SECTION 1 -

6.3.4.3 Mechanics of the Spinoff
The spinoff of the Company shares and Accor’s annual cash dividend will occur
simultaneously, before the start of trading on the Ex‐Date.
The payment of the cash dividend and the delivery of the Company shares spun‐off pursuant
to the Transaction will also occur simultaneously on the Ex‐Date.
For the Accor shares in bearer form or in administered registered form:
• as of the Ex‐Date, the financial intermediaries who are members of Euroclear France
will credit the cash dividend to the accounts of their customers who are entitled to it;
• on the Ex‐Date, the financial institution in charge of centralizing the transactions
relating to the Transaction (the “Centralizing Bank’), will cause, through the
intermediary of Euroclear France, all of the financial intermediaries who are members
of Euroclear France to credit, automatically and without the intervention of their
customers, on behalf of the Accor shareholders for whom they handle the accounts
who will have Accor shares recorded in their name at the end of the accounting day
prior to the Ex‐Date, a number of New Services shares corresponding to the number
of Accor shares recorded in the accounts of such customers; and
• for those shares that are subject to a purchase with a deferred settlement‐payment
(“OSRD”), the Company shares spun‐off from such shares will benefit the trader
(négociateur) who will register them in the account of the purchaser as of the Ex‐Date.
The trader will also benefit from the cash dividend and will pay the purchaser the
exact cash equivalent after the OSRD. The same rules will apply with respect to OSRD
sale orders.
For those shareholders holding shares of Accor in pure registered form:
• as of the Ex‐Date, the cash dividend will be credited to the accounts of each of the
shareholders entitled thereto; and
• as of the Ex‐Date, the entire number of shares of the Company to which the
shareholders in the share registry are entitled, in the name of each shareholder in
pure registered form.
6.3.4.4 Accor’s accounting treatment of the Transaction
Accor’s accounting treatment of the Transaction is discussed in Accor’s update of the 2009
annual report (Document de Référence), which will be filed with the AMF under number D.10‐0201‐
A01 (it being specified that this update is not incorporated by reference herein).
6.3.5 Consequences of the Transaction
6.3.5.1 Impact of the Transaction for Accor and its shareholders
The impact of the Transaction for Accor and its shareholders and holders of rights or
securities giving access to the share capital are presented in the update of Accor’s 2009 annual report,
which will be filed with the AMF under number D.10‐0201‐A01 (it being specified that this update is
not incorporated by reference herein).
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