Club Méditerranée today announced revenues for the third quarter of 2002 (from May
to July) of 451 million Euros, down 13.5% against the third quarter of 2001.
On a like-for-like basis and with constant exchange rates revenues fell by 10.9%.

The trend of improvement in activities indicated in the presentation of first half results on 18th June has been confirmed and is becoming stronger. It can be seen in reservation levels (in terms of number of clients) registered during the summer season, when compared with the same weeks of 2001:

- over the four weeks preceding 17th August, the recovery in activities accelerated, with the reduction in worldwide reservations narrowing to 3.4% against 6.9% in the four weeks preceding 9th June.

In France, the main issuing country for clients, reservation levels for the last four weeks before 17th August were more than 3.9% ahead of those for the same period in 2001, prompting an 8.9% rise in revenues in this zone over the same period.

- cumulative global reservation levels on 17th August saw an improvement. Delayed reservations fell to 12.2% against 14% on 9th June.

Taken as a whole, these figures underline the persisting phenomenon of Ç late booking È, for the month of August included.

As well as an improvement in activity, we continue to see growing signs of the positive effects of the price mix stemming from a resegmented product offer, as well as reduced costs.
Net debt is equivalent to that of last year at the same date.

In view of these elements, Club Méditerranée should be able to limit the effects of reduced levels of global activity in tourism on its 2002 operating income and be positioned for a strong rebound in operating income for financial year 2003 if tourism sector moves back into a growth phase.

——-