The Club Med-American Express Card represents the most complete product offer in the leisure travel industry today with benefits such as:

• Global Payment Network -- The card offers one simple payment method and can be used for purchases at all Club Med locations, at merchants around the world that accept American Express, and for cash withdrawals at more than 550,000 ATMs worldwide.
   
• Loyalty Program -- Points are accumulated with each purchase made with the card and can provide up to a 100 percent discount on Club Med vacations or be redeemed at a wide array of Club Med resorts around the world. Double points are earned for each ten Euros spent at Club Med locations.
   
• Payment Flexibility -- this benefit, highly requested by Club Med customers, will allow customers to pay for their vacation over time.
   
• Merchant Offers -- Every month, cardmembers will be offered exclusive benefits, such as double loyalty points or promotional offers at Finaref partners, such as Fnac, Printemps or Cyrillus.

The card has been developed exclusively to meet the spending needs of Club Med customers and carries an annual fee of 25 Euros (15 Euros for a supplementary card).

“The launch of the Club Med-American Express Card represents a key element of Club Méditerranée's loyalty strategy,” said Henri Giscard d'Estaing, Chairman of the Board of Club Méditerranée. “The outstanding product features and cardmember benefits, as well as the vacation payment flexibility offered, will meet our customers' expectations. This partnership demonstrates the technical expertise of our respective teams and our ability to provide innovative solutions to our customers.”

“The agreement with Club Méditerranée and Finaref marks another significant step forward for American Express' partnership strategy,” commented Peter Wright, senior vice president at American Express Global Network Services for the Europe Middle East and Africa region. “American Express' global merchant network will allow customers to accumulate Club Méditerranée loyalty points at a much faster rate as part of their everyday purchases in France and around the world at the millions of merchants that welcome the card.”

“This new partnership will enable us to position Finaref within the leisure travel industry, by providing the most complete offer to Club Méditerranée customers,” added Alain van Groenendael, Chairman of the Board of Finaref. “We are extremely pleased to be working with such prestigious partners as Club Méditerranée and American Express to leverage Finaref's expertise and leadership in the private label card arena.”

About Club Méditerranée
Club Méditerranée (www.clubmed.com) is the number one tourist group in France, a worldwide leader and creator of “all-inclusive holidays.” Present in 40 countries on all five continents, Club Méditerranée manages some of the world's most stunning locations, including 100 seaside and mountain resorts, villas and cruise ships. With its Jet Tours specializing in vacation-planning, it offers a wide variety of itineraries and trips worldwide and the expertise of one of the leading tour operators in France. In 2002, with revenues of 1.7 million euros and 22,000 employees, Club Med welcomed approximately two million customers in its Club Med resorts and Jet Tours hotels.

About Finaref
Finaref (www.finaref.fr) is a subsidiary of Crédit Agricole SA, providing a complete range of financial products and services, including Credit and Insurance services. A leader of private label cards in France, Finaref manages a portfolio of 6.5 millions cards (Printemps, Fnac, Kangourou Card for La Redoute and specialized merchants belonging to the Redcats group). Outstandings managed by Finaref reached 4.6 billion euros in 2002, which generated credit revenues of 2.7 billion euros. Finaref's development is centered on multi-channel distribution, through direct selling (call centers and websites) and a network of more than 200 locations.

About American Express
American Express Company, founded in 1850, is a diversified global financial, network and travel services provider. It is a leader in charge and credit cards, Travelers Cheques, financial planning, travel, investment products, insurance and international banking.