ALTAMIR_REGISTRATION_DOCUMENT_2017

Presentation of the Company PRESENTATION OF THE COMPANY AND ITS ACTIVITIES

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www.cipres.fr

1) Business description Founded in 2000, CIPRÉS Assurances is a wholesale broker specialised in supplemental insurance protection. It designs, underwrites and manages life, disability and health insurance programmes for self-employed persons and the managers and employees of SMEs. CIPRÉS offers a range of products and services to secure their income, safeguard their assets, preserve their health and protect them against accidents. The company relies on a distribution network of more than 4,600 independent brokers spread throughout France. In 2017, the company collected premiums of €213m. 2) Why did we invest? CIPRÉS has an attractive business model based on recurring revenue, predictability, highprofitabilityandstrongcashgeneration. The underlying market of wholesale supplemental insurance represents a segment worth about €1bn in a total supplemental insurance market worth €11bn in France. It has been growing at roughly 7% per year and has high barriers to entry. CIPRÉS is well positioned to benefit from this market growth, given its pureplaypositioning, leadershipandexcellent reputation among insurers and brokers. 3) How do we intend to create value? CIPRÉS plans to digitalise all its processes, continue to expand its broker network, increase its brokers’ business volumes, and diversify its products internally and/or through acquisitions and joint ventures, to meet every insurance need of entrepreneurs. With these steps, CIPRÉS will initiate a new growth phase and a product diversification strategy to make it the leading multi- product player meeting all the insurance needs of entrepreneurs.

4) What has been achieved since the investment (July 2017)?

Six months after the investment, the company is on track with its business plan. For the 2017 financial year, it posted revenues of €74m, up 12.8%, and its EBITDA has increased significantly from 2016. CIPRÉS launched a new insurance product in the first half of 2017, which is selling well. It is the first protection insurance policy in the Frenchmarket with nomedical selection, reinforcing CIPRÉS’s leadership in innovation and providing a key factor of differentiation for brokerswho recommend this type of product to their customers. This innovation has enabled CIPRÉS to maintain a lead over competitors by facilitating and speeding up the subscription process and by offering comprehensive cover for the best price. The company has also begun a complete overhaul of its back- office software. This project is scheduled for completion by the end of 2019. With these two initiatives, CIPRÉS should seedouble-digit revenue andEBITDAgrowthduring the2018 financial year, drivenby robust activity and the cost reduction achieved by the renovation of its information systems. As of 31 December 2017, the companywas valued at its acquisition price, because it had been in the portfolio for less than one year. 5) Exit CIPRÉS’s asset-light structure translates into a highly cash generative business model. It has significant potential for further growth via the expansion of its broker network and new product offerings, which should attract future interest fromboth financial and strategic buyers.

SECTOR

COUNTRY

DATE OF INVESTMENT RESIDUAL COST IN €M

FAIR VALUE IN €M

% OF THE PORTFOLIO AT FAIR VALUE

2017

47.1

47.1

5.3

France

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• ALTAMIR 2017

REGISTRATION DOCUMENT