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EDITORIAL

Has economic growth returned?

After a difficult 2009, 2010 should be less morose than initially expected. The International Monetary Fund has raised its growth forecast and announced that the global economy should grow by 3.9% in 2010.

Even though the "green shoots" of recovery are still fragile, we are witnessing renewed growth in most of our portfolio companies and remain optimistic for the coming months.

It also looks like IPOs in the three innovative sectors that we cover are beginning to pick up, after a firmly closed stock market window over the last two years.

In this latest issue of Truffle Insiders, we emphasize on the renewed growth for certain portfolio companies and the successful transition to a commercial phase for others.

We hope that you will enjoy reading this issue of our newsletter.

Henri Moulard
Jean-François Fourt
Philippe Pouletty, MD
Bernard-Louis Roques