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EDITORIAL

Success for Truffle Capital’s Holdings Series I and II

The Truffle Capital team was delighted with the success of its Series I and II Incubator Holding offerings, which raised a total of €40 million. Series I (with subscriptions to the share capital of nine different holdings) obtained approval from the French financial market authority (AMF) on March 2nd, 2010, and each of the 9 holdings are now being established, having exceeded the threshold amount of €20 million. In light of the excellent results obtained, Truffle Capital launched its Incubator Holding Series II on 1st June, after having obtained AMF approval on 25th May, 2010, on the same basis as Series I. Here again, the offering met with success and a total of €17 million was raised for seven different holdings. Since its creation in 2002, Truffle Capital's funds have shown unfailing growth, with the same objective constantly in mind: to identify and support tomorrow's technology stars and to generate shareholder value for investors who place their trust in Truffle's expertise.

After the successful NYSE Euronext IPOs by Neovacs and Deinove (raising €10 million and €12 million, respectively), Truffle Capital is now backing the EADS spin-off Carmat, with a view to stock market listing. The stock market environment for European biotech companies is improving and continues to benefit from ever-increasing levels of healthcare expenditure and a proven ability to generate new therapeutics. As Carmat's lead investor, we are confident that the company's stock market listing will be a success.
You will find more news from our portfolio companies below, in the following pages of this issue of Truffle Insiders.

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