SECTION 1 -

(f) Impact on the calculation of the net earnings per share
The Company’s pro forma financial statements (see section 10.2.1 of this prospectus include
detailed information concerning the impact of the Transaction on the Company.
(g) New strategies under consideration
See section 1.3 of this prospectus.
(h) Short and medium‐term projections concerning the business and any future
reorganizations, results and the dividend distribution policy.
This prospectus does not contain any short‐term or medium‐term projections concerning the
business and any future restructurings. The financial objectives pursued by the Group are presented
in section 1.3.3 of this prospectus.
See section 7.3.2 of this prospectus for more information concerning the Company’s dividend
distribution policy.
6.3.6 Factors considered in the valuation of the Company following the Transaction
The price of the New Services shares following the Transaction will be determined on the
basis of the orders placed on Euronext Paris during the first trading sessions, which is expected to
occur on July 2, 2010 (the “Initial Admission Date”), subject to the approval of the Transaction by
Accor’s General Meeting of Shareholders. The Transaction does not involve a public offer, private
placement, or a subscription or acquisition of New Services shares by investors; if such a transaction
had occurred, it could have provided an indication of the market’s potential valuation of the New
Services shares. It is recalled that the exchange ratio used for the distribution of New Services shares
is one New Services share for each Accor share, and that The transaction will be carried out on the
basis of book values.
Euronext will indicate in a notice, published prior to the Initial Admission Date of the New
Services shares, the price that will be used as a technical reference for the initial listing. This
reference price will be used only for purposes of establishing circuit‐breaker thresholds and will have
no effect on the price at which the New Services shares will actually be traded.
The following valuation factors are provided on a purely indicative basis, and will not
necessarily have an impact on the price at which the New Services shares will actually be traded.
The information used to prepare the valuation factors presented below was taken from
public documents. In particular, historical information and the forward‐looking statements
concerning certain companies in the services and employee and public benefits sections was found in
annual reports and recent research reports prepared by financial analysts, or data bases; this
information has not been and will not be independently verified.
Among the standard valuation methods is the comparable listed company (comparable
boursière) method, which involves comparing New Services Holding to a sample of listed companies,
comparable in terms of (i) business profile, (ii) revenue generation, (iii) underlying markets, and (iv)
size.
Sodexo, through its “Checks and Service Cards” division, is New Services’ main competitor,
offering a range of products and a geographic presence that is very similar to that of New Services.
However, this division represents only a very small portion of the Sodexo group’s overall business
(i.e., 4.7% of its consolidated revenues in 2008‐09) and its other divisions are not comparable to New
Services Holding, in particular the catering (restauration collective) and the facilities management
divisions, and therefore a comparable listed company valuation of New Services based on Sodexho is
not useful.
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