Unigestion: Your Partner for Private Equitydemocracy.middlesbrough.gov.uk/aksmiddlesbrough/images/att1014… · Securitas Direct Alarm monitoring Apr-08 520 1,457 0 1,457 2.80 x 34%

Unigestion: Your Partner for Private Equity

1

Three tools to build your portfolio

2

Primary investments Secondary investments Direct investments

Taking advantage of different deployment and realisation speeds

3

0 2 4 6 8 10 12

Primary investments

Secondary investments

Direct investments

Years

Deployement

Realisation

Example of primary investment : CGS III

Reason for investing

Experienced team with extensive operational background;

Strong hands-on approach leading to operational value creation;

Proven and disciplined “buy and build” strategy with a particular

attractiveness of the “Mittelstand”;

Carefully navigate industrial companies through economic cycles;

Focus on resilient European markets (Switzerland and Germany).

4

Facts and figures

Fund full name CGS Private Equity Partnership III

Market Segment Small buyouts

Region German speaking Europe

Unigestion sourcing Direct approach

Current fund size CHF 208 million

Advisory Board seat Yes

Vintage year 2012

Grow and improve small industrial companies in German speaking Europe

Recent acquisitions

Diversification within a Primary deal

Investment ActivityInvest.date

Draw-downs

Distribu-tions

NAVTotalvalue

Current multiple

Current IRR

Exit date

Exit multiple

Fully realised Actual

AcadeMedia Private schools Jul-10 167 366 0 366 2.20 x 14% Nov-17 2.20 x

Dako Cell-based cancer diagnostics May-07 470 1,015 0 1,015 2.16 x 16% Jul-12 2.16 x

Dometic International Air conditioners & refrigerators Apr-11 631 1,061 0 1,061 1.68 x 12% Jun-17 1.68 x

EQT Finance Debt Opp Debt opportunities Jan-09 30 161 0 161 5.36 x 46% Jul-14 5.36 x

Kabel BW Cable TV and broadband Dec-06 175 812 0 812 4.63 x 37% Apr-11 4.63 x

KMD IT software Mar-09 118 501 0 501 4.23 x 45% May-13 4.23 xNorgani Hotels Hotel property Oct-07 144 153 0 153 1.07 x 8% Aug-08 1.07 x

Securitas Direct Alarm monitoring Apr-08 520 1,457 0 1,457 2.80 x 34% Sep-11 2.80 x

Springer S+B Media Scientific publications Jan-10 407 907 65 972 2.39 x 24% Oct-13 2.39 x

XXL Sport Sporting goods Jun-10 192 637 0 637 3.32 x 29% Jan-15 3.32 x

Total fully realised 2,854 7,070 65 7,136 2.50 x 26% 2.50 x

Partially realised and unrealised Forecast

Listed

Subtotal listed 0 0 0 0

Private

Blizoo Cable TV and broadband Nov-09 219 21 2 23 0.11 x N/A Dec-18 0.20 x

Broadnet Telecom operator Feb-11 124 13 110 122 0.99 x N/A Mar-19 1.12 x

CBR Women's clothes May-07 408 0 215 215 0.53 x N/A Jun-19 0.90 xHTL-Strefa Safety lancets Dec-09 136 0 263 263 1.93 x 8% Dec-18 2.01 x

SAG Utility infrastructure Mar-08 192 90 14 104 0.54 x N/A Dec-19 0.57 x

Scandic Hotel chain May-07 307 249 4 252 0.82 x N/A Dec-18 0.87 x

Subtotal private 1,385 372 608 981 0.71 x -4% 0.86 x

Model primary portfolio

6

Performance sweet spots

Growth financing

Sector transformation

Special opportunities

Service efficiency/outsourcing

Inflation protection

G

S

O

ST

I

Europe

2018 2019 2020

North America

APAC

GHS III

Keensight V

Invision VI

Bowmark VI

Atlas III

SF Equity Partners I

NextCapital II

Fund IX

Fund X

Fund XI

Fund XIV

Fund XV

SEA Fund

Indian Fund

Fund XVI

Fund XVII

Fund XVIII

Fund XIX

Verdane Edda I

Fund XXI

Fund XXII

Korean Fund

ST

G

O

O

O

ST

G

S

ST

G

O

G

S O

I

S

O

O G

G

O

Fund XIIS

Fund XIIII Fund XXIG

Secondaries: buy mature funds at inflexion point

February 2012

7

Drawn 81%

Aged 5.9 years

Valued at 1.24x cost

Purchased at a 13% discount

to NAV

Priced to achieve 1.8x cost /

25% net IRR.

As at 30.09.2015

Please refer to the Important Information on performance at the end of this document. Past performance is not indicative of future performance.

At acquisition, funds purchased in the last five yearswere on average:

Quick cash back

Saved management fees

Substantial upside

Immediate write-up

High confidence

in the expected return. 0.8x

1.0x

1.2x

1.4x

1.6x

1.8x

2.0x

0 1 2 3 4 5 6 7 8 9 10

Net multiple

Fund maturity (years)

Value pick-up and early return of capital

Visibility on underlying companies

Saving of management fees

Acquisition

Ready Medicine (43% of price)Distribution and retail of pharmaceuticals in China.

Amerigen (22% of price)Development and production of generic pharmaceuticals for the Chinese and US markets.

TDA & Bhadra (13% of price)Airport advertising and airport ground handling in India.

Main portfolio companies

Investment Greater Pacific (2006)

Strategy Asian growth capital (India and China)

Seller US Hedge Fund

USO III exposure USD 5.6 million

Purchase price USD 5.4 million

Remaining commitment USD 0.2 million

Target return (no leverage) 1.8x cost / >24% net IRR

Examples of secondary investment: Greater Pacific

8

Strong relationship with the GP through a primary commitment.

Limited buyer universe, due to GP sensitivity around its LP base, led to favourable pricing on the secondary market.

Good asset visibility given GP relationship.

Relationship with the seller due to prior secondary transaction led to an efficient close.

Expected cash flow profile

Facts and figures Acquisition rationale

-6.0

-4.0

-2.0

-

2.0

4.0

6.0

2014 2015 2016 2017 2018 2019 2020 2021 2022

USD

mill

ion

Diversification within a Secondary deal

Investment ActivityInvest.date

Draw-downs

Distribu-tions

NAVTotalvalue

Current multiple

Current IRR

Exit date

Exit multiple

Fully realised Actual

1-800 CONTACTS Contact lenses Apr-14 180 522 142 664 3.68 x 97% Jan-16 3.68 x

Acosta Sales, marketing and retail merchandising services Mar-14 366 1,258 0 1,258 3.43 x 64% Sep-14 3.43 x

Agencyport Software systems to insurance carriers Mar-14 113 137 0 137 1.21 x 7% Nov-16 1.21 x

CTI Foods Custom food solutions Mar-14 152 99 0 99 0.65 x N/A Jan-17 0.65 x

First BanCorp Financial services in Puerto Rico Mar-14 199 309 0 309 1.55 x 11% Jan-17 1.55 x

Fleetcor Fleet card processing Jan-15 173 360 0 360 2.08 x 170% Sep-15 2.08 x

GrubHub Online and mobile dinner ordering platforms Mar-14 496 1,739 0 1,739 3.50 x 64% Sep-15 3.50 x

Hawkeye Ethanol Mar-14 372 57 11 67 0.18 x N/A Jan-17 0.18 x

MoneyGram Payment services Mar-14 502 252 298 550 1.09 x 2% Jan-17 1.09 x

Nielsen Marketing and research Mar-14 449 1,181 0 1,181 2.63 x 94% Feb-15 2.63 x

Sterling Financial Pacific Northwest bank Mar-14 161 433 0 433 2.69 x 49% Nov-14 2.69 x

Univision Communications Spanish-language TV in the US Mar-14 497 1 421 422 0.85 x N/A Jan-17 0.85 x

Justify Total fully realized 3,761 6,773 872 7,645 2.03 x 32% 2.03 x

Partially realised and unrealised Forecast

Listed

Black Knight Financial Services Mortgage servicing platform Apr-14 339 671 299 970 2.86 x 32% Jun-19 2.20 x

Fogo Fine dining restaurant Mar-14 165 214 66 280 1.69 x 10% Apr-18 1.30 x

Office Depot (fka CompuCom) IT services outsourcing Mar-14 344 60 139 199 0.58 x N/A Jun-18 2.20 x

Party City Party goods Mar-14 450 253 616 869 1.93 x 18% Dec-18 2.30 x

Syneos Health (fka inVentiv) Healthcare outsourced services Mar-14 557 1,076 528 1,604 2.88 x 25% Jun-19 1.97 x

West Corporation Business process outsourcing Mar-14 455 1,013 0 1,013 2.23 x 34% Jan-18 3.16 x

Subtotal listed 2,309 3,286 1,648 4,934 2.14 x 21% 2.19 x

Private

Ceridian Information services company Mar-14 424 1 758 759 1.79 x 9% Mar-19 1.80 x

iHeartMedia (fka Clear Channel) Outdoor advertisement Mar-14 624 286 64 351 0.56 x N/A Sep-19 0.80 x

Intermedix IT services to emergency healthcare Mar-14 296 66 164 230 0.78 x N/A Dec-19 2.40 x

Phillips Pet food Apr-14 190 66 51 117 0.61 x N/A Sep-19 2.20 x

Prime Risk Insurance platform Nov-14 147 54 129 183 1.24 x 11% May-19 1.70 x

Retail Force Provide enterprise management software Oct-16 0 0 0 0 1.00 x 0% Apr-21 1.70 x

Subtotal private 1,682 473 1,167 1,640 0.98 x -1% 1.57 x

Example of direct investment: Jimmy Choo

10

Revenue and EBITDA growth from acquisition to exitKey initiatives during ownership

Upgraded the management team: new CEO and COO

Introduced complementary products: handbags, small leather

goods, eyewear, belts, fragrances, men’s shoes

Rolled out new fully-owned stores in the US, Europe and Japan and

franchised stores in the Middle East, Asia and South America

Sold in July 2011 to Labelux Group for GBP 549 million (15.6x

EBITDA), achieving a 2.7x cost multiple and 28% IRR

Investment highlights / rationale

In February 2007, TowerBrook, along with Unigestion and other

investors, acquired Jimmy Choo from Lion Capital, a private

equity firm, for USD 350 million

Long term trend identified at acquisition: emerging middle class

Compelling brand position that supports and sustains consumer

interest and demand

Margin, product mix and sell-through improvement opportunities

One of the world’s most renowned luxury women’s footwear and handbags brands

0

50

100

150

200

LTM Dec 2006 (entry) LTM Jul 2011 (exit)

GBP million

Revenue CAGR +22%

EBITDA CAGR +27%

Source: Unigestion, as at July 2011. Performance is quoted as net of fees in Euro.Please refer to the Important Information on performance at the end of this document. Past performance is not indicative of future performance.

Illustrative portfolio

11

Structure Unigestion Flex Lux SICAV-RAIF targeting a NAV of GBP 200mn by the end of 2021

Recycling Distributions received during this initial phase will be re-invested in order to build up to the target NAV, thereafter distributions will be paid out

Strategy Global buyout and growth

Investment strategy 55% Primary and 45% Secondary

Geographical split 35-45% Europe, 35-45% US, 15-25% Asia

Annual commitments to primaries and secondaries

£320m commitment deployed over 4 years

6 – 8 funds per year (c. 30 in total)

2 – 4 secondaries per year (c. 10 in total)

Source: Unigestion. For illustrative purposes only.

Resulting cash flows

13Source: Unigestion. For illustrative purposes only.

-200

-150

-100

-50

0

50

100

150

200

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

GBP m

Year

Contributions from investor Distributions to investor Cumulative net cash flow

Portfolio self-funding

Different ways to reach NAV exposure

14Source: Unigestion. For illustrative purposes only.

0

20

40

60

80

100

120

140

160

180

200

220

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

GBP m

Year

Primaries Secondaries

J-curve

0.80x

0.90x

1.00x

1.10x

1.20x

1.30x

1.40x

1.50x

1.60x

1.70x

1.80x

1 2 3 4 5 6 7 8 9 10 11

Year

TVPI

Minimum TVPI: 0.96x Above cost after 2 years

Final TVPI: 1.70x (TV = total value {NAV+Distrbutions} /PI = Paid In)

Final net IRR: 16%

Source: Unigestion. For illustrative purposes only.

Geneva Zurich London Paris

Unigestion SA8C avenue de ChampelCP 387CH-1211 Genève 12Switzerland

Akina AGSihlstrasse 20CH-8021 ZürichSwitzerland

Unigestion SASihlstrasse 20CH-8021 ZürichSwitzerland

Unigestion (UK) Ltd4 Stratford Place London W1C 1AT United Kingdom

Unigestion Asset Management (France) SA12 avenue MatignonF-75008 ParisFrance

Unigestion SA is regulated by the Swiss Financial Market Supervisory Authority (FINMA).

Akina AG is regulated by the Swiss Financial Market Supervisory Authority (FINMA) and SEC registered.

Unigestion SA is regulated by the Swiss Financial Market Supervisory Authority (FINMA).

Unigestion (UK) Ltd is authorised and regulated by the Financial Conduct Authority (FCA) and SEC registered.

Unigestion Asset Management (France) SA is regulated by the “Autorité des Marchés Financiers” (AMF).

Luxembourg Jersey City Montreal Toronto Singapore

Akina (Luxembourg) SAAvenue Monterey 402163 LuxembourgGrand Duchy of Luxembourg

Unigestion (US) LtdPlaza 10 – HarborsideFinancial CenterSuite 203Jersey City, NJ 07311USA

Unigestion Asset Management (Canada) Inc.1000 De La Gauchetière OuestBureau 2400Montréal, QC H3B 4W5Canada

Unigestion Asset Management (Canada) Inc.TD Canada Trust Tower161 Bay Street, 27th FloorToronto ON M5J 2S1Canada

Unigestion Asia Pte Ltd152 Beach Road Suite #23-05/06The Gateway EastSingapore 189721Singapore

Akina (Luxembourg) SA is an Alternative Investment Fund Manager authorised by the Commission de Surveillance du Secteur Financier (CSSF) under the Luxembourg law of 12 July 2013 on AIFM.

Unigestion Asset Management (Canada) Inc, (UAMC) with offices in Toronto and Montreal is regulated in Canada by the securities regulatory authorities in the following provinces where it carries on business: Ontario, Quebec; Alberta, Manitoba, Saskatchewan, Nova Scotia, New Brunswick and British Columbia. Its principal regulator is the Ontario Securities Commission.

The entity is regulated in Singapore by the MAS, as Capital Market Services (CMS) license holder and Exempt Financial Adviser under the Securities and Futures Act and Financial Advisers Act.

Contacts

Our teams are available to answer any questions you may have about Unigestion and our investment strategies. Please feel free to contact us and we will make sure to address your request in the best possible way:

For Clients, please contact: [email protected]

For Consultants: [email protected]

For Press Relations: [email protected]

Important Information

This document is addressed to professional investors, as described in the MiFID directive and has therefore not been adapted to retail clients. This document has been prepared for yourinformation only and must not be distributed, published, reproduced or disclosed by recipients to any other person. It is a promotional statement of our investment philosophy and services. Itconstitutes neither investment advice nor an offer or solicitation to subscribe in the strategies or in the investment vehicles it refers to. Some of the investment strategies described or alludedto herein may be construed as high risk and not readily realisable investments, which may experience substantial and sudden losses, including total loss of investment. These are not suitablefor all types of investors. The views expressed in this document do not purport to be a complete description of the securities, markets and developments referred to in it. To the extent that thisreport contains statements about the future, such statements are forward-looking and subject to a number of risks and uncertainties, including, but not limited to, the impact of competitiveproducts, market acceptance risks and other risks. Data and graphical information herein are for information only and may have been derived from third-party sources. Unigestion takesreasonable steps to verify, but does not guarantee, the accuracy and completeness of this information. As a result, no representation or warranty, expressed or implied, is or will be made byUnigestion in this respect and no responsibility or liability is or will be accepted. Unless otherwise stated, the source is Unigestion. All information provided here is subject to change withoutnotice. It should only be considered current as at the date of publication without regard to the date on which you may access the information. Past performance is not a guide to futureperformance. You should remember that the value of investments and the income from them may fall as well as rise and are not guaranteed. Rates of exchange may cause the value ofinvestments to go up or down. An investment with Unigestion, like all investments, contains risks, including total loss for the investor.

.