MAISONS FRANCE CONFORT

A year of investments stimulating growth

2007 was marked by significant progress in the expansion of Maisons France Confort. The Group has consolidated its central position on the single-build homes market and strengthened its bases for future growth.

External growth policy pursued with the integration of two quality businesses: PCA Maisons acquired on 1st April 2007 in the south of France and Morel Constructions based in western France, acquired on 1st October 2007.

National network strengthened . Maisons France Confort has made considerable investments in its sales network with the opening of 28 new agencies in high-potential areas such as the south-west or the Nord Pas de Calais region (not covered by the network until then). These investments will be continued over 2008, worth a total of €5 million.

Sales success for the Maison Performance . 15% cheaper than a traditional house, 30% more energy-efficient and built in only 4 to 5 months, this is the perfect response to strong demand from a segment of first-time buyers and complies with future regulations. Investment in production equipment at the Alençon site came to €200,000 over the year.
Maisons France Confort and the Caisse d’Epargne banking group have both signed the "Own your own home for €15 a day®" charter initiated by the Ministry for Housing and Towns. This charter is designed to offer attractive conditions for young buyers purchasing their first home. Maison Performance is working at the heart of this project.

Performance in line with the stated objectives

Maisons France Confort once again outperformed the market in 2007 and confirmed its growth dynamics with sales figures up by 15% to €489.4 million.

The Group has maintained high profitability despite significant investments made over the period (impact on operating margin amounting to 0.4 points).
Operating income stands at €35.2 million, up 14%, giving operating profitability of 7.18%.
Net income comes to €23.6 million, up 14%, resulting in net profitability of 4.83%.

Balance sheet structure remains sound with net debt negative at –38%, which leaves Maisons France Confort plenty of scope to continue with its external growth strategy.

2007 dividend

The distribution of a €1.36 dividend per share for 2007 will be proposed at the Group's general meeting to be held on 23rd May 2008. This dividend is equal to the distribution of 40% of the 2007 net income.
The dividend will be paid out on 13th June 2008.

2008, sound bases for profitable growth

Over 2008, Maisons France Confort will be aiming for growth of 10% in its business, meaning an increase of nearly €50 million. This objective is backed by:

• Sustained organic growth already guaranteed by the orders signed in 2007, the extra sales resources implemented and the partnership with the Caisse d’Epargne group.
• Orders up by 10.4% over the first two months of 2008 (+5% if like-for-like figures are taken).
• New external growth operations at both headquarters and subsidiary level. A first acquisition was made in February 2008. Based in Alsace, CTMI has sales of €5.867k with operating income of €470k

In a constantly changing market, the investment policy initiated by Maisons France Confort, its ability to respond to changing regulations and the needs of home-buyers, its central position in the profession and the significant synergies developed with the Caisse d’Epargne are all assets which will ensure sustained profitable growth for the Group in the years to come.

Briefing meeting: Annual results for 2007, 26 March 2008 at 10:00 a.m. in Pershing Hall, 49, rue Pierre Charron, Paris 8.

Next press release: 1st quarter 2008 Sales, 6 May after stock exchange.

About Maisons France Confort:

Founded in 1919, Maisons France Confort is the oldest builder of single-family homes in France and the second largest builder of single-family homes on individual plots. The Group operates in 20 regions in France, with 243 sales offices and 40 model homes.
Staff size at 31 December 2007: 1,220 people.

Maisons France Confort is listed on the EuronextTM Paris, Compartment B.

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