SECTION 1 -

Provisions for risks...................................................................................................................................................................................... 2,612,953.00
Provisions for expenses ................................................................................................................................................................................ 8,931,386.00
Provisions for risks and expenses ..................................................................................................................................................................
359
11,544,339.00
Current accounts ......................................................................................................................................................................................... 167,000.00
Trade payables and related accounts ............................................................................................................................................................ 2,520,239.54
Tax and social security liabilities................................................................................................................................................................. 2,778,469.45
Debts...................................................................................................................................................................................................................
5,465,708.99
TOTAL of the assumed liabilities.................................................................................................................................................... 17,010,047.99 (B)
CONTRIBUTED NET ASSETS (A) – (B) 1,099,185,385.63
As a result of the mechanism provided for in article 2.4 of the contribution agreement, this
amount will remain unchanged despite the fact that NEW SERVICES HOLDING S.A. will
assume the assets and liabilities relating to the contributed business at their net book value on the
completion date of the contribution.
1.5. Consideration for the contribution
As consideration for the contribution of assets contemplated in the contribution agreement,
NEW SERVICES HOLDING S.A. will issue a number of new shares to ACCOR S.A.
corresponding to the number of ACCOR S.A. shares giving rights to the distribution of NEW
SERVICES HOLDING S.A. shares, as stated in paragraph 1.2 of this report.
Based on the information available on the execution date of the contribution agreement, the
contributing company and the beneficiary estimated that 225,536,306, ACCOR S.A. shares would
give rights to the distribution of NEW SERVICES HOLDING S.A. shares, but they agreed that
the final number would be determined after the suspension of the rights giving access to the
share capital of ACCOR S.A.
Given the issue of 342,590 shares recorded by the Board of Directors of ACCOR S.A. on May
11, 2010 following the exercises of the share subscription options, the Board of Directors of