Trecobat Group issues shares to AXA Private Equity Paris, February 12th 2007.

Trecobat Group, a leading builder of single family houses in Brittany, is to issue a significant block of shares to AXA Private Equity as part of its strategy for maintaining its leading position in the regional construction market.

Founded in 1972 by Marcel Treguer (the current Chairman), Trecobat Group is one of the top ten French builders of single family houses. With headquarters in Lanilis, Finsterre, its brand names "Trecobat" and "Maisons Goëland" are established throughout the whole of the Brittany region. The Group is also present in the growing market for all-wood constructions, under the brand "Maisons Nature et Bois", which currently accounts for some 10% of turnover. Trecobat has also introduced a new design of single family house that emphasises energy saving, which has proved very popular among conservation-conscious clients.

The Group's turnover in 2006 was €105 million, and over 1000 houses were sold during the year. The Group's policy of combining proximity to its clients with high quality innovation and personalised design has provided strong growth every year since 1996. The Group regularly wins professional awards, most recently receiving two UNCMI medals (including a Gold) for innovation in house construction in 2006, and the Vivrelec Gold Medal the same year.

Founder Marcel Treguer will stay on as Chairman of the company, and has also ensured that his
senior management teams also have their own equity holdings. The partnership with AXA Private Equity is part of a move to strengthen management shareholding in the Group while at the same time ensuring that it has the capacity to broaden its activities. Plans for growth focus on its natural market in the Brittany region, but do not rule out the possibility of developments elsewhere.

"We are delighted to be associated with AXA Private Equity" says Marcel Treguer. "The presence of a financial partner will enable us to ensure the continuation of our long-term strategy in the traditional housing sector and the development of our wooden construction division, with a particular focus on innovation in comfort, energy conservation and sustainable development."

For AXA Private Equity, Baudouin d'Hérouville and Alexis Lavaillote emphasise their "immense satisfaction in supporting a senior management team of great quality, which has proven its worth by guiding the Trecobat Group into a strong leadership position, both in market share and in successful innovation in what is traditionally a very conservative industry. We shall be at their sides in the rollout of their development project."

List of people and advisers on the Trecobat transaction

Buyers:

AXA Private Equity: Baudouin d’Hérouville, Alexis Lavaillote

Advisers to AXA Private Equity:

• Legal, social: De Pardieu - Brocas - Mafféi (Thibaut Caharel, Jean-François Pourdieu)
• Tax: De Pardieu - Brocas - Mafféi (Bertrand Araud)
• Competition: De Pardieu - Brocas - Mafféi (Marine Nossereau)
• Accounting, financial: Ernst & Young (Emmanuel Picard, Grégoire Briens)
• Insurance: Marsh (Jean-Noël Delabrousse-Mayoux, Romain Mefflet)

Sellers:

Sellers’advisers:

• Accounting, financial: Michel Gouriten (Sofico - appraisal accounting)
• Legal, tax: Marcel Hascoët (SCM Juripro)

Senior Financings:

• Compagnie Financière du Crédit Mutuel (Stéphanie Romano, Eric Gaulier)
• Legal adviser to CFCM: Morgan Lewis (Stéphan Alamowitch)

Press Contacts:

AXA Private Equity:
+33 (0)144 45 92 20

Trecobat:
Agnes Loin: 06 80 60 00 54
agnes.loin@agnesloin.com