Modamax, Camaïeu's controlling holding company, has completed the acquisition of Sandell Asset Management's 10,4% shareholding in Camaïeu. Paris, december 29, 2005.

Modamax holds 52.8 % of the share capital of Camaieu and will launch a simplified tender offer (“offre publique d’achat simplifiée”) on Camaïeu at a price of €130 per share.

Pursuant to agreements entered into on December 11, 2005, Modamax (formerly known as Financière Addax), Camaieu’s controlling holding company whose majority shareholders are investment funds managed by AXA Private Equity, purchased today the 632,273 Camaïeu shares (ISIN code FR 0004008209) held by Castlerigg Master Investments Ltd., an investment fund managed by Sandell Asset Management Corp. at a price of €130 per share. The shareholding purchased represents 10.4% of Camaïeu’s share capital.

Following this acquisition, Modamax holds 52.8 % of the share capital and 64.7% of the voting rights of Camaieu.

In accordance with applicable regulations, Modamax will file a simplified tender offer (“offre publique d’achat simplifiée”) on all of the remaining shares of Camaïeu it does not hold. Modamax will offer to all Camaieu’s shareholders to purchase their shares at the same price, i.e. €130 per share. The filing of the simplified tender offer will occur in the coming days, once an independent expert, approved by the Autorité des marchés financiers, will have rendered its conclusions on the fairness of the price offered by Modamax, in view of the delisting offer followed by a squeeze out (“offre publique de retrait assortie d’un retrait obligatoire”) that Modamax contemplates to file if the conditions are met to do so.

About Camaïeu:

Camaïeu is a large distributor of ready-to-wear garments for fashion conscious women aged 20 to 40, looking for everyday clothes at affordable prices.
In 2004, Camaïeu’s revenue amounted to €393 million and its bottom line reached €41 million. As at December 31, 2004, the group comprised 442 retail outlets in 8 countries.

For more information, camaieu.com

Media relations:

Camaïeu:

Bénédicte Delaby – Tel.: +33 (0) 3 20 99 71 13
bdelaby@camaieu.fr

AXA Private Equity:

Tel.: +33 1 (0) 44 45 92 20