Club Méditerranée (Paris:CU):

Total summer bookings at 11 September up 1.6% (down 0.9% at 5 June when first-half figures were released)

- Summer bookings up 9.7% over the last eight weeks

- Ongoing trend in last-minute bookings

Net gain in customers in the third quarter:

An additional 13,000 customers, net, of which 16,000 for 4 and 5-Trident villages

Acquisition of an equity stake by China's Fosun

- A forefront partner to speed growth in China

Winter sales off to a very encouraging start

I. BUSINESS PERFORMANCE

Consolidated revenue in € millions		2009(1)			2010			% YOY change Reported		% YOY change excluding currency effects
First quarter		326			295			- 9.5%		- 9.7%
Second quarter		393			384			- 2.3%		- 4.2%
Third quarter		315			329			+ 4.5%		- 0.5%
Year-to-date		1 034	(2)		1 008	(2)		- 2.5%		- 4.7%
(1) In compliance with IFRS 5, figures have been adjusted to exclude Club Med World
(2) Of which €11 m in revenue assets (sold of Villas) in 2009 and €10.4 m in 2010

• Consolidated revenue for third-quarter 2010 (1 May – 31 July) rose by 4.5% as reported to €329 million, from €315 million in the prior-year period.
• Villages revenue (excluding villa sales) rose by 0.6% in the third quarter at constant exchange rates, compared with declines of 10.3% in the first quarter and 4.5% in the second. This improvement reflects a gradually recovery in the upmarket, all-inclusive tourist market.

• Capacity was up 2.7% in the third quarter with the renovated section of Calypso at Djerba la Douce open for the full season and a return to normal capacity at Cancun (impact of the influenza A epidemic in 2009) and La Caravelle (closed because of social unrest in 2009).
• A net gain in customers of 4.2% was recorded for the period compared with third-quarter 2009, representing an additional 13,000 customers, net. The number of new 4 and 5-Trident customers totaled 16,000, a 10.6% increase for the most upmarket villages.

Consolidated revenue for the first nine months of fiscal 2010 (1 November 2009 – 31 July 2010) totaled €1,008 million, compared with €1,034 million in the prior-year period, a decline of 2.5% as reported. At constant exchange rates, revenue was down 4.7%

II. THIRD-QUARTER HIGHLIGHTS

• Strategic partnership including capital ties with China's Fosun Group

On 13 June 2010, Club Méditerranée and Fosun Group, China's largest private conglomerate, announced the signature of a strategic agreement to develop upmarket resorts and to forge synergies in China, mainly in the areas of business tourism and media. As part of the agreement, Fosun announced it was acquiring a 7.1% stake in Club Méditerranée.

In line with Fosun's current strategy, the Group is investing in Club Méditerranée with the goal of becoming one of its long-term core shareholders. However, Fosun is not planning to increase its stake above 10% during the 24 months following the signing of the agreement provided that no other shareholder acquires (or expresses the intention to acquire) more than 10% of Club Méditerranée's capital.

This strategic agreement will enable Club Méditerranée to:

- Step up the pace of growth in China and reach its goal of five villages and 200,000 customers in China by 2015, making the country its second-largest market.

- Expand and strengthen the international scope of the Board of Directors. At its meeting on Tuesday, 29 June 2010, the Board co-opted Jiannong Qian, General Manager, Business Investment of the Fosun Group, as a new director.

• Increase in air transport costs for the period

Air transport costs rose significantly during the third quarter. Jet fuel prices, which were particularly low last year, spiked during the summer on higher oil prices and the stronger dollar, negatively impacting transportation margins.

• Partnership with Transavia

On 21 May 2010, a three-year partnership agreement was signed with Transavia, an Air France KLM subsidiary, to carry Club Méditerranée customers on medium-haul flights operated by Transavia France. With the agreement, which takes effect next November 2010, Transavia France will become Club Med's leading supplier of chartered flights, accounting for 35% of such flights for France. The terms of the contract will improve customer service quality while optimizing Club Med's costs.

• Partnership with Thomas Cook France

On 26 May 2010, Club Méditerranée and Thomas Cook SAS announced they had strengthened their partnership and signed a new three-year strategic agreement. The pact calls for a sales and marketing action plan intended to showcase the Club Med offering throughout the Thomas Cook network, which has been the Group's leading distributor since 1966.

• Cornerstone laid at Valmorel

On 2 July, the cornerstone was laid for the future Valmorel village in the French Alps. The ceremony was attended by Hervé Gaymard, Chairman of the Savoie General Council, Michel Bouvard, Chairman of the Caisse des Dépôts Supervisory Board, and Henri Giscard d'Estaing. Flagship of the upmarket snow village offering, this 4-Trident village with a 5-Trident area is the first Club Med facility to obtain France's HQE¹environmental certification. The 418-room village will also be the first to offer a program for children that extends from Baby Club Med to Passworld, as well as 80 chalet apartments for sale.

¹ French standardization : HEQ (High Environmental Quality)

III. OUTLOOK

Summer bookings to date, by outbound market

(In revenue in constant currency)		Cumulative at June 5, 2010(1)		Cumulative at September 11, 2010		8 last weeks
Europe		- 4.4%		- 0.6%		+ 13.2%
Americas		+ 13.8%		+ 11.1%		+ 14.8%
Asia		+ 18.1%		+ 10.0%		- 7.3%
Total Club Med		-0.9%		+ 1.6%		+ 9.7%
Capacity Summer 2010		+ 2.0%		+ 1.3%
(1) As reported on June 11, 2010 (Interim Results)

Year-to-date summer reservations are up 1.6% compared with summer 2009, lifted by late bookings.

By region, Asia and the Americas have seen significant increases of 10% and 11.1% respectively, while bookings in Europe made up ground in the third quarter, reducing the 4.4% shortfall recorded at 5 June to 0.6%.

Bookings over the last eight weeks continued to improve, reflecting the ongoing trend toward last-minute bookings.

Winter 2011 sales are off to a very encouraging start, with a double-digit increase in bookings.

APPENDICES

Villages revenue at constant exchange rates, by region

		Q1						Q2						Q3						YTD 31 july				% change 9 months 10/09
in € millions		09		10		change %		09		10		change %		09		10		change %		09		10
Europe		224		199		-11.1%		302		280		- 7.3%		246		239		- 3.0%		772		718		- 7.1%
Asia		46		42		- 8.7%		41		43		+ 4.9%		42		48		+ 13.8%		129		133		+ 2.9%
Americas		56		51		- 8.5%		55		57		+ 4.5%		35		38		+ 9.9%		145		147		+ 0.8%
Villages		326		293		-10.3%		398		380		- 4.5%		323		325		+ 0.6%		1 047		998		- 4.7%

Shareholder structure at August 31, 2010

		Shares				Voting rights
		Number		%		%
Fipar International (CDG Maroc)		2,771,181		9.2%		9.2%
Rolaco		1,264,771		4.2%		4.2%
Crédit Agricole		1,063,830		3.5%		3.5%
Fosun Property Holdings Limited		2,247,551		7.4%		7,5%
Total board of directors		7,347,333		24,3%		24.4%
Air France		516,214		1.7%		1.7%
GLG Partners LP		2,241,229		7.4%		7.4%
French institutions		5,054,541		16.7%		17.0%
Foreign institutions		11,901,094		39.4%		39.5%
Treasury shares		251,022		0.8%
Employees		52,338		0.2%		0.2%
Public		2,868,256		9.5%		9.8%
Total		30,232,027		100.0%		100.0%