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Crdit Agricole Private Equity,100, boulevard du Montparnasse, 75682 PARIS CEDEX 14 -

Crdit Agricole Private EquityVenture Capital2011 Business Review

Our expertise. Your Success.

More than 10 years of expertise in innovationIn spite of difficult market conditions, relating particularly to reforms of the French wealthtax and a reduction in tax shelters, Crdit Agricole Private Equity innovation funds collected34m in 2011 from clients of the Crdit Agricole Group. In all, nearly 25,000 of the Groupsclients hold investments in funds managed by Crdit Agricole Private Equity. The VentureCapital team achieved a strong rate of investment in 2011, with 40m invested and ten newcompanies added to their portfolios. It also completed eight industrial sales, generating amultiple of 2.5. Over the past ten years, the team has developed considerable expertise inFCPI innovation mutual funds. It believes strongly in their potential to finance innovation andsupport the French economy. Consisting of 12 investors, the team has 421m in assetsunder management to support young innovative companies in technology and life sciences.

Crdit Agricole Private Equity

Crdit Agricole Private Equity is a majorplayer in private equity. Its teams providecompanies with the capital needed tofinance their growth and with expertisein: LBO & Expansion, Venture Capital,Mezzanine, Co-Investment, RenewableEnergy and PPP Infrastructure. Crdit Agricole Private Equity was asubsidiary of Crdit Agricole until March2012 when it was acquired by CollerCapital, the global leader in the secondaryprivate equity market, and became OmnesCapital. The arrival of this partner opens anew phase in the development of CrditAgricole Private Equity, whose missionremains unchanged: to invest in SMEs andgenerate the best return for its investors.

Diabetes treatmentFEBRUARY 2011: Crdit Agricole PrivateEquity strengthened its medical technologyportfolio through an investment in CellnovoLtd, as part of a 30m (35m) Series Bfunding round, alongside investors includingEdmond de Rothschild Investment Partnersand Forbion. Based in London, Cellnovo isdeveloping innovative medical equipment forthe management of type 1 diabetes. Thisconsists of a miniature insulin pumpwirelessly connected to a monitor, whichrecords and transmits the patients medicalinformation. This proprietary technologyimproves the treatment conditions forpatients. The purpose of the investment is tohelp bring the product to market anddevelop its sales.

Alexia Perouse,Partner,+33-1 43 23 95 94

Online jewellery retailer MAY 2011: Adamence, the French leader inonline jewellery, finalised a second fundinground of 2.4m, led by Crdit Agricole PrivateEquity, which invested 1.8m in the round.Created in 2005, Adamence is a pioneer inonline jewellery sales. The company offers afull range of upscale jewellery. The sites keyadvantage is the ability to create ones owndesigns to produce entirely personalisedjewellery. The company had sales of 2.3m in2010 and recorded 1.7 million visits to itswebsite. This latest funding round will allow thecompany to consolidate its positions in theFrench market and to strengthen its staff teamand marketing strategy.

Franois-Xavier Dedde,Investment Manager,+33-1 57 72 01 55

New Investments

N1Best VentureCapital Team(Capital Financemagazine 2011 awards)

421 million in assetsunder managementat 12/31/2011

40 million in investmentsin 2011

34 million collectedin 2011 by the ISF* and IR**FCPIs from customers of theCrdit Agricole groups retailbanking networks.

12 professional managers*

* ISF FCPI: French regulated mutual fundsinvesting in innovative companies andqualifying for a reduction in wealth tax.

** IR FCPI: French regulated mutual fundsinvesting in innovative companies andqualifying for a reduction in income tax.


A quality label for websitesMAY 2011: Crdit Agricole Private Equityinvested 2m in Trusted Shops, a qualitylabelling service for merchant websites.Created in 1999, Trusted Shops is aGerman company that offers merchantsites the ability to display a seal ofapproval and customer reviews on theirsite to give confidence to onlineconsumers. The company alsoguarantees transactions on behalf ofclients and provides an order-trackingplatform. Trusted Shops has some 9,400client websites and guarantees 5 milliontransactions. With strong growth in itslargely recurrent revenues in 2010 and2011, the company is internationalising itsoffering to Poland, France and the UK.

Christian Claussen,Senior Partner,+33-1 57 72 03 63

Online designSEPTEMBER 2011: LUsine Design, ane-commerce and community site fordesigner furniture and interior design,raised 4m in a second funding roundfrom Crdit Agricole Private Equitytogether with CM-CIC Capital Priv andOlivier Mathiot, joint-founder ofPriceMinister. Launched in 2009, the siteoffers internet users customisabledesigner objects. Its advantages includeaccessible pricing, a straightforwardonline shopping experience, high-quality,customisable furniture and a strongcustomer service team. This funding willhelp support the companys growth anddevelop its products and services profileamong consumers, internet users andcompanies in France and abroad.

Franois-Xavier Dedde, Investment Manager,+33-1 57 72 01 55

VaccinesMAY 2011: Crdit Agricole Private Equityco-directed with Ventech a 5m Series Afunding round for Themis Bioscience, anAustrian start-up biotechnology companyspecialising in the development of newvaccines against emerging infectiousdiseases. The aim of the transaction wasto finance pre-clinical and clinicaldevelopment of the first programmes(vaccines against dengue andchikungunya fever).The development of these vaccines isbased on innovative vector technology,initially developed at the Institut Pasteurin Paris, with which Themis collaborates.

Bruno Montanari,Director,+33-1 43 23 01 63

Directeur dinvestissements,+33-1 43 23 01 63

OphthalmologySEPTEMBER 2011: Crdit AgricolePrivate Equity took part in an 18mfunding round alongside a syndicate ofinternational investors led by ForbionCapital Partners. Founded in 2010 andbased in Belgium, Amakem specialises inthe development of new medicines for thetreatment of serious ophthalmic diseases.In particular, it is developing a highlypromising drug for the treatment ofglaucoma, one of the commonestophthalmic conditions. The purpose of thefunding is to allow the company tocontinue to develop its product portfolioand to bring its flagship glaucoma drug tothe stage of clinical proof of concept.

Emmanuelle Coutanceau,Investment Manager,+33-1 43 23 95 97

Bio-convertible venacava filtersMAY 2011: Crdit Agricole Private Equityhas invested in Irish company NovateMedical as part of an 8.7m Series Bfunding round. The purpose of thefunding is to finance the clinicaldevelopment in Europe and the USA of aninnovative medical device developed byNovate to prevent the risk of pulmonaryembolism. Its flagship product, a bio-convertible vena cava filter, is a worldfirst. It is produced using a bio-absorbable material that protects thepatient during the high-risk period forpulmonary embolism. This device avoidsthe need for a second intervention torecover the filter, which is currently thecase for other filters on the market.

Bruno Montanari,Director,+33-1 43 23 01 63

e-reputationSEPTEMBER 2011: Crdit AgricolePrivate Equity has invested in the Germancompany TrustYou, a specialist ine-reputation management for theEuropean hotel industry. Created in 2008,the company offers the hotel market aplatform for reputation analysis andmanagement, based on the analysis ofcustomer comments and ratings. It usesinnovative technology based onsemantics and statistical methods to offera business model that ensures highlyrecurrent revenue. The investmentallowed the company to acquire its maincompetitor in the USA.

Christian Claussen,Senior Partner,+33-1 57 72 03 63

Marine Huber,Analyst,+33-1 57 72 28 78


VaccinesJANUARY 2011: Amgen and BioVex signeda definitive agreement for Amgen to acquireBioVex Group Inc. for up to $1bn: $425m incash at closing, and $575m in additionalpayments upon the achievement of certainregulatory and sales milestones. CrditAgricole Private Equity first invested inBioVex in 2003 and owned nearly 10% of itsshare capital, with a seat on the Board (totalinvestment of 12m). Created in 1998,BioVex develops new vaccines for thetreatment of cancer and chronic infectiousdiseases. The company has two uniqueplatforms OncoVex and ImmunoVex based on technology using the manipulationof the Herpes Simplex virus. BioVex hascompleted Phase II trials of a treatment formelanoma and is conducting Phase III trialsfor metastatic melanoma.

Alexia Perouse,Partner,+33-1 43 23 95 94

Security softwareJULY 2011: Opentrust, a portfolio holdingsince 2005, was sold to its competitorKeynectis. Created in 2001, OpenTrust isnow one of the leading producers of latest-generation security software. It designs anddevelops software and high added-valueservices allowing the creation of trustedinfrastructure. In particular, OpenTrustmanages strong authentification,confidentiality, date stamping, electronicsignatures, secure communicationmanagement, online forms and declarations.This exit allowed the funds to generate again of around 10%.

Antoine Colboc,Head of Venture Capital,+33-1 43 23 96 00

Crdit Agricole Private Equityinvested in our company to help developour software offering and build ourinternational distribution channels. Itplayed a key role during the sale of thecompany, facilitating a fair deal for allparties.

Olivier Guilbert - CEO of OpenTrust

Semiconductors for digital TVSEPTEMBER 2011: DiBcom, in whichCrdit Agricole Private Equity had investedsince 2003, has been sold to Parrot, theworld leader in wireless peripherals formobile phones. DiBcom designs andmarkets highly mobile, power-efficientintegrated circuits to receive digital TV andradio. Founded in 2000, DiBcom has soldmore than 25 million integrated circuits. Itssolutions are used for radio and TV receptionin portable multimedia equipment and carssold throughout the world by manufacturerssuch as Audi, BMW, Mercedes, Porsche,Volvo and Garmin.

Michel de Lempdes, Director,+33-1 43 23 95 98

Crdit Agricole Private Equityssector expertise helped us share bestpractice and issues with other companiesin its portfolio. Crdit Agricole PrivateEquity always demonstrated a construc-tive approach in the bestinterests of the company.

Yannick Levy - CEO of DiBcom

Social CRMNOVEMBER 2011: Crdit Agricole PrivateEquity invested 1.5m in viavoo. Createdin 2009, viavoo designs, develops andmarkets a range of customer interactionanalysis and Social CRM softwaresolutions. Its platform continuously andautomatically collects client feedback andtransforms each comment into detailedinformation which can be used directly:reasons for dissatisfaction, sentimentsexpressed, purchasing intentions, claimintentions, etc. Viavoo has some twentyclients, including, and Bouygues Telecom. Thefunding aims to allow the development ofthe platform in English and to strengthenthe marketing effort in France and abroad.

Xavier Brunaud, Marine Huber,Associate, Analyst,+33-1 57 72 01 56 +33-1 57 72 28 78

Social TVDECEMBER 2011: Crdit Agricole PrivateEquity and Entrepreneur Venture invested5m in Visiware. Based in France and theUSA, Visiware has for the past ten yearsbeen the world leader in digital TV gameswith its PlayinTVTM channel. It hasdeveloped an interactive solution that is abenchmark in the market: PlayAlongTM.This allows millions of viewers to take partin televised games from home at the sametime as players in the studio. Visiware hasproduced more than 400 programmes innine countries. The aim of the funding is toallow the company to consolidate itsposition in the PlayAlongTM market anddevelop Social TV offerings.

Renaud Poulard, Marine Huber,Partner, Analyst,+33-1 43 23 95 92 +33-1 57 72 28 78

Success Stories - 8 exits completed


Humanoid roboticsDECEMBER 2011: Aldebaran Robotics, acompany founded in 2005 and in whichCrdit Agricole Private Equity had been aninvestor since 2010, has been sold to anAsian investment fund. The companydevelops, manufactures and sells the firsthumanoid interactive robots available for lessthan 10,000. NAO, its first robot, stands58 cm tall and can walk, see, hear, talk andcommunicate. It is used in 30 countries as aresearch and education platform and by 300universities and research institutes. Newapplications for the robot are frequentlydeveloped (such as in the treatment ofautistic children). Crdit Agricole PrivateEquitys investment allowed Aldebaran toadvance the development of NAO and openup to consumer markets. This disposalgenerated a multiple of 1.8.

Antoine Colboc,Head of Venture Capital,+33-1 43 23 96 00

e-commerceDECEMBER 2011: was sold toOnline Commerce Partners, Mr OlivierHalleys dedicated e-commerce investmentvehicle. Created in 2003, is oneof the leading French online retailers of babyproducts. The site offers products for thewell-being, comfort and safety of childrenaged from 0 to 4. It has a catalogue of 6,500products from 170 major brands. It isalready present in Spain and Italy. CrditAgricole Private Equity invested 4m in2010. In two years the company hadvirtually doubled its revenue (to 9.6m in2011). This disposal generated a multiple of1.5 and an IRR of 27%.

Michel de Lempdes, Director,+33-1 43 23 95 98

When we were looking to raisefunds, seven years after the creation ofOclio, Crdit Agricole Private Equity wonus over with their expertise ine-commerce. With their support,we pretty much doubled sales in twoyears.

Laurent CensierCEO of Oclio

Electronic componentsDECEMBER 2011: Crdit Agricole PrivateEquity and long-standing shareholders soldtheir shares in 3D Plus to HEICO Corporationfor a valuation of over 50m. 3D Plus is aworld leader in the 3D connection ofelectronic components. Its clients are majorpurchasers in the aerospace, military andmedical industries. Thanks to its subsidiary inthe USA and its very strong growth in theAsian market, 3D Plus recorded year-on-yeargrowth of over 40% in recent years. Createdin 1996 as a spin-off from Thales, it receivednearly 7m in French venture capital. CrditAgricole Private Equity, a key shareholder,had invested in the company since 2002.This disposal generated a multiple of 7.

Renaud Poulard,Partner,+33-1 43 23 95 92

Online fashionJANUARY wassold to the Casino group at a verysatisfactory multiple. Created in 2006 by twoyoung entrepreneurs, Sverine Grgoire andChlo Ramade, the site offers Frenchshoppers in season collections from morethan 200 trend brands. In early 2009 CrditAgricole Private Equity invested 1.6m in thewomenswear site, which had revenue of only2m at the time. The success of its offeringin womenswear together with the launch ofits mens and childrens ranges and its ownrange of designs enabled MonShowroomsrevenue to reach double digits in 2011 withsolid margins.

Michel de Lempdes, Director,+33-1 43 23 95 98

Running a company is no easy task,and the support of Crdit AgricolePrivate Equity provided day-to-dayreassurance. Without interfering, Michelde Lempdes and his team offered metheir experience, their knowledge of thesegment and access to their networkwithin a relationship on a very humanscale.

Sverine GrgoireCEO of MonShowroom

Mobile appsDECEMBER 2011: Miyowa was sold toSyncronoss, the world leader in transactionmanagement, cloud service access andmobility management for connected devices.Created in April 2003 by Pascal Lorne andFranois Colon, Miyowa designs mobileapplications based on the connection ofnomad communities. In 2008, CrditAgricole Private Equity invested 3.5m in thecompany, which has enjoyed very stronggrowth in revenue (9m in 2011). Miyowacounts Orange, HTC, Samsung and ZTEamongst its clients. It has entered intopartnerships with the best-known socialnetworks and messaging providers,including Facebook, Twitter, Windows Live,Yahoo!, Gtalk and AIM, which allow it to usetheir APIs. This disposal generated a multipleof 2.3.

Michel de Lempdes, Director,+33-1 43 23 95 98

Crdit Agricole Private Equity is oneof the few venture capital companiesthat meet the real needs of managers. Ithas strong investment capacity, ateam that is there for the long term,including the difficult periods, and hasdemonstrated unfailing loyalty.

Pascal LorneCEO of Miyowa

Our expertise. Your Success.

A team of 12 investment professionals

Through the diversity of their backgrounds, cultures and talents, the team has a perfectunderstanding of the market. Experts in organisational management, recruitment, strategyand commercial development, the investment managers are real partners for investeecompanies.

Information Technology Life Sciences

Alexia Perouse,Partner

Xavier Brunaud,Associate

Bruno Montanari,Director

Cdric LcureuilAssociate

Renaud Poulard,Partner

Christian Claussen,Senior Partner

Antoine Colboc,Head of Venture Capital

Emmanuelle Coutanceau,Investment Manager

Michel de Lempdes,Director

Bernard Nabet,Director (Israel)

Franois-Xavier Dedde,Investment Manager

Marine Huber,Analyst

Crdit Agricole Private Equity - Direction of Communications and Investor Relations

Contact: [email protected]