Pierre & Vacances: Reserved Rights Issue for the HNA Tourism Group

Regulatory News:

The Pierre & Vacances-Center Parcs Group (Paris: VAC) announces today a reserved rights issue for the HNA Tourism Group, in accordance with the decisions made by the Annual Shareholders' Meeting on 4 February 2016.

Under the framework of this operation, HNA Tourism Group has subscribed to 980,172 new shares representing 10.00% of the capital of Pierre et Vacances SA post-operation, at a unit price of €25.18 and representing a total capital increase of €24,680,730.96 (including the issue premium). Following this operation, S.I.T.I, the holding company controlled by Gérard BREMOND, individually owns 39.83% of the capital and 56.42% of the voting rights of Pierre et Vacances SA¹.

Note that the above-mentioned Shareholders' Meeting nominated two Board Members to represent HNA Tourism Group, on condition that this capital increase would take place, namely Messrs. Ning Li and Gérard Houa.

¹ Based on capital prior to the operation made up of 8,821,551 shares representing 12,856,840 voting rights (data on 29 February 2016)

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