SECTION 1 -

5. we have reviewed the general report of the statutory auditors of ACCOR S.A. relating to the
annual financial statements established as at December 31, 2009 and have verified that these
financial statements have been certified without reservation;
6. we have, as part of the separation performed by ACCOR S.A., examined the terms of the
allocation to the contributed business of the contributed assets and assumed liabilities;
7. we have analyzed (provided, however, that our works do not constitute an audit or a limited
examination), the methods used to determined the projected financial position of the
contributed business as of June 29, 2010:
a. we have reviewed the financial position of the contributed assets and assumed
liabilities set forth in the financial statements of ACCOR S.A. as at December 31,
2009,
b. we have analyzed the accounting principles of ACCOR S.A., relating to the
contributed assets and assumed liabilities in respect of the first quarter of 2010,
c. we have reviewed the forecasted variations in the net book value of the
contributed assets and assumed liabilities between April 1, 2010 and June 29,
2010,
d. we have examined, in particular, the effets of the Preliminary Transactions, as
defined in the contribution agreement executed on April 19, 2010, on the
projected accounting position of the contributed business as of June 29, 2010,
8. in particular, we have analyzed the methods used to determine the net book values of the
contributed equity interests (titres de participation):
a. we have confirmed the ownership by the contributing company of the
contributed equity interests,
b. we have held discussions with the internal audit departments of ACCOR S.A. in
order to understand the method by which the ACCOR group predicts the
financial and operational risks relating to its subsidiaries,
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