

...An increase of 67% of the 2005/2006 dividend...

(1) French Standards.(2) IFRS.
Nominative Pierre & Vacances shares are managed by:
NATIXIS
10 rue des Roquemonts
14099 Caen Cedex 09, France
Tél. : 33 (0)2.31.45.81.42
Fax : 33 (0)2.31.45.18.93
Régine LE PRIVE
regineleprive@natixis.fr