EDITORIAL In the news : - Truffle Capital

In the news :
• Highlight
‐ Truffle 100 Europe
• Truffle in the news
‐ Sandrine Gasnot joins
Truffle capital
• Portfolio News
‐ Information Technology:
PeopleCube, MoMac
Keyyo
‐ Life Sciences :
Néovacs, Carmat, Symetis,
Deinove
‐ Energy :
2‐B Energy, SP3H, Neelogy,
Acerde, Actility, RF‐iT
• Contacts
1 October 20, 2010
2 Dow Jones Venture Source, July 2010
EDITORIAL
N°17 - October 2010
Truffle Capital ‐ 5, rue de la Baume 75008 Paris ‐ Tel: +33 1 47 20 22 20 ‐ www.truffle.com
Following the success of two recent stock market
listings (€10 million raised on April 15th by the
therapeutic vaccines company Neovacs and €12
million raised on April 21st by the greentech biofuel
start‐up Deinove), Truffle Capital chalked up its 3rd
successful IPO in 2010 after Carmat (a French
company developing a total artificial implantable
heart) listed on the NYSE Euronext Paris Alternext market.
Despite tough market conditions, Carmat raised €16.5 million (€18.75 per share),
which corresponds to the typical amount for this type of transaction. Truffle Capital
is Carmat’s co‐founder (along with EADS and the Fondation Carpentier), the
company’s main shareholder (with 31.8% of the post‐money stock) and the sole
venture capital investor (€5 million invested in 2008, €1 million in 2009 and €2
million this year).
Since the IPO, market interest in the company has grown and Carmat has already
achieved a market cap of €94 million 1 . This is one of the most striking performances
ever on Alternext and benefits both the direct shareholders and the investors who
entrusted their capital to Truffle's funds.
Carmat seems to have all the key factors for stock market success: cutting edge
technology, a highly innovative product, a quality management team led by
Marcello Conviti and Patrick Coulombier, strong medical demand and a high‐
potential market with clear short‐term deadlines. The key milestone will be the first
implantations in patients, scheduled for late 2011.
According to Dow Jones Venture Source, 2010 has already witnessed 8 IPOs by
companies backed by VC investors, raising a total of €93 million 2 . With €38 million
raised so far, Truffle Capital accounts for 40% of the total and has thus confirming its
solid position among Europe's leading venture capital firms.
Henri Moulard, Jean-François Fourt, Dr Philippe Pouletty, Bernard-Louis Roques
Truffle Capital is an independent European venture capital firm established in 2002, with a
share capital of €1.7 million. We manage funds over €430 million, of which €210 million
came from FCPIs.

HIGHLIGHT
N°17 October 2010
TRUFFLE CAPITAL UNVEILS THE FIFTH EDITION OF THE TRUFFLE 100 EUROPE
Truffle Capital publishes its 5th annual ranking of the
top 100 European software companies at ICT 2010 in
Brussels, the biggest European forum dedicated to
digital research and innovation.
The Truffle 100 Europe has been drawn up with the
support of Neelie Kroes (European Commissioner for
the Digital Agenda) and Syntec Informatique and in
collaboration with analysts IDC (www.idc.com) and
CXP (www.cxp.fr), who performed the survey on
which the ranking is based.
"The latest edition of the Truffle 100 Europe
emphasizes the dynamism of the European software
industry in what is nevertheless a difficult economic
climate.
Key figures from the Truffle 100 Europe:
• Total turnover for 2009 was €27.1 billion, compared
with €25 billion in 2008. 79% of this figure was
generated by the ranking's top 25 companies (down
from 70% in 2008).
• The mean growth in turnover was 8.4% in 2009
• 47 vendors posted revenues of over €100 million and
72 vendors earned over €50 million. All Truffle 100
Europe companies had revenues of over €25 million.
• Profits rose from €3.6 billion in 2008 to €3.7 billion in
2009 (i.e. a slight increase).
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Despite the economic crisis, software vendors have
demonstrated that they constitute a strategic and
astonishingly resilient industry. The software industry
is growing and has bounced back quickly (with a 8.4%
increase in total turnover in 2009). With 3.8bn€
invested in R&D and 54 000 highly qualified R&D jobs
they constitute a strategic industry that is critical for
job creation & GDP growth in Europe. European
governments must accentuate supporting measures
so that this industry can create more jobs. Europe's
industrial future, economic growth and technological
independence rely on its ability to develop a
sustainable software industry" stated Bernard‐Louis
Roques, General Partner and co‐Founder of Truffle
Capital.
• The number of R&D jobs rose slightly, from 52,020 in
2008 to 54,180 in 2009.
• In 2009, 74% of the Truffle 100 Europe firms were
listed on one or more stock markets and accounted
for 88.9% of sales, 88.7% of the R&D and 95.6% of
profits.
• R&D investment increased from €3.64 billion in 2008
to €3.82 billion in 2009 (a 4.8% increase after a 3%
drop between 2007 and 2008).
The measures most requested by surveyed software firms throughout Europe were fiscal incentives (such as research
tax credits), followed by public R&D funding, Small Business Acts and increased venture capital investment.
TRUFFLE IN THE NEWS
Sandrine Gasnot joins Truffle Capital’s team as Fund Controller
Sandrine joined Truffle Capital in May 2010 as Fund Controller, bringing 20 years of
experience in finance to the team. In 1987, Sandrine Gasnot worked in financial
markets at ABN Amro Bank. Then she joined HSBC, one of the top global groups
specialized in banking and financial services. In 2008, she expanded her experience in
the banking field by joining CACEIS Bank, one of France’s biggest depositary and fund
administrator.
Having worked in back‐office teams in international and French financial markets, she
has knowledge of not only the domestic but also the global financial sector.

PORTFOLIO NEWS
N°17 October 2010
• Information Technology
In brief
PeopleCube is a leading provider of on‐demand calendaring, resource and facilities management software
solutions for medium and large enterprises worldwide. They signed over a dozen Fortune 1000 companies as
clients since January 2010, including Deutsche Bank, Thomson Reuters, Blackrock Financial, Morgan Stanley,
Southwestern Energy, Spawar, Merck...) and continue innovating with their new business intelligence and
subscription packages.
MoMac delivers iPad and iPhone Apps for the leading French magazine l'Express and launches a new mobile
internet portal for MSN
L'Express, founded in 1953, is one of the leading
French weekly news magazines, published in Paris.
Its website http://www.lexpress.fr is also one of the
largest media websites, gathering 8.6 million visits
per month.
MoMac, via its Paris‐based subsidiary, was selected
to design and build the iPhone and iPad applications
for l'Express. The company responded to L’Express’
quest for a slick and clear design that could embed
various types of content: articles, graphics,
slideshows and videos.
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The result: a set of applications that have become
one of the best cases in news applications on the
AppStore and are now used daily by thousands of
iPhone and iPad owners.
Produced entirely at MoMac, these applications
cover the following features:
� News articles in several categories: world and
domestic news, politics, business, lifestyle...
� Easy browsing though articles, just like turning
pages
� Exclusive photos slideshows
� Daily video feeds by Chief Editor Christophe
Barbier
� Offline content synchronisation
� Sharing articles on Facebook, twitter, or via email
MoMac was also selected to work with MSN to
launch of their new mobile internet portal. MSN.nl is
the Dutch destination for global digital giant MSN,
and one of the leading internet destinations in the
Netherlands.
In response to rapidly increasing visits from mobile
users across Holland, MSN decided to upgrade their
mobile experience, with a state‐of‐the‐art mobile
website, that had to meet the following objectives:

N°17 October 2010
� Offer users a comprehensive range of content and
functionality, including all of the existing MSN
services, in addition to the most compelling news
and entertainment
� Present a rich intuitive user experience that struck
a balance between simplicity, design and fast
page display
Keyyo: acquisition of Mobeel Group, a Mobile Virtual Network Operator (MVNO)
Keyyo, a VoIP operator, recently acquired 100% of
Mobeel Group’s capital. Mobeel, a new arrival on the
French market, is a mobile virtual network operator
offering competively‐priced mobile calling plans via a
purely‐online distribution model.
• Life Sciences
Neovacs, a biotech company focused on an active
immunotherapy technology with applications in the
treatment of autoimmune diseases, inflammatory
diseases and cancer, announced that its TNF‐Kinoid
product candidate has been selected by Windhover,
an international pharmaceutical and healthcare
information company, as one of the top ten projects
to watch in the inflammatory/autoimmune area.
In addition, Neovacs will present its TNF‐Kinoid
programs and notably the results of a Phase 1/2
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� Provide flexibility for MSN to rapidly change and
update the portal ensuring the offering was
always fresh and appealing
� Finally, as a leading B2C services supplier, ensure
optimized mobile rendering for 100% of their
users handsets
The acquisition enables Keyyo to enlarge its VOIP
offer to business customers with a mobile plan, while
also benefitting from Mobeel’s e‐commerce
expertise to cross‐sell to the company’s existing
client base.
study in 21 patients with Crohn’s Disease, at the
Therapeutic Area Partnerships meeting, which will
take place at the Westin Copley Place in Boston, MA.
from 2 to 4 November 2010.
The TNF‐Kinoid is in phase 2 testing in rheumatoid
arthritis.
The company is also advancing in the Phase I/II
international trial of a second product candidate, IFN
‐Kinoid, dedicated to the treatment of lupus.

N°17 October 2010
Carmat, the designer and developer of the world’s
most advanced total artificial heart, had its Scientific
Advisory Board meet on September 12 at the venue
of the 24 th Annual Meeting of the European
Association for Cardiothoracic Surgery (EACTS) in
Geneva (Switzerland). The Scientific Advisory Board
(chaired by Professor Alain Carpentier) discussed the
Symetis, a company developing new transcatheter
aortic valve implantation (TAVI) systems, recently
completed patient enrolment in its ACURATE TA
first‐in‐man (FIM) clinical study and positive
preliminary results. ACURATE TA is a self‐aligning
nitinol stent valve designed for optimal trans‐apical
delivery, providing the physician with unmatched
positioning tolerance and ease of use. The study was
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preparation of Carmat's clinical trials through to the
end of 2011. In July, Carmat successfully listed on the
Alternext market of NYSE Euronext, with a view to
performing the first implantation of its total artificial
heart in a patient in 2011 and commercializing the
device by 2013.
conducted on 40 patients and is the largest 2nd
generation First In Man (FIM) study ever conducted.
Successful valve implantation with the ACURATE TA
was done in 38 patients (95.0%). Symetis will soon
begin a pilot clinical study, a major step toward
achieving European compliance and the CE mark. The
company has just received 25 million Swiss Francs in
a new round of financing, mainly from Truffle Capital.
Deinove, the biofuels and green chemistry specialist, partners with VTT Technical Research Centre of
Finland having a Centre of Excellence in White Biotechnology ‐ Green Chemistry
Deinove, the world's leading specialist in the
application of deinococci bacteria to biofuels and
green chemistry, partnered in July with the top
European research centre on industrial enzymes and
bioprocesses, VTT Technical Research Centre of
Finland.
Ten senior VTT researchers will team up with Deinove
and its French academic partners from CNRS and
INSA to leverage the exceptional properties of
Deinococcus bacteria in the digestion of biomass and
the development of an integrated process for the
bioproduction of ethanol and chemicals from
renewable feedstocks.
The general objective of the work plan established by
Deinove and VTT is to evaluate the different
Deinococcus candidate strains screened by Deinove
for its cellulosic ethanol production process. The
Deinol process will then be scaled‐up and tested in an
industrial pilot by the sugar‐company TEREOS.
Deinove also received in September the first
installment granted by the French Innovation Agency
Oseo (Strategic Industrial Innovation programme) to
the Deinol project for the production of cellulosic
ethanol using the Deinococcus. The payment by Oseo
of the first installment, of € 1,4 million out of a total
of €6 million funding granted to the DEINOL
project,aims at opening up (by 2014) new pathways
for lignocellulosic ("second‐generation") ethanol
production in existing industrial installations.
Deinove also appointed Philippe Duval (Chairman of
the Executive Board at Tereos, Deinove’s partner and
investor in Deinove’s IPO) to its Board of Directors.

• Energy
In brief
N°17 October 2010
The Crown Estate, a British organization with a property portfolio encompassing many of the UK’s cityscapes,
ancient forests, farms, parkland, coastline and communities, has awarded 2‐B Energy the right to demonstrate
2B‐Energy’s two offshore wind turbines in Scotland. 2B‐Energy’ will launch offshore wind demonstration sites
to begin initial survey and consultation processes for their sites while the Scottish Government conducts a
Strategic Environmental Assessment (SEA) for offshore wind within Scottish territorial waters.
SP3H, a leader in the field of fuel profiling, which recently raised €2,3 million in January from Truffle Capital,
launched a fuel sensor called Niris, based on SP3H’s technology, HCP (HydroCarbon Profiler technology). SP3H
launched Niris in partnership with CMR for marine and heavy duty. SP3H also received the 2010 GEP
Innovation Award for SMEs, which acknowledges SP3H’s technology and their open innovation strategy.
Truffle Capital makes three new investments in the energy sector
In September, Truffle Capital concluded three new investments in these particularly promising energy
companies:
• Neelogy develops and commercialises innovative magnetic sensors. The company's technology enables
the high‐precision measurement of DC and AC currents in complex environments. The lightweight,
flexible sensors are very well suited to emerging needs for improved energy efficiency: energy
measurement, battery management, the mass reduction of static converters and electric motor
control and diagnostics.
Truffle Capital has invested €3 million in a second round of financing which will enable Neelogy to fund
its investments and collaborative R&D programmes with specialists in the fields of energy conversion,
the protection of DC installations and the measurement of AC energy.
• The start‐up Acerde was founded in 2006 by Didier Pique. It is developing and leveraging its expertise
in the design and formulation of materials with high‐performance qualities, based on high‐
temperature chemical vapour deposition. The first application of Acerde's technology concerns X‐ray
tube anodes and could turn the company into a key partner for computed tomography scanner
manufacturers.
Truffle Capital has invested €1.5 million in the company's first round of financing, so that Acerde can
develop its technology for X‐ray tube anodes and thus generate short‐term revenue.
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N°17 October 2010
• Actility was founded in 2010 by IT industry veteran Olivier Hersent. It is developing a machine‐to‐
machine communication platform for new‐generation telecom networks. The goal is to develop client
solutions through the use of communication platforms which will generate revenues for the company
via software, accessories and licensing.
Truffle Capital has invested €3 million in the company's first round of financing, in order to fund the
company's first communication platform (due to be operational in 2011).
RF‐iT Solutions optimizes retail processes of Gerry Weber brand, thanks to new detego® RFID Starter Kit, a
package for directly managing stocks.
RF‐iT Solutions, a leading European provider of integrated RFID solutions offering standard modules for the
optimization of business processes in fashion industry, in partnership with Pranke GmbH, have created a
package for directly managing stocks using the innovative RFID technology in the retail industry.
Since this summer on, all items from the lifestyle company Gerry Weber will be equipped with RFID tags. As a
result, each retailer who sells Gerry Weber products can now also benefit from this technology.
Benefits of this product are multiple: improvement in inventory management, the supplier can quickly detect
an out of stock situation and close it immediately. Retailers can register all deliveries and the current
inventory with a hand‐held device and automatically check for completeness. Customers who can find their
preferred products at the shop are satisfied customers who come back and display tremendous brand loyalty.
Starter kits were presented in June at Gerry Weber’s franchisers and found a very positive response: "The
RFID Starter kit provides a quick and efficient entry into an RFID‐based inventory management for our
retailers and that in all major European languages", ensures Dr. David Frink, managing director of IT, logistics
and production at Gerry Weber.
More than 340 Houses of Gerry Weber, over 1,860 shop‐in‐shops as well as several mono‐brand online shops
successfully showcase the brands of Gerry Weber International AG to consumers worldwide. Today, the five
brands are managed and designed under the umbrella of the holding company in Halle. Licensed products
such as shoes and bags complement the range and the versatile fashion strikes the same chord with
customers, whether in Berlin, Dubai or Ottawa. That is how Gerry Weber became listed on the stock exchange
and a worldwide known fashion and lifestyle company.
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CONTACTS
Investor Relations
Sneha HIREMATH
Truffle Capital
5 rue de la Baume
75008 Paris
Email:
sneha@truffle.com
Web : www.truffle.com
N°17 October 2010
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Press Relations
Caroline CARMAGNOL
Alize RP
33, rue de Surène
75008 Paris
Tel: +33 42 68 86 43
Mob: + 33 6 64 18 99 59
Fax. : +33 1 42 68 06 51
Email: caroline@alizerp.com