SECTION 1 -

i.e., €1,099,185 thousand, represents approximately three times the EBITDA generated by the
contributed business in the 2009 fiscal year. This number, which is relatively conservative for
company valuations, suggests that the value of the contributions has not been overstated.
We also note that:
- pursuant to article 2.4. of the contribution agreement, the value of the contribution is subject
to an adjustment mechanism intended, once the net book value of the contributions is
finalized on June 29, 2010, to supplement the contributed net assets with a claim intended to
bring the value of these net assets to the level set forth in the contribution agreement dated
April 19, 2010;
- the contributed assets include the intellectual property rights mentioned in article 1.1. of the
contribution agreement executed on April 19, 2010; the contribution value of these items,
equal to their net book value, amounting to €52 thousand; the reports relating to the
estimates of the actual value of these intellectual property rights, which we have reviewed, are
consistent with this net book value.
These items confirm the value of the contributions presented in the contribution agreement
executed on April 19, 2010.
Nevertheless, the following items should be noted:
- the value of the contributions, which relies on the net book value of the contributed assets and
the assumed liabilities, and hence, in particular, on the depreciation rate of the recorded equity
interests, and
- the method used to determine the economic value of the contributed business applied by
ACCOR S.A.,
depend in particular on the assumptions formulated by management in the business forecasts
underlying these depreciations and methods used to determine the economic value of the
contributed business. With respect to the forecasts, which are by nature uncertain, actual results
may differ, sometimes significantly, from the forecasted information which has been adopted.
This comment is particularly significant in light of the current economic crisis. If this crisis
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