SECTION 1 -

TABLE OF CONTENTS
(continued)
vi
Page
6.3.4.2 Exchange ratio of the Company shares............................................................ 126
6.3.4.3 Mechanics of the Spinoff.................................................................................. 127
6.3.4.4 Accor’s accounting treatment of the Transaction............................................ 127
6.3.5 Consequences of the Transaction ..................................................................................... 127
6.3.5.1 Impact of the Transaction for Accor and its shareholders ............................... 127
6.3.5.2 Impact of the Transaction for the Company and its shareholders................... 128
6.3.6 Factors considered in the valuation of the Company following the Transaction.............. 129
SECTION 7 ‐ INFORMATION ABOUT THE COMPANY AND ITS SHARE CAPITAL ................................... 131
7.1 Information about the Company............................................................................................... 131
7.1.1 Company name ................................................................................................................. 131
7.1.2 Trade registry .................................................................................................................... 131
7.1.3 Date of incorporation and term ........................................................................................ 131
7.1.4 Registered office, legal form and governing law............................................................... 131
7.1.5 Corporate purpose ............................................................................................................ 131
7.2 Information concerning the Company’s shares......................................................................... 132
7.2.1 Description of the Company’s shares................................................................................ 132
7.2.1.1 Type, class and dividend rights date (date de jouissance) of shares
admitted for trading – ISIN code...................................................................... 132
7.2.1.2 Applicable law and competent courts.............................................................. 132
7.2.1.3 Form of shares and account registration procedures ...................................... 132
7.2.1.4 Rights attached to shares................................................................................. 133
7.2.1.5 Authorization.................................................................................................... 136
7.2.1.6 Expected settlement date of shares distributed to Accor
shareholders..................................................................................................... 136
7.2.1.7 Restrictions on transferability of shares........................................................... 136
7.2.1.8 French regulations governing public tender offers.......................................... 136
7.2.1.9 Public tender offers initiated by third parties in respect of the
issuer’s share capital during the previous fiscal year and the current
fiscal year.......................................................................................................... 136
7.2.1.10 Taxation of shares ............................................................................................ 137
7.2.2 Admission of the Company’s shares for trading and trading procedures......................... 138
7.2.2.1 Admission for trading....................................................................................... 138
7.2.2.2 Place of listing .................................................................................................. 138
7.2.2.3 Liquidity agreement ......................................................................................... 138
7.2.2.4 Lock‐up............................................................................................................. 138
7.2.2.5 Transaction expenses....................................................................................... 139
7.3 Ownership structure.................................................................................................................. 139
7.3.1 Distribution of share capital and voting rights.................................................................. 139
7.3.1.1 Key shareholders.............................................................................................. 139
7.3.1.2 Voting rights of the key shareholders .............................................................. 140
7.3.1.3 Agreement that may result in a change of control .......................................... 140
7.3.2 Dividend policy.................................................................................................................. 140
SECTION 8 ‐ SHAREHOLDERS’ MEETING ........................................................................................... 140
8.1 Presentation of the Shareholders’ resolutions.......................................................................... 140
8.2 Special statutory auditors’ report.............................................................................................. 142
SECTION 9 ‐ OTHER INFORMATION.................................................................................................. 142
9.1 Investor relations and documents available to the public ........................................................ 142