SECTION 1 -

2. VERIFICATION OF THE APPROPRIATENESS OF THE VALUATION OF THE
CONTRIBUTION AND SHARES OF THE BENEFICIARY
2.1. Presentation of valuation
As indicated in paragraph 1.5. of this report, 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 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.
Based on the information available on the execution date of the contribution agreement, the
consideration was estimated to amount to 225,536,306 shares of NEW SERVICES HOLDING
S.A., taking into account the estimate set forth in the contribution agreement of the number of
shares issued by ACCOR S.A. granting rights to the distribution of shares of the beneficiary.
Given the issue of 342,590 shares recorded by the Board of Directors of ACCOR S.A. on May
11, 2010 following the exercise of the share subscription options, 225,878,896 ACCOR S.A.
shares will grant rights to the distribution of NEW SERVICES HOLDING S.A. shares, as
acknowledged by the Board of Directors of ACCOR S.A. and NEW SERVICES HOLDING
S.A. on May 11, 2010.
2.2 Examination performed
We performed the work that we considered to be necessary pursuant to the professional
standards of the Compagnie Nationale des Commissaires aux Comptes (National Association of
Auditors) applicable to this engagement, requiring us to:
- verify that the relative values attributed to the contributed business division and the
shares of the beneficiary are appropriate, and
- analyze the relationship of the proposed payment compared to the relative values that
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