SECTION 1 -

Provisions for risks ..................................................................................................................................................................................... 2,612,953.00
Provisions for expenses................................................................................................................................................................................ 8,931,386.00
Provisions for risks and expenses..................................................................................................................................................................
339
11,544,339.00
Current accounts......................................................................................................................................................................................... 167,000.00
Trade payables and related accounts............................................................................................................................................................ 2,520,239.54
Tax and social security liabilities ................................................................................................................................................................ 2,778,469.45
Debts..................................................................................................................................................................................................................
5,465,708.99
TOTAL of the assumed liabilities ................................................................................................................................................... 17,010,047.99 (B)
CONTRIBUTED NET ASSETS (A) – (B) 1,099,185,385.63
As a result of the mechanism provided for in article 2.4 of the contribution agreement, this
amount will remain unchanged despite the fact that NEW SERVICES HOLDING S.A. will
assume the assets and liabilities relating to the contributed business at their net book value on the
completion date of the contribution.
We note that the appreciation of the value of the contribution is presented in a separate report.
1.5. Consideration for the contribution
Given that ACCOR S.A. currently holds and intends to retain almost all of the shares of NEW
SERVICES HOLDING S.A. until June 29, 2010, the terms of the consideration for the
contribution set forth in the contribution agreement executed on April 19, 2010 were established
such that one NEW SERVICES HOLDING S.A. share will be issued for every ACCOR S.A.
share entitled to the distribution of shares of NEW SERVICES HOLDING S.A. All of the
shares issued by ACCOR S.A., with the exception of those held by ACCOR S.A. itself, will grant
rights to this distribution.
According to the contribution agreement executed on April 19, 2010, the result is a contractual
allocation of the amount of the capital increase and the contribution premium. The amount of
the capital increase of New Services Holding that will be conducted in consideration for the