SECTION 1 -

Furthermore, as of the date of this report, Mr. Jacques STERN is both Deputy General Manager
of ACCOR S.A. and Chairman of the Board of Directors and Chief Executive Officer of NEW
SERVICES HOLDING S.A.
1.2. Description of the transaction
The contribution of assets described in this report is part of a plan to separate the Accor
Group’s hotel and services businesses in order to create a new autonomous group dedicated
exclusively to the Services Business.
According to the contribution agreement executed on April 19, 2010 :
“Each of these two business divisions, which are currently the leaders in their respective markets, have reached a critical size
and earned an international reputation allowing them to act independently in changing markets.
With 4,100 hotels in 90 countries and 145,000 employees, the hotel operations division is a European market leader and
global hotel manager, with a unique foundation in the midscale to economy segments.
Likewise, due to its presence in 40 countries with 33 million users, more than 6,000 employees and an issue volume of
€12.4 billion in 2009, the Services Business is now the global leading provider of employee and public benefits, and a major
provider of pre-paid services.
Today, it is clear that:
− the hotel and services operations leverage specific skills and expertise, and operate in different business
environments;
− backed by sufficient independent financial resources, the hotel and services operations will be better
positioned in today’s increasingly competitive global marketplace;
− separately, the two businesses, each with its own business model, will attract a larger number of investors.
The purpose of the separation of the two business divisions is to allow the resulting entities to:
− pursue two corporate missions, led by dedicated management teams, strengthening employee pride;
− become “pure players”, listed separately without any capital ties, with targeted investors for each business,
which will enhance each entity’s visibility; and
− benefit from new opportunities for partnerships, strategic alliances and financial transactions in order to
finance future growth, in particular through the ability to pay in shares.”
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