SECTION 1 -

10.1.2 Statutory auditor’s report
To the Chief Executive Officer,
NEW SERVICES HOLDING
Société Anonyme
166‐180, boulevard Gabriel Péri
92240 Malakoff
Statutory auditor’s report on the consolidated financial statements
Fiscal years ending as at December 31, 2009, 2008 and 2007
This is a free translation into English of the statutory auditor’s report issued in the French language and is
provided solely for the convenience of English speaking readers. Such report should be read in conjunction
and construed in accordance with French law and French auditing professional standards.
In our capacity as the statutory auditors of New Services Holding and in response to your
request, we have audited the consolidated financial statements of New Services Holding, for the
financial years ending December 31, 2009, 2008 and 2007, which are attached to this report and
included in section 10 of the prospectus dated May 12, 2010 prepared in connection with the planned
listing of New Services Holding’s shares on Euronext Paris as part of the spinoff of the Accor group’s
services business.
These financial statements were prepared under your responsibility. Our role is to express an
opinion on these combined financial statements based on our review.
We conducted our audit in accordance with professional standards applicable in France.
Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining,
using sample testing techniques or other selection methods, the evidence supporting the amounts
and information in the combined financial statements. An audit also includes assessing the
accounting principles used and significant estimates made, as well as evaluating the overall
presentation of the combined financial statements. We believe that the evidence that we have
obtained is sufficient and appropriate to support our opinion.
In our opinion, for purposes of the prospectus prepared as described above, the combined
financial statements are, in all material aspects, a true and fair depiction of the financial condition and
the assets and liabilities of the persons and entities within the scope of consolidation as of December
31, 2009, 2008, and 2007, as well as the results of its operations for each of the years then ended, in
accordance with the accounting principles described in the notes to the combined financial
statements entitled “Basis for preparation” and “1. Accounting principles”, specifying the manner in
which the IFRS standards as adopted in the European Union were applied in the preparation of the
combined financial statements.
This report is issued solely for the purposes of the public offering in France and in other
countries of the European Union in which the prospectus approved by the AMF may be used, and may
not be used for any other purpose.
235
Neuilly‐sur‐Seine, May 11, 2010
The Statutory Auditors
Deloitte & Associés
David Dupont‐Noël