SECTION 1 -

The purpose of our engagement is to inform the shareholders of NEW SERVICES
HOLDING S.A. with respect to the adopted value of the contribution, in order to verify that the
global value of the contribution is not excessive and that it corresponds to at least the par value
of the shares to be issued by the beneficiary of the contribution, plus the contribution premium.
It should not be viewed as a “due diligence” engagement carried out by a lender or a purchaser,
and does not include all of the work that must be performed for this type of exercise.
Moreover, the transaction that is submitted for your approval is part of reorganization in respect
of which you have been asked to make a decision, and we are not offering any financial, tax, legal,
or accounting advice of any nature whatsoever with respect thereto.
2.2. Appreciation of the value of the contributions
2.2.1. Individual values of the contributions
2.2.1.1. Principle of the valuation method
Pursuant to the terms of the contribution agreement executed on April 19, 2010, and provided
that:
- the contribution of assets described in this report is a transaction that will be conducted
within the ACCOR group,
- the transfer of the shares of NEW HOLDING SERVICES S.A. to the shareholders of
ACCOR S.A. will be made through a distribution and not through a sale,
the contributing company and the beneficiary have assessed the contributed assets and assumed
liabilities at their net book value, in light of the provisions of Regulation 2004-01 of the Comité de
la Réglementation Comptable.
Given that, immediately following the distribution, NEW SERVICES HOLDING S.A. will have
substantially the same ownership structure as that of ACCOR S.A. (excluding treasury shares),
the valuation method of the contribution of assets based on the net book value of the
contributed assets and assumed liabilities does not call for any comment on our part.
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