Half-year 2013 results

May, 27th 2013

Belek - Turquie

Winter 2013 financial review

2

Significant impacts arising from the school calendar

Winter 2013 vs Winter 2012

Business Volume in m at constant exchange rate

Winter 12 Winter 13 793 783 (5) 16 794

Var W13 vs W12 Operating Income D Villages impact (7.0) +0.2%

Like-for-like Business Volume All Saints Day holidays impact estimate Easter holidays impact estimate Business Volume without calendar effects

793

Paris Easter Holidays impact estimate in 2013

Var 13 vs 12 Operating Income D Villages impact (7.5) (4.6)
3

Business Volume in m at constant exchange rate

2012 16.2

2013

Paris Easter holidays Winter 12 Paris Easter holidays Winter 13

8.7

Financial Highlights
(in m) reported H1 11
(1)

H1 12

H1 13

Change 13 vs 12 - 1.9%

Business Volume Villages Consolidated revenue

(2)

763 754 741 80 10.7% 46.6 (14) (7) 26 28 10 (30) 17 30 (169)

798 783 768 85 10.9% 52.8 (14) (7) 32 39 17 (24) 23 47 (123)

783 763 761 81 10.7% 49.4 (9) (10) 30 35 18 (36) (4) 0 11 (112)

Group - published Villages - at constant exchange rate EBITDA Villages As a % of revenue

(3)

- 2.5% - 1.0%

Operating Income - Villages Operating Income - Management of Assets Other Operating Income and Expense Operating income Net Income/(loss) before tax and non-recurring items Net income/loss Investments Disposals Free Cash Flow Net debt
(1) Total sales regardless the operating structure (reported)

- 6.4%

- 11.6% + 7.1%

(2) Includes 7 million, 9 million, and 2 million in property development revenue for respectively 2011, 2012 and 2013 (3) EBITDA Villages : Operating Income Villages before interest, taxes depreciation and amortization (4) Withdrawn Investments (36) M and realized investments (24) M

Business performance Villages

H1 11 Customers (in '000s)
O/w 4/5 Tridents customers

H1 12 623
74.4%

H1 13 598
77.3%

Change 13 vs 12

599
71.9%

- 4.1%
+2,9 pts

Hotel days sold (in '000s) Capacity in hotel days (in '000s)
O/w 4/5 Tridents capacity

3,677 5,321
69.4%

3,789 5,389
73.7%

3,630 5,140
76.5%

- 4.2% - 4.6%
+ 2.8pts + 0.2pts

Occupancy rate Revenue (1)/Hotel Days RevPAB (2) per Hotel Days
% Direct Revenues
(1) At constant FX rate
(3)

69.9% 153.9 111.9

57.7%

71.1% 155.6 113.6

58.3%

71.3% 161.2 117.9

57.8%

+ 3.6% + 3.8%
- 0.5 pts

(2) Revenue Per Available Bed : Total like-for-like Villages revenue, net of tax and transportation costs, per available bed (3) Direct individual sales (Internet, Club Med Voyages, Call center, Franchises) / individual sales worldwide

Consolidated Group revenue: m 763

Slight decline in consolated sales: -1,8%
(at constant exchange rate)
H1 2012 Group Revenue Change Volume effect Price mix effect Villas & Chalets
S1 2011 S1 2012 S1 2013

748 M

777 M

763 M

783 (6) (34) 26 (6) 763

H1 2013

Group Revenue

(in m) at constant exchange rate

H1 2011

H1 2012

H1 2013

Change H1 13 vs H1 12 +0% -5.5% -3.4% +5.6% +3.9% -1.0%

Europe-Africa without France 196 France Europe-Africa Americas Asia Villages Property development Group 323 520 124 96 741 7 748

205 337 543 130 96 768 9 777

205 319 524 137 100 761 2 763

-1.8%

Operating margins
(in m) reported
Change H1 13 vs H1 12

H1 11

H1 12

H1 13

EBITDAR Villages (1)

% of revenues

156.4 20.9% 80.0 10.7% 46.6 6.2%

163.2 21.1% 84.6 10.9% 52.8 6.8%

159.6 21.0% 81.4 10.7% 49.4 6.5%

- 2.2% - 0.1 pts - 3.8% - 0.2 pts - 6.4% - 0.3 pts

EBITDA Villages (2)

% of revenues

Operating Income Villages

% of revenues

(1) EBITDAR Villages: Operating Income Villages before depreciation, amortization, rents and change in provisions (2) EBITDA Villages: Operating Income Villages before depreciation and amortization and change in provisions

Operating income Villages

H1 12 H1 11

(in m) at constant exchange rate

H1 11

H1 12

H1 13

H1 12 & H1 13 Op.income - Villages reported Translation adjustments H1 12 & H1 13 Op.income - Villages at constant exchange rate Volume effect Change in price mix Change in margin on variable costs Fixed sales & marketing costs Fixed operating costs Real estate costs Overhead costs H1 13 Op. income - Villages

53

47

Revenue Other revenue Total revenue Margin on variable costs % revenue Fixed sales & marketing costs Fixed operating costs Real estate costs Overhead costs Operating Income - Villages

741 1 742 472 63.8% (99) (222) (90) (12) 49

769 1 770 486 63.3% (97) (232) (92) (12) 53

761 2 763 482 63.4% (100) (231) (92) (10) 49

0 53 (18) 14 (4) (3) 1 (0) 2 49

H1 13

2 49 (7) 17 10 (1) (9) (2) 2 49

H1 13

Operating income Villages by region

(in m) reported

H1 11

H1 12

H1 13

Europe-Africa Americas Asia Operating Income Villages % of revenue

7.5 23 16.5 47 6.2%

9 25 19 53 6.8%

3 26 20 49 6.5%

Net Income / (loss) before tax and non-recurring items

(in m) reported

H1 11

H1 12

H1 13

Net Income/(loss) before tax and non-recurring items Capital gains on sale of assets Impairment / Write-off / Exit of Villages / Others Restructuring costs Net Income/(loss) before tax Tax Net income / (loss)

28 6.5 (16) (4.5) 14 (4) 10

39 16 (23) (5.5) 27 (10) 17

35 0 (2) (7) 26 (8) 18

10

Statement of Income
(in m) reported

H1 11
(1)

H1 12 783 53 (14) (7) 32 (6) 1 (10) 17

H1 13 763 49 (9) (10) 30 (5) 1 (8) 18

Group Revenue

754 47 (14) (7) 26 (12) (4) 10

Operating Income - Villages Operating Income - Management of Assets Other Operating Income & Expense Operating income / (loss) Finance cost, net Share of profit of associates Income tax / benefit Net result

(1) Includes 7 million, 9 million and 2 million in property development revenur for respectively 1st semester of 2011, 2012 and 2013

11

Balance Sheet

Non-current assets PPE Intangible assets Non-current financial assets Total non-current assets Government grants Total

04.12

10.12

04.13

Equity and liabilities Equity incl. Minority interests Provisions Deferred tax liabilities-net Working capital Net debt Total

04.12

10.12

04.13

828 80 91 999 (32) 967

815 80 90 985 (30) 955

803 81 90 974 (28) 946

543 52 31 218 123 967

522 48 27 240 118 955

533 45 26 230 112 946

Gearing Working capital / Villages revenue Capital employed* / Villages revenue

22.7% 15.2% 52%

22.6% 16.6% 51%

20.9% 16.0% 50%

* Capital employed = (fixed assets nets of grants settlements - working capital) at opening and closing / 2

12

Cash Flow Statement

(in m) reported H1 11 H1 12 H1 13

Net Income / (Loss) Amortization Others Cash Flow Change in working capital & provisions Net cash from operating activities Capital expenditure Disposals Free Cash Flow Translation impacts on cash and others Change in net debt Opening net debt Closing net debt Free cash flow without disposals and exit costs

10 34 (4) 40 3 43 (30) 17 30 (2) 28 (197) (169) 19

17 32 1 50 (2) 48 (24) 23 47 (5) 42 (165) (123) 35

18 32 (2) 48 (1) 47 (36) 0 11 (5) 6 (118) (112) 12

13

Summer 2013

14

Capacity by level of comfort and by zone

(in '000 of hotel days)

Summer 11 Summer 12 Summer 13

Change S13 vs S12

2&3 4&5

44% 56%

41% 59%

34% 66%

-7 pts +7 pts

Europe - Africa Americas Asia TOTAL

4,235 1,325 829 6,389

4,092 1,342 779 6,213

3,780 1,354 864 5,997

-7.6% +0.8% +10.9% -3.5%

15

Summer 2013 booking to date

(at constant exchange rate)

Cumulative as of 18th May 2013 + 4.7% + 8.8% + 8.0% + 5.5%

8 last weeks - 4.6% + 4.4% + 13.9% + 0.3%

Europe - Africa Americas Asia Total Club Med

Capacity Winter 2013

- 3.5%

16

2013 first semester

Resistance of operational indicators within a challenging environment

Profitability maintained with a stable net income

Positive free Cash Flow

A profitable, resilient and adapting Business Model

17

Appendices

18

Revenues by region

(in m) reported France Europe - Africa, excl. France Americas Asia Property development

% revenue H1 2011

% revenue H1 2012

% revenue H1 2013

43% 26% 17% 13% 1%

43% 26% 17% 12% 1%

42% 27% 18% 13% 0%

Group Revenue S1 2013 = 763 million

19

Revenues by business

(in m) at constant exchange rate BV Stays/Tours/Services BV Transport

As a % of revenue

H1 11 566 160
21.7%

H1 12 590 173
22.5%

H1 13 585 167
21.9%

Change H1 13 vs H1 12 -1% -3%

-1 pts

BV Others (1) BV Operations VAT Business Volume Villages Managed Revenue - Villages

24 38 (24) 764 (23) 741

19 39 (28) 793 (25) 768

20 39 (28) 783 (22) 761

+4% +2% +2% -1% -8% -1%

(1) BV Others = Insurance and cancellations costs, commercial gestures, loyalty programs and coupons

20

Number of customers by outbound countries

(in 000's customers) France Belgium United Kingdom Israel Germany Switzerland South Africa Russia Italy Netherlands Others EUROPE-AFRICA USA-Canada Brazil Mexico Argentina Others AMERICAS South-East Asia China Japan Australia South Corea Others ASIA TOTAL CLUB MED H1 10 221 43 21 10 9 7 6 6 11 7 10 351 62 34 8 3 2 109 42 15 22 13 7 1 100 560 H1 11 227 44 22 12 10 9 7 6 9 8 11 365 70 38 10 5 1 124 45 23 19 15 7 1 110 599 H1 12 238 46 22 11 11 10 8 7 8 7 10 378 74 40 9 7 1 131 43 30 18 12 9 2 114 623 H1 13 212 42 21 11 11 10 8 7 6 6 9 343 76 39 10 6 1 132 45 38 22 9 8 1 123 598

21

Capacity and occupancy rate by region

H1 11 Europe - Africa Capacity Occupancy rate Americas Capacity Occupancy rate Asia Capacity Occupancy rate Total Capacity Occupancy rate 971 58.6% 5,321 69.9% 942 59.9% 5,389 71.1% 887 64.7% 5,140 71.3% 1,475 73.0% 1,539 73.7% 1,550 71.9% 2,875 72.1% 2,909 73.2% 2,703 73.1% H1 12 H1 13

22

Statistics over 3 years

GM (in '000s)
H1 11 H1 12
156 463 4 623

Capacity (K HD)
H1 11
1,626 3,695

Occupancy rate
H1 11
67.4% 70.9%

RevPAB (in /HD)

H1 11
88.7 116.4

H1 13
131 462 5 598

H1 12
1,418 3,972

H1 13
1,206 3,934

H1 12
70.7% 71.1%

H1 13
71.7% 71.1%

H1 12
90.8 117.4

H1 13
97.6 119.7

2&3T 4&5T Tours Total

164 430 4 599

5,321

5,389

5,140

69.9%

71.0%

71.3%

111.9

113.6

117.9

23

Analysis of Operating Income Villages Europe-Africa

(in m) at constant exchange rate

H1 11

H1 12

H1 13 Op.income - Villages reported

H1 12

H 11

9 0

7 (1) 6 (12) 12 (0) 3 (6) (1) 1 3

H1 13

Revenue Other revenue (incl.IZ Revenue) Total revenus Margin on variable costs % revenue Fixed sales & marketing costs Fixed operating costs Real estate costs Overhead costs Operating Income - Villages

520 8 528 292 55.4% (67.3) (141.2) (69) (8) 6

543 9 552 302 54.6% (64.8) (149.0) (70) (9) 9

524 13 537 292 54.3% (64.1) (147.4) (70) (7) 3

Translation adjustments

Op.income - Villages at constant exchange rate 9 Volume effect Change in price mix Change in margin on variable costs Fixed sales & marketing costs Fixed operating costs Real estate costs Overhead costs 2013 Op. income - Villages (18) 8 (10) 1 2 0 1 3
H1 13

24

Analysis of Operating Income Villages Americas

(in m) at constant exchange rate

H1 11

H1 12

H1 13 Op.income - Villages reported

H1 12

H 11

25 (0)

23 0 23 4 3 7 (0) (4) 0 0 26
H1 13

Revenue Other revenue (incl.IZ Revenue) Total revenus Margin on variable costs % revenue Fixed sales & marketing costs Fixed operating costs Real estate costs Overhead costs Operating Income - Villages

125 44 169 111 65.7% (17.2) (57.2) (11) (2) 23

130 46 176 115 65.5% (16.5) (60.8) (11) (2) 25

137 44 181 118 65.0% (17.7) (61.5) (11) (2) 26

Translation adjustments

Op.income - Villages at constant exchange rate 25 Volume effect Change in price mix Change in margin on variable costs Fixed sales & marketing costs Fixed operating costs Real estate costs Overhead costs 2013 Op. income - Villages (1) 4 3 (1) (1) 0 0 26
H1 13

25

Analysis of Operating Income Villages Asia

(in m) at constant exchange rate

H1 11

H1 12

H1 13 Op.income - Villages reported

H1 12

H 11

19 0

16 3 19 1 2 3 (3) 2 (1) 0 20
H1 13

Revenue Other revenue (incl.IZ Revenue) Total revenus Margin on variable costs % revenue Fixed sales & marketing costs Fixed operating costs Real estate costs Overhead costs Operating Income - Villages

96 17 113 69 61.5% (14.6) (23.9) (10) (2) 19

96 16 112 69 62.0% (15.5) (22.4) (10.7) (1.5) 19

100 15 115 72 62.8% (18.0) (21.6) (11) (1) 20

Translation adjustments

Op.income - Villages at constant exchange rate 19 Volume effect Change in price mix Change in margin on variable costs Fixed sales & marketing costs Fixed operating costs Real estate costs Overhead costs 2013 Op. income - Villages 2 1 3 (3) 1 (0) 0 20
H1 13

26

Financial Cost - Net

(in m) reported

H1 11 (3) (5.5) (8.5) 1.6 (5.1) (12) (228) 7.6% 5.8%

H1 12 (3) (4) (7) 0 1 (6) (182) 7.9% 5.8%

H1 13 (3) (2) (5) 0 0 (5) (161) 6.7% 4.4%

OCEANE 2015 / ORANE Other Interest expenses Interest expenses Titles disposals & provisions Exhange gains / losses net Finance cost - net Average net debt Calculates cost of debt Cash cost of debt exl. IFRS impact

27

Financial ratios

10.11

04.12

10.12

04.13

Reminder Covenants

Liquidity Net debt Net debt / EBITDA (as define below) (2) EBITDAR (as define below) (3)/ (Interest + rents (4)) EBITDAR (as define below) (3)/ Adjusted financial fees (5) Gearing

172 (165) 1.21 1.8 19x 32.2%

197/147 (1) (123) 0.87 1.8 22x 22.7%

158 (118) 0.86 1.7 25x 22.6%

178 (112) 0.84 1.7 28x 20.9%

< 2,5 > 1,40 < 100%

(1) 197 million at 30 April 2012 falling to 147 million after anticipated repayment of a 50 million loan secured by Cancun assets on 31 st May 2012 (2) = EBITDA villages restated for credit cards costs (3) = EBITDAR villages restated for credit cards costs (4) Villages rents used for the calculation of EBITDAR village (5) Interest expenses adjusted from IFRS impacts on convertible bons (OCEANE)

28