In over eighteen years of investing, we have been fortunate to have had over twenty five companies go public, and over seventy five companies be successfully acquired, including a in number of cross-border IPOs and M&A transactions. These are some of the more significant examples.

	Alapage, France [Acquired by France Telecom] Alapage.com is leading online CD and bookseller that dominated the Minitel and transitioned to the Internet in the late 90s, triggering a bidding war by major international e-commerce sites.
	Assima, United Kingdom [IPO] Assima is an e-learning software company that markets a unique solution for the development and deployment of interactive training materials. Assima’s product is used by large global companies to create tutorials for various software environments for example SAP, PeopleSoft, Emulators (3270, AS/400), intranet in-House software, Java, etc.
	auFeminin, France [IPO] auFeminin.com hit over 40 million page impressions and one million readers per month in 2001 in France, Spain, Italy and Germany, shortly after launching. The auFeminin Group now manages the #1 women's portal in Europe with leading positions in France, Germany, Spain, and Italy (goFeminin.de, enFemenino.com and alFemminile.com) and a strong position in the UK (soFeminine.co.uk). The Group also edits Teemix, the leading French content site for young women, Marmiton, the leading French gastronomy site, a travel portal (Voyages-bons-plan) and a portal dedicated to health (SanteAZ).
	Bintec, Germany [IPO] bintec is a leading European brand in the IP-based network access solutions market. Founded 15 years ago, bintec is well-established in the professional network access business. bintec products enable flexible complete solutions to link branch offices, teleworkers and mobile employees to the main office and to network different corporate locations.
	Bitfone, U.S. [Acquired by HP] Bitfone Corporation provides innovative software solutions for mobile device management. Bitfone's mProve is the wireless industry's leading technology that updates a mobile phone's core embedded operating system, over-the-air in a secure and fault tolerant manner. mProve offers wireless manufacturers and carriers significant cost savings in the areas of warranty, recall and customer service, and expedites the time-to-market for mobile phones.
	Business Objects, France [IPO] It all began Aug. 3, 1990 in Paris. Business Objects was founded on the vision of two young software entrepreneurs. Today, we lead the BI industry and are one of the largest software companies in the world. Gartner places Business Objects in the Leaders Quadrant for enterprise BI suites, and IDC ranks Business Objects as the clear BI tools market share leader. Business Objects has more than 39,000 customers - including over 80 percent of the Fortune 500 - and a network of more than 3,000 partners and resellers.
	Chorus Systems, France [Acquired by Sun Microsystems] ChorusOS started as the Chorus distributed real-time operating system at INRIA in the 1980s, designed for embedded systems Over the time, development effort shifted away from distribution aspects to real-time and modularization (componentization). Sun Microsystems acquired Chorus Systems, the company which created ChorusOS, in 1997.
	Cobalt, U.S. [IPO] Cobalt Networks launched the server appliance market with the introduction of the Cobalt Qube, the world's first inexpensive, easy-to-configure, all-in-one multi-protocol Internet server. RaQs followed shortly, and became a favorite of ISPs and hosting providers. Cobalt had a record-breaking NASDAQ IPO in 2000, and was acquired by Sun shortly after.
	Coheris, France [IPO] Coheris proposes a global offer based on its complete range of software and services (marketing, sales and customer services automation, mobility, Intranet, Business Intelligence), multidisciplinary consulting teams as well as a technological partners and integrators network composed of the major players on the market. Leader on the CRM European market, Coheris group has more than 1000 references worldwide. Coheris has been quoted on the Eurolist market of Euronext Paris since June 30th 1999
	Danger, U.S. [Acquired by Microsoft] Danger offers an integrated service, platform, and hardware solution, focused around a 2.5G voice/data device, designed to provide wireless operators with a turnkey, unbranded service with a Gen X/Y, consumer-focus. Danger?s solution integrates applications such as email, instant messaging, PIM, and web browsing as well as voice with a simple, easy-to-use device for interacting with them. Danger's solution emphasizes network computing over device computing, reducing device cost and bandwidth requirements.
	eFusion, U.S. [Acquired by ITXC] eFusion, spun-out of Intel, provided value- added Internet solutions that enable enhanced interactive communications. Their telecom-grade, business-ready solutions brought real-time human interaction to the Internet, allowing consumers to share simultaneous voice and multimedia over a single phone line.
	Four11, U.S. [Acquired by Yahoo!] Four11 was a pioneering provider of Internet white pages. It also offered RocketMail, one of the first major free webmail services. RocketMail users carry a mark of distinction as some of the first Internet webmail users, as Yahoo! to this day reserve the RocketMail domain for their use. Also, the RocketMail system was more intuitive and more powerful than its Hotmail counterpart, attracting the programming and computer user elite. RocketMail and Four11 were acquired by Yahoo! in 1997, Yahoo! assimilating the RocketMail engine to power Yahoo! Mail.
	Groupe SQLI, France [IPO] Groupe SQLI is a high-added-value service company focused on the fields of consulting and integration of new technologies.
	HighWave, France [IPO] Founded in 1998, Highwave Optical Technologies is the European leader in the development, production and marketing of optical components and DWDM (Dense Wavelength Division Multiplexing) subsystems for the telecommunications industry. (DWDM is an advanced technology that increases the capacity of telecom networks). Following an initial public offering in June 2000, shares in Highwave Optical Technologies are traded on Paris Euronext (HGWO)
	HiMedia, France [IPO] Founded in 1996, the Hi-Media Network is the French leader in interactive marketing and the third largest in Europe.
	InfoVista, France [IPO] InfoVista is the Service-Centric Performance Management Software Company that assures the optimal delivery of business-critical IT services. Driven by a uniquely adaptive and real-time technology foundation, InfoVista solutions improve business effectiveness, reduce operating risk, lower cost of operations, increase agility and create competitive advantage. Eighty percent of the world's largest service providers as ranked by Fortune, as well as leading Global 2000 enterprises, rely on InfoVista to enhance the business value of their technology assets. Representative customers include ABN AMRO, Allstream, Banques Populaires, AXA, Banque de France, Bell Canada, British Telecom, Broadwing Communications, Cable & Wireless, Com Hem, Defense Information Systems Agency (DISA), Deloitte & Touche, Deutsche Telecom, France Telecom, Savvis Corporation, SingTel, Telefonica, and US Cellular.
	Intershop, Germany [IPO] Intershop is a leading provider of e-commerce software for centralized management of all online business channels. Since its foundation in 1992 the company has been committed to innovation in e-commerce. This tradition continues today. Intershop introduced the first fully-functional online shop solution back in 1994. Intershop has more than 300 enterprise customers around the world, including HP, BMW, Motorola, TRW, ABB, Bosch, OTTO, EA, Volkswagen, Quelle, Bertelsmann, Ericsson, Sonera, Hyundai, Home Shopping Europe, T-Systems, Siemens and many more.
	Inventel, France [Acquired by Thomson] Inventel is a leading designer and manufacturer of wireless products using wireless technologies. The company is among the very few worldwide to master the full software layers of Bluetooth. Inventel supplies complete products, such as Bluetooth wireless ADSL routers and Bluetooth wireless Ethernet routers, et cetera, and also Bluetooth and DECT OEM modules.
	Jabber, U.S. [Acquired by Cisco] Jabber, Inc. is a leading provider of real- time presence and messaging solutions. More than ten million users—representing hundreds of telecommunications carriers/operators, financial institutions, government agencies, higher education institutions, logistics companies, and other organizations—have licensed the Jabber XCP commercial server to underpin carrier-class real- time, presence-powered applications including desktop and wireless IM for enterprises and consumers, real-time trading systems, and government intelligence systems.
	Kelkoo, France [Acquired by Yahoo!] Kelkoo.com, the leading European shopping guide on the Internet, was purchased by Yahoo! in 2004.
	lastminute.com, U.K. [IPO] lastminute.com was founded in 19988 based on the idea of matching supply and demand to offer consumers last-minute opportunities to acquire airline tickets, hotel rooms, package holidays, and other lifestyle products. Within a few years it became Europe's leading online travel retailer, and went public in London. More recently, it was bought by Travelocity for over $1 billion.
	LEA, France [Acquired by HF] LEA’s mission is to develop and market technological solutions for worldwide DSL deployment. LEA is positioned as a provider of advanced products for central office and subscriber applications targeting network operators and ADSL providers. LEA is now recognized as a market leader.
	Maximiles, France [IPO] Maximiles is a key player in the eCRM business, and the French leader of Web-based loyalty solutions (network and proprietary loyalty programs and incentive programs). The maximiles.fr network program gathers more than 55 partners (including SNCF) and more than 250,000 members (August 2001).
	MEMSCAP, France [IPO] MEMSCAP is the leading worldwide provider of semiconductor Intellectual Property (IP) solutions for high-performance integrated designs incorporating micro electro mechanical systems (MEMS) technology. MEMSCAP offers comprehensive solutions for system designers to fully leverage MEMS components for integration of new and more competitive functions within their systems.
	Micronas, Switzerland [IPO] Micronas (SWX Swiss Exchange: MASN), a semiconductor designer and manufacturer with worldwide operations, is a leading supplier of cutting-edge IC and sensor system solutions for consumer and automotive electronics. As a market leader in innovative global TV system solutions, Micronas leverages its expertise into new markets emerging through the digitization of audio and video content. The Micronas Group employs about 2200 people. In 2006 it generated CHF 813 million in sales.
	NetCentrex, France [Acquired by ComVerse] NetCentrex offers service providers and enterprises a suite of next-generation networking products and network- based applications for VoIP, PSTN and mobile networks.
	Netezza, U.S. [NYSE ARCA IPO] Netezza has created the world's first purpose- built, tera-scale data appliance for business intelligence that shatters traditional price/performance benchmarks. The company's patent-pending BI platform dramatically increases the real-time intelligence that can be obtained from data and reduces the costs associated with current BI solutions.
	Qosmetrics, France [Acquired by Symmetricom] Qosmetrics provides Network and Service Quality Monitoring Solutions with best in class QoS and performance monitoring solutions to Carriers, Service Providers and large enterprises. We develop scalable and high performance systems that grow with customer's needs and provide real time QoS (IPv4 & IPv6) & diagnosis information. Our solutions can easily be integrated in existing OSS or can act as stand-alone Network & Service Assurance systems.
	Right Vision, France [Acquired by Alcatel] Right Vision’s business is designing and producing made-to-measure Internet appliances for companies and Web hosters. Right Vision’s know-how is based on its market expertise and its constant concern for quality and innovation. Its Eye-box product range is built around a software suite integrating the best Internet technology at low running costs.
	Sandpiper Networks, U.S. [Acquired by Digital Island] Sandpiper Networks was the world's first content delivery service provider for the Internet. Founded in 1996, Sandpiper had built the largest and most comprehensive Content Delivery Network (CDN). The company's initial service offering, Footprint, gave leading ebusinesses the power to deliver Web sites more efficiently and profitably while dramatically improving site performance. Early customers using the award-winning Footprint service included CNBC.com, E! Online, Intuit, and LATimes.com. Sandpiper Networks was acquired by Digital Island for over $630 million in 1999. The combined entity was eventually purchased by Level 3.
	SLP, France [Acquired by Gemplus] SLP InfoWare was one of the world leaders in Predictive Customer Relationship Management software (P-CRM) for the telecommunications, electronic commerce and mobile electronic commerce sectors. The SLP InfoWare P-CRM platform enables marketing professionals to build precise customer behavior models and to use the analysis to automate targeted marketing operations, to retain customers and guide one-to-one marketing actions which personalize offers and product groups. At the time of its acquisition by Gemplus, SLP InfoWare software was used to predict the behavior of over 20 million customers in the telecommunications, electronic commerce and banking sectors in the United States, Europe, Asia, Africa and Latin America.
	Soitec, France [IPO] Created in 1992 by two researchers from CEA-Léti (one of Europe's largest microelectronics research institutes) located in Grenoble, France, Soitec is an example of a successful move from fundamental research in the heart of a laboratory dedicated to nanotechnologies to worldwide industrial leadership in an innovative and highly competitive domaine. Soitec exploits and develops an exclusive technological process, Smart Cut, which enables the transfer of very fine layers of crystalline material onto a mechanical support. The application of this technological procedure is used today mainly in SOI (Silicon-On-Insulator). SOI offers two major advantages: it considerably increases the speed of microprocessors built on it and cuts by three or four times the power that these microprocessors consume.
	Sport24.com, France [Acquired by Le Figaro] Created in 1997, Sport24.com is the first French Web site which managed to constitute a real portal dedicated to sports. It was purchased by leading French publications groupe Le Figaro.
	Tumbleweed, U.S. [IPO] Tumbleweed Communications (NASDAQ), the industry’s leading pure play messaging security vendor, provides world- class innovative messaging security solutions for organizations of all sizes. Organizations rely on Tumbleweed's solutions to securely manage their Internet communications, spanning email management to file transfers. Tumbleweed has more than 2,300 customers worldwide, representing industries such as Finance, Healthcare, and the U.S. Government. The world’s most security conscious organizations rely upon Tumbleweed technology including Bank of America Securities, JP Morgan Chase & Co., the U.S. Food and Drug Administration, and the U.S. Department of Defense.
	Voxmobili, France Voxmobili has developed high added-value multiple-access solutions, focusing on global management of personal and group data. Voxmobili solutions consist of a comprehensive suite of products including servers, clients and SDKs, which are segmented into: PIM, Synchronisation, Messaging and storage platforms.