Supporting innovationThe climate of tax-related uncertainty that prevailed during 2012 in France largely accountsfor the decline in inflows into FCPIs. These weaker flows could potentially pose a threat tothe financing of innovative young businesses, which have taken advantage of this tried andtested form of financing unique in Europe for over ten years now. Even so, 2013 is likely toturn out to be better for FCPIs owing to the French finance bill, which left them unscathed,unlike other tax-efficient investment products.

Omnes Capital’s Venture Capital team has supported innovative young informationtechnology (IT) and life sciences companies for more than twelve years. More than everbefore, it firmly believes that these funds make a valuable contribution to financing theeconomy. Their role is critical to channeling public savings into parts of the economygenerating jobs and wealth. With innovative projects currently in great need of capital,FCPIs represent a critical component of tax-efficient investing. During 2012, the teamraised €28 million and had a very busy year, investing €33 million and selling €40 million.Omnes Capital, the recipient of the Best Venture Capital Team award for 2010 and 2011from the trade press, is a leading player in the FCPI market, in which many youngcompanies have not been able to secure the financing they need for their development.

Omnes Capital is a major player inprivate equity, with a commitment tofinancing SMEs. With EUR 1.8 billion inassets under management, OmnesCapital provides companies with thecapital needed to finance their growthand with key expertise in a number ofareas: LBO & Expansion Capital, VentureCapital in technology and life sciences,Renewable Energy, Mezzanine,Secondary Funds of Funds, Co-Investment. Omnes Capital, formerlyCrédit Agricole Private Equity, was asubsidiary of Crédit Agricole until March2012 when the company gained itsindependence. Omnes Capital is asignatory to the United NationsPrinciples for Responsible Investment.

37-41, RUE DU ROCHER • 75008 PARIS, FRANCE www.omnescapital.comMay 2013

VENTURE CAPITAL 2012 Business Review

133investments in 10 years, over 20 successful exits and

7 IPOs

¤411M in assets under management

¤33M invested in 2012

¤19,3M in realized Capital Gain

Electronic Invoices December 2012 - Greenbureau, the first

free internet service consolidating bills for

individuals, has raised €800,000 from

Omnes Capital and 3T Capital. Founded in

July 2011 by former SFR employees,

Greenbureau has established itself as a

pioneer in multi-brand digital customer

relationship management. The start-up

saves money for large groups by switching

their customers over to digital billing,

invoicing and online account management,

etc. The company is supported by

TélécomParisTech, the Paris municipal

authorities and Oséo. Initial customers

include SFR, Numericable, Direct Energie

and Poweo. The goal of the fund-raising

round was to finance the development of

smartphone and tablet apps and speed up

customer acquisition.

Renaud Poulard,Partner,+33 (0)1 80 48 79 66

Social Games November 2012 - Omnes Capital has

invested €2 million in Lille-based Adictiz.

Founded in 2009, Adictiz develops and sells

social games for the web and mobile

platforms, such as Space Dog, What a

Stupid Pigeon and Animal Story. In profit

ever since it was launched, Adictiz plans to

double sales during 2013. It has recorded

2.5 million active players per month,

50 million games played and 200 million

advertising banner impressions. The aim of

the transaction is to strengthen its

workforce and expand outside France.

François-Xavier Dedde,Investment Manager, +33 (0)1 80 48 79 64

NEW INVESTMENTS

2

Mobile MarketingSeptember 2012 - Mister Bell, a leaderin affiliation and mobile performance(smartphones and tablets), finalised aninitial fund-raising round of €3.5 millionfrom investors Omnes Capital and A PlusFinance. Mister Bell, founded in 2010, hasa platform that can put advertisers andmobile content providers in touch witheach other. With its exclusive andpowerful inventory (several billion pageviews), Mister Bell can guarantee high-calibre mobile traffic for advertisers.Backed by its performance-led andtransparent model, the mobile advertisingsales network is one of the few industryplayers providing guaranteed results. Thegoal of the fund-raising round was toshore up the company’s Europeanleadership, extend its offering into fast-growing regions and invest in R&D tomaintain its technological lead.

François-Xavier Dedde,Investment Manager,+33 (0)1 80 48 79 64

E-MailingJune 2012 - Ividence, which specialisesin acquisition email marketing, and is theleader in the acquisition email advertisingmarket (Email Ad eXchange), completed asecond €3 million fund-raising round withOmnes Capital and A Plus Finance, itsoriginal investor. Founded in 2008 andbased in Paris, Ividence introducesadvertisers and publishers, i.e. owners ofopt-in email lists, and optimises theeffectiveness of its publishers’ campaignsand revenues by harnessing its exclusivebehavioural targeting technology. Thislatest fund-raising round will enableIvidence to pursue further internationalexpansion, after opening offices in NewYork and San Francisco in 2011. Ividencemanages 3,000 e-mail campaigns everymonth, and has over 300 clients (SeLoger.com, Weekendesk, BNP Paribas, Cofinoga,La Redoute, 3 Suisses, Marionnaud, etc.).

Xavier Brunaud, Investment Manager,+33 (0)1 80 48 79 62

E-CommerceJune 2012 - Omnes Capital invested inTennis-Point, a German company thatspecialises in selling tennis and runningequipment online. Tennis-Point managesfour stores in Berlin, Hamburg, Munsterand Graz in Austria and two e-commercewebsites. It offers over 12,000 items frommajor sporting brands, with a productrange five times larger than that of ageneral retailer. The company has150,000 customers in 25 Europeancountries, and has recorded a growth rateof over 100% p.a. The aim of thetransaction is to enable the company toacquire two competitors in Austria andSwitzerland, with a view to gainingEuropean leadership in its market.

Michel de Lempdes, Co-Head, +33 (0)1 80 48 79 61

Marine Huber,Analyst,+33 (0)1 80 48 79 65

Retinal ImplantsMay 2012 - Omnes Capital invested€5 million in Pixium, the Frenchmed-tech company, during its first fund-raising round (€9 million raised).Founded in late 2011 and based in Paris,within the French Vision Institute, Pixiumspecialises in the development of a newgeneration of retinal implants. Pixiumuses an existing technology, which itacquired from Intelligent MedicalImplants, and breakthrough innovationssuch as new asynchronous receivers,cutting-edge signal processors and next-generation electrodes. The aim of thetransaction is to see through the clinicaldevelopment of a first generation ofimplants and to obtain the CE mark.

Alexia Perouse, Co-Head, +33 (0)1 80 48 79 55

Software May 2012 - Omnes Capital invested€1.2 million in Progexia, a Marseille-basedprovider of electronic data interchangesolutions for complementary healthinsurance organisations. The Progexiasystem allows organisations to manageand administer policyholders’ entitlementsmore effectively while enabling healthcareprofessionals (pharmacists, opticians,dentists, laboratories) to view thepolicyholders’ specific entitlementsinstantaneously. The aim of thetransaction was to bolster the sales team,with a view to backing up its positions withhealthcare professionals.

Renaud Poulard, Partner, +33 (0)1 80 48 79 66

Intestinal Diseases April 2012 - Omnes Capital invested inEnterome as part of a €6 million fund-raising round. Enterome, which is basedin Paris, develops biomarkers for chronicdiseases associated with abnormalintestinal bacterial compositions. Thisfinancing will enable the company toaccelerate the development and use of itsunique bacterial metagenomicstechnology to provide diagnostic andtreatment solutions for conditionsassociated with these abnormalities. Onceits patented biomarkers have beenapproved, Enterome plans to enter intoindustry partnerships (pharmaceuticalsand nutrition) and to market its tests inEurope and the United States. Enterome’stwo main projects focus on non-alcoholicsteatohepatitis and on chronic intestinalinflammatory diseases.

Alexia Perouse, Co-Head, +33 (0)1 80 48 79 55

Cédric Lécureuil,Associate, +33 (0)1 80 48 79 57

3

IPOs

Digital TVApril 2012 - Envivio, a French-US mediacontent distribution start-up, was listed onNASDAQ. Founded in Rennes in 2000, thespin-off from France Telecom’s ResearchLaboratories has attracted Silicon Valleyinvestors with its television channel and on-demand smartphone and tablet contentdistribution products, which are intendedfor telecommunications and mediaprofessionals. The company is now themarket leader in the Internet TV videocodecs market. On this occasion, Envivioraised US$55 million, based on a valuationof US$250 million. The aim is to pursue thecompany’s international expansion. OmnesCapital has supported the company since2002 and has participated in successivefund-raising rounds (total investment of€10 million).

Renaud Poulard, Partner, +33 (0)1 80 48 79 66

Medical ImagingFebruary 2012 - EOS Imaging, whichhad been part of the portfolio since 2007,successfully completed its IPO. Thecompany, which has developed the first2D-3D imaging device for theorthopedics market, raised €38 millionin the NYSE Euronext market. Based inParis with a subsidiary in the UnitedStates, the group has obtained marketingauthorisations in 30 countries, includingCanada, Australia and the EuropeanUnion. The funds raised will primarily beused to accelerate the internationalexpansion of its sales and marketingoperations.

Bruno Montanari,Director,+33 (0)1 80 48 79 58

Exits

Software Provider October 2012 - After purchasing aninterest in Aquafadas’ capital in 2009,Omnes Capital has sold its stake toCanadian tablet manufacturer Kobo(Rakuten group, Japanese leader ine-commerce). Founded in 2006 and basedin Montpellier, Aquafadas provides digitaltools enabling its B2B customers tomanage and distribute content (text,photos, videos) on mobile devices(phones, tablets, etc.). It also offers a“comic store” for iPhones, as well as aconsumer video editing software suite.The company’s revenues have increasedby a factor of 30 in the last five years. Thistransaction enabled Omnes Capital’sFCPIs to achieve an exit multiple of 1.9x.

François-Xavier Dedde,Investment Manager,+33 (0)1 80 48 79 64

Omnes Capital’s presence as a

shareholder provided me with firm

guidance at a watershed point in our

development. During our three-year

partnership, we went back to the

drawing board several times with our

projects, and the Venture Capital

team’s experience proved extremely

valuable.

Claudia Zimmer - CEO of Aquafadas

Semiconductor Verification October 2012 - Omnes Capital has soldEmulation and Verification Engineering(EVE) to California-based Synopsys, adeveloper of integrated circuit designsoftware. EVE, founded in April 2000,provides a hardware and software solutionfor validating the design of integratedcircuits. Omnes Capital invested in thecompany in 2003 as part of its first fund-raising round, the goal at the time being tofund the company’s move into the UnitedStates and consolidate its still evolvingsales organisation. Other fund-raisingrounds followed as the need for newtechnological investments arose. In total,Omnes Capital invested €5.1 million. Inthe space of 12 years, EVE has become theworld leader in the emulation market,with 2012 revenues of €43 million and anEBITDA margin of 31%. The companynow has offices in 7 countries and 140employees. It has a solid and diversifiedcustomer base including Intel, Apple andSamsung. With the sale, the FCPIsmanaged by Omnes Capital achieved anexit multiple of 3.2x and a capital gain of€9.7 million.

Michel de Lempdes, Co-Head, +33 (0)1 80 48 79 61

Thanks to Omnes Capital, the

company’s organisation has become

more structured. Our relationships

focus on long-term strategy. Confi-

dence and transparency are key fac-

tors. They form the basis for our

relationship.

Luc Burgun - Co-Founder of Eve,Engineering Vice-President of Synopsys

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SUCCESS STORIES

4

Humanoid Robotics January 2012 - Aldebaran Robotics, acompany founded in 2005 and in whichOmnes Capital had been an investor since2010, has been sold to an Asianinvestment fund. The company develops,manufactures and sells the first humanoidinteractive robots available for less than€10,000. NAO, its first robot, stands58 cm tall and can walk, see, hear, talkand communicate. It is used in30 countries as a research and educationplatform and by 300 universities andresearch institutes. New applications forthe robot are frequently developed (suchas in the treatment of autistic children).Omnes Capital investment allowedAldebaran to advance the development ofNAO and open up to consumer markets.This exit generated a multiple of 1.8.

François-Xavier Dedde,Investment Manager,+33 (0)1 80 48 79 64

E-CommerceJanuary 2012 - Omnes Capital sold itsinvestment in MonShowroom.com to theCasino group, which became a minorityshareholder alongside the founders. Thedeal went ahead at a very satisfactorymultiple for Omnes Capital.MonShowroom. com is an online multi-brand women’s clothing and fashionaccessories website for current in-seasoncollections. Founded in 2006 by SéverineGrégoire and Chloé Ramade, two youngentrepreneurs, the company currentlystocks around 200 brands, employs 30people and attracts some 500,000 uniquemonthly visitors. Omnes Capital invested€1.6 million in the website in early 2009when it generated just €2 million inrevenues. The success of its womenswearoffering and the launch of men’s andchildren’s ranges enabledMonShowroom.com to deliver double-digit revenue in 2011, combined withsustainable profit margins.

Michel de Lempdes,Co-Head, +33 (0)1 80 48 79 61

Running a company is no easytask, and the support of Omnes Capitalprovided day-to-day reassurance.Without interfering, Michel deLempdes and his team offered me theirexperience, their knowledge of thesegment and access to their networkwithin a relationship on a very humanscale.

Séverine Grégoire - CEO ofMonShowroom

Mobile APPSJanuary 2012 - Miyowa was sold toSynchronoss, the world leader intransaction management, cloud serviceaccess and mobility management forconnected devices. Created in April 2003by Pascal Lorne and François Colon,Miyowa designs mobile applications basedon the connection of “nomad”communities. In 2008, Omnes Capitalinvested €3.5 million in the company,which has enjoyed very strong growth inrevenue (€9 million 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, WindowsLive, Yahoo!, Gtalk and AIM, which allowit to use their APIs. This exit generated amultiple of 2.3.

Michel de Lempdes,Co-Head, +33 (0)1 80 48 79 61

Omnes Capital is one of the fewventure capital companies that meetthe real needs of managers. It hasstrong investment capacity, a team thatis there for the long term, including thedifficult periods, and has demonstratedunfailing loyalty.

Pascal Lorne - Founder of Miyowa

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Information Technology

Israel

Life Sciences

Alexia Perouse,Co-Head, Partner(Life Sciences)

Xavier Brunaud,Investment Manager

Bruno Montanari,Director

Cédric Lécureuil,Associate

Renaud Poulard,Partner

Michel de Lempdes,Co-Head, Partner (Information Technology)

Emmanuelle Coutanceau,Investment Manager

Marine Huber,Analyst

François-Xavier Dedde,Investment Manager

Bernard Nabet,Partner

MORE THAN TEN YEARS OF EXPERIENCE

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

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Contact : relations.investisseurs@omnescapital.com www.omnescapital.com 5