Eurazeo: 3rd Quarter 2011 financial information

SUSTAINED INVESTMENT ACTIVITY

CONTINUATION OF 1^st HALF'S GOOD OPERATIONAL PERFORMANCE

Regulatory News:

Eurazeo (Paris:RF):

• Completion of four acquisitions
  Acquisitions of OFI Private Equity, Foncia, Moncler and 3S Photonics under attractive conditions

• Two divestitures made with good timing
  Divestiture of stake in Ipsos, held through LT Participations
  Divestiture of DNCA by Gruppo Banca Leonardo, with a resulting dividend distribution to Eurazeo

• Good performance of Group companies in 3^rd Quarter 2011
  3^rd Quarter 2011 revenue: + 11.1% as reported and + 2.8% as reported and restated for the acquisition of OFI PEC.

• Strong financial position
  A cash position of € 543 million as of September 30, 2011 and € 178 million pro forma restated for the investments in Moncler and 3S Photonics

• NAV as of September 30, 2011 of € 60.5 per share, based on June 30 NAV updated for share prices of listed securities and cash position

Patrick Sayer, CEO said:"Group companies overall continued the good operating performance of the 1^st Half. Portfolio company activities are solid or are benefiting from promising markets, driven by globalization or technological growth. The recent acquisitions should reinforce the resiliency of Eurazeo's profile and contribute strongly to growth. The 4^th Quarter will benefit from the positive effects of the integration of Moncler, Foncia and 3S Photonics, three attractive acquisitions made under good conditions that demonstrate our capacity to seize opportunities in the current environment.

Our financial position also remains very comfortable, with the early renewal this summer of our syndicated credit line of one billion euros, which matures in mid-2016. Our cash position remains positive following the investments and divestitures, made under satisfactory conditions."

Quarterly change in consolidated revenues

Consolidated revenues (in €m)	Â	2011 reported	Â	Change 2011/2010 reported	Â	Change 2011/2010 restated*
1st Quarter	Â	866.8	Â	+0.4%	Â	+4.9%
2nd Quarter	Â	1,049.9	Â	+1.1%	Â	+5.7%
3rd Quarter	Â	1,215.9	Â	+11.1%	Â	+2.8%
9 months	Â	3,123.6	Â	+4.5%	Â	+4.4%

* Excluding recognition of B&B Hotels in 1 ^st Half 2010 (deconsolidated as of July 1, 2010) and of OFI PEC (consolidated as of July 1, 2011) and adjusted for rents paid to ANF Immobilier by B&B Hotels.

I-PERFORMANCE OF GROUP COMPANIES FOR THE FIRST NINE MONTHS OF 2011

Revenues as of the end of September 2011 amounted to 3,123.6 million euros. Eurazeo Group had good growth in its business over the first nine months of 2011 with an increase in revenues of 4.4% as reported and restated for the sale of B&B Hotels and the acquisition of OFI PEC.

Revenues for the Holding activity increased 55.0% on a reported basis to 42.9 million euros, mainly due to an increase in cash income.

Revenues for Real Estate increased 85.3%, as reported (+ 26.1% restated) for the first nine months of 2011 to 64.2 million euros, reflecting the continued strong growth in rents and including rents received from B&B Hotels, which had been treated as intra-group revenues and were restated for the first nine months of 2010. Restated for Printemps rental payments of 7.8 million euros and for sale of property and after integration of proceeds from project restructuring on city center properties, revenues for ANF Immobilier increased by 13.1% at constant scope.

Consolidated revenues for Industry and Services for the first nine months of 2011 were 3,016.5 million euros, an increase of 3.5% as reported and restated for the sale of B&B Hotels and the acquisition of OFI.

ANF Immobilier

3^rd Quarter growth above objectives

ANF Immobilier rents continued to increase during the 3^rd Quarter of 2011 with revenues of 64.2 million euros, up 26.1% or

+ 13.1% at constant scope (restated for exceptional items related to Printemps rental payments of 7.8 million euros, acquisitions and property divestitures).

For city center properties (Lyons and Marseilles), growth of 25.2% on a constant basis results from growth in retail rents, delivery of projects and the reduction of residential vacancies in Marseilles. This increase in rents on a constant scope for city center properties exceeds the objectives set by ANF Immobilier and confirms that annual city center property rents surpassed the growth target of 15%.

Leasing activity remained strong during the 3^rd Quarter with total negotiated property surface up 6% compared with the 3^rd Quarter of 2010. In addition, the divestiture program is continuing.

In October, the company strengthened its financial structure by negotiating additional credit lines totaling 113 million euros, with an average maturity of five years and eight months, and a Euribor cost of 3 months + 148 basis points. In total, ANF Immobilier holds 164 million euros in undrawn credit.

As of the end of September 2011, ANF Immobilier had cash of about 70 million euros. On the basis of valuation of assets as of June 30, 2011, the loan-to-value ratio was 29% as of September 30, 2011. This ratio remains one of the lowest in the sector..

Despite an uncertain economic environment, revenue projections for the next 3-4 years are maintained, with growth of 55% forecast for rental income to reach more than 100 million euros per year. This strong growth results from the strategy of revaluing rental properties and depends on the accurate identification of rental upside opportunities.

APCOA

Sustained level of activity as of the end of September

For the first nine months of 2011, APCOA had revenues of 538.2 million euros, up 5.6% on a reported basis and 5.0% at constant exchange rates. Revenues increased in all major APCOA countries with the exception of the UK. Scandinavia, Germany and Italy were the main contributors to the growth in revenues. In the UK, the decline resulted from renegotiation of certain unprofitable contracts initiated at the end of 2010. This includes the revision or termination of certain "rental" contracts and the conversion of others to "management" style contracts. This type of contract results in a lower revenue contribution but has a positive impact on margins and more limited risk.

As a result, 3^rd Quarter revenues were down slightly (-0.6% on a reported basis and -0.4% at constant exchange rates). On a comparable portfolio of contracts, 3^rd Quarter revenues show solid growth of 4.4%.

The new management is also continuing to implement operational and functional improvements, including the extension to other countries of the contract portfolio optimization implemented with success in the UK.

Elis

Continued recovery in France and abroad

For the first nine months of 2011, Elis contributed 862.1 million euros to Eurazeo, up 8.5% as reported and + 3.1% at constant scope and exchange rates.

3^rd Quarter 2011 performance of + 9.8% as reported and + 4.7% at constant scope and exchange rates, marks a strong improvement over the 1^st Half. All of Elis' markets contributed to this performance.

In France, revenues for the first nine months rose by 3.5% (+ 2.9% at constant scope) with an accelerated increase in revenues in Hotels-Restaurants (+ 7.1% at constant perimeter), continued recovery in the Industry, Retail and Services market (+ 1.8% at constant scope), and growth of 3.9% on a comparable basis for Healthcare.

Internationally, growth for the first nine months was 38.3% (+ 3.0% at constant scope and exchange rates) as a result of acquisitions made in Spain and Switzerland, with all countries contributing to the growth at constant scope.

Eurazeo PME / OFI Private Equity Capital (fully consolidated as of July 1, 2011)

Sustained revenue growth in 3^rd Quarter 2011

Consolidated revenues as of September 30, 2011 totaled 265.5 million euros, compared with 249.6 million euros as of September 30, 2010, an increase of + 6.4% as reported and + 8.5% at constant scope.

Consolidated revenue for the 3^rd Quarter of 2011 was 90.6 million euros, an increase of 6.6% compared revenues for the

3^rd Quarter of 2010, as reported. With 2010 restated to include the two changes in the scope of the portfolio of OFI Private Equity Capital (investment in Mors Smitt and the sale of IMV Technologies, completed in the 4^th Quarter of 2010), growth was 9.4%.

This increase is primarily a result of growth of the Léon de Bruxelles group, + 12% (due mainly to the opening of five restaurants in 2011) and the Financière de Siam group, + 7% (mainly due to the recovery of maintenance programs in France and the United States), as well as acquisitions carried out by groups Mors Smitt and Gault & Frémont. The activity of Dessange group remained stable over the period.

Europcar

Stability of revenues as of the end of September 2011

Consolidated revenues for Europcar for the first nine months of 2011 was 1,525.5 million euros, stable on a reported and comparable basis compared with the first nine months of 2010. Revenue growth in Northern European countries helped offset the effects of a more challenging economic environment in some Southern European countries as well as the decision taken at the beginning of the year to lower volumes in certain lower-contributing segments, notably in the United Kingdom.

Revenues for the 3^rd Quarter were 616.0 million euros, stable on a comparable basis and lower by 0.6% on a reported basis.

At constant scope and exchange rates, Europcar's average revenue per day (RPD) increased 0.8% for the first nine months of 2011 and remained virtually stable (-0.1%) in the 3^rd Quarter of 2011, in a context of aggressive pricing policies on the part of some competitors in certain countries.

PERFORMANCE OF COMPANIES CONSOLIDATED BY THE EQUITY METHOD FOR FIRST NINE MONTHS OF 2011

For the 3^rd Quarter 2011, revenue growth of companies consolidated by the equity method accelerated significantly compared to the 1^st Half, particularly Edenred and Rexel.

Accor

Strong growth in 3^rd Quarter

Accor disclosed robust 3^rd Quarter revenue numbers, with total sales of 1,623 million euros, i.e. a 5.8% on a comparable basis. Revenue in the Upscale & midscale segment rose 3.3% as reported in the third quarter, including on a comparable basis growth of 5.3%. Revenue from Economy hotels excluding the United States rose by a very solid 5.3% as reported and 7.5% on a comparable basis. Revenue in the US Economy Hotels segment saw its strong rise since the beginning of the year, increasing 5.1% in the third quarter alone on a comparable basis.

The third quarter saw a solid performance in France, one of the most dynamic markets in Europe, with increases of 6.7% on a comparable basis in the Upscale & midscale segment and 7.1% on a comparable basis in the Economy segment. Demand remained very strong in emerging markets. In the Asia-Pacific region, revenue grew 10.0% on a comparable basis in the Upscale & midscale segment and 10.9% on a comparable basis in the Economy segment. In Latin America, revenue was up 10.8% on a comparable basis in Upscale & midscale hotels and 19.0% on a comparable basis in Economy hotels.

Development of the offer contributed 30 million euros during the quarter, an increase of + 1.9%. The increase reflected the opening of 116 hotels representing nearly 14,300 rooms, of which 4,700 related to the acquisition of Citea and nearly 2,700 related to the 24 Mercure hotels in the United Kingdom taken over under franchise agreements.

Revenue for the first nine months of 2011 amounted to 4,597 million euros, up 5.8% on a comparable basis in the third quarter, lifted by a steady rise in occupancy rates and a recovery in average room rates in all segments.

Edenred

Sustained growth during 3^rd Quarter

During the first nine months of 2011, issue volume was 10,844 million euros, up 9.7% on a comparable basis. This increase reflects the strong economic and commercial vitality of Latin America (+ 20.5%) and slight growth in Europe (+ 2.3% excluding the loss of the CONSIP contract in Italy) in a context of stable employment.

In the 4^th Quarter, the activity's positive trend should continue. However, the quarter will be subject to a higher base of comparison in Latin America because of particularly strong Christmas sales in 2010 and by the greater weight of the BtoC gifts segment in France.

In this context, the organic growth objective for issue volumes of between 6% and 14% is confirmed for 2011.

Overall revenues of 746 million euros in the first nine months of the year include strong organic growth of 10.3%. Operating revenues increased at the same rate as issue volume as client commission rates stabilized, while financial revenue rose significantly due to higher interest rates.

The annual operating profit objective of between 340 and 360 million euros is confirmed.

Foncia (consolidated by the equity method as of July 1, 2011)

Strong performance in property management

For the first nine months of the year, Foncia had revenues of 445.2 million euros, up 2.6% compared with 2010. Property management in France, which includes rental property management, leasing and joint-property, had solid revenue growth of + 3.2% to 305.2 million euros. Other businesses generated revenues of 140.0 million euros, up + 1.4% compared to 2010, reflecting growth of international and associated services, which offset the expected decline in transactions.

The aim of this "primary LBO" is to make Foncia the benchmark reference in its sector, strengthening investments in service quality, innovation and operational excellence. Since the acquisition this summer, the company has been implementing a number of projects to help generate organic growth in the long term while improving operating profitability.

Rexel

Accelerated growth in 3^rd Quarter and improved profitability

Rexel recorded a solid performance for the 3^rd Quarter 2011 with very strong sales growth, a further improvement in profitability and strengthening of its financial structure. Sales for the quarter increased 7.5% on a comparable basis and constant number of days and by 5.6% as reported, with improved growth compared with the 2^nd Quarter in the Group's three main business areas, particularly in North America. For the first nine months of the year, Rexel achieved consolidated revenues of 9.4 billion euros, up 6.7% compared with 2010.

Profitability also improved in the quarter, as a result of strict control of operating costs, and operating profit reached 474 million euros for the first nine months of the year, up 32% compared with 2010. Over the last 12 months, Rexel also reduced its net debt by 163 million euros, improving from 3.2 times EBITDA as of September 30, 2010 to 2.8 times as of September 30, 2011.

Based on the good performance since the beginning of the year and the growth being driven by energy efficiency, both in construction and industry, Rexel confirmed its 2011 financial objectives in announcing its results on September 30, including a 50 basis points improvement in EBITA margin and available cash flow of 500 million euros, before interest and taxes.

II-FINANCIAL AND CASH POSITION

In millions of euros	Â	September 30, 2011	Â	October 28, 2011*
Cash immediately available		469.6		107.1
Accrued interest on bonds exchangeable for Danone shares		-13.5		-16.9
Other assets - liabilities	Â	86.7	Â	87.5
Cash	Â	542.7	Â	177.7
Unallocated debt		-110.3		-110.3
Net cash	Â	432.5	Â	67.5

* Unaudited

After the investment in Moncler and 3S Photonics, cash stood at 177.7 million euros as of October 28, 2011 compared with 542.7 million euros as of September 30, 2011.

It should be noted that following the investment in Moncler, Eurazeo Partners Co-Investment fund is now fully invested.

III-NET ASSET VALUE

Based on the current prices of listed securities, Eurazeo's Net Asset Value as of September 30, 2011 was 60.5 euros per share, compared with 70.1 euros as of June 30, 2011 (see detail on values in Appendix 1).

If ANF Immobilier were valued at its Net Asset Value instead of its share price, NAV as of September 30, 2011 would be 62.2 euros per share.

Reminder of the valuation methodology

The valuation methodology conforms to the recommendations of the International Private Equity Valuation Board (IPEV). The valuations of non-listed investments are based primarily on multiples of comparables or of transactions. Eurazeo retains medium / long term multiples, consistent with its strategy of long-term investment and its financial flexibility. For listed investments, the retained value is the average over a 20-day period of the volume-weighted share price. The values retained for non-listed companies are the subject of a detailed review by an independent professional appraiser, Accuracy, twice per year (December 31 and June 30). This review supports the retained values and states that the evaluation methodology conforms to IPEV recommendations.

IV-EVENTS POST-CLOSING

Moncler (consolidated by the equity method as of October 1, 2011)

Completion of the acquisition and performance above expectations

Eurazeo announced October 12, 2011 the completion of the acquisition of a 45% stake in Moncler, for 418 million euros, according to the terms announced June 6, 2011. Remo Ruffini, President and Artistic Director, retains 32% of the capital and other shareholders 23%.

Eurazeo's equity investment amounted to 301 million euros after syndication to private and institutional investors - including the Eurazeo Partners fund - and co-investments by the IDG-Accel China Capital and Cathay Capital funds, which will bring their experience and support on the Chinese market. Moncler also renewed its financing in obtaining a syndicated loan of 225 million euros from a pool of Italian and international banks.

As of the end of September 2011, the Moncler group continues to grow rapidly. Consolidated revenues for the first nine months reached 397 million euros, compared with 347 million euros as of the end of September 2010, an increase of 14%. The Moncler brand sales increased 25% over the period, above expectations: all geographic zones are growing and sales outside Europe nearly doubled over last year. Sales in Moncler stores on a comparable scope continued to grow strongly at + 17%.

Acquisition of 3S Photonics (fully consolidated as of November 1, 2011)

Eurazeo completed the acquisition of 3S Photonics, French leader in lasers and opto-electronic components. The acquisition reflects an initial investment of 27 million euros as well as a 5 million euro capital increase. An additional 5 million euros will be added in the coming months. With this total capital increase of 10 million euros, to finance 3S Photonics' growth, Eurazeo will have invested a total of 37 million euros in equity, as announced October 13, and will hold close to 83% of 3S Photonics' capital.

Fonroche

Fonroche signed a contract with the Puerto Rican Energy and Power Authority (PREPA) for the development and operation of a 40MW photovoltaic power in Puerto Rico. This 40 MW capacity will be developed over five years and represents a total investment of about 100 million euros and more than 300 million euros in electricity sales over the life of the purchasing contract. Fonroche also is achieving its first results in the deployment of its photovoltaic business abroad, allowing it to ensure its continued development post 2012. At the same time, Fonroche continues its photovoltaic development in France, more than doubling the number of power plant installations, while also diversifying through other alternative energy sources such as biogas and geothermal energy power plants.

Launch of a simplified public alternative offer for purchase or exchange followed by a squeeze-out on OFI Private Equity Capital

Eurazeo launched a simplified public alternative offer for purchase or exchange of the shares and share purchase warrants of OFI Private Equity Capital. This offer received authorization from the AMF on November 3, 2011.

Offer Terms:

Purchases:

• 11.60 euros per OFI PEC share
• 0.47 euros per OFI PEC share purchase warrant

Exchanges:

• 10 new Eurazeo shares for 54 existing OFI PEC shares
• 1 new Eurazeo share issue for 110 existing OFI PEC share purchase warrants

Timetable for the Offer:

The Offer is open from November 8 to 28, 2011.

Squeeze-out:

Once the notice of results of the Offer is published by the AMF, Eurazeo intends to request the implementation of a squeeze-out at the Offer purchase price.

Conference Call

Eurazeo will hold a conference call today at 8:00 a.m. (Paris time) to comment on this announcement. The conference can be accessed by any interested person by calling [phone]. A recording of the conference will be available at 11:00 a.m. (Paris time) by calling [phone] (Reference 274817#).

About Eurazeo

With a diversified portfolio of approximately 4 billion euros in assets, Eurazeo is one of the leading listed investment companies in Europe. Its mission is to identify, accelerate and enhance the transformation potential of companies in which it invests. Its solid family shareholder base, its lack of debt and its flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo is the majority or leading shareholder in Accor, ANF Immobilier, APCOA, Edenred, Elis, Europcar, Foncia, Fonroche Energie, Moncler and Rexel.

Eurazeo's shares are listed on the Paris Euronext Eurolist.

ISIN: FR0000121121 - Bloomberg: RF FP - Reuters: EURA.PA

Eurazeo financial calendar	Â	March 16, 2012	Â	2011 revenues and results
		May 10, 2012	Â	1st Quarter 2012 revenues
Â	Â	May 11, 2012	Â	Shareholders' Meeting
Â	Â	August 29, 2012	Â	1st Half 2012 revenues and results
			Â

For more information, please visit Eurazeo's Internet site: www.eurazeo.com

APPENDICES

Appendix 1 – Net Asset Value as of September 30, 2011

Â	Â	% held	Â	Nb shares	Â	Price (€)	Â	NAV as of Sept. 30, 2011 (M€)	Â	Per share	Â	with ANF at its NAV (3)@ 39.6 €
Private Equity	Â		Â		Â		Â	1,732.7	Â	27.4	Â
Eurazeo PME (Groupe OFI PEC) (1)								143.7		2.3
Listed Private Equity								976.9		15.5
Rexel		21.55%		57,923,503		11.50		665.8
Accor		8.85%		20,101,821		21.74		437.1
Edenred		8.90%		20,101,821		18.36		369.1
Net debt Accor/Edenred								-495.1
Accor/Edenred net* (2)				20,101,821				311.1
Real Estate								523.2		8.3		650.7
ANF Immobilier net		51.63%		14,337,178		30.66		439.5				567.0
Colyzeo and Colyzeo 2 (2)								83.7
Other listed assets
Danone (pledged OEA)		2.53%		16,433,370		42.60		700.0
Danone debt (OEA)								-700.0
Danone net*
Other non-listed assets								22.6		0.4
Eurazeo Partners								7.5
Others (SFGI...)								15.1
Net cash								542.7		8.5
Unallocated debt								-110.3
Tax on unrealized capital gains								-78.9				-104.0
Treasury shares	Â	3.58%	Â	2,271,117	Â	Â	Â	70.0	Â	Â	Â	Â
Net NAV after tax			Â	Â	Â	Â	Â	3,822.6	Â	Â	Â	3,925.1
NAV/share								60.5				62.2
Number of shares								63,141,655				63,141,655

* Net of allocated debt

(1) OFI PEC shares are valued on the basis of the NAV communicated by OFI PEC. The NAV presented here reflects the holding of 93.93% of the OFI PEC group.

(2) Accor/Edenred shares held indirectly through Colyzeo funds are included on the line relative to these funds.

(3) As of June 30, 2011

Appendix 2 – Evolution of revenues as reported and total revenues restated for the sale of B&B Hotels and the acquisition of OFI PEC

	Â	Q1					Â	Â	Â	Q2					Â	Â	Â	Q3					Â	Â	Â	9 Months
			Â		Â	Change					Â		Â	Change					Â		Â	Change					Â		Â	Change
(in €m)		2011		2010		2011/2010				2011		2010		2011/2010				2011		2010		2011/2010				2011		2010		2011/2010
Â	Â	Â	Â	reported	Â	reported	Â	Â	Â	Â	Â	reported	Â	reported	Â	Â	Â	Â	Â	reported	Â	reported	Â	Â	Â	Â	Â	reported	Â	reported
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
Holding	Â	3.2	Â	1.6	Â	98.0%	Â	Â	Â	31.2	Â	23.5	Â	32.7%	Â	Â	Â	8.5	Â	2.6	Â	231.5%	Â	Â	Â	42.9	Â	27.7	Â	55.0%
Eurazeo		3.0		1.4		110.4%				9.6		1.8		444.8%				4.9		2.5		99.4%				17.5		5.6		210.0%
Others	Â	0.2	Â	0.2	Â	7.1%	Â	Â	Â	21.6	Â	21.7	Â	-0.7%	Â	Â	Â	3.6	Â	0.1	Â	N/A	Â	Â	Â	25.4	Â	22.1	Â	15.3%
Real estate	Â	18.4	Â	8.8	Â	108.5%	Â	Â	Â	26.9	Â	8.9	Â	201.0%	Â	Â	Â	19.0	Â	16.9	Â	12.1%	Â	Â	Â	64.2	Â	34.7	Â	85.3%
ANF		18.4		8.8		108.5%				26.9		8.9		201.0%				19.0		16.9		12.1%				64.2		34.7		85.3%
Others (EREL)	Â	-	Â	-	Â	N/A	Â	Â	Â	0.0	Â	-	Â	N/A	Â	Â	Â	-	Â	-	Â	N/A	Â	Â	Â	-	Â	-	Â	N/A
Industry - Services	Â	845.2	Â	852.8	Â	-0.9%	Â	Â	Â	982.8	Â	997.3	Â	-1.4%	Â	Â	Â	1,188.4	Â	1,075.4	Â	10.5%	Â	Â	Â	3,016.5	Â	2,925.4	Â	3.1%
APCOA		174.8		159.2		9.8%				184.6		170.4		8.4%				178.8		179.9		-0.6%				538.2		509.5		5.6%
B&B Hotels				45.0		-100.0%						53.3		-100.0%				-		-		N/A				-		98.3		-100.0%
ELIS		268.0		250.0		7.2%				291.1		268.5		8.4%				303.1		276.0		9.8%				862.1		794.4		8.5%
Europcar		402.4		398.6		1.0%				507.1		505.0		0.4%				616.0		619.4		-0.6%				1,525.5		1,523.0		0.2%
OFI PEC																		90.6		-		N/A				90.6		-		N/A
Others		0.0		0.1		N/A				0.0		0.1		N/A				-		0.1		N/A				0.0		0.3		N/A
Total		866.8		863.3		0.4%				1,040.9		1,029.7		1.1%				1,215.9		1,094.8		11.1%				3,123.6		2,987.8		4.5%
																														Â
Excl. B&B & OFI PEC*		866.8		826.4		4.9%				1,040.9		984.5		5.7%				1,125.3		1,094.8		2.8%				3,033.0		2,905.7		4.4%

* Excluding recognition of B&B Hotels in 1^st Half 2010 (deconsolidated as of July 1, 2010) and of OFI PEC (consolidated as of July 1, 2011) and adjusted for rents paid to ANF Immobilier by B&B Hotels.

Appendix 3 – Evolution of revenues at constant rate and constant perimeter (lfl)*

	Â	Q1					Â	Â	Â	Q2					Â	Â	Â	Q3					Â	Â	Â	9 Months
			Â		Â	Change					Â		Â	Change					Â		Â	Change					Â		Â	Change
(in €m)		2011		2010		2011/2010				2011		2010		2011/2010				2011		2010		2011/2010				2011		2010		2011/2010
Â	Â	Â	Â	l-f-l	Â	l-f-l	Â	Â	Â	Â	Â	l-f-l	Â	l-f-l	Â	Â	Â	Â	Â	l-f-l	Â	l-f-l	Â	Â	Â	Â	Â	l-f-l	Â	l-f-l
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
Holding	Â	3.2	Â	1.6	Â	98.0%	Â	Â	Â	31.2	Â	23.5	Â	32.7%	Â	Â	Â	8.5	Â	2.6	Â	231.5%	Â	Â	Â	42.9	Â	27.7	Â	55.0%
Eurazeo		3.0		1.4		110.4%				9.6		1.8		444.8%				4.9		2.5		99.4%				17.5		5.6		210.0%
Others	Â	0.2	Â	0.2	Â	7.1%	Â	Â	Â	21.6	Â	21.7	Â	-0.7%	Â	Â	Â	3.6	Â	0.1	Â	2930.0%	Â	Â	Â	25.4	Â	22.1	Â	15.3%
Real estate	Â	18.4	Â	16.0	Â	15.1%	Â	Â	Â	26.9	Â	18.0	Â	49.0%	Â	Â	Â	19.0	Â	16.9	Â	12.1%	Â	Â	Â	64.2	Â	50.9	Â	26.1%
ANF		18.4		16.0		15.1%				26.9		18.0		49.0%				19.0		16.9		12.1%				64.2		50.9		26.1%
Others (EREL)	Â	-	Â	-	Â	N/A	Â	Â	Â	-	Â	-	Â	N/A	Â	Â	Â	-	Â	-	Â	N/A	Â	Â	Â	-	Â	0	Â	N/A
Industry - Services	Â	845.2	Â	831.8	Â	1.6%	Â	Â	Â	982.8	Â	957.4	Â	2.7%	Â	Â	Â	1,188.4	Â	1,168.0	Â	1.8%	Â	Â	Â	3,016.5	Â	2,957.2	Â	2.0%
APCOA		174.8		162.9		7.3%				184.6		170.4		8.3%				178.8		179.4		-0.4%				538.2		512.8		5.0%
B&B Hotels		-		-		N/A				-		-		N/A				-		-		N/A				-		-		N/A
ELIS		268.0		263.4		1.7%				291.1		283.0		2.8%				303.1		289.5		4.7%				862.1		836.0		3.1%
Europcar		402.4		405.4		-0.7%				507.1		503.9		0.6%				616.0		616.1		0.0%				1,525.5		1,525.3		0.0%
OFI PEC		-								-								90.6		82.9		9.4%				90.6		82.9		9.4%
Others		-		0.1		N/A				0.0		0.1		N/A				-		0.1		N/A				0.0		0.3		N/A
Total		866.8		849.4		2.0%				1,040.9		999.0		4.2%				1,215.9		1,187.5		2.4%				3,123.6		3,035.8		2.9%

* Integrates revenue of Group company acquisitions from January 1 through December 31, 2010 at constant rates. Unaudited data.

Contacts:

Investor Relations:
Carole Imbert, [phone]
[e-mail]
or
Sandra Cadiou, [phone]
[e-mail]
or
Press:
Leslie Jung (Image 7), [phone]
Mob: [phone]
[e-mail]