SECTION 1 -

Ladies and Gentlemen:
NEW SERVICES HOLDING S.A.
166-180, boulevard Gabriel Péri
92240 MALAKOFF
RCS NANTERRE 493 322 978
CONTRIBUTION BY ACCOR S.A.
OF THE ASSETS OF THE “SERVICES BUSINESS” DIVISION
TO NEW SERVICES HOLDING S.A.
REPORT OF THE STATUTORY APPRAISERS
ON THE VALUE OF THE CONTRIBUTION
In execution of our engagement by order of the Presiding Judge of the Commercial Court of
Nanterre dated March 1, 2010 in connection with the contribution of assets that is to be made by
ACCOR S.A. to NEW SERVICES HOLDING S.A., we have prepared this report pursuant to
Article L.225-147 of the French Commercial Code. Our assessment of the fairness of the
consideration offered for the contribution of assets is presented in a separate report.
The contributed net assets were established in the contribution agreement executed by the
representatives of the concerned companies on April 19, 2010. We have been asked to express
an opinion as to whether the value of the contribution is excessive. To this end, we performed
our work in accordance with the professional standards of the Compagnie Nationale des Commissaires
aux Comptes (National Association of Auditors) applicable to this engagement. These standards
require us to apply procedures designed to assess the value of the contribution, to ensure that
they have not been overvalued, and to verify that their value is at least equal to the par value of
the shares to be issued by the company to which the assets will increased, plus the contribution
premium.
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