SECTION 1 -

contribution, the number of shares to be issued as consideration for the contribution and the
amount of the contribution premium, will be determined as provided below.
1.5.1 Capital increase
As consideration for the contribution of assets contemplated in the contribution agreement,
NEW SERVICES HOLDING S.A. will issue a number of new shares to ACCOR S.A.
corresponding to the number of ACCOR S.A. shares giving rights to the distribution of NEW
SERVICES HOLDING S.A. shares, as stated in paragraph 1.2 of this report.
Based on the information available on the execution date of the contribution agreement, the
contributing company and the beneficiary estimated that 225,536,306, ACCOR S.A. shares would
give rights to the distribution of NEW SERVICES HOLDING S.A. shares, but they agreed that
the final number would be determined after the suspension of the rights giving access to the
share capital of ACCOR S.A. 1
Given the issue of 342,590 shares recorded by the Board of Directors of ACCOR S.A. on May
11, 2010 following the exercises of the share subscription options, the Board of Directors of
ACCOR S.A. and NEW SERVICES HOLDING S.A. acknowledged, as provided in the
contribution agreement, that 225,878,896 ACCOR S.A. shares will give rights to the distribution
of NEW SERVICES HOLDING S.A. shares. 2
Accordingly:
− NEW SERVICES HOLDING S.A. will increase its capital by the nominal amount of
€451,757,792, through the issuance of 225,878,896 new shares with a par value of €2
each;
− The share capital of NEW SERVICES HOLDING S.A., which currently amounts to
€37,000, will thus be increased by the nominal amount of €451,757,792 to €451,794,792,
divided into 225,897,396 fully paid-up shares, all of the same class.
1 I.e., the total number of shares issued by ACCOR S.A. (227,556,372) recorded on the execution date of the
contribution agreement, minus the number of shares that are expected to be held by ACCOR S.A. itself as of June
29, 2010 (2,020,066).
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