Accor Services has several objectives: to be number one on all markets, to be the leader in innovations and to achieve double digit growth of its results.

Accor Services has four lines of business. Three of which are dedicated to companies:

• Employee benefit services



• Incentive and loyalty programs



• Expense management

And a service dedicated to public institutions, which aims at guaranteeing the proper use of public funds.

This market enjoys very high growth potential because of an extended range of products and operations start-ups in new countries.

Opportunities for acquisitions exist in order to increase market share or procure skills and expertise or even sign partnerships. In this context, Accor plans to invest €500 million between now and 2010 with a 20% ROCE objective.

Our 2005 results are in line with our objectives, said Chief Executive Officer Gilles Pélisson. Moreover, with a much stronger financial position, we can envision an ambitious development program particularly in emerging countries to become the global leader in the economy and midscale segments. Building on our core Hotels and Services businesses, we'll leverage our increasingly powerful brands to improve operating margin and return on capital employed in the years ahead.