The foregoing statement
The shares of Edenred (New Services Holding S.A.) have not been, and will not be, registered under the U.S. Securities Act of 1933. The documents you are about to review have been prepared in connection with the Accor general sharheolders' meeting of June 29, 2010, but do not constitute an offer for value of shares of Edenred in the United States or in any other jurisdiction. The transaction described in these documents is a spinoff transaction within the meaning of Staff Legal Bulletin 4 of the Securities and Exchange Commission, and is not being registered with the Commission.