Accor and Natexis Banques Populaires Partnership

Paris, October 9, 2002 - Accor and Natexis Banques Populaires have announced the launch
of Tesorus, an innovative employee savings product developed within the framework of
France’s “Fabius” Law on employee savings plans.
Tesorus is a product of Servepar, an Accor-Natexis Banques Populaires joint venture whose
objective is to develop employee savings products.
Servepar is backed by the expertise of Interépargne, a Natexis Banques Populaires (Groupe
Banque Populaire) subsidiary specialized in employee savings plans, and of Accor Services,
Accor’s corporate services division.
Servepar is the first employee savings management firm to receive approval from France’s
stock market authority, Commission des Opérations de Bourse, since the “Fabius” Law was
enacted. The law facilitates access to employee savings products for small and mid-sized
businesses.
Tesorus leverages the complementary skills of Servepar’s partners: - Interépargne provides administrative and accounting management, as well as
recognized expertise in financial management.
- Accor Services brings its excellent understanding of small and mid-sized
businesses, as well as its know-how and technology in the area of service vouchers.
Tesorus is an innovative employee savings product for companies with fewer than 100
employees. It combines ease of management for the company and flexibility for employees.
Companies that want to offer a corporate savings plan may subscribe to a Tesorus contract
with Servepar. In cooperation with Tesorus consultants and within the limits defined by the
law, the company determines:
- The amount of the employer contribution - The amount that each employee must pay to qualify for the employer contribution.
Each employee then receives a book of 12 Tesorus vouchers, similar to the service vouchers
developed by Accor. Each voucher shows:
- The amount of the employer contribution.
- The amount paid by the employee.
- The total amount invested in savings products.
Using the Tesorus vouchers:
á The 12 Tesorus vouchers are valid for one calendar year
á Although the number of vouchers encourages monthly saving, the employee retains
control over the pace of investment
á The book includes one discretionary voucher that allows the employee to invest
additional funds up to the legal ceiling set at 25% of annual income
á The Tesorus vouchers are sent to Servepar, which debits the total amount to be
invested from the company’s bank account. The company then deducts the
employee’s contribution from his or her monthly salary
á Employees who subscribe to Tesorus may choose from among four investment
vehicles managed by Servepar:
á A money market fund
á A fund invested 50% in stocks and 50% in bonds
á A fund invested 100% in stocks á A fund invested 100% in socially responsible stocks.
A guaranteed-performance fund will also be offered á Employees will benefit from three free arbitrage opportunities a year to shift their
asset mix in relation to their personal investment objectives.
——-