SECTION 1 -

2.2.1.2. Separation
The ACCOR group has historically conducted a specific audit of the results and the assets and
liabilities attached to the contributed business, for purposes of its financial statements.
We have reviewed these principles and verified their application. Accordingly, the separation of
the contributed assets and assumed liabilities attributable to the contributed company appears to
us to be satisfactory and does not call for any further comment on our part.
2.2.1.3. Individual values
Generally speaking, we note that, given that the contribution of assets will be carried out on the
basis of the assets and liabilities of the contributed business, in their existing state on the date of
the completion of the transaction, i.e., June 29, 2010, the net book value of the assets and
liabilities as of this date was estimated by the contributing company and the beneficiary. This
estimated value, which amounts to €1,099,185,385.63, is set forth in the contribution agreement
dated April 19, 2010. In principle, the final net book value of these items as at June 29, 2010 is
likely to differ from the estimated value set forth in the contribution agreement. In order to take
this potential difference into account, the contribution includes a claim of the beneficiary against
the contributing company (or, as the case may be, a claim of the contributing company against
the beneficiary) intended to ensure that the contributed net assets on the completion date, taking
into account this claim as an asset or liability and the amount of which will be determined in
accordance with the procedure set forth in article 2.4 of the contribution agreement, will be, in
any event, equal to the amount of the net assets adopted in the contribution agreement, i.e.,
€1,099,185,385.63.
With respect to the equity interests, based on the work that we have done, which is described in
paragraph 2.1. of this report, their contribution value elicits the following comments:
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