SECTION 1 -

HOLDING S.A. will issues 225,878,896 shares as consideration for the contribution of assets 4 ,
as recorded by the Board of Directors of ACCOR S.A. and NEW SERVICES HOLDING S.A.
on May 11, 2010 in accordance with the principles set forth in the contribution agreement.
4. CONCLUSION
In conclusion of our work, we are of the opinion that the consideration offered for the
contribution, involving the issue of one NEW SERVICES HOLDING S.A. share for one
ACCOR S.A. share entitled to the subsequent distibution of NEW SERVICES HOLDING S.A.
shares, is fair. Based on the information available on the date of this report, the contributing
company and the beneficiary have acknowledged that NEW SERVICES HOLDING S.A. will
issue 225,878,896 as consideration for the contribution.
Done in Paris, May 11, 2010
The Statutory Appraisers
Jean-Jacques DEDOUIT Alain ABERGEL
4 Assuming that the winding-up without liquidation of Société d’Exploitation et d’Investissement Hôtelier – SEIH
will be completed prior to June 29, 2010.
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