Investments

Accor sells stake in Club Med

Bank Of America Investment As part of the strategic review of its financial investments, Accor decided to divest most of its stake in Club Mediterranee, 22.9% of the capital on a total stake of 28.9%.

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Investment Opportunity On one hand, Accor sells today 16% of its stake at a price of 44.9 euros per share (last quoted price for Club Mediterranee shares on June 8 2006) to a group of investors bound up with a shareholders agreement of which Accor is part of.

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Banc Of America Investment On the other hand, Accor will sell in near future, in its best interests, 6.9% of Club Mediterranee. In this context, an agreement has already been signed with Generali France for a stake of 1.5%.

2005 Med Gen's management recognizes that selling at retail proves to be a burden unsupportable with their capital resources and reverses its marketing orientation, selling Direct Response TV (DRTV) and begins its Internet rebuilding, aiming to build sales with DTC (Direct to Consumer) projects. 2005 Management makes banking arrangement with investment group to provide capital for the new business plan. During this period, the company raised over $7 million to build its marketing programs and produce and test several TV and Radio shows.

Banking Investment "After the divestment of the Compass shares and the Carlson Wagonlit Travel stake" said Gilles Pelisson, director and Chief Executive Officer "this disposal is another step to the refocusing on our two core businesses: hotels and services. The 2 year old partnership between the teams of both groups has been productive in terms of synergies. Additional progress is expected in the coming years".

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Investment Solution Strategic In order to perpetuate the synergies achieved between both groups, Accor and Club Mediterranee signed a 3 year renewable purchasing and marketing partnership agreement. Accor will maintain a 6% stake in Club Mediterranee combined with a 2 year lock up period as part of the shareholders agreement.

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Investment Banking Services With 168,000 employees in 140 countries, Accor is the European leader and one of the world's largest groups in travel, tourism and corporate services, with two major international activities:

Bank Investment - Hotels with the Sofitel, Novotel, Mercure, Suitehotel, Ibis, Etap Hotel, Formule 1, Motel 6 and Red Rood Inn brands: over 4,000 hotels and 470,000 rooms in 90 countries, as well as other businesses (restaurants notably Lenotre, casinos and travel agencies) ;

Alternative Investment - Services to corporate clients and public institutions: 21 million people in 35 countries use a broad range of services (food vouchers, people care and services, incentive, loyalty programs) engineered and managed by Accor Services.

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