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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. 350
Our report is organized as follows: 1. PRESENTATION OF THE TRANSACTION AND DESCRIPTION OF THE CONTRIBUTION .................................................................................................................. 352 1.1. Presentation of the companies participating in the transaction ................................. 352 1.1.1. Contributing company..................................................................................... 352 1.1.2. Beneficiary ......................................................................................................... 353 1.1.3. Links between the Companies........................................................................ 354 1.2. Description of the transaction......................................................................................... 355 1.3. Description of the contribution ...................................................................................... 356 1.4. Valuation of the contribution.......................................................................................... 357 1.5. Consideration for the contribution................................................................................. 359 1.6. Legal and tax aspects......................................................................................................... 360 2. WORK PERFORMED AND ASSESSMENT OF THE VALUE OF THE CONTRIBUTED ASSETS.................................................................................................... 363 2.1. Examination performed ................................................................................................... 363 2.2. Appreciation of the value of the contributions............................................................. 366 2.2.1. Individual values of the contributions........................................................... 366 2.2.2. Value of the contributions considered as a whole....................................... 368 3. CONCLUSION................................................................................................................................. 370 351
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Free translation for information pu
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TABLE OF CONTENTS (continued) ii Pa
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TABLE OF CONTENTS (continued) iv Pa
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TABLE OF CONTENTS (continued) vi Pa
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SUMMARY OF THE PROSPECTUS Visa n°
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Key figures from the pro forma inco
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• The products of the employee an
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Number of shares 7 Percentage of sh
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Between the time the customers pay
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• PrePay Solutions (a joint‐ven
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specific, it is unlikely that any f
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The Company also benefits from its
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1.3 Strategy As an independent comp
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media to suit products and customer
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Through the development of these va
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Issue volume growth is at the cente
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1.5 Group products and services 1.5
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The following chart shows the relat
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(b) Products Tickets Restaurant ®
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The following table gives an overvi
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Expense management New Services pro
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• gift vouchers for businesses an
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The table below shows the geographi
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elations given its flexibility and
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When affiliated merchants accept vo
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1.10 Competition 1.10.1 The employe
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1.10.2.3 Growth potential As with t
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free benefit in kind. This tax bene
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Restaurant ® beneficiaries secure
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Key figures from the pro forma inco
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- breakage revenues from vouchers t
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A reconciliation between the histor
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2.4.1.2 Issue volume by business li
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The proportion of operating revenue
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esulting from the acquisition of Pr
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Global structures (1) 0 2 n.s. n.s.
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The Group’s working capital requi
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2.6.4 Working capital requirements
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The Club Deal and the Bilateral Lin
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2.8.1.1 Europe In the first quarter
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(in millions of euros) 73 Pro forma
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Competition The Group’s various b
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Development of performance products
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In the past, a large proportion of
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company, which can be subject to fl
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These values impact the day‐to‐
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4.1.2.1 Partners in education For t
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o Locally, each subsidiary consider
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On a global scale, the Bernaches: S
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o Senior support individuals who at
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Workforce Total number of employees
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European FOOD (Fighting Obesity thr
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GREENHOUSE GASES 4.2.2.4 Greenhouse
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Since 2006, an international employ
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In the event that the Company’s s
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Information of the Board of Directo
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If the Board decides to combine the
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• validating the categories of ad
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Organization of work defines and i
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In addition, without prejudice to t
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The table below is a summary of the
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shareholders (other than Accor itse
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indirectly) from a loan extended by
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• become “pure players”, list
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The Company will publish a press re
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Accordingly, as consideration for t
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(c) Calculation of the contributed
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6.3.4.3 Mechanics of the Spinoff Th
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(f) Impact on the calculation of th
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SECTION 7 ‐ INFORMATION ABOUT THE
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of the Company, in respect of share
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Throughout the subscription period,
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Because the Company’s shares are
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connection with their action in con
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Resolution Purpose of the resolutio
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“We certify, after taking all rea
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9.7 Cross‐reference table for inf
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No. Item in the Regulation Section(
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No. Item in the Regulation Section(
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No. Heading in the Regulation Secti
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No. Heading in the Regulation Secti
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SECTION 10 FINANCIAL STATEMENTS 10.
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New Services: Historical Combined F
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Equity and Liabilities (in € mill
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Changes in Historical Combined Equi
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163 New Services: Historical Combin
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Preparation of the financial statem
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S.8. OPERATING PROFIT BEFORE TAX AN
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Note 2. Significant Events and Chan
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Note 3.3. Operating revenue by geog
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Note 4. Operating Expenses (in €
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Note 6. Depreciation, Amortization
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Note 8. Net financial expense (in
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Note 10. Income Tax Note 10.1. Inco
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Note 10.3. Details of recognized de
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Changes in the carrying amount of g
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The following intangible assets are
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Note 14. Receivables and Payables N
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Note 15. Share‐based payments Not
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Note 17. Minority Interests (in €
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Note 19. Financial debt by Currency
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Note 20. Net Debt and Net Cash (in
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At December 31, 2008, financial ass
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Note 22. Provisions New Services: H
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- Length‐of‐service awards in I
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Funded status of post‐employment
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Sensitivity analysis 221 New Servic
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Note 26. Balance sheets by geograph
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Note 27. Claims and Litigation Tax
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Note 29. Additional Information abo
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Note 31. Compensation Paid to Corpo
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Note 33. Subsequent Events There ha
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10.1.2 Statutory auditor’s report
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Pro forma Income Statements New Ser
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Pro forma Balance Sheets Assets (in
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Pro forma Cash Flows Statements New
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Key Ratios and Indicators New Servi
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245 New Services: Pro forma Financi
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.2. Equity 247 New Services: Pro fo
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B. At December 31, 2008 (in € mil
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Statements of Comprehensive Income
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B. At December 31, 2008 (in € mil
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Cash Flows Statements A. At Decembe
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C. At December 31, 2009 (in € mil
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Notes to the Pro forma Financial St
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D.4. RECOVERABLE AMOUNT OF ASSETS 2
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K. Pensions and other post‐employ
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The fair value of the employee bene
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For all of these products, recogniz
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U. Segment Information New Services
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Note 3.2. Total revenue Total reven
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3.3.2 Other operating revenue by ge
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Note 5. EBITDA by Geographic Segmen
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Note 7. EBIT by Geographic Segment
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Note 9. Non‐recurring income and
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Note 10.2. Effective tax rate New S
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Note 11. Goodwill (in € millions)
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Note 12. Intangible Assets New Serv
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Note 13. Property, Plant and Equipm
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Note 14.4. Receivables and payables
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New Services: Pro forma Financial S
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Page 309 and 310: Note 16. Cumulative Fair Value Adju
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Page 313 and 314: Note 19.C Financial instruments 1.
Page 315 and 316: Note 21. Provisions New Services: P
Page 317 and 318: - Length‐of‐service awards in I
Page 319 and 320: Funded status of post‐employment
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Page 323 and 324: New Services: Pro forma Financial S
Page 325 and 326: Note 25. Balance sheets by geograph
Page 327 and 328: Note 26. Claims and Litigation Tax
Page 329 and 330: Note 28. Additional Information abo
Page 331 and 332: Note 30. Compensation Paid to Corpo
Page 333 and 334: Note 32. Subsequent Events There ha
Page 335 and 336: 10.2.2 Statutory auditor’s report
Page 337 and 338: ANNEX A - STATUTORY AUDITORS’ REP
Page 339 and 340: appropriate, as well as analyze the
Page 341 and 342: The ACCOR S.A. shares are listed on
Page 343 and 344: Furthermore, as of the date of this
Page 345 and 346: The contribution of assets will als
Page 347 and 348: Provisions for risks ..............
Page 349 and 350: The new shares will be entirely fun
Page 351 and 352: o the execution of a term loan agre
Page 353 and 354: are judged appropriate. In particul
Page 355 and 356: Within the context of the transacti
Page 357: ANNEX B - STATUTORY APPRAISERS’ R
Page 361 and 362: - All civil, commercial, industrial
Page 363 and 364: 1.2. Description of the transaction
Page 365 and 366: Finally, the contributed net assets
Page 367 and 368: Provisions for risks...............
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Page 371 and 372: 2. WORK PERFORMED AND ASSESSMENT OF
Page 373 and 374: c. we have reviewed the financial s
Page 375 and 376: 2.2.1.2. Separation The ACCOR group
Page 377 and 378: i.e., €1,099,185 thousand, repres
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