EDITORIAL

At a time when access to stock market finance is difficult, when bank credit is drying up and when many investors are wondering what strategy to implement, Truffle Capital remains confident in its expertise and is continuing to invest as it has done in the past - by providing funds to innovative SMBs (which, by definition, have a high intrinsic value) in the energy, life science and information technology sectors.

Now, more than ever, pharma and medtech multinationals need to sign alliances with biotech companies if they are to remain competitive. The change in strategy by sanofi-aventis (the world's 3rd largest pharma company) in favor of biotech is acting as a strong signal to the industry. The United States' economic stimulus plan (based on new energy sources) also confirms our energy-focused strategy. The same is true in the IT field, where many innovative companies (such as Google, for example) are continuing to grow and are becoming today's economic spearheads. Truffle Capital is strongly encouraging the most dynamic companies in its portfolio to pursue their development via a range of operations, including external growth.

In France, the implementation of dedicated innovation-focused investment funds, especially (“FCPI”), savings are being better channeled towards innovative SMBs and industrial growth.
Such reforms are bolstering technology-focused funds like Truffle Capital which are becoming the prime vectors of funding for innovative SMBs and have the requisite infrastructure and experts to intend to guarantee successfull portfolio and market monitoring.

Truffle Capital's strategy has borne fruit for several years now (according to the Chausson Finance venture capital index for 2008, Truffle Capital was number 1 for total early-stage investments and number 3 for total investments) and is as relevant as ever; it consists in investing in innovation and cutting-edge technologies via hi-tech carve outs and spin-outs in the energy, life science and information technology sectors. Our investment teams have outstanding expertise in these three fields - expertise which we are placing at your disposal via sound management of the funds to which you have subscribed.