Overview of Transaction

• On November 14, 2018, Lennar Corporation (“Lennar”) announced it has co-led a $70 million minority investment in Hippo with Felicis Ventures, along with participation from all major existing shareholders
• The investment brings the total amount of funding raised by Hippo to $109 million
• Lennar Corporation (NYSE:LEN) is the largest homebuilder in the United States
• Headquartered in Mountain View, CA, Hippo is a leading property and casualty InsurTech start-up, offering homeowners insurance as well as a number of more specialized products
• Hippo has helped cut premium costs for its customers by up to 25%, seen policy sales grow by 30% month over month, and now covers more than $25 billion in total property value
• Hippo is accessible to more than 50% of the US homeowner population, and that number is expected to increase to over 60% by the end of 2018

Significance of Transaction

• With the new funding, Hippo will accelerate growth while continuing to deliver a modernized home insurance product that includes world-class customer experience on a national scale
• The transaction also offers a clear path for Lennar to continue to streamline the home buying experience for its customers

FT Partners' Role

• FT Partners served as exclusive strategic and financial advisor to Lennar
• This transaction underscores FT Partners' deep FinTech expertise and its continued success in providing buy side advisory to top-tier strategic investors