tailieunhanh - Bonds convertible into new shares and/or exchangeable into existing shares of ACCOR

Because migrants have specific information about language, customs, culture, and regulations in potential markets, they help resolve informational hurdles associated with cross-border investment. Further, because migrants are dispersed across a wide range of countries they can act as an enforcement mechanism, steering investment towards stable markets and directing it away from others. Finally, migrant networks can help separate relevant information from noise--something especially important in an environment when investors are bombarded with massive amounts of information on a daily basis | Translation into English for information purposes only - Original in French Bonds convertible into new shares and or exchangeable into existing shares of ACCOR Obligations à option de conversion en actions nouvelles et ou d echange en actions existantes The bonds the Bonds convertible and or exchangeable into new or existing shares of ACCOR ACCOR are being offered by way of an offering in France and outside France. The terms and conditions of the Bonds and certain information in relation to ACCOR are set out in the translation into English for information purposes only of the French language Note d Operation Definitive which is contained in this document. This document should be read in conjunction with the translation into English of ACCOR s annual report. THIS DOCUMENT CONTAINS A FREE TRANSLATION FOR INFORMATION PURPOSES ONLY OF THE FRENCH LANGUAGE NOTE D OPERATION DEFINITIVE RELATING TO THE ISSUE OF THE BONDS WHICH RECEIVED VISA NO. 02-454 DATED 25 APRIL 2002 OF THE COMMISSION DES OPERATIONS DE BOURSE. IN THE EVENT OF ANY AMBIGUITY OR CONFLICT BETWEEN CORRESPONDING STATEMENTS OR OTHER ITEMS CONTAINED IN THESE DOCUMENTS THE RELEVANT STATEMENTS OR ITEMS OF THE FRENCH VERSION OF THE NOTE D OPERATION DEFINITIVE SHALL PREVAIL. Application has been made to list the Bonds on the Premier Marché of Euronext Paris . with effect from 3 mai 2002. The existing shares of ACCOR are listed on the Premier Marché of Euronext Paris . DEUTSCHE BANK HSBC CCF SG INVESTMENT BANKING The date of this document is 25 April 2002. Translation into English for information purposes only - Original in French This document does not constitute an offer or invitation to any person to subscribe the Bonds. No action has been taken in any jurisdiction other than France that would permit a public offering of the Bonds or the circulation or distribution of this document or any other offering material in any jurisdiction where action for that purpose is required. The distribution of this document

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