Natexis Banques Populaires is Participating in the Creation of the Fund Maghreb Private Equity Fund Limited.

Business Editors

PARIS--(BUSINESS WIRE)--June 22, 2000

Within the framework of its international investment policy, the Natexis Banques Populaires Group is participating, both directly and through its subsidiary, Financiere Natexis Banques Populaires, in the creation of the first capital investment fund combining public and private international interests to finance companies in the Maghreb.

The fund, Maghreb Private Equity Fund Limited, will take advantage of current economic growth in Morocco, Tunisia and Algeria to invest in companies selected by locally established teams.

The Fund

Maghreb Private Equity Fund has just closed for the first time, at 21 million dollars, and is aiming at a total of between 21 and 35 million dollars. Both public and private investors have contributed to the fund. They include the SFI, a private representative of the World Bank (5 million dollars), the European Investment Bank (5 million euros), Proparco (3 million dollars), Seco (the Swiss equivalent of Proparco, 3 million dollars), FMO (the Dutch equivalent of Proparco, 3 million dollars) and the Natexis Banques Populaires Group (2 million dollars). The other potential fund shareholders are European and Moroccan corporate investors.

Maghreb Invest Management Limited, the fund management company, is owned by Tuninvest Finance Group, the main investment capital fund manager in Tunisia (which manages 50 million dollars), by Upline Securities, a Moroccan stockbroking house (13% of the transactions on the Casablanca Stock Exchange), by the Natexis Banques Populaires Group, as well as by SFI and FMO.

The consultancies responsible for researching and submitting investments to the fund management company are Maroc Invest Group for Morocco, with two advisers already recruited, Tuninvest Finance Group for Tunisia and one adviser located at the Natexis Al Amana Bank, a subsidiary of Natexis Banques Populaires, for Algeria.

Financiere Natexis Banques Populaires and Tuninvest intend to play a fundamental role in assessing investment portfolios and in training the advisers. The latter will be able to receive training, in both France and Tunisia, in the methods introduced as part of its private equity investment policy.

Investments

Maghreb Invest Management Limited funds will be invested in Morocco (at least 70 % of the fund), in Tunisia and in Algeria (maximum 30 % of the fund), the average amount totalling around 2 to 3 million francs.

With the launch of this fund, Natexis Banques Populaires will be able to participate in the opening up of the Maghreb and to be part of the first private European capital investment funds to launch operations on the other side of the Mediterranean. This is a response to the Group's determination to globalise its operations, relying on the know-how of one of the main French players in the investment capital sector. Moreover, Financiere Natexis Banques Populaires has already opened an agency in south-east Asia, dedicated to private equity, and intends to step up its operations in the main European countries.

Financiere Natexis Banques Populaires :

societe anonyme au capital de 2 523 995 400 F - RCS Paris 301 292 959

Telephone : [phone] - Fax : [phone]

Siege social : 48 bis, rue Fabert - 75340 Paris Cedex 07