SECTION 1 -

2. WORK PERFORMED AND ASSESSMENT OF THE VALUE OF THE
CONTRIBUTED ASSETS
2.1. Examination performed
We performed the work that we considered to be necessary pursuant to the professional
standards of the Compagnie Nationale des Commissaires aux Comptes (National Association of
Auditors) applicable to this engagement, requiring us to:
- confirm the existence of the contributed assets and evaluate the impact of elements
that could call their value into question;
- evaluate the methods used to determine the value of the contribution;
- verify that the economic value of the contribution, considered as a whole, is at least
equal to the value proposed in the contribution agreement.
In particular, we performed the following tasks:
1. we held discussions with the managers of the companies involved in this transaction in
order to both understand the proposed transaction and the context in which it will take
place, and analyze the applicable accounting, legal and tax terms;
2. we have reviewed the contribution agreement executed on April 19, 2010;
3. we have reviewed the draft of the prospectus describing the transaction prepared in view of
the admission of the NEW SERVICES HOLDING S.A. shares for trading on Euronext
Paris, as well as the draft of the update to the 2009 annual report (document de reference) of
ACCOR S.A.;
4. we have verified that the principles used to value the contribution conform to the book value
in light of the provisions of Regulation 2004-01 of the Comité de la Réglementation Comptable;
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