SECTION 1 -

are judged appropriate.
In particular, we performed the following tasks:
1. we held discussions with the managers of the companies involved in this transaction in
order to both understand the proposed transaction and the context in which it will take
place, and analyze the applicable accounting, legal and tax terms;
2. we have reviewed the contribution agreement executed on April 19, 2010 ;
3. we have reviewed the draft of the prospectus describing the transaction prepared in view of
the admission of the NEW SERVICES HOLDING S.A. shares for trading on Euronext
Paris, as well as the draft of the update to the 2009 annual report (document de reference) of
ACCOR S.A.;
4. we have reviewed the general report of the statutory auditors of ACCOR S.A. relating to the
annual financial statements established as at December 31, 2009 and have verified that these
financial statements have been certified without reservation;
5. we have, as part of the separation performed by ACCOR S.A., examined the terms of the
allocation to the contributed business of the contributed assets and assumed liabilities;
6. we have analyzed the methods used to determined the projected financial position of the
contributed business as of June 29, 2010;
7. we have reviewed the results of the contributed business considered as a whole as of March
31, 2010, as well as its 2010 budget and business plan;
8. we have analyzed the approaches of the economic value of the contributed business applied
by ACCOR S.A. and its advisors; based on these elements, we have performed alternative
evaluations by varying the main parameters adopted;
9. we have asked the managers of the contributing company and the beneficiary to confirm the
exhaustiveness of the information that we have received relating to this contribution, as well
as the absence of significant events that are likely to affect the fairness of consideration
offered for the contribution;
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