A partnership full of imagination

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1 November 2014 BABYMOOV & CM-CIC CAPITAL FINANCE A partnership full of imagination

standard in the french infant care products market.

2 Arnaud Courdesses - Laurent Windenberger - Arnaud Thiollier Babymoov ranks 88th in the l express/ernst&young top 150 bestperforming independent companies and, after 15 years, is setting the standard in the french infant care products market. Laurent Windenberger handles marketing as part of an unusual threemember management team, and explained to us how the company puts creativity at the heart of its business model.

3 BABYMOOV and CM-CIC Capital Finance, working together at the forefront of infant care. How was babymoov born? Laurent Windenberger: Originally, in 1997, Babymoov consisted of three friends from ESC Clermont business school (Arnaud Courdesses, Arnaud Thiollier and myself). We did not want to become employees and decided to embark on the adventure of setting up a company. Very quickly, we focused on the infant care market, which was a fairly dull place in France but changing rapidly abroad. We saw that mothers had changed and wanted more than just utilitarian products. As well as practical, functional items, they wanted design-led accessories that reflected their personality. What is your dynamic strategy based on? L.W.: From the outset, our motto was «new ideas for the babies of today». We invited mothers to meetings to find out the products they would like for themselves and their babies, at all times of day. Initially, we went to see European manufacturers that were already selling the relevant products. An example would be «buggy boards», which are platforms on wheels that attach to the rear of a pushchair, allowing the baby s big brother or sister to stand on it and ride along. Very quickly, those manufacturers became our subcontractors, making products designed by us. In the space of a few years, we have gone from being a company that sources innovative products to one that creates them. Your competitors have not stayed still either... L.W.: No, and that s exciting for us. We have shaken up the market and our rivals are close behind us. However, we remain the only independent player and we are fast and agile, which gives us a real edge in what is a very fast-moving market. We have also maintained our lead by completely rethinking our design process. No-one designs a product alone, behind a desk, anymore. Design is now a live process, involving a team of several people working with people outside the company, such as parents, designers and experts. Instead of marketing our products, we now let them speak for themselves as people use them. And it s working: this year, our baby camera that emits zero radio waves won an award at the ABC Kids Expo in Las Vegas. We also won a prize at Kind+Jugend the international trade show for baby and toddler products held in Cologne

That requires us to make major organisational efforts and investments in foreign subsidiaries, as we have just done in the USA.

4 for a bath that maintains the water temperature. This must be helpful for your international development? L.W.: Yes. We have major export ambitions, and we are aiming to generate 50% of our revenue outside France, up from 35% today. That requires us to make major organisational efforts and investments in foreign subsidiaries, as we have just done in the USA. Your three-member management team is another novel aspect of the company. How does the team work? L.W.: Our three-member governance structure is based on clear roles for each of us, and we hold very frequent operational and strategic meetings, allowing us to have a shared vision and message. We remain confident that the decisions we make together are better than those we would make by ourselves. How does CM-CIC Capital Finance fit with your management team? L.W.: Apart from internships, Babymoov is the only company we have worked for. Fabienne Mazières, our contact at CM- CIC Capital Finance, provides us with all of her expertise. We report to her, and she has the necessary perspective to make a major contribution to our work. 40Me in revenue 50 % increase in revenue in the last four years +6,500 followers on Twitter (@babymoov) Present in 40 countries

5 BABYMOOV seen by Fabienne Mazières, CM-CIC Capital Finance. Fabienne Mazières Sometimes, you work with a company and it s a magical experience. The discussions that CM-CIC Capital Finance had with babymoov s three founders showed unprecedented levels of creativity, and we felt that we could form a strong partnership because of Babymoov s excellent people and economic potential. As a result, CM-CIC Capital Finance chose to work with Babymoov s founders, giving them the benefit of our experience, helping them to nurture their unique features and creating the financial conditions that enabled them to pursue their own path. Babymoov is an unusual company that focuses on disruptive innovation, and that attracted us. The three founders have always taken a disruptive approach, re-analysing and reimagining the purpose, design and functionality of basic infant care products. By creating radically different products, Babymoov is setting the standard for others to follow. Recently, Babymoov has won prestigious innovation awards in infant care trade shows in Las Vegas and Cologne. The company s individual character stems from its approach to management, with a focus on collegiate decisions and the use of «Live Open Innovation», which involves crowdsourcing, co-creation and «battles of concepts». This approach enables Arnaud Courdesses, Laurent Windenberger and Arnaud Thiollier, who met at business school in Clermont- Ferrand, to continue injecting fresh ideas into the company s design process.

Edmund Hillary and Tensing Norgay s ascent of Everest in 1953.

Mermoz and Guillaumet s opening of the Andes line in 1929. The Americans moon landing in 1969.

basis in their relations with the entrepreneurs they work with over the long term.

order to meet companies equity fi nancing needs.

6 Edmund Hillary and Tensing Norgay s ascent of Everest in Jacques Piccard and Don Walsh s record dive in the Mariana Trench in Mermoz and Guillaumet s opening of the Andes line in The Americans moon landing in NOTHING IMPORTANT IS ACHIEVED WITHOUT TRUST This conviction inspires the men and women of CM-CIC Capital Finance on a day-to-day basis in their relations with the entrepreneurs they work with over the long term. We cover all areas of corporate fi nance - including venture capital, expansion capital, buyout fi nancing and M&A advisory - in order to meet companies equity fi nancing needs. In addition to professionalism, it is this resolutely people-based view of the business and this local relationship with business owners that characterise the success of our approach. CM-CIC Capital Finance - Lyon Espace Cordeliers 2, rue Président Carnot LYON Tél Paris - Lyon - Nantes - Lille - Strasbourg - Bordeaux - Montréal Head office 28 avenue de l Opéra PARIS

A partnership with an excellent profile

October 2014 BILCOCQ-DUVAL & CM-CIC Capital Finance A partnership with an excellent profile Bilcocq-Duval was founded in 1962 and in the last 15 years has become France s leading producer of waterproof