SECTION 1 -

143, rue de la Pompe – 75116 Paris
Appointed by an order of the Presiding Judge of the Commercial Court of Nanterre dated
March 1, 2010.
Date of the reports Report on the value of the contributions dated May 11,
2010 (a copy of which is attached to this prospectus)
Report on the consideration for the contribution dated
May 11, 2010 (a copy of which is attached to this
prospectus)
The conclusions of the statutory appraisers of the contribution are as follows:
“Following our appraisal, we are of the opinion that the value of the contribution of
€1,099,185,385.63 is not excessive and, consequently, that the net asset value contributed is at least
equal to the value of the capital increase of New Services Holding, plus the contribution premium.”
The conclusions of the statutory appraisers of the consideration for the contribution are as
follows:
Following our appraisal, we are of the opinion that the compensation offered for the
contribution, resulting in the issuance of one share of New Services Holding S.A. for each share of
Accor S.A. that has the right to receive the subsequent distribution of shares of New Services Holding
S.A., is fair. Based on information available as of the date of this report, both companies have
acknowledged that the number of shares to be issued by New Services Holding S.A. in consideration
for the contribution shall be 225,878,896.
(c) Expert appraisal
None.
6.3.2.3 Consideration for the Transaction
(a) Consideration terms of the Transaction
Given that Accor currently holds and intends to retain almost all of the shares of the
Company until the Completion Date, the terms of the consideration of the contribution of assets
contemplated in the Contribution Agreement were established so as to achieve a ratio of one (1)
Company share for every Accor share granting rights to the distribution of the Company’s shares. This
results in a contractual allocation of the amount of the capital increase and the contribution premium.
(b) Amount of the capital increase
As consideration for the contribution of assets contemplated in the Contribution Agreement,
the Company will issue a number of new shares to Accor corresponding to the number of Accor
shares giving right to the distribution of the Company’s shares, i.e., the number of outstanding Accor
shares on the Ex‐Date (other than those held by Accor itself).
For purposes of the Contribution Agreement, Accor and the Company have agreed upon a
provisional number of shares to be issued based on the estimate of the number of Accor shares
granting rights to distribution of the Company’s shares as of the date of the Contribution Agreement,
but have agreed that this number will be adjusted once the required information is available. The
meetings of the Board of Directors of Accor and the Company held on May 11, 2010 applied these
principles and set the final number of shares of the Company to be issued as consideration for the
contribution of assets such that this number corresponds exactly to the number of Accor shares giving
right to the distribution of the Company’s shares (i.e., 225,878,896 shares).
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