20 February 2009

Shareholder’s Meeting

1

2

Steady improvement in profitability over the past 3 years

Ongoing gains in 4 and 5 Trident customers:

61,000 more customers in 2008, representing 48% of total customersAn increase of 194,000 since 2006

Significant events

2007 2008

25

Operating Income Leisure* (in €m)

43

20062007 2008

1,410

Revenue* (in €m)

1,494

2006

1,370

*IFRS 5 (excl. Jet tours and Club Med Gym)

*% of total customers

2007 2008

219

EBITDAR Leisure* (in €m)

257

2006

205 16

45%48%

2007 2008

35%

2006

% of 4-5 T customers*

3

Consolidation of the upmarket strategy

with:

Substantial spending to complete the move

upmarket, combined with investments by our

real estate partners

Focusing on the core business and

strengthening the balance sheet with the

sale of Jet tours and Club Med Gym in June

2008 and improvement of operating

profitability

Significant events

2007 2008

336

295

Net debt (in €m)

2006

294

2007 2008

128

Club Med capex (in €m)

2006

151

108

4

Two back-to-back economic crises since the summer

A temporary crisis due to summer oil prices that impacted costs

Fuel surcharges and lower transportation marginsEnergy costs

The economic and financial crisis that impacted growth

Slower growth in summer sales

Winter bookings: hesitation and last-minute bookings

An immediate response, with the deployment of power ful initiatives for 2009

Corporate productivity and cash protection measures

Initiatives to increase market share and leverage Club Med’s advantages as the

worldwide leader in all-inclusive, upmarket, friendl y, multicultural vacations

Significant events

Initial impact of the crisis on summer 2008

5

2008 Financial Review

6

Financial Highlights Strong Growth in Operating Income Leisure

(2) EBITDAR Leisure: Operating income Leisure before depreciation, amortization, rents and change in provisions

(1) In compliance with IFRS 5, the above figures ex clude Jet tours and Club Med Gym, which were divest ed in 2008. For comparative purposes, data for 2006 and 2007 have b een adjusted accordingly.

Financial Highlights (1) (in € millions) 2007 2008

Consolidated revenue

Reported (IFRS 5) 1,410 1,494

Like-for-like 1,387 1,494

EBITDAR Leisure (2) 219 257

As a % of revenue 15,6% 17,2%

Operating income Leisure 25 43

Operating income/(loss) – Management of assets 2 (8)

Other operating income & expense – net (19) (25)

Operating income 8 10

Net income/(loss) (8) 2

Free cash flow (30) 50

Net debt (336) (295)

7

Villages Business

2006 2007 2008Change 08 vs. 07

Club Med customers (’000s) 1,328 1,324 1,361 +2.8%

Hotel days sold (’000s) 8,560 8,536 8,870 +3.9%

Like-for-like hotel revenue/HD €108.9 €117.7 €121.8 +3.5%

Like-for-like revenue (€ millions) 1,279.5 1,378.0 1,483.9 +7.7%

Capacity (HD ’000s) 12,579 12,510 12,511 +0.0%

Occupancy rate 68.0% 68.2% 70.9% +2.7 pt

Like-for-like RevPAB (1) €78.9 €85.0 €91.4 +7.5%

(1) Revenue Per Available Bed: Total like-for-like Villages revenue, net of tax and transportation costs/Available beds

8

Consolidated Revenue: Solid Improvement in Volumes and Price Mix

Change, 2008 vs. 2007 (in € thousands)

1,410

2007

1,494

2008

-23 + 43

+ 63

Currency effect and change in Club Med scope of consolidation

Club Med price mix

Club Med volumes +0.7

Increase in Club Med World revenue

9

Change in bookings, excl. transportation

Summer 08 vs. Summer 07

31 May +7.7%

28 June +5.5%

2 August +4.7%

30 August +4.1%

4 October +3.9%

Direct Impact of the Crises on Summer 08 Results

Reduced transportation margin due to higher fuel co sts

Impact ≅ €(2) million

Higher energy costsUp 12.7%/hotel day => Impact during the Summer : ≅ €(3) million

Top line: slower growth in bookings

Impact of the oil crisis and the emerging financial crisis during the summer

10

Village Operating Income – Leisure Up Sharply

Like-for-like, in € millions 2006 2007 2008

Revenue 1,317.4 1,378.0 1,483.9

Insurance settlements 19.1 1.9 0.0

Other 13.2 7.9 8.0

Total revenue 1,349.7 1,387.8 1,491.9

Margin on variable costs 812.0 832.1 895.0

% of revenue 60.2% 60.2% 60.3%

Fixed selling and marketing costs (196.5) (194.7) (193.6)

Fixed operating costs (430.4) (432.5) (455.3)

Property costs (146.6) (157.7) (177.0)

Overheads (22.1) (22.8) (24.2)

Operating income Leisure 16.4 24.5 44.9

2007 Like-for-like operating income Leisure

25

Higher volumes 40

Insurance settlements (2)

Price mix 25

Change in margin on variable costs 63

Fixed selling and marketing costs 1

Fixed operating costs (23)

Property costs (20)

Overheads (1)

2008 operating income Leisure 45

11

2008 YOY increase in Villages EBITDAR €46 million

2008 YOY increase in Villages revenue €106 million

Flow-through rate**

** Change in like-for-like Villages EBITDAR excluding insurance settlements / change in like-for-like Villages revenue

43%

Improvement in Villages Operating Profitability

*Adjusted for IFRS 5

2006 2007 2008 Chg vs. 07 2006 2007 2008 Chg vs. 07

Villages Business (excl. insurance settlements)

184 217 257 18% (3) 25 45 77%

As a % of revenue 13.5% 15.5% 17.3% -0.2% 1.8% 3.0%

Insurance settlements 21 2 - 21 2 -

Villages Business 205 219 257 18 27 45

Operating income Leisure*EBITDAR Leisure*

12

Analysis of EBITDAR/Operating Income – Leisure by Region and Business

(in € millions) 2006 2007 2008 2006 2007 2008

Europe 162 166 196 21.4 19.8 34.7

Americas 23 21 25 (1.6) (2.3) (3.3)

Asia 20 32 36 (1.6) 9.9 13.6

Villages Business 205 219 257 18.2 27.3 45.0

As a % of revenue 15.1% 15.7% 17.3% 1.3% 2.0% 3.0%

Other business (0.2) 0.0 0.2 (2.0) (1.9) (2.0)

Total Group 205 219 257 16.2 25.4 43.0

As a % of revenue 15.0% 15.6% 17.2% 1.2% 1.8% 2.9%

EBITDAR Leisure Operating income Leisure

13

Statement of Income

(in € millions) 2007 2008

Revenue 1,410 1,494

Operating income Leisure 25 43

Operating income/(loss) – Management of assets 2 (8)

Other operating income & expense – net (19) (25)

Operating income 8 10

Finance cost - net (24) (33)

Share of profit of associates 1 1

Income tax (expense)/benefit 3 (11)

Profit from discontinued operations (Jet tours, Club Med Gym) 4 4

Gain on the sale of discontinued operations - 31

Net income/(loss) (8) 2

Attributable net income/(loss) (10) 1

14

Finance Cost – Net

(in € millions) 2007 2008

2008 & 2010 OCEANES (21) (22)

Other interest expense (10) (8)

Interest expense (31) (30)

Other 1 0

Finance cost – net before currency effect (30) (30)

Realized & unrealized exchange gains & losses 6 (3)

Finance cost – net (24) (33)

Average net debt (376) (383)

Reported cost of debt (IFRS) 8.3% 7.8%

Effective cost of debt 6.3% 5.6%

15

Balance Sheet

Assets 31/10/07 reported

31/10/08

(in € millions)

Property, plant and equipment

928 964

Intangible assets 191 85

Financial assets 86 89

Total non-current assets 1,205 1,138

Differed tax assets – net (37) (40)

Total assets 1,168 1,098

Liabilities 31/10/07 reported

31/10/08

(in € million)

Equity incl. minority interests 490 494

Provisions 51 49

Differed tax liabilities – net 34 31

Working capital 257 229

Net debt 336 295

Total equity and liabilities 1,168 1,098

Gearing 68.6% 59.7%

31/10/06 31/10/07 31/10/08

Cash 201 234 288

Net debt/EBITDA Leisure(1) 3.4x 3.5x 2.7x

EBITDAR Leisure/(rents + adjusted interest expense)(2) 1.3 1.4 1.5

EBITDAR Leisure/adjusted finance cost - net (3) 8.1x 9.2x 12x

(1) Reported figures(2) 2006 and 2007 EBITDAR – Leisure adjusted for purposes of comparison (3) Finance cost - net: adjusted for the IFRS treatment of the OCEANES

16

Cash Flow Statement

(1) Including Jet tours and Club Med Gym cash flows

(in € millions) 2007 (1) 2008 (1)

Cash flow 24 34

Change in working capital (2) 7

Change in provisions (9) 2

Net cash from by operating activities 13 43

Capital expenditure (108) (128)

Disposals 65 135

Free cash flow (30) 50

Impact of foreign exchange and others (12) (9)

(Increase)/decrease in net debt (42) 41

17

Outlook for 2009

1/ 1st quarter 2009 revenue

2/ Initial 2009 trends

3/ Measures to address the crisis:

focusing on profitability and

protecting cash- Reducing capacity

- Reducing capex

- Improving productivity

18

Winter 2009

First quarter 2009 revenue

(in € millions)2008

reported2009 Reported Like-for-like (2)

Europe (3) 227 227 0.1% 2.5%

Asia 41 47 12.9% 5.2%

Americas 55 55 0.6% 2.6%

Group 323 329 1.9% 3.0%

(3) including Club Med World

% Change YoYFirst Quarter (1)

(1 ) In compliance with IFRS 5, first-quarter 2008 figures hav e been adjusted to exclude Jet

tours and Club Med Gym, which were div ested in 2008

(2) On a comparable scope of consolidation and exchange rate basis, adjusted for 2008 tour

operator resales

19

Late Bookings

Summer 2008 vs. Summer 2007 outbound bookings for September and October (in hotel days)

Winter 2009 vs. Winter 2008 outbound bookings for November and December (in hotel days)

6-Sep 13-Sep 20-Sep 27-Sep

OUTBOUND SEPTEMBER -1.0% -1.0% -0.7% -0.5%

4-Oct 11-Oct 18-Oct 25-Oct

OUTBOUND OCTOBER +1.3% +1.1% +1.7% +2.4%

8-Nov 15-Nov 22-Nov 29-Nov

OUTBOUND NOVEMBER -6.6% -6.4% -6.1% -6.0%

6-Dec 13-Dec 20-Dec 27-Dec

OUTBOUND DECEMBER +0.8% +1.6% +2.7% +3.1%

20

2009 Winter Bookings, Year-to-Date

Winter 2009 vs. Winter 2008 bookings as of 14 February 2009

(in like-for-like revenue) YTD at 14 February 2009

Europe -4.1%

Americas -6.0%

Asia -0.3%

Total -4.0%

Winter 2009 capacity -5.7%

21

Actions Taken

STEP UP SUSTAINED DEPLOYMENT OF THE STRATEGY

���� Actions to focus on profitability and protect cash:

1) Reduce 2009 hotel capacity by nearly 4%

2) Cut capex by more than half versus 2008

ANNUAL CAPEX REDUCED TO AROUND €50m FROM €90m planned in June

3) Implement a productivity program of €31 million

22

Capacity by comfort category and region

(en milliers de JH) Winter 07 Winter 08 Fcst Winter 09

∆∆∆∆ Fcst W09 vs 08

2 and others 5.0% 2.0% 2.0% +0.0pt

3 47.0% 44.0% 36.0% -8.0pts

4 & 5 48.0% 54.0% 62.0% +8.0pts

TOTAL 100% 100% 100% +0.0pt

Europe 2,962 3,184 2,872 -9.8%

Asia 937 944 869 -8.0%

Americas 1,467 1,393 1,467 +5.3%

Total World 5,366 5,521 5,208 -5.7%

23

Reducing Capex

After spending €387 million over the past three years…

Total net capital expenditure and investments over the past three years

…in 2009, capex will be limited to €50 million (versus the €90 million planned in June and €128 million in 2008)

Supported by investments by our real estate partners

(in € millions) 2006 2007 2008 3-year total

Net capital expenditure (151) (108) (128) (387)

24

Corporate productivity program

Operating productivity

31TOTAL

22Organizational productivity

3Purchasing

6Selling and marketing expense

€ millions

Primary areas of optimization:Selling and marketing expense

Purchasing, through renegotiated contracts

Organizational streamlining:Aligning Village HR with the new Villages organizationTargeted actions in Japan and the US

25

Conclusion

Club Med is prepared for 2009….

2008: solid improvement in profitability

Stronger balance sheet

€31-million productivity plan

….. and can adjust to circumstances thanks to the s trengths of the move upmarket

26

2. Priorities for 2009

Increase market share

Be ready for the future

-1. The advantages of an upmarket Club Med

An upmarket clientele

An all-inclusive offer

A portfolio of upmarket Villages

27

An upmarket, family customer base: further gains in 2008

An increase in customers validating the move upmarket

61,000 additional 4/5 T customers in 2008

312,000 additional 4/5 T customers since 2003, a

91% increase

344 396 398 462595

656

2003 2004 2005 2006 2007 2008

No. of 4/5 T customers (in thousands)

Increase in upmarket family customers

35,000 additional family customers in 2008

Families now account for 54% of 4/5T customers

28

The all-inclusive offering: a major advantage in hard times

All-inclusive packages make managing the vacation b udget easier

Source: TNS Sofres, France & US, June and October 2008

An attractive formula in today’s economic environment

Prospects* 59% 62%

% who feel that the all-inclusive formula is more attractive given the current environment

Club Med customers

% not planning to change their vacation plans 86% 76%

% not planning to change their Club Med vacation plans 89% 86%

Club Med is less exposed than the overall vacation market

*Top 12 (France) and Top 30 (US) consumers who have never vacationed with Club Med

29

Most of the investment program has been completed

A portfolio of upmarket Villages

4�4Da Balaïa

4�4Bali

4�3Sahoro

4�4 Tignes Val Claret

4�3Bodrum

5�4Club Med 2

4�3Punta Cana

Villages

Completion of the move upmarket in 2008/09

100%100%100%100%100%Total

55%47%32%25%20%4-5 T

43%51%61%61%53%3 T

2%2%7%14%27%Huts / 2 T

20092008200620042001

Punta Cana

Bali

Club Med 2

30

2. Priorities for 2009

Increase market share

Be ready for the future

31

Increase market share by recruiting Top Highs

Step up Top High recruiting initiatives: the

highest income segment in our core target group

�

Leverage Club Med’s competitive advantages in response to

economic crisis: the all-inclusive package, children’s offering,

sports, spas, etc.

Showcase a selection of 4 and 5 Tridents Villages in our

“special collection”

Launch targeted promotions

32

Increase market share in new growth markets like China

Opportunities

A country in which the Club Med brand

enjoys a powerful, upmarket image

Development of packages (such as Sahoro +

Tokyo) 42% families, honeymooners

Customer particularities

98%% of 4T customers

3 weeks / yearSchool vacation opportunities*

+ 16% 2008 growth

18,000 GMs in 2008

China

*Number of vacation weeks outside French school holiday periods

A potential 12 million Top 2 customers

33

Increase market share via the Internet, to drive faster growth

Positive indicators on online customers:

Recruitment rate 10 points higher than the average for all channels

A channel popular with families (average 4 points higher)

20% increase in online bookings for winter 2009, as of today

A constantly enhanced website:

Integration of the loyalty program

New interactive virtual tours

Objective: 50% increase in online sales by 2010

2002 2003 2004 2005 2006 2007 2008 2009e 2010e

0

50

100

150

200

250

300

350Contribution of online

sales to revenue( summer 2008):

-Netherlands: 32% -US: 30%-UK: 28%

-France: 17%

M€

+50%

34

Increase market share by deploying the loyalty program

In response to upmarket customers’ desire for recognition

Capitalize on our customer base and in particular our Gold and Silver

upmarket customers

Less costly to retain current customers than to acquire new ones

January 2009 launch of the worldwide Club Med Great Members

loyalty program

Benefits acclaimed by customer tests*:

In the first top 20% in terms of intention to buy among 200 programs

A free, high-profile program to enhance Club Med’s appeal

Global roll-out in 2009January 2009 test launch in Belgium

* Source: Qualitative tests - France, Belgium and Singapore - Ipsos February 2008 Qualitative tests – Ipsos June-July 2008

35

Be ready for the future by planning for

additional 4/5 T capacityProjects being explored in Vietnam, Cambodia, South Africa, China, etc…

Be ready for the future

With a less capital-intensive business model

Villas & Chalets

Additional flexible upmarket capacity that is pre-financed and highly profitable

Increase in capacity operated under management contracts

2010-2011: Taba in Egypt, Buzios in Brazil (condominiums), Senegal, Oman

New markets to drive growth: China, Mexico, India…

Taba, Egypt

Villa, Plantation d’Albion

36

CONCLUSION

Strategy strengthened

Responses to economic crisis

The advantages of an upmarket, all-inclusive offering to rebound faster

Ongoing gains in upmarket customers

Improved profitability

A stronger financial structure