SECTION 1 -

A reconciliation between the historical combined financial statements and the pro forma
financial statements is included in the notes to the pro forma financial statements in section 10.2.1 of
this prospectus.
The Group prepared the pro forma financial statements on the basis of certain assumptions,
which include the following:
• €2.1 billion of the Accor group’s debt was deemed to have been allocated to New Services
on January 1, 2007 (see note b1 “Pro forma adjustments to the balance sheets – net
financial debt” of the note “Basis of preparation of pro forma financial statements” included
in section 10.2.1 of this prospectus). Borrowing costs for this debt are based on the
expected cost of New Services’ future debt (for a description of the financing agreements to
be concluded by the Company, see section 2.6.6.2 of this prospectus). Additional financial
expenses have been estimated at approximately €91 million in 2007, €77 million in 2008 and
€84 million in 2009;
• The costs of the new structure of New Services, including a number of corporate functions
currently carried out by the Accor group that will be fully assumed by New Services, are
recorded as assumed costs in the pro forma financial statements. These functions include
support services, mainly in the areas of accounting, consolidation and reporting, internal,
external and financial communications, internal audit, treasury management, legal and tax
affairs and human resources, as well as the costs associated with creating a new Board of
Directors for the Group. The additional expenses arising from the assumed new structure of
New Services are estimated at approximately €10 million in 2007, €8 million in 2008 and €5
million in 2009; and
• Tax savings generated by the pro forma adjustments described above for each period are
estimated on the basis of the applicable tax rate in the country concerned. The amount of
additional net income arising from tax savings resulting from the pro forma adjustments is
estimated at approximately €29 million in 2007, €25 million in 2008 and €21 million in 2009.
By their nature, pro forma financial statements describe a hypothetical situation. They do
not necessarily represent what the financial situation or performance of the Group would have been
had the Transaction taken place before its actual or expected completion date. The pro forma
financial statements are not an indication of New Services’ future financial position or performance.
Readers should carefully review the description of the assumptions and adjustments in the notes to
the pro forma financial statements in section 10.2.1 of this prospectus.
In the following discussion of the group’s financial results, figures are taken from the pro
forma financial statements, unless otherwise stated.
2.4 Comparison of fiscal years ended December 31, 2009 (pro forma) and December 31, 2008
(pro forma)
2.4.1 Issue volume
In 2009, the Group’s issue volume at constant scope of consolidation and exchange rates
rose by €719 million (or 5.7%) to €12,407 million, reflecting the ability of the Services Business to
weather adverse economic conditions. Revenues at constant scope of consolidation and exchange
rates were up in all regions in which the Group operates, with increases of 7.5% in France, 4.8% in
Europe (excluding France), 5.4% in Latin America and 8.5% in the rest of the world. This growth
occurred despite the economic crisis.
The Group’s reported issue volume (at current scope of consolidation and exchange rates)
was negatively affected by a €783 million exchange rate impact, primarily resulting from the
devaluation of the Venezuelan bolivar fuerte, as well as the Mexican peso, the Brazilian real, the
55