SECTION 1 -

10.2.2 Statutory auditor’s report
NEW SERVICES HOLDING
Société Anonyme
166‐180, boulevard Gabriel Péri
92240 Malakoff
Statutory auditor’s report on the pro forma financial statements
Fiscal years ended 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.
To the Chief Executive Officer,
In our capacity as statutory auditors of New Services Holding, and in application of (EC)
regulation no. 809/2004, we have prepared this report on the pro forma financial statements of New
Services Holding for the financial years ending on December 31, 2009, 2008 and 2007 (“the pro forma
financial statements”), 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 pro forma financial statements were prepared solely to illustrate the effect that the
spinoff would have had on the combined financial statements of the Services business of the Accor
group as at December 31, 2009, 2008 and 2007, had the transaction occurred as of January 1, 2007.
By their nature, pro forma financial statements describe a hypothetical situation. They do not
necessarily represent what the financial situation or performance of the Group would have been had
the Transaction taken place before its actual or expected completion date.
These pro forma financial statements were prepared under your responsibility in application
of (EC) regulation no. 809/2004 relating to pro forma information, based on the audited combined
financial statements of New Services Holding as at December 31, 2009, 2008 and 2007.
Our role is to express a conclusion, on the basis of our review, regarding the adequacy of
these pro forma financial statements, as required by Schedule II, paragraph 7 of (EC) regulation no.
809/2004.
We conducted the diligence that we deemed necessary for this assignment in light of the
professional customs of the National Professional Association of Statutory Auditors (Compagnie
nationale des commissaires aux comptes). Our review, which did not include a review of any of the
underlying financial information incorporated into the pro forma financial statements, consisted
mainly of checking that the basis used for the preparation of such pro forma financial statements
correspond to the source documents described in the notes to the financial statements entitled “Basis
for preparation of the pro forma financial statements”, examining the elements supporting the
information contained in the pro forma restatements and meeting with New Services Holding’s
management in order to collect the information and explanations that we deemed necessary.
In our opinion:
• The pro forma financial statements were adequately prepared on the basis
described in the note to the financial statements entitled “Basis for preparation of
the pro forma financial statements”;
• This basis is consistent with the accounting methods used by the issuer.
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