SECTION 1 -

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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