SECTION 1 -

Pro forma Cash Flows Statements
New Services: Pro forma Financial Statements and Notes
December, 31, 2009
(in € millions) Notes 2007 2008 2009
+ EBITDA 5 345 396 363
- Net financial expenses 8 (92) (87) (104)
- Income tax paid (78) (83) (77)
- Elimination of non-cash revenue and expenses included in EBITDA 2 9 3
- Elimination of provision movements included in net financial expense, income tax expense and
non-recurring taxes
(11) (18) (1)
= Funds from ordinary activities 22 166 217 184
+ Decrease (increase) in working capital 23.1 189 154 111
+ Recurring decrease (increase) in restricted cash 23.2 (19) (49) (13)
= Net cash from operating activities 336 322 282
+ Non-recurring gains (losses) (including restructuring costs and tax on non-recurring items) (5) (17) (32)
+ Non-recurring decrease (increase) in restricted cash (*) 23.2 -
- (114)
= Net cash from (used in) operating activities including non-recurring transactions (A) 331 305 136
- Recurring expenditure (18) (24) (30)
- Development expenditure (125) (23) (41)
+ Proceeds from disposals of assets 8 2 17
= Net cash from (used in) investing activities (B) (135) (45) (54)
+ Minority interests in share issues by subsidiaries 4 (1) 7
- Dividends paid (148) (175) (165)
- Repayment of long-term debt (1) - (1)
+ Proceeds from issue of long-term debt 1 3 1
= Increase (Decrease) in long-term debt -
3 -
+ Increase (Decrease) in short-term debt (213) 118 341
+ Technical demerger impact 273 (5) (4)
+ Impact on equity of transfers between the Hospitality and New Services businesses (9) 127 92
+ Impact on short-term debt of transfers between the Hospitality and New Services businesses 16 (204) (306)
= Impact of the demerger and inter-business transfers 280 (82) (218)
= Net cash from (used in) financing activities (C) (77) (137) (35)
- Effect of changes in foreign exchange rates (D) (40) (23) (37)
= Net increase (decrease) in cash and cash equivalents (E) = (A) + (B) + (C) + (D) 20 79 100 10
+ Cash and cash equivalents at beginning of period 1 033 1 112 1 212
- Cash and cash equivalents at end of period 1 112 1 212 1 222
= Net change in cash and cash equivalents 20 79 100 10
(*) Reclassification from cash and cash equivalents to restricted cash
241