PIERRE

1
PIERRE VACANCES GROUP

• General Meeting - March 10th, 2003

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Overview

• Pierre Vacances Group
• Results for the 2001/2002 financial year
• Activity on Q1 2002/2003
• Strategy and development

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PIERRE VACANCES GROUP
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Pierre Vacancesa major player in the European
tourist industry

• 4 main brands Pierre Vacances, Maeva, MGM,
  Center Parcs
• 225,000 beds (of which 175,000 in France)
• Key figures on 2001/2002
• 6.6 million customers
• 8,400 employees
• Volume of business 1,270 million
• Consolidated turnover 795 million
• Operating income 73 million

5
RESULTS FOR THE 2001/2002 FINANCIAL YEAR

• Period from October 1st 2001 to September 30th
  2002

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31 growth in Group turnover
In million
794.7
31.4
604.9
724.0
481.0
123.9
70.7
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Tourism 50 increase in turnover
In million
724
50.5
481
7.3(like-for-like)
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Tourism 8.0 increase in average letting rate
() including 13 months of activity of Maeva and
12 months of activity of CP/GD Joint Venture
(consolidated at 50) () average price for one
weeks accommodation
9
Property Development 568 apartments delivered
over the period
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Valmorel
11
Serre-Chevalier
12
Les Issambres
13
Hyères
14
Bourgenay
15
Net income before extraordinary items 21.5
16
Strengthened capital structure
In million
Gearing 0.8
Goodwill
Shareholders'Equity
JV
Net Fixed Assets
Net Debt
JV
178
415
WCR
17
Dividend payment 23
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Shareholder structure
()
Total number of shares 8,501,250
() As at December 12th 2002
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Activity on Q1 2002/2003
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28 increase in Group turnover like-for-like
Change on a like-for-like basis
152.5
28.3
134.6
8.4
52.5
26.6
97.5
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Tourism improvement in accomodation turnover by
9.3 on a like-for-lie basis
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Property development 562 apartments delevered
over the quarter
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Strategy and development
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MGM acquisition complement the offer

• Acquisition on february 10th 2003 of the
  management of 939 apartments on 11 sites
  (Chamonix, Les Arcs, Les Carroz dArâches, Les
  Houches, Les Menuires, La Plagne, Méribel,
  Pralognan, Tignes, Val dIsère et Deauville) for
  14 mEBITDA target for 2002/2003 3m
• Access to a new type of product on a leading
  segment
• High standards apartments in mountain resorts
• Larger surfaces (75 of the properties are 3-4
  rooms)
• State-of-the art services covered swimming pool,
  fitness/hammam/sauna, large spaces with chimneys
• New synergies and access to new tour-operators

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PV, Maeva, MGM a strategy based upon 3 axes

• Growth in accommodation turnover
• Increase in average letting rate
• Yield management, optimisation of opening periods
• Development of short stays
• Progression of direct sales
• Reinforcement advertising campaigns
• Development of direct marketing
• Strengthening of the positioning and improvement
  of brand notoriety
• Positioning differentiating the brands PV, Maeva,
  MGM transfers, renovations, services
• Specific communication and marketing

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PV, Maeva, MGM

• Cost reduction
• A single management team for PV, Maeva, MGM
• Grouping of transversal services (finance,
  legal/secrétariat général, IT, purchase)
• Common headquarters for the Group

5 million of synergies
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Center Parcs Europe

• Cost and revenues synergies
• Suppression of the Gran Dorado brand to the
  benefit of Center Parcs and new property
  segmentation  original ,  freelife ,
   seaspirit 
• Marketing cost reduction
• Optimisation of the pricing policy
• Improvement of former Gran Dorado sites
  occupation rate
• Ongoing reduction in headquarters and village
  management costs

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Center Parcs Europe

• Development projects in France
• Extension of the de Bois Francs village in
  Normandy
• 2 Center Parcs-type villages in the north and east

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Italy/Spain

• Integration of recent acquisitions in Italy
  (Valtur, Bagaglino)
• Valtur 1,280 apartments
• Bagaglino 1,062 apartments
• Develop our business model
• Spain sales launch of 2 residences (Tarragona
  and Alicante 500 apartments)
• Italy sales launch of Calarossa (330 homes)
• Numerous projects on the drawing board
• Italy Cefalu, Rome, Milan, Tuscany
• Spain -Barcelona, Alicante, Costa del Sol
• -external growth

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Conclusion 2002/2003 growth target of earnings
before extraordinary items 12
Net income before extraordinary items target of
36 million for 2002/2003
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GENERAL MEETING

• Paris, March 10th 2003