SECTION 1 -

• PrePay Solutions (a joint‐venture that is 67%‐held by New Services and 33%‐owned by
MasterCard Europe), a European leader in the market for prepaid electronic solutions.
PrePay Solutions offers services across the entire value chain, from the conception,
marketing and technological stages to program management (transaction authorization and
payment processing). The joint venture provides solutions in a wide range of fields including
gift cards, public authority benefits, expense management, insurance claim settlements and
cards for under‐ and un‐banked individuals. Prepay Solutions provides services for New
Services as well as other customers such as banks and large retailers. Prepay Solutions was
recently selected to manage prepaid card applications for companies such as BP (for the BP‐
Aral card) and TUI (for the TUI Travel card).
• WATTS, developed by New Services in Brazil, currently manages the Ticket Restaurant ® ,
Ticket Alimentação ® and Ticket Car ® solutions in Brazil. New Services intends to use this
system to manage card applications throughout Latin America, a process recently started
with the launch of the management of the Ticket Car ® in Chile.
1.2 Competitive strengths
With almost 50 years of experience, New Services holds leading positions that should allow it
to continue its development and growth as an independent entity. The separation of New Services
from Accor will provide New Services with the opportunity to take advantage of its historical strengths
to pursue a robust growth strategy, solidifying its position as the leader in the employee and public
benefits products and services market and as a leading player in the market for performance
products.
1.2.1 Solid growth fundamentals
The markets in which New Services is a leader benefit from strong growth potential, both for
employee and public benefits products and services and for performance products. The current and
future growth potential of these markets is driven by the rapid transformation of modern‐day society.
Socio‐demographic trends, including urbanization, the aging of the population in Western countries, a
higher standard of living, the greater contribution of the services sector to the global economy and
the increased role of women in the workplace, are creating stronger demand for services. Companies
increasingly seek solutions to promote employee loyalty through more attractive, less costly and
more personalized incentives. The prepaid benefits and services market has demonstrated its ability
to resist difficult economic conditions.
New Services benefits from several key growth drivers in both mature and emerging
markets.
In mature markets, socio‐economic factors should generate sustainable growth in an
environment that favors the development of high value added products and services. These factors
include:
• the increasing political and social importance of maintaining employee purchasing
power;
• the effort to combat informal work;
• the acceleration of urbanization (accounting for 74% of the population in mature
markets at the end of 2007, compared to 53% in 1950, according to the Population
Division of the United Nations Department of Economy and Social Affairs, which
forecasts an increase to 79% by 2025);
• the control and monitoring of government subsidies and public authority budgets
used to improve consumer purchasing power;
• the higher proportion of women in the work force;
• a longer working life;
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