Club Mediterranee`s historic shareholders, the Agnelli Group (through its holding companies Exor and Ifil) and the Caisse des Depots et Consignations, announced today that they will sell ClubMediterranee`s shares of respectively 21.2% and 7.7% to Accor for a total of 252 million euros.

Pending approval by the monopolies and mergers commissions, Accor will hold 28.9% of the capital of Club Mediterranee and become its main shareholder as well as a leading industry partner.

Accor will finance the acquisition of this shareholding by bonds convertible in shares or cash (ORANE), available to every shareholders, for an amount of 280 million euros, on the basis of one 40 euros bond per Accor share. The Caisse des Depots et Consignations has agreed to underwrite the issue, if necessary in full, to facilitate the transaction.

At this occasion, Tiberto Ruy Brandolini d`Adda, Deputy Chairman and Managing Director of Exor Group, stated: The Agnelli Group has helped develop Club Mediterranee since 1974 and has continually provided its support, including during difficult times. Club Mediterranee is now on the road to recovery thanks to the acceleration of the strategy put in place by Henri Giscard d`Estaing since the end of 2002, as first half results show. We are pleased that this restructuring of Club

Mediterranee capital, in full agreement with the management, will provide the opportunity for an association with a leading industry partner which will accompany the company in its future development.

Francis Mayer, Chairman of the Executive Board of Caisse des Depots et Consignations, stated: As one of the historic shareholders of both Accor and Club Mediterranee, the Caisse des Depots is fulfilling its role of long-term shareholder by supporting this partnership. It provides Accor with the opportunity to strengthen its position in the tourism sector and it gives Club Mediterranee the opportunity of having a stable shareholder in the industry. The Caisse des Depots is reinforcing its position as main shareholder of Accor, European leader and one of the world`s largest groups in hotels and services.

Jean-Marc Espalioux, Chairman of the Management Board of Accor, stated: In becoming the core shareholder of Club Mediterranee, global leader in the upscale holidays sector, Accor is reinforcing its position in the global tourism industry, in the context of its long-term strategy of offering a comprehensive range of products and services to business and leisure customers, who often overlap. I want to congratulate the management of Club Mediterranee on the strategy it is putting in place and assure them of my total confidence. We will study together the numerous opportunities for commercial and operational synergies, beneficial to both companies, to accelerate the development of Club Mediterranee, and to expand further its position in a growth sector that surely will continue to structure itself further in the years ahead.

Henri Giscard d`Estaing, Chairman of the Executive Board of Club Mediterranee, thanked the Agnelli Group: for its unfailing support throughout these thirty years, through good and bad times and also noted the constructive role played by the Caisse des Depots, which has accompanied Club Mediterranee for several years, enabling us today to stabilize our core shareholding.

Henri Giscard d`Estaing added: The association of Club Mediterranee with one of the industry leaders as its partner in development represents an exceptional opportunit for Club Mediterranee to become the undisputed leader in the sector of upscale, friendly holidays. It is in this context that will be studied with Accor the synergies and the sharing of resources that will benefit both companies. This partnership will allow both groups to benefit in the most favorable manner from the future growth of the global tourism industry .