SECTION 1 -

In euros Net book value
Participating Interests – French Company 5% to 100% .................................................................. 1,026,194,287.64
Participating Interests – Foreign Company 5% to 100% ................................................................. 70,581,982.09
Related interest receivable ............................................................................................................. 1,128,032.71
Dividends receivable....................................................................................................................... 11,444,016.52
Other financial assets ..................................................................................................................... 19,802.00
Financial assets...................................................................................................................................... 1,109,368,120.96
Total fixed assets .................................................................................................................................. 1,110,745,170.76
Trade receivables............................................................................................................................ 467,400.00
Prepaid expenses............................................................................................................................ 182,781.17
Current accounts ........................................................................................................................... 4,746,000.00
Various debtors .............................................................................................................................. 54,081.69
Total current assets .............................................................................................................................. 5,450,262.86
TOTAL of the contributed assets ................................................................................................... 1,116,195,433.62
(b) Description and valuation of assumed liabilities
Subject to the provisions of section 6.3.2.1 below, the liabilities assumed by the Company
shall include all of the liabilities and obligations of the Contributed Business, in their existing condition
on the Completion Date (whether or not they are recorded in the reference accounts and including all
unknown or future liabilities related to the operation of the Contributed Business arising prior to the
Completion Date), other than any liabilities discharged between January 1, 2010 and the Completion
Date, but increased by any new liability incurred during such period. They will also include, if
applicable, a claim of Accor against the Company, the amount of which will be determined as
provided below, which is intended to ensure that the book value of the net assets of the Contributed
Business on the Completion Date recorded in the Contribution Statement (defined below) is equal to
the net assets recorded in the Projected Contribution Statement (€1,099,185,385.63).
On the basis of the reference accounts, the Projected Contribution Statement and the items
mentioned in the Contribution Agreement, and given that the Transaction will be carried out at net
book value, the breakdown of the book value of the assumed liabilities of the Contributed Business is
as follows:
In euros Historical net carrying amount
Provisions for contingencies ........................................................................................................... 2,612,953.00
Provisions for expenses...................................................................................................................
Provisions for risks and expenses ..........................................................................................................
124
8,931,386.00
11,544,339.00
Current accounts ............................................................................................................................ 167,000.00
Trade payables and related accounts.............................................................................................
Tax and social security liabilities.....................................................................................................
Debts .....................................................................................................................................................
2,520,239.54
2,778,469.45
5,465,708.99
TOTAL of the assumed liabilities ................................................................................................... 17,010,047.99