Med has entered the black on its Europe, Asia and America divisions for the
first time since 1999.

group claimed the positive report, covering the six months to April 30 2003,
resulted from improvements in its pricing and product mix, a reduction in fixed
costs and good capacity management.

revenues were down to €785 million for Winter 2003, against €816 million for
the previous year. However, pre-tax profit came in at €12 million, against a
loss of €4 million for Winter 2002.

Henri Giscard d’Estaing said cost cutting measures had borne fruit and the
group’s operating result was now less dependent on operating factors.

Med added its current reservations for summer 2003 are down 13.5%, with
capacity trimmed by 8% compared with 2002.