SECTION 1 -

o NEW SERVICES HOLDING S.A. will be, as a result of the completion of the
contribution of assets described in this report, substituted for ACCOR S.A. in all
of its rights and obligations in respect of the contributed business;
- from a tax standpoint:
o the contribution will be registered subject to the sole payment of a € 500 fixed
duty,
o the contribution will be implemented under the standard tax regime (régime de droit
commun) for corporate income tax purposes;
- the contribution of assets will be effective for both accounting and tax purposes as of June
29, 2010, following its approval by the General Meetings of Shareholders of the companies
participating in the transaction;
- the contribution of assets is subject to the satisfaction of the conditions precedent presented
in article 8 of the contribution agreement executed on April 19, 2010, which are summarized
below:
o the final completion of the Preliminary Transactions, as defined in the
contribution agreement;
o obtaining a ruling from the early decisions division of the Belgian tax
administration confirming the tax treatment of the contribution of the interest
held by Accor Hotels Belgium in the share capital of Accor Participacoes
described in the request for a ruling submitted by Accor Hotels Belgium;
o the approval of the Combined General Meeting of Shareholders of ACCOR S.A.
(ruling on an extraordinary basis) of the contribution agreement, including the
distribution by the company to its shareholders (other than ACCOR S.A. itself) of
the NEW SERVICES HOLDING shares issued as consideration for the
contribution;
o the approval of the Combined General Meeting of Shareholders of ACCOR S.A.
(ruling on an extraordinary basis) of the contribution agreement, including the
capital increase to finance the contribution;
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