Sale of Core Finance group Paris, Thursday December 4, 2003

AXA Private Equity and Core Finance group’s other principal shareholders have agreed to sell Core Finance group to Chequers Capital.

Core Finance Group’s management has joined Chequers Capital in this secondary LMBO operation.

The sale agreement will be subject to approval by the competition authorities (DGCCRF) and the final closing is scheduled for early 2004.

About Core Finance

Core Finance group’s most significant asset is Eurofarad, the European leader in the manufacture of passive electronic components for use in demanding environments such as aeronautics, railways, defence and medical equipment.
One third of Core Finance group’s revenue of € 55 million comes from exports (Germany, UK and Italy). This source of revenue has been developing rapidly in recent years.
Chequers Capital plans to raise the group’s market share in France and to concentrate on accelerating its export development: by strengthening its commercial efforts and by acquiring and integrating new companies. The current management will lead the group through the next stage of its development.

About Chequers Capital

Checkers Capital, formerly members of the Paris branch of Charterhouse, is one of the main French players in the market of medium-sized LBOs. With € 450 million under management, Chequers Capital invests in companies - in all sectors - that have leading positions in their own markets.

Since the beginning of 2002, Chequers Capital has conducted eight LBO operations.

Referring to the acquisition of Core Finance Group, Chequers Capital’s CEO, Guillaume Planchon said: "Chequers is particularly proud of being involved in shaping the future of the group’s companies which enjoy international renown with very demanding clients in cutting-edge sectors. Our experience in supporting French companies in their international expansion will be undoubtedly useful in this project".