SECTION 1 -

Within the context of the transaction considered as a whole, i.e., a contribution followed by the
distribution of shares of the beneficiary, these consideration terms are intended to allow each
holder of one ACCOR S.A. share (other than ACCOR S.A. itself) to become, after the
transaction, the holder of one ACCOR S.A. share and one NEW SERVICES HOLDING S.A.
share.
It should be emphasized that, in this particular case, ACCOR S.A. holds almost all of the shares
of NEW SERVICES HOLDING S.A.: any modification of the consideration offered for the
contribution will have no impact on ACCOR S.A.’s ownership interest in NEW HOLDING
SERVICES S.A. following the transaction described in this report.
Given the terms of the transaction, we believe that the principle of determining the consideration
for the contribution contractually does not compromise the interests of the shareholders, and is
therefore fair.
This contractual consideration is intended to ensure, in connection with the subsequent
distribution, that the holders (other than ACCOR S.A. itself) of ACCOR S.A. shares that are
outstanding on the Ex-Date, will receive all of the shares issued by NEW SERVICES
HOLDING S.A. as consideration for the contribution at the rate of one NEW SERVICES
HOLDING S.A. share distributed for one ACCOR S.A. share entitled to a distribution.
Based on the information available on the execution date of the contribution agreement, i.e., the
number of shares issued by ACCOR S.A. (227,556,372), minus the number of shares that it is
expected to hold as of the completion date of the transaction (2,020,066), the contributing
company and the beneficiary have estimated that NEW SERVICES HOLDING S.A. will issue
225,536,306 shares as consideration for the contribution. The parties have agreed that the final
number will be recorded later, after the suspension of the rights giving access to the share capital
of ACCOR S.A.
Given the issuance 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, NEW SERVICES
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