Agreement deal signed on the transfer of 100% of Modamax, core shareholder of Camaïeu Paris, March 22nd of 2007

The shareholders of Modamax (the holding company that controls Camaïeu) signed an agreement today relating to the transfer of 100% of Modamax to Modacin, a holding company controlled by investment funds which are managed by the capital investment fund Cinven.

Modamax, a company controlled by investment funds managed by Axa Private Equity, owns directly and indirectly 64.5% of the share capital and 74.1% of the voting rights of Camaïeu.

The price offered by Modacin for the acquisition of Modamax values the participation of Modamax in Camaïeu at a price of 267 euros per Camaïeu share.

The sale of Modamax is subject only to obtaining the antitrust authorizations from the European Commission. Following completion of the sale, a public offer will be launched for the acquisition of all the remaining shares of Camaïeu held by the public, in accordance with applicable law.

About Camaïeu:

Camaïeu is a specialist in ready-to-wear clothing offering young women 20-40 an accessible range of products at affordable prices.

In 2006, it generated consolidated sales of €552 million and a net income of €81 million. At the end of 2006, the retail chain operated 557 stores in 8 countries.

About AXA Private Equity:

AXA Private Equity, an AXA Investment Managers company, with offices in Paris, Frankfurt, Singapore, London, New York, Milan is a world leader in private equity investments. It offers its partners a wide selection of funds, all with proven returns, across a full range of asset classes (LBO, Expansion Capital, Venture, Co-Investment, Mezzanine, primary, early secondary and secondary Fund of Funds).

AXA Private Equity manages and advises private equity funds with assets in excess of €10 billion for some of the world’s leading investors. With a constant focus on transparency, performance and sustainable profitability, AXA Private Equity is distinguished by the expertise of its staff and its international reach.

About Cinven:

Notes to Editors

Cinven is one of the most prominent and successful investors in the European buy-out market. It has led transactions with a value in excess of €60 billion.

From its offices in Frankfurt, London, Milan and Paris, Cinven focuses exclusively on creating value in companies headquartered in Europe, which have a minimum enterprise value of €500 million and are market leaders or have the potential to become such.

Established in 1977, the firm has been a totally independent business since 1995. The fourth Cinven fund has raised €6.5 billion in June 2006.

Cinven's recent investments include Phadia (€1,3 billion), Gondola (€ 1,3 billion), Avio (€2,57 billions), Dutch Cable (€5,45 billions), Ahlsell (€1,2 billion), Numéricable (€2,3 billions), Frans Bonhomme (€893 millions), Amadeus (€4,4 billions), Partnerships in Care (€800 millions) et Eutelsat (€4,4 billions) .

Cinven Limited is authorised and regulated by the Financial Services Authority.

www.cinven.com

Press Contacts:

Camaïeu:
Bénédicte Delaby
Tel.: +33 (0)3 20 99 71 13

AXA Private Equity:
Fabrice Baron
Gavin Anderson & Company
Tel.: +33 (0)1 53 32 61 27

Marie-Laurence Bouchon
Gavin Anderson & Company
Tel.: +33 (0)1 53 32 61 57

Cinven:
Nina Mitz
Financial Dynamics
Tel.: +33 (0)6 07 05 18 62

Florence de Montmarin
Finacial Dynamics
Tel.: +33 (0)6 86 13 75 57

Guillaume Foucault
Financial Dynamics
Tel.: +33 (0)6 85 19 94 09