SECTION 1 -

The transaction consists of:
- the contribution by ACCOR S.A. to NEW SERVICES HOLDING of its complete and
autonomous business division consisting of the following activities:
o the provision of services, in particular through the issuance of vouchers for the
benefit of employees and the general public, and
o the provision of pre-paid services that enhance the performance of organizations
(referred to collectively herein as the “Services Business”),
in respect of which we have prepared this report, pursuant to our appointment as
statutory appraisers by the Presiding Judge of the Commercial Court of Nanterre on
March 1, 2010;
- followed by the distribution by ACCOR S.A. to its shareholders (other than ACCOR S.A.
itself) of the shares of NEW SERVICES HOLDING issued as consideration for the
contribution which will also be admitted for trading on Euronext Paris. This distribution
will be carried out on the basis of one NEW SERVICES HOLDING S.A. share for each
share of ACCOR S.A. granting rights to a distribution.
1.3. Description of the contribution
Pursuant to the terms of the contribution agreement executed on March 19, 2010, the
contribution will include all of the assets and liabilities relating to the ACCOR Group’s Services
Business in their existing state on the date on which the final completion of the contribution of
assets is recorded, which is expected to occur on June 29, 2010, provided that the contribution
will not include the loans and advances (other than debit or credit commercial current cash
accounts, dividends payable and any accrued interest relating thereto) extended by ACCOR S.A.
to the Services Business entities or by the Services Business entities to ACCOR S.A., nor the
ancillary hedging transactions, since these financings and transactions are expected to be
unwound in connection with the Preliminary Transactions as defined in paragraph II.5 of the
contribution agreement.
The contribution of assets will also include the intellectual property rights mentioned in article
1.1. of the contribution agreement executed on April 19, 2010.
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