SECTION 1 -

The contribution of assets will also include the intellectual property rights mentioned in article
1.1. of the contribution agreement executed on April 19, 2010.
Finally, the contributed net assets will include a claim of the beneficiary against the contributing
company (or, as the case may be, a claim of the contributing company against the beneficiary)
intended to take into account the difference between, on the one hand, the estimated value of the
contributed net assets as of June 29, 2010 established in the contribution agreement executed on
April 19, 2010, i.e., €1,099,185,385.63, and the final value of the contributed net assets on the
other hand, such that the final value of the contribution will be equal to €1,099,185,385.63.
1.4. Valuation of the contribution
To the extent that the contribution of assets described in this report is a reorganization
transaction within the ACCOR group, and given that the transfer of NEW SERVICES
HOLDING S.A. shares described in paragraph 1.2. above constitutes a distribution and not a
sale to an independent entity, the contribution was appraised at its net book value.
Based on the projected accounting position of the contributed business as of June 29, 2010,
the value of the contribution, as estimated by the parties in the contribution agreement executed
on April 19, 2010, amounts to €1,099,185,385.63 and can be broken down as follows:
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