Pierre & Vacances

Major Shareholding Notification • Dec 21, 2018

PRESS RELEASE

Completion of the acquisition by Société d'Investissement Touristique et Immobilier of Pierre et Vacances shares owned by HNA

Paris, 21 December 2018

Pursuant to the agreement signed on 12 December 2018 between Société d'Investissement Touristique et Immobilier (S.I.T.I)¹ and HNA Tourism Group (HNA), S.I.T.I acquired today the entire stake owned by HNA in Pierre et Vacances SA, i.e 980,172 ordinary shares representing 10.00% of the share capital and 13.50% of the Company's net voting rights² .

S.I.T.I now owns 49.81% of the capital and 64.91% of Pierre et Vacances voting rights³ .

For further information:

Investor Relations and Strategic Operations Press Relations Emeline Lauté Valérie Lauthier

+33 (0) 1 58 21 54 76 +33 (0) 1 58 21 54 61

info.fin@groupepvcp.com valerie.lauthier@groupepvcp.com

¹ Limited liability company controlled by the company SITI "R", itself controlled by Mr Gérard Brémond, Chairman of the Pierre et Vacances S.A. Board of Directors.

² Based on 9,804,565 shares and 14,516,853 net voting rights in circulation on 30 November 2018.

³ Based on a total number of 14,516,853 net voting rights in circulation on 30 November 2018 less the 980,172 double voting rights owned by HNA Tourism.