SECTION 1 -

ACCOR S.A.
2, rue de la Mare Neuve
91000 EVRY
RCS EVRY 602 036 444
330
NEW SERVICES HOLDING S.A.
166-180, boulevard Gabriel Péri
92240 MALAKOFF
RCS NANTERRE 493 322 978
CONTRIBUTION BY ACCOR S.A.
OF THE ASSETS OF THE “SERVICES BUSINESS” DIVISION
TO NEW SERVICES HOLDING S.A.
REPORT OF THE STATUTORY APPRAISERS ON
THE CONSIDERATION OFFERED FOR THE CONTRIBUTION
Ladies and Gentlemen:
In execution of our engagement by order of the Presiding Judge of the Commercial Court of
Nanterre dated March 1, 2010 in connection with the contribution of assets that is to be made by
ACCOR S.A. to NEW SERVICES HOLDING S.A., we have prepared this report pursuant to
Article L.236-10 of the French Commercial Code. Our assessment of the value of the
contribution is presented in a separate report.
The consideration offered for the contribution was established in the contribution agreement
executed by the representatives of the concerned companies on April 19, 2010. We have been
asked to express an opinion as to the fairness of the consideration offered for the contribution.
To this end, we performed our work in accordance with the professional standards of the
Compagnie Nationale des Commissaires aux Comptes (National Association of Auditors) applicable to
this engagement. These standards require us to apply procedures intended to verify that the
relative values attributed to the contributed business division and the shares of the beneficiary are