VAC Marriott Vacations Worldwide Corporation

Regulatory News:

Pierre & Vacances (Paris:VAC):

1] Turnover

The turnover and financial figures communicated below stem from operating reporting with the presentation of joint ventures under proportional integration.

Euro millions   2014/2015   2013/2014   Evolutions  

Evolutions excluding stock effects (*)

Tourism   431.6   409.1   +5.5%   - Pierre & Vacances Tourisme Europe 223.4 224.0 -0.2% - Center Parcs Europe 208.2 185.1 +12.5%                   o/w accommodation turnover 289.9 278.1 +4.2% +3.4% - Pierre & Vacances Tourisme Europe 151.6 153.9 -1.5% +3.6% - Center Parcs Europe   138.3   124.2   +11.4%   +3.1%   Property Development 39.2 112.5 -65.1%               Total Q4   470.8   521.5   -9.7% Tourism 1,180.7 1,141.1 +3.5% - Pierre & Vacances Tourisme Europe 594.5 590.4 +0.7% - Center Parcs Europe 586.2 550.7 +6.4%                   o/w accommodation turnover 779.9 763.0 +2.2% +3.2% - Pierre & Vacances Tourisme Europe 401.6 405.9 -1.1% +3.4% - Center Parcs Europe   378.3   357.1   +5.9%   +3.0%   Property Development 255.6 274.4 -6.8%               Total FY   1,436.3   1,415.4   +1.5%

* Pierre & Vacances Tourisme Europe: a net reduction in the assets operated following withdrawals from loss-making sites (Adagio Access residences and seaside resorts in particular) and the non-renewal of leases (seaside locations primarily in Q4).

Center Parcs Europe: growth in network operated prompted by the opening on 29 June 2015 of the new Domaine des Bois aux Daims in the Vienne department.

In IFRS accounting:

• Q4 2014/2015 turnover stood at €451.9 million (€424.2 million for the tourism businesses and €27.7 million for property development) compared with €509.2 million in Q4 2013/2014 (€405.2 million for tourism and €104.0 million for property development).
• Full-year 2014/2015 turnover totalled €1,382.5 million (€1,155.7 million for the tourism businesses and €226.7 million for property development) compared with €1,378.5 million in 2013/2014 (€1,121.3 million for tourism and €257.2 million for property development).
• Tourism turnover

Q4 2014/2015:

Turnover from the tourism businesses rose 5.5% compared with the year-earlier period to stand at €431.6 million.

Accommodation turnover came in at €289.9 million, showing an increase of 4.2% (+3.4% adjusted for supply effects), higher than the nine-month performance. Business during the summer was boosted by a clear increase in average letting rates in all destinations and an average occupancy rate of more than 82%.

• Pierre & Vacances Tourisme Europe contributed €151.6 million to accommodation turnover, showing a 3.6% same-structure increase and an improvement on the trend noted over the previous three quarters (+3.2% overall increase).The increase in turnover was primarily driven by healthy performances from seaside destinations (+6.0%), on the back of both higher net average letting rates (+4.0%) and occupancy rates (+2.0%). These performances stemmed especially from momentum in web sales both in and outside France and reflected the efficiency of the price animation policy rolled out over the summer.

• Center Parcs Europe contributed €138.3 million, representing growth of +3.1% excluding the impact of the newly opened Domaine des Bois aux Daims, the commercial success of which was also confirmed by an occupancy rate of more than 88% over the summer period.Q4 performances at the domains remained on the same trends as those already posted over the first nine months of the year (+3%), with turnover growth of 4.2% at the domains in Germany, the Netherlands and Belgium and a slight increase in the French domains.

Supplementary income rose by 8.2%, driven by the success of marketing mandates, primarily in Spain.

Over 2014/2015:

Turnover from the tourism businesses totalled €1,180.7 million, up 3.5% relative to the previous year.

Accommodation turnover rose by 2.2%, stemming primarily from an increase in average letting rates (+2.7%). Adjusted for supply effects, turnover growth worked out to 3.2%, driven by better business in all destinations: +5% at seaside resorts, +3% at mountain resorts and at the Center Parcs domains and +2% at city residences.International clients represented 55% of the group's accommodation turnover and sales generated by these clients were 2.7% ahead of the previous year's level.

• Property development turnover

Q4 2014/2015 property development turnover stood at €39.2 million, primarily in view of contributions from Villages Nature (€9.7 million), Center Parcs in the Vienne (€2.5 million), the Premium residence in Flaine (€2.5 million) and Les Seniorales (€15.1 million).

Full-year 2014/2015 turnover totalled €255.6 million, close to the €274.4 million reported in 2013/2014.

Property reservations to date with individual and institutional investors represent turnover of €327 million, vs. €291 million in the previous year.

2] Outlook

The portfolio of reservations to date for Q1 2015/2016 confirms ongoing growth in the tourism businesses at both Pierre & Vacances Tourisme Europe, with an increase in all destinations, and at Center Parcs Europe (even excluding the impact of the new Domaine des Bois aux Daims).

View source version on businesswire.com: http://www.businesswire.com/news/home/20151015006025/en/

Pierre & VacancesInvestor Relations and Strategic OperationsEmeline Lauté, +33 (0) 1 58 21 54 76infofin@fr.groupepvcp.comorPress RelationsValérie Lauthier, +33 (0) 1 58 21 54 61valerie.lauthier@fr.groupepvcp.com