Following the European
Commission’s authorization on October 19th of Accor’s acquisition of a
28.9% stake in Club Mediterranee, the two companies have identified the
synergies to be developed and defined priority programs to be implemented. Based on current estimates, these synergies will gradually contribute to
both partners’ earnings, with a combined net gain of 17 million euros
forecast in 2005, 33 million euros in 2006.

Net gain from synergies should reach 46 million euros in 2007, of which 30
million euros for Club Mediterranee and 16 million euros for Accor.

With 30 working groups involved in studying synergies beneficial to both
Accor and Club Mediterranee, roughly 100 actions were identified in four
major areas:

—Increasing revenues.—Optimizing purchasing.—Sharing skills and
expertise.—Human resources. Increasing revenues

The increase in revenues is currently expected to contribute a combined 19
million euros to 2007 earnings, of which 5 million euros for Accor and 14
million euros for Club Mediterranee. Synergies will result mainly from
cross-selling of services to each partner’s respective customers, with in
particular:

—A more visible, accessible offering on the two companies’ websites and
in their loyalty programs, thereby enhancing their attractiveness.—For
Club Mediterranee, the support of the Accor network in markets where it
holds strong positions (e.g. Germany, Brazil, China and Australia) and a
European distribution network of 6,000 affiliated leisure travel agencies.
—For Accor, the distribution of its hotels by Jet tours.—An expanded
offering for both companies’ business and leisure customers. Optimizing
purchasing

Based on current estimates, purchasing optimization is expected to result
in net savings of 15 million euros in 2007, of which 7 million euros for
Accor and 8 million euros for Club Mediterranee.

Four major purchasing families have been identified: air travel,
consumables (food and beverages), onsite services (power, IT, laundry and
cleaning) and advertising and marketing.

Sharing skills and expertise

Skills-sharing is expected to contribute an additional 12 million euros to
combined 2007 earnings, of which 4 million euros for Accor and 8 million
euros for Club Mediterranee. The resulting synergies will improve service
quality by, for example:

—Sharing best practices to improve call center service.—Developing
new offerings on the Jet tours website using Go Voyages technology.—
Creating a Hotel Service Manager position in the ten largest Club Med
villages, with Accor’s support.—Using Club Med Gym’s expertise to
enhance Accor hotel fitness products. Human resources

In the area of human resources, synergies are qualitative in nature. They
will create new opportunities for employees of both companies by
encouraging mobility and making jobs in hotels and tourism more
attractive. Specifically, best practices will be shared in the areas of
hiring, mobility, training and expatriate management.

The study by Accor and Club Mediterranee teams was carried out in a highly
constructive, enthusiastic atmosphere, with the active involvement of
executives and key managers from both companies.

According to Jean-Marc Espalioux, Chairman and CEO of Accor Management
Board, the acquisition of a 28.9% stake in Club Mediterranee, “is in line
with our ongoing, long-term strategic commitment to meeting the needs—
from economy to luxury—of all customers, whether they’re traveling for
business or for recreation and leisure.”

With such an industry partner, Club Mediterranee, said the Chairman of the
Executive Board Henri Giscard d’Estaing, “will speed its move toward a
friendly, multi-cultural upmarket positioning and enhance its recovery.”
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