Modamax, Camaieu's holding company, has purchased a 10.4% block in Camaieu's shae capital from Sandell Asset Management Paris, 12 December 2005.

Modamax (formerly called Financière Addax), Camaieu’s controlling holding company which majority shareholders are investment funds managed by AXA Private Equity, has entered into a purchase agreement on December 11, 2005, with Castlerigg Master Investments Ltd., an investment fund managed by Sandell Asset Management Corp., in relation to the acquisition of its shareholding in Camaïeu (632,273 shares, ISIN code FR0004008209, representing 10.4% of the share capital of Camaïeu) at a price of €130 per share

The effective completion of this transaction, scheduled to occur on December 30, 2005 at the latest, is conditional upon the banks retained by Modamax making available the financing to acquire the block and the shares tendered in the subsequent public offer.

Following the acquisition of the block, Modamax will hold 52.8 % of Camaieu’s share capital and 64.7% of its voting rights.

Following the effective purchase of this block, Modamax will file a public offer for Camaieu’s remaining shares; Modamax will offer to all Camaieu’s shareholders to purchase their shares at the same price, i.e. €130 per share.

A press release will be published on this occasion. The tender offer project and the related information memorandum (“note d’information”) will be submitted to the Autorité des marchés financiers.

Following the public offer, Modamax intends to proceed with a squeeze out offer at the same price as the public offer.

At Camaïeu’s request, the trading of its shares will be suspended on December 12, 2005 at market opening. Trading will resume on December 13, 2005 at market opening.

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, www.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