FINAMA PRIVATE EQUITY: AGREEMENT TO OPEN UP THE SHARE CAPITAL OF VVF

Paris, 7 April 2006 The Caisse des Dépôts, VVF Association and Finama Private Equity, a subsidiary of Groupama, today signed agreements allowing Acto (a fund managed by Finama PE) to buy a majority interest in VVF Vacances and VVF Patrimoine. The project will involve employees who will have the opportunity to own up to 5% of the share capital. The Caisse des Dépôts will retain 40%.

For VVF Vacances, this transaction involves the transfer of a majority interest in a state-owned-sector company, therefore these agreements will now be submitted to the approval of the French Ministry of the Economy, Finance and Industry. "I am delighted about this agreement which is good for VVF and all its employees, the family holiday market and the public authorities responsible for these holiday villages", said Francis Mayer, Chief Executive Officer of the Caisse des Dépôts. "It is a way of clarifying the organisation and governance, in order to implement the ambitious plan to refurbish the sites and develop the business. The Caisse des Dépôts will remain permanently and significantly involved in VVF's share capital. It is also an opportunity for the Caisse des Dépôts to strengthen its associative tourism division, represented by VVF Association". Georges Peyronne, President of VVF Association, is "delighted with the signing of these agreements, which will ultimately enable the associative tourism project (merger between the Associative division of VVF and the VAL association) to be completed smoothly." To this end, VVF Villages and VAL will announce their merger on 21 April. "VVF, a pioneer of family tourism, has one of the strongest tourism brands in France. Its resorts, universally know for the outstanding quality of their sites, must now be adapted to meet the requirements of families more fully. This project, carried by Olivier Colcombet, Chairman of the Management Board, and his team, naturally won us over and we are very happy to contribute to its realisation," said Stéphane Moreau, Chief Operating Officer of Finama PE. In July 2005, the Caisse des Dépôts and VVF Association (majority shareholders of VVF Vacances and VVF Patrimoine respectively) started privileged negotiations with Finama PE, which culminated in a joint plan being drawn up, presented to the Supervisory Committee of the Caisse des Dépôts, which pronounced its recommendation on 16 January 2006. VVF Vacances now manages 52 villages and apartment resorts in France, which equates to approximately 40,000 beds, and markets a total of 160 holiday destinations generating revenues of €145 million. The investment programme put forward by the management of VVF, with a budget of €140 million, will be implemented as soon as possible.

and more...