SECTION 1 -

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Note 3.2. Total revenue Total revenue breaks down as follows: (in € millions) 2007 2008 Operating revenue generated by issue volume 619 673 661 Other operating revenue 122 144 147 OPERATING REVENUE 741 817 808 Financial revenue/unrestricted cash 81 110 72 Financial revenue/restricted cash 15 19 22 FINANCIAL REVENUE 96 129 94 TOTAL REVENUE 837 946 902 Total revenue by geographic segment (in € millions) 2007 2008 2009 France 152 168 168 Rest of Europe 310 346 335 Latin America & Caribbean 325 367 337 Rest of the world 50 63 62 Worldwide Structures (1) - 2 - TOTAL REVENUE 837 946 902 New Services: Historical Combined Financial Statements and Notes December, 31, 2009 2009 (1) "Worldwide Structures" correspond to total revenue that is not specific to a single geographic segment. Combined total revenue for 2009 totaled €902 million, compared with €946 million for the previous year, representing a decrease of €44 million. This decrease breaks down as follows: organic growth +9 m€ +1,0% changes in combination scope (2) m€ (0,2)% currency effect (51) m€ (5,4)% Decrease in 2009 total revenue (44) m€ (4,7)% Change in 2009 total revenue by geographic segment 2009 vs 2008 Reported 2009 vs 2008 Like-for-like €m €m % France - (1) (0,3)% Rest of Europe (11) - - Latin America & Caribbean (30) +9 +2,3% Rest of the world (1) +1 +1,4% Worldwide Structures (2) - - Group Total (44) +9 +1,0% 182
Note 3.3. Operating revenue by geographic segment (in € millions) 2007 2008 2009 France 127 138 144 Rest of Europe 279 302 299 Latin America & Caribbean 289 316 306 Rest of the world 46 59 59 Worldwide Structures (1) - 2 - TOTAL OPERATING REVENUE 741 817 808 (1) "Worldwide Structures" correspond to operating revenue that is not specific to a single geographic segment. New Services: Historical Combined Financial Statements and Notes December, 31, 2009 Operating revenue for 2009 totaled €808 million, compared with €817 million for the previous year, representing a decrease of €9 million. This decrease breaks down as follows: organic growth +28 €m +3,4% changes in combination scope +7 €m +0,9% currency effect (44) €m (5,4)% Decrease in 2009 operating revenue (9) €m (1,1)% Change in 2009 operating revenue by geographic segment: 2009 vs 2009 vs 2008 2008 Like-for-like €m €m % France +6 +6 +4,2% Rest of Europe (3) +5 +1,7% Latin America & Caribbean (10) +15 +4,9% Rest of the world 0 +2 +3,6% Worldwide Structures (2) - - Group Total (9) +28 +3,4% 3.3.1 Operating revenue generated by issue volume by geographic segment (in € millions) 2007 2008 2009 France 93 102 112 Rest of Europe 231 251 243 Latin America & Caribbean 274 295 283 Rest of the world 21 25 23 OPERATING REVENUE GENERATED BY ISSUE VOLUME 619 673 661 183
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Free translation for information pu
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TABLE OF CONTENTS (continued) ii Pa
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TABLE OF CONTENTS (continued) iv Pa
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TABLE OF CONTENTS (continued) vi Pa
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SUMMARY OF THE PROSPECTUS Visa n°
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Key figures from the pro forma inco
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• The products of the employee an
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Number of shares 7 Percentage of sh
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Between the time the customers pay
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• PrePay Solutions (a joint‐ven
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specific, it is unlikely that any f
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The Company also benefits from its
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1.3 Strategy As an independent comp
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media to suit products and customer
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Through the development of these va
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Issue volume growth is at the cente
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1.5 Group products and services 1.5
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The following chart shows the relat
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(b) Products Tickets Restaurant ®
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The following table gives an overvi
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Expense management New Services pro
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• gift vouchers for businesses an
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The table below shows the geographi
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elations given its flexibility and
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When affiliated merchants accept vo
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1.10 Competition 1.10.1 The employe
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1.10.2.3 Growth potential As with t
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free benefit in kind. This tax bene
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Restaurant ® beneficiaries secure
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Key figures from the pro forma inco
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- breakage revenues from vouchers t
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A reconciliation between the histor
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2.4.1.2 Issue volume by business li
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The proportion of operating revenue
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esulting from the acquisition of Pr
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Global structures (1) 0 2 n.s. n.s.
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The Group’s working capital requi
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2.6.4 Working capital requirements
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The Club Deal and the Bilateral Lin
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2.8.1.1 Europe In the first quarter
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(in millions of euros) 73 Pro forma
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Competition The Group’s various b
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Development of performance products
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In the past, a large proportion of
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company, which can be subject to fl
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These values impact the day‐to‐
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4.1.2.1 Partners in education For t
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o Locally, each subsidiary consider
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On a global scale, the Bernaches: S
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o Senior support individuals who at
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Workforce Total number of employees
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European FOOD (Fighting Obesity thr
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GREENHOUSE GASES 4.2.2.4 Greenhouse
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Since 2006, an international employ
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In the event that the Company’s s
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Information of the Board of Directo
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If the Board decides to combine the
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• validating the categories of ad
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Organization of work defines and i
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In addition, without prejudice to t
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The table below is a summary of the
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shareholders (other than Accor itse
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indirectly) from a loan extended by
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• become “pure players”, list
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The Company will publish a press re
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Accordingly, as consideration for t
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(c) Calculation of the contributed
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6.3.4.3 Mechanics of the Spinoff Th
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(f) Impact on the calculation of th
Page 139 and 140: SECTION 7 ‐ INFORMATION ABOUT THE
Page 141 and 142: of the Company, in respect of share
Page 143 and 144: Throughout the subscription period,
Page 145 and 146: Because the Company’s shares are
Page 147 and 148: connection with their action in con
Page 149 and 150: Resolution Purpose of the resolutio
Page 151 and 152: “We certify, after taking all rea
Page 153 and 154: 9.7 Cross‐reference table for inf
Page 155 and 156: No. Item in the Regulation Section(
Page 157 and 158: No. Item in the Regulation Section(
Page 159 and 160: No. Heading in the Regulation Secti
Page 161 and 162: No. Heading in the Regulation Secti
Page 163 and 164: SECTION 10 FINANCIAL STATEMENTS 10.
Page 165 and 166: New Services: Historical Combined F
Page 167 and 168: Equity and Liabilities (in € mill
Page 169 and 170: Changes in Historical Combined Equi
Page 171 and 172: 163 New Services: Historical Combin
Page 175 and 176: Preparation of the financial statem
Page 185 and 186: S.8. OPERATING PROFIT BEFORE TAX AN
Page 187 and 188: Note 2. Significant Events and Chan
Page 189: New Services: Historical Combined F
Page 193 and 194: Note 4. Operating Expenses (in €
Page 195 and 196: Note 6. Depreciation, Amortization
Page 197 and 198: Note 8. Net financial expense (in
Page 199 and 200: Note 10. Income Tax Note 10.1. Inco
Page 201 and 202: Note 10.3. Details of recognized de
Page 203 and 204: Changes in the carrying amount of g
Page 205 and 206: The following intangible assets are
Page 207 and 208: Note 14. Receivables and Payables N
Page 209 and 210: Note 15. Share‐based payments Not
Page 215 and 216: Note 17. Minority Interests (in €
Page 217 and 218: Note 19. Financial debt by Currency
Page 219 and 220: Note 20. Net Debt and Net Cash (in
Page 221 and 222: At December 31, 2008, financial ass
Page 223 and 224: Note 22. Provisions New Services: H
Page 225 and 226: - Length‐of‐service awards in I
Page 227 and 228: Funded status of post‐employment
Page 229 and 230: Sensitivity analysis 221 New Servic
Page 233 and 234: Note 26. Balance sheets by geograph
Page 235 and 236: Note 27. Claims and Litigation Tax
Page 237 and 238: Note 29. Additional Information abo
Page 239 and 240: Note 31. Compensation Paid to Corpo
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Note 33. Subsequent Events There ha
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10.1.2 Statutory auditor’s report
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Pro forma Income Statements New Ser
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Pro forma Balance Sheets Assets (in
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Pro forma Cash Flows Statements New
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Key Ratios and Indicators New Servi
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245 New Services: Pro forma Financi
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.2. Equity 247 New Services: Pro fo
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B. At December 31, 2008 (in € mil
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Statements of Comprehensive Income
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B. At December 31, 2008 (in € mil
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Cash Flows Statements A. At Decembe
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C. At December 31, 2009 (in € mil
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Notes to the Pro forma Financial St
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D.4. RECOVERABLE AMOUNT OF ASSETS 2
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K. Pensions and other post‐employ
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The fair value of the employee bene
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For all of these products, recogniz
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U. Segment Information New Services
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Note 3.2. Total revenue Total reven
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3.3.2 Other operating revenue by ge
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Note 5. EBITDA by Geographic Segmen
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Note 7. EBIT by Geographic Segment
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Note 9. Non‐recurring income and
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Note 10.2. Effective tax rate New S
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Note 11. Goodwill (in € millions)
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Note 12. Intangible Assets New Serv
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Note 13. Property, Plant and Equipm
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Note 14.4. Receivables and payables
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New Services: Pro forma Financial S
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Employee Stock Ownership Plan 299 N
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Note 16. Cumulative Fair Value Adju
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Note 18. Comprehensive Income Tax o
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Note 19.C Financial instruments 1.
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Note 21. Provisions New Services: P
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- Length‐of‐service awards in I
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Funded status of post‐employment
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Sensitivity analysis 313 New Servic
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New Services: Pro forma Financial S
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Note 25. Balance sheets by geograph
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Note 26. Claims and Litigation Tax
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Note 28. Additional Information abo
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Note 30. Compensation Paid to Corpo
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Note 32. Subsequent Events There ha
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10.2.2 Statutory auditor’s report
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ANNEX A - STATUTORY AUDITORS’ REP
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appropriate, as well as analyze the
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The ACCOR S.A. shares are listed on
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Furthermore, as of the date of this
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The contribution of assets will als
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Provisions for risks ..............
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The new shares will be entirely fun
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o the execution of a term loan agre
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are judged appropriate. In particul
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Within the context of the transacti
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ANNEX B - STATUTORY APPRAISERS’ R
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Our report is organized as follows:
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- All civil, commercial, industrial
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1.2. Description of the transaction
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Finally, the contributed net assets
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Provisions for risks...............
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- the contribution of assets will b
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2. WORK PERFORMED AND ASSESSMENT OF
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c. we have reviewed the financial s
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2.2.1.2. Separation The ACCOR group
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i.e., €1,099,185 thousand, repres
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