PARIS, November 21 /PRNewswire-FirstCall/ -- The Accor Supervisory Board approved the proposals of the Governance Committee, created on October 10 and chaired by Serge Weinberg. At a Combined Meeting, Accor shareholders will be asked to approve a corporate governance structure based on a Board of Directors to replace the current structure comprised of a Supervisory Board and a Management Board and to modify the company bylaws accordingly. Within the new Board of Directors, it is planned to separate the non-executive and executive functions in accordance with the NRE Act ("Nouvelles Regulations Economiques") and to appoint Serge Weinberg as Chairman of the Board and Gilles Pelisson as Chief Executive Officer. The Combined Meeting of Shareholders will be held on January 9, 2006. It will be chaired by Serge Weinberg, who will become Supervisory Board Chairman on January 3. The Management Board, chaired by Jean-Marc Espalioux, will be in place until the Shareholders Meeting. As respectively President and Vice-President and non independent members of the Supervisory Board, Gerard Pelisson and Paul Dubrule asked for their mandate not to be renewed. The new bylaws to be submitted to the Shareholders Meeting will provide for their appointment as Founding Co-Chairmen, who will accordingly attend Board meetings in an advisory capacity. At the meeting, shareholders will be asked to elect the following Directors, the majority of whom are independent as defined by the Bouton Report on corporate governance, to serve a three-year term mandate: - Thomas J. Barrack, Founder, Chairman, and Chief Executive Officer of Colony Capital LLC - Sebastien Bazin, Principal, Managing Director Europe and Chief Executive Officer of Colony Capital SAS - BNP-Paribas, represented by Baudouin Prot, Director and Chief Executive Officer - Isabelle Bouillot, Consultant, Board Member of several companies - Philippe Camus (*), Co-Managing Partner of Groupe Lagardere - Aldo Cardoso (*), Board Member of several companies - Etienne Davignon, Chairman of Fortis Belgium - Gabriele Galateri di Genola, Chairman of Mediobanca S.p.A. - Sir Roderic Lyne (*), former Ambassador of the UK - Dominique Marcel, Vice-President, Finance and Strategy, and member of the Executive Committee of Caisse des Depots et Consignations - Francis Mayer, Chief Executive Officer of Caisse des Depots et Consignations - Gilles Pelisson (*), Accor's future CEO - Franck Riboud, Chairman and Chief Executive Officer of Danone - Jerome Seydoux, Chairman and Member of the Executive Board of Pathe SAS - Societe Generale, represented by Philippe Citerne, Director and Chief Operating Officer - Theo Waigel (*), former Minister of Finance of Germany - Serge Weinberg, Chairman Weinberg Capital Partners (*) New Director The Supervisory Board paid tribute to the contribution of Renaud d'Elissagaray, who had been a member of the Board since 1997. "The change in Accor's (OTC:ACRFF) corporate governance structure was unanimously approved by the Supervisory Board," said Governance Committee Chairman Serge Weinberg, following the Supervisory Board meeting. "With Gilles Pelisson as Chief Executive Officer, the new structure will support the Group in its new development phase and invigorate its performance." Paul Dubrule and Gerard Pelisson stated: "We are happy to present to Accor shareholders a new team with talented personalities being in line with Accor entrepreneurship values that will give to the group a new dynamic". The new organization will leverage the complementary backgrounds and recognized expertise of the Directors, some of whom have extensive international experience. It will also promote the Board of Directors' strong, shared involvement in setting Accor's strategic objectives and tracking its performance. The quality and commitment of Accor's employees, the diversity of its customer-tailored products and services, the worldwide recognition of Accor and its brands, and its solid financial position will ensure the Group's long-term growth and ability to create value for its shareholders. With 168,000 people in 140 countries, Accor is the European leader and one of the world's largest groups in travel, tourism and corporate services, with two major international activities: - hotels: over 4,000 hotels (more than 470,000 rooms) in 92 countries, casinos, travel agencies, and restaurants; - services to corporate clients and public institutions: 19 million people in 34 countries use a broad range of services (food vouchers, people care and services, incentive, loyalty programs) engineered and managed by Accor. Contacts Eliane ROUYER Anthony PALLIER Director Investor Relations Investor Relations & Financial Tel +33-1-45-38-86-33 Communications Tel +33-1-45-38-86-26 Further information on Accor is available on accor.com DATASOURCE: Accor CONTACT: Eliane Rouyer, Director Investor Relations & Financial, Communications, Tel +33-1-45-38-86-26, Anthony Pallier, Investor Relations, Tel +33-1-45-38-86-33

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