Management company Jousse Morillon Investissement SA undertakes to contribute its shares to the tender offer that Modamax will file on Camaïeu Paris, 21 December 2005.

Modamax received from the investment fund FCP Stock Picking France, managed by Jousse Morillon Investissement SA, an undertaking to contribute the 135,000 shares that it holds in Camaïeu to the tender offer that Modamax will file on Camaïeu (subject to the purchase by Modamax of the block of Camaïeu shares held by Castlerigg Master Investments Ltd.), it being specified that this undertaking is irrevocable, except in the event that a competing tender offer is filed on Camaïeu and declared admissible by the Autorité des marchés financiers.

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