These results attest to the effectiveness of the following actions implemented in October 2001 in reaction to an exceptional environment:

* Adaptation of capacity to the decrease in demand;

* Significant improvement in the pricing/mix;

* Implementation of a particularly aggressive business and marketing strategy.

Revenues for the first half reached 816 millions euros, a drop of 14,8% (by
- 16,2% on a comparable basis and at a constant exchange rate).

In an environment that remains difficult, the operating income is close to breaking even at -4 million euros for the following reasons :

* The successful lowering of Club Méditerranée’s breakeven point, which will continue in the coming months ;

* Improvement of the pricing/mix, one of the primary objectives of the Transformation Plan;
* Adapted levels of capacity, reduced by 13,9%;

* Positive operating results in the Europe and Asia zones;

* Improvement in the operating results of Jet tours (21,4%) over winter 2002 compared to 2001, despite the impact of September 11.

These results are recorded in the context of a 12 % improvement in the satisfaction level of GMs, an indicator of Club Méditerranée’s brand and product strength.

At the same time, the financial structure of Club Méditerranée was strengthened by the following :

* Positive free cash flow due to limiting investments, and to the liquidation of non-strategic assets ;
* A stabilized debt rate ;
* Successful OCEANE issue for 140 million euros, oversubscribed three times.

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