14 February 2007,

Natixis finances the acquisition of Groupe Villages Hotels by B&B Hotels

Following the wishes of its principal shareholder, , B&B Hotels is acquiring Groupe Villages Hotels. has been mandated as sole bookrunner for the financing requirements.

Ranking number # 3 on the French budget hotel segment, B&B Hotels have purchased 100% of the capital of SFIH, the holding company of the Groupe Villages Hotels. The new group, which is more than 73% controlled by Eurazeo, has realized during 2006FY a pro forma combined turnover in excess of EUR 130 million with an Ebitda in the region of EUR 50 million.

Thanks to a strong geographical complementarity and a common business model between the two networks, the combined Group now enjoys a densified coverage of the whole French territory. Through this transaction, B&B Hotels considerably strengthen its accommodation capacities with a total of 170 hotels (and nearly 13,000 bedrooms) in addition to 13 hotels located in Germany. This operation is part of the Management strategy which consists in becoming a major player on the European budget hotel market.

With a view to improving the Group’s operating and legal existing organization the financing structure includes the short term use of a bridge loan. The latter will then be converted into a longer term financing, notably with the issuance of subordinated obligations up to EUR 30 million. The underlying objective of such a scheme is to monitor a rapid development of the network and the group’s financial structure in the long term. In addition to these facilities, the group can utilise a EUR 140 million credit line, which has only been partially used since being put in place by Natixis at the time of the purchase of B&B Hotels by Eurazeo in 2005.

Since closing, the financing has been syndicated to Eurohypo (arranger), HSBC, HSH Nord Bank, Hypo Real Estate (co-arranger) and BNP Paribas (participant).

In 2005, Natixis was sole bookrunner of the LBO arranged for the B&B Group’s acquisition by Eurazeo.

Contacts

NATIXIS NATIXIS Valérie Boas Christine Chaussade Press relation Communication Tel : +33 1 58 19 25 99 Tel : +33 1 58 32 29 82 [email protected] [email protected]

About Natixis: Natixis, the “investment and project bank” is the jointly held bank of the Caisse d’Epargne and Banque Populaire groups in financing and , asset management and financial services. With approximately 23,000 employees, a net banking income of €6.1bn, and a group share shareholders’ equity of €15.8bn, it is a major player in its sector in Europe. Natixis holds leading positions in its businesses in France, in Europe and on a worldwide basis: number 1 asset management bank in France with €534bn , number 1 in France for employee savings schemes. Natixis also enjoys expertise acknowledged worldwide regarding credit (number 3 worldwide), and structured financing (real estate, commodities, asset-backed, leverage finance).

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