Combined General Meeting May 21, 2010
Visa on the prospectus supplement
Combined General Meetings of the shareholders of Accor and the Company
Completion Date of the contribution of assets (Completion Date)
Ex‐Date for the spinoff of the Company’s shares and Accor’s cash dividend (Ex‐Date)
Delivery of the Company’s shares to Accor’s shareholders (other than Accor itself)
Admission of the Company’s shares for trading on Euronext Paris
Payment of Accor’s cash dividend
6.1.2 Conditions precedent
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Within the first 15 days
of June 2010
June 29, 2010
July 2, 2010
As of the date of this prospectus, the completion of the Transaction is subject to the
satisfaction of the following conditions precedent:
• The final completion of the Preliminary Transactions (as defined in section 1.2 of this
prospectus);
• the approval by an extraordinary resolution of the Combined General Meeting of
Shareholders of Accor of the Contribution Agreement, and of the Transaction
described therein, including the spinoff by Accor to its shareholders (other than Accor
itself) of the New Services shares issued as consideration for the contribution;
• the approval by an extraordinary resolution of the Combined General Meeting of
Shareholders of the Company of the Contribution Agreement, and of the Transaction,
including the capital increase that will be carried out in consideration for the
contribution and the distribution by Accor to its shareholders of the New Services
Holding shares issued as consideration for the contribution;
• the execution of a term loan agreement in a principal amount of €900,000,000
between the Company as borrower and a group of lending banks and the delivery to
the Company of the amount drawn down pursuant to such agreement no later than
the day before the date of the Combined General Meeting of Shareholders of Accor
called to approve the Contribution Agreement and the Transaction, in order to
reimburse the current account granted by Accor that is excluded from the
contribution of assets; and
• the execution of a term loan agreement in a principal amount of €600,000,000
between the Company as borrower and a group of lending banks, and the delivery to
the Company of the amount drawn down pursuant to such agreement no later than
the day before the date of the Combined General Meeting of Shareholders of Accor
called to approve the Contribution Agreement and the Transaction, in order to
reimburse the current account granted by Accor that is excluded from the
contribution of assets.