El ciudadano dispuesto por la Ordenanza de Intendentes

Guarantees correspond mainly:

■ to commitments granted by banks to the property development

and tourism companies. These commitments enable the latter to obtain the relevant licences to conduct their property management, business and property trading and travel agency activities so that they can carry out their regulated business. At 30 September 2010, these commitments amounted to €33,250 thousand;

■ to guarantees granted by Accor to Pierre & Vacances SA under

the running of urban residences in Austria and Switzerland (€817 thousand).

Completion guarantees are issued by banks with respect to

property development transactions. At 30 September 2010, the changes in the completion guarantees are a result of:

■ a total increase of €26,521 thousand for the delivery during the

year of several new guarantees. The main programmes concerned are Les  Senioriales  – Montagnac (€8,436  thousand), Avoriaz Pierre & Vacances and Maeva (€6,721 thousand), Le Hameau de Pont Royal (€4,569 thousand) and Les Senioriales – Gonfaron (€3,143 thousand);

■ a total fall of €-111,960 thousand arising from the expiry or resetting

of several guarantees during the year relating mainly to Domaine Center Parcs du Bois des Harcholins (€-68,788  thousand), Avoriaz MGM (€-24,668  thousand), Les  Senioriales  – Ruoms (€-4,443 thousand), Les Senioriales – Lombez (€-4,315 thousand) and Les Senioriales – Paradou (€-3,636 thousand).

NOTE 37

REMUNERATION PAID TO DIRECTORS AND MEMBERS _{OF THE BOARD}

Attendance fees paid to members of the Board with no contractual link to the group for 2009/2010 were €145 thousand compared with €180 thousand in 2008/2009.

For the years ending 30 September 2010 and 30 September 2009, no salary (including benefi ts of any kind) was paid to an offi cer of the company directly by Pierre & Vacances SA or by companies of the Pierre & Vacances - Center Parcs Group controlled as defi ned in Article L. 233-16 of the French Commercial Code. However, Société d’Investissement Touristique et Immobilier (a company indirectly controlled by the Chairman, founder and majority shareholder of Pierre & Vacances SA) as an asset management company, invoiced for fees for the services rendered by Gérard Brémond, Sven Boinet, Thierry Hellin and Patricia Damerval. The fees invoiced by SITI are determined on the basis of direct costs (remuneration paid + related

employer expenses + other direct costs: travelling expenses, cost of premises and secretarial services) plus a 5% margin calculated according to the time spent by each person in managing the companies of the Pierre & Vacances - Center Parcs Group. Since these people are on the Group General Management Committee, their pay is included in the table below.

During the course of 2009/2010, the Executive Committee was replaced by a Group General Management Committee. This is made up of just 5 members compared to 9 before. In 2009/2010, all 5 members of the Group General Management Committee received total gross remuneration (including benefi ts in kind) of €2,512,893, including €1,889,240 for the fi xed portion of remuneration and €413,090 for the variable portion (mainly bonuses payable for 2008/2009 paid in the fi rst half of 2009/2010).

The table below shows the total gross remuneration paid to members of the Group General Management Committee during 2009/2010 and that paid to members of the Executive Committee during 2008/2009 (in euros):

2009/2010 2008/2009

Fixed remuneration(1) _{1,889,240 2,938,111}

Variable remuneration(2) _{413,090 935,142}

Benefi ts after leaving offi ce(3) _{25,060 38,708}

Remuneration in shares(4) _{185,503 2,072,252}

TOTAL 2,512,893 5,984,213

(1) Including reinstatement of the benefi t in kind involving the availability of a company car. (2) Paid in the year following the year for which it is granted.

(3) This includes conventional pension payments.

(4) This is the annual charge relating to the allocation of options to subscribe for shares and free shares.

For each of them, the variable bonus relates to the fi nancial performance of the Pierre & Vacances - Center Parcs Group and the achievement of personal objectives.

NOTE 38

IDENTIT Y OF THE ULTIMATE HOLDING COMPANY

The fi nancial statements of the Pierre & Vacances - Center Parcs Group are fully consolidated by Société d’Investissement Touristique & Immobilier (SITI).

NOTE 39

TRANSACTIONS WITH RELATED PARTIES

The related parties used by the group are:

■ the members of senior management and executive bodies: their

remunerations and similar benefi ts are given in Note 38;

■ the parent company of Pierre & Vacances (Société d’Investissement

Touristique et Immobilier) and its subsidiaries which are not in the group’s scope of consolidation;

■ the joint venture companies that are consolidated on a proportional

basis: Citéa, Les Villages Nature de Val d’Europe, Villages Nature Management, Montrouge Développement, Nuit & Jour Projections, Part House, entities of the Adagio Group, N.L.D., Nantes Russeil and SDRT Immo (a property development company owned by Pierre & Vacances Maroc);

■ Société de Développement de Résidences Touristiques, 15%

of which is owned by Pierre & Vacances Maroc and, as a result, consolidated by the equity method.

The main transactions with related companies include:

■ invoicing for lease payments and administrative personnel; ■ purchase of support and advisory services as part of management

agreements;

■ lease contracts for apartments operated by the subsidiary Pierre &

Vacances Maeva Tourisme Exploitation.

These transactions are conducted on normal market terms.

The details of the transactions with related parties are:

(in thousands of euros) 2009/2010 2008/2009

Turnover 4,157 4,480

Purchases and external services -15,774 -10,844

Current items 1,849 1,583

Financial income 513 1,343

The receivables and liabilities on the balance sheet relating to related parties are:

(in thousands of euros) 30/09/2010 30/09/2009

Trade receivables and related accounts 3,532 4,459

Other current assets 24,664 24,375

Trade payables and related accounts 3,686 6,760 Other current liabilities 26,940 35,798

NOTE 40

INFORMATION RELATING TO JOINT VENTURE COMPANIES

The companies over which the group exercises joint control and which are consolidated by the proportional method are as follows at 30 September 2010:

■ SA Citéa (50%);

■ SCI Montrouge Développement (50%); ■ SAS Les Villages Nature de Val d’Europe (50%); ■ SARL Villages Nature Management;

■ Part House Srl (55%);

■ Nuit & Jour Projections SL (50%); ■ entities of the Adagio Group (50%); ■ SNC N.L.D. (50%);

■ SA SDRT Immo (50%); ■ SCCV Nantes Russeil (50%).

The contributions to the group’s main balance sheet and profi t and loss account totals are as follows (proportional to the group’s holding):