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Pierre & Vacances Center Parcs Group News

H1 2010/2011 for the European leader in Serviced Apartment: like-for-like turnover up 14.1%2. Turnover H1 2010/2011 like-for-like turnover - from 1 October 2010 to 31 March 2011 - rose 14.1% to €653.2 million resulting from a growth of 4.4% in tourism turnover and 41.3% in property development turnover.1. Main events On 8 October 2010, the Group signed an agreement with Eurosic, owner of the Center Parcs Domaine des Bois Francs (Normandy) and the Domaine des Hauts de Bruyères (Sologne) concerning: The acquisition of 386 cottages, which were subject to a property renovation programme during Q1 2010/2011.New 10-year leases for the central equipment and the 967 remaining cottages, the renovation of which is to be financed by Eurosic for €27 million.Another step forward was made in the creation project for the Center Parcs at Bostalsee in Germany on 29 March 2011 with the final signing of the agreements with state and local authorities in the Saar region on December 2010. This project of 500 cottages, scheduled to be delivered in 2013, represents an investment of €130 million to be financed by third parties.On 25 January 2011, the group carried out an offering of bonds convertible into and/or exchangeable for new or existing shares (OCEANE), due October 1, 2015, for an amount of €100 million. This issue was largely oversubscribed. The initial amount of € 100 million was increased up to €115 million on 27 January 2011, as a result of the exercise in full of the 15% over-allotment option from the joint lead banks of the operation.The proceeds from this issue will enable the Group to meet its general financing needs, to finance potential external growth opportunities and to diversify its sources of financing while prolonging the maturity profile of its debt.2. Turnover H1 2010/2011 like-for-like turnover - from 1 October 2010 to 31 March 2011 - rose 14.1% to €653.2 million resulting from a growth of 4.4% in tourism turnover and 41.3% in property development turnover.

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