TIKEHAU CAPITAL

INVESTOR PRESENTATION
NOVEMBER 2020
DISCLAIMER

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comprehensive. The Company, Tikehau Capital General Partner and Tikehau Capital
Advisors do not undertake to update, amend or complete the information contained
in the Presentation in order to reflect new information, new events or for any other
reason and the information contained in this Presentation may therefore be modified
without prior notification.

INVESTOR PRESENTATION
Tikehau Capital 2
DISCLAIMER

This Presentation includes certain IFRS pro forma financial information about the investors, which will reduce returns and, in the aggregate, are expected to be
Group. This pro forma financial information has been prepared on the basis of substantial. Actual returns will be substantially lower on a net basis.
historical financial statements of the Company but has not been audited by the Calculations of Gross Return at the investment level use the date of the relevant
Group’s auditors. The pro forma financial information is presented for illustrative investment without regard to whether the investment was initially funded by investor
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This Presentation or any part thereof is not for publication, release or distribution in the repaid with investor contributions.
United States. No securities of the Company have been or will be registered under Calculations of Gross Return at the fund level use the scheduled date of contribution
the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or under any by fund investors to the fund for the relevant investments. For funds that borrow on a
state securities laws, and the securities of the Company may not be offered or sold in temporary basis prior to calling capital, if calculations of Gross Return at the fund level
the U.S. (or to, or for the account or benefit of U.S. Persons) except pursuant to an used the dates of each investment rather than the dates of each contribution by fund
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U.S. Securities Act. time-weighted and the relevant calculations would incorporate longer periods of time
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jurisdictions may be restricted by law or regulation and persons into whose There is no guarantee any of the companies acquired will reach their IRR targets.
possession this document comes should make themselves aware of the existence There can be no assurance that investment objectives or investments made by Fund
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assumptions.
All projections, forecasts and estimates of returns and other “forward-looking”
The term sheet relating to the Star America acquisition that the parties have signed is
information not purely historical in nature are based on assumptions, which are
non-binding with respect to the terms of the transaction and there can be no
unlikely to be consistent with, and may differ materially from, actual events or
assurance that such discussions will result in an agreement or, if an agreement is
conditions. Such forward-looking information only illustrates hypothetical results under
signed, that it will be consummated
certain assumptions and does not reflect actual investment results and is not a
guarantee of future results. Actual results will vary with each use and over time, and
the variations may be material. Nothing herein should be construed as an investment
recommendation or as legal, tax, investment or accounting advice.
“Gross IRR” represents the aggregate, compound, annualized internal rate of return
calculated on the basis of cash flows to and from all investors, but disregarding
carried interest, management fees, taxes and organizational expenses payable by

INVESTOR PRESENTATION
Tikehau Capital 3
 AGENDA

1 Introduction to Tikehau
Capital
p. 5
4 Outlook p. 50

2 Areas of Expertise p. 21
5 Appendices p. 54

3 Operating and financial review p. 30

INVESTOR PRESENTATION
Tikehau Capital 4
 1 Introduction to Tikehau Capital

INVESTOR PRESENTATION
Tikehau Capital 5
A GROWING PAN-EUROPEAN DIVERSIFIED ASSET
MANAGEMENT AND INVESTMENT FIRM

Founded in IPO in €27.2bn €2.8bn 11 570

2004 March 2017 of AuM(1) of shareholders’ countries employees(2)
equity(2)

Recurring and predictable Significant shareholders’ equity

revenues supporting the alignment of
Asset interests between shareholders,
Scalable platform Investment
Management investor-clients and
Access to complementary activity
activity management
asset classes
Increasing exposure to our own
strategies to:
− Support growth of the Asset
Management activity
− Benefit from returns generated
by our funds

A double exposure to alternative asset classes

(1) As at 30.09.2020
(2) As at 30.06.2020

INVESTOR PRESENTATION
Tikehau Capital 6
UNIQUE AND COMPLEMENTARY POSITIONING ON FOUR
BUSINESS LINES

Our offer Our objective

Alternative and flexible investment solutions Optimise risk / return over the long term

PRIVATE DEBT REAL ASSETS PRIVATE EQUITY CAPITAL M ARKETS

€8.9BN €10.2BN €4.3BN(1) €3.9BN
33% OF AUM 37% OF AUM 16% OF AUM 14% OF AUM

Direct Lending Club deals Growth Equity Fixed Income

Corporate Lending Value-add (TREO) Real Energy transition Equity
Estate
Loans Sofidy funds Aerospace / Cybersecurity
CLOs Listed REITs Special Situations
Star America Infrastructure
Partners

Institutional clients Institutional & Retail clients Institutional & Retail clients Institutional & Retail clients

As at 30.09.2020
(1) Including €1.3bn of direct investments through Tikehau Capital’s balance sheet

INVESTOR PRESENTATION
Tikehau Capital 7
TOTAL AUM HAS INCREASED BY +29% PER YEAR SINCE 2016
Group AuM target is to exceed €35bn in 2022

Total Assets under Management in €bn(1)

CAGR: +29% p.a >35

>27.5
25.8
22.0

13.8
10.0
6.4
3.0 4.3
1.6
2004 2012 2013 2014 2015 2016 2017 2018 2019 2020 2022
2022
Inception of Acquisition of Opening of Opening of Opening of Temasek and Listing of Opening of Opening of guidance guidance
Tikehau Capital Salvepar London Office Singapore Brussels and FFP become Tikehau Capital New York Office Tokyo Office
Increase of
Office Milan Offices shareholders on Euronext Launch of Partnership with TKO’s stake in
Acquisition of Paris Private Equity T&D Insurance IREIT Global
Lyxor UK’s Opening of funds Group in Japan
Partnership with
Senior Debt Madrid and Strategic Partnership with Banca March
activities Seoul Offices partnership with Fideuram –
Acquisition of
Acquisition of €702m Rights DWS Intesa Sanpaolo
Star America
IREIT Global Issue Acquisition of Launch of the Infrastructure
Acquisition of Sofidy and ACE “Tactical Partners
(1) Including direct investments through Tikehau Capital’s balance sheet Crédit.fr Management Strategies”
team
INVESTOR PRESENTATION
Tikehau Capital 8
STRONG TAILWINDS FOR ALTERNATIVES
Continued projected growth in sector AuM and revenue generation

Global AuM by product Global revenue by product

$106Tn
$333bn
$89Tn 18 17%
$296bn
15%
15 16% 16 15%
162 49%
14 16% 16 137 46%
19% 15%
12 14%
13%
31 30% 56 17%
$31Tn 54 18%
15% $104bn
29 33% 12%
3 9% 39
5 17% 30 29% 30 10%
2 6% 15% 4 25 23%
4% 57 19% 57 17%
18 60% 25 23%
18 21% 42 41%
3 8% 3 3% 18 6% 20 6%
2003 2019 2024e 2003 2019 2024e

Alternative assets Specialty products Solutions/LDI/diversified products Active Management Passive management

Source: BCG Global AM 2020 report

INVESTOR PRESENTATION
Tikehau Capital 9
ALLOCATIONS TO ALTERNATIVES ARE WELL-ORIENTED
Appetite for alternatives remain high despite the economic fallout from Covid-19

Medium-term capital commitments for alternative assets Attractiveness of investing in private markets

Private Equity 41% 49% 11%  Better-than-market-average performance

Private Debt 48% 30% 22%

Real Estate
 Uncorrelated returns
23% 37% 40%

Infrastructure 40% 36% 24%  Illiquidity premiums

Natural Resources 36% 21% 43%

More Capital Same amount of capital Less capital

 Portfolio diversification

Investors’ intentions for their private capital portfolios in  High absolute and risk-adjusted returns in Private
response to the economic uncertainty Equity

8%  Inflation hedge and reliable income stream in Real

33% Invest more capital
Estate

No change  High risk-adjusted returns and reliable income stream

60%
in Private Debt
Reduce amount of
capital invested

Sources: Preqin, Alternative assets (H2 2020), BCG Global AM 2020 report

INVESTOR PRESENTATION
Tikehau Capital 10
A SOLID AND STEADY GROWTH TRACK RECORD
Tikehau Capital delivers on its strategy set at the time of its IPO

AuM (Group level) Management fee rate Revenue from Asset Mgt activity
€bn bps €m
+23bps
x4 25.8 25.7 174.8
22.0 92.0 94.0
x6
125.8
81.0
13.8 75.0 88.3
71.0 71.0
10.0 57.9
6.4 39.4
27.9

2015 2016 2017 2018 2019 S1 2020

2015 2016 2017 2018 2019 S1 2020 2015 2016 2017 2018 2019 S1 2020

NOPAM(1) NOPAM(1) margin Shareholders’ Equity

€m % €m

58.5 3,139
x17 31.4% 33.5% 32.4% 2,784
27.6% 2,499
39.5 2,274
28.6 8.9% 1,512
16.0
3.5
(3.6%) n.a
(1.0) 2015 2016 2017 2018 2019 S1 2020
2015 2016 2017 2018 2019 S1 2020 2015 2016 2017 2018 2019 S1 2020

(1) Net Operating Profit for the Asset Management activity

INVESTOR PRESENTATION
Tikehau Capital 11
GROUP AUM BY ASSET CLASS GROUP

+12.0% Group AuM over the last twelve months (+€2.9bn)

Group AuM breakdown at end-September 2020

Direct Investments,
€1.3bn
Capital Markets Asset Management: €25.9bn of AuM at end-Sept. 2020
Strategies, +€3.7bn (+16.5%) over the last twelve months
Private Debt,
€3.9bn
€8.9bn +€2.3bn (+9.6%) vs. Dec. 2019
€6.0bn of dry powder within AM funds
€27.2bn
Private Equity, of Group AuM
at end-Sept. 2020
€3.0bn
+12.0% vs. Sept. 19 Direct Investments: €1.3bn of AuM at end-Sept. 2020
+5.6% vs. Dec. 19 Compared to €2.2bn as of Dec. 2019 and €1.7bn at
end-June 2020
Change mainly due to new commitments made in
Real Assets, TKO funds amounting to c.€400m over the third
€10.2bn quarter

INVESTOR PRESENTATION
Tikehau Capital 12
+€1.5BN FUNDRAISING IN ASSET MANAGEMENT IN Q3 20 AM

Solid fundraising over the quarter, higher than the amount raised over the first half of the year

Asset management fundraising by quarter, and asset class

€bn Fundraising by asset class (€m and % of total fundraising)

2.5 2.6 700 1,500

47%
150 (50)
1.5 700
1.3 10%
47%
0.6 0.6 0.5 0.6
Private Real Assets Private Capital Q3 2020
Debt Equity Markets fundraising
Q1 Q2 Q3 9m Q1 Q2 Q3 9m Strategies
2019 2020

Favourable business mix evolution in Asset Management AuM over the last twelve months

15%
16% 38% 34%
+16.5% Private Debt
8%
12% Real Assets
€22.2bn
at 30/09/2019 €25.9bn Private Equity
at 30/09/2020
Capital Markets Strategies
38%

39%
INVESTOR PRESENTATION
Tikehau Capital 13
STRONG ASSET MANAGEMENT AUM PROGRESSION AM

€bn +16.5% LTM

+0.6 25.9
+0.1
LTM evolution
22.2 +4.2 (1.2)
Sept. 2019 to
Sept. 2020

30-Sept-19 Fundraising Distributions Market effect Change in scope 30-Sept-20

€bn +9.6% YTD

+0.6 25.9
YTD evolution 23.6 +2.6
(0.8) (0.1)
Dec. 2019 to
Sept. 2020

31/12/2019 Fundraising Distributions Market effect Change in scope 30-Sept-20

INVESTOR PRESENTATION
Tikehau Capital 14
CORE PILLARS OF OUR BUSINESS
Our activity is relying on three powerful engines of revenue generation

Growing Assets under Management Performance of Tikehau Capital funds

PERFORMANCE
Asset Management MANAGEMENT Asset Management
FEES / CARRIED
activity FEES INTERESTS(1) activity

Investment activity DIVIDENDS, COUPONS /

CAPITAL GAINS
Balance sheet deployment:
Investments in Tikehau Capital funds
Direct investments
Platform & Strategic investments
(1) 53.3% of carried interests are allocated to Tikehau Capital or its subsidiaries

INVESTOR PRESENTATION
Tikehau Capital 15
ALIGNMENT OF INTERESTS, A KEY DIFFERENTIATOR
A strong shareholder base supporting a dynamic long term development

Tikehau Capital simplified organization(1) Unique alignment of interests

Including:
Management and
Others
employees(2) Management is the largest shareholder of
Management the listed company (44% of the capital)
44% FSP(3)
56%
● Never sold a share of Tikehau Capital
● Reinvested along new investors during
past capital raises
Listed
company Tikehau Capital Shareholders
● Capital allocation priority: invest in
Tikehau Capital funds
Asset Management activity
● 53% of carried interest and 100% of
Tikehau IM (100%) performance fees remain within the
Tikehau Capital Europe (100%) Investor- listed company, thus available for
Sofidy (100%)
Ace Management (100%)
clients shareholders
Credit.fr (96%)
IRET Global Group (50%)
Star America Infrastructure Partners (100%)

Interests are fully aligned with an enhanced risk management

(1) As at 30.09.2020
(2) Including Tikehau Capital Advisors (37%) and Fakarava Capital (7%)
(3) FSP’s shareholders are CNP Assurances, SOGECAP, Groupama, Natixis Assurance, Suravenir, BNP Paribas Cardif, and Crédit Agricole Assurances

INVESTOR PRESENTATION
Tikehau Capital 16
A STRONG BALANCE SHEET AS A GROWTH AND PROFIT
ACCELERATOR

1
Alignment of interests
Providing shareholders access to
alternative assets
2
Stronger inflows Balance sheet
investments in Improving visibility in revenue
own funds generation
3
AuM growth €2.8bn
shareholders’ equity(1)
Objective of achieving a 10-15% run
4
rate on capital invested by the Group
in its own funds
Growing fee income

(1) As at 30.06.2020

INVESTOR PRESENTATION
Tikehau Capital 17
HUMAN CAPITAL AND GOVERNANCE
Experienced and diversified teams

Experienced and committed team

FTEs by age
570 FTEs at Group level at end-June 2020 50 and over
14% 20-29
Gender-balanced staff with 44% of women, across
24%
27 nationalities, with 14 years of average experience
Management’s skin in the game (44% of Tikehau Capital) 40-49
unmatched within the European landscape 23%
30-39
39%
Governance
Group governance and corporate structure are adapted to an entrepreneurial and fast-growing company
Supervisory board is 50% independent, in line with French governance code
53% of carried interest and 100% of performance fees remain available for shareholders

A solid network of advisors

Creation in 2019 of an International Advisory Board at Group level
− Distinguished and complementary members with significant expertise in international affairs
− Chaired by Sir Peter Westmacott, former British ambassador to Turkey, France and the United States
Creation in 2020 of an Advisory Board for Tikehau Investment Management

As at 30.06.2020

INVESTOR PRESENTATION
Tikehau Capital 18
 ESG: AT THE HEART OF TIKEHAU CAPITAL’S STRATEGY
Strong ESG set-up, convictions and recognition

We have started to develop product which address societal challenges while generating competitive financial
returns for investors

Key pillars of our responsible investment strategy External Recognition

A+ rating
Exclusions ESG Integration Engagement
(Confirmed in July 2020)

Sustainability-themed & impact investing 13 funds labelled to date

+ 2 funds with ESG applicant
fund status label(2)

T2 Energy Transition Fund

Tikehau Capital ranked 2nd
Private Equity fund out of 246 companies in its
Respond to the climate emergency by focusing on sector (in May 2020)
businesses that improve energy efficiency, produce clean
energy and develop low-carbon mobility
Inaugural rating of 66/100,
ranking Tikehau Capital among
Tikehau Impact Lending the best companies in its sector
(in September 2020)
Private Debt fund
Support European SMEs contributing to a more inclusive
and sustainable economy through sustainable products Group ESG rating above
& services, and improved resource management sector average

(1) Excluding newly acquired affiliates

(2) Tikehau Direct lending V and Tikehau Impact Lending due to investment period not yet started

INVESTOR PRESENTATION
Tikehau Capital 19
TIKEHAU CAPITAL RECEIVED TOP SCORES FROM 2 LEADING
ESG RATING AGENCIES
Rated and Rated but
Rated but
among top 5 score not Not rated
below top five
performers available

Leading ESG agencies

 
x x (score not x (score not x x x x
public) public)

   
x (score not (score not x (score not x x x (score not
public) public) public) public)

(1)
In 50 49 x 27 x 39 x 58
progress

(2)
13.6 12.6 19.5 27.1 22.2 21.5 18.7 x 13.0

(3)   
66 (score not 70 x 67 (score not (score not 30 40
public) public) public)

(1) As of 14 Oct. 2020 (https://www.spglobal.com/esg/csa/yearbook/ranking/#i20)

(2) As of 14 Oct. 2020 (https://www.sustainalytics.com/esg-ratings/)
(3) As of 12 Sept 2020 (Investir Les Echos)

INVESTOR PRESENTATION
Tikehau Capital 20
 2 Areas of expertise

INVESTOR PRESENTATION
Tikehau Capital 21
TIKEHAU CAPITAL’S PRIVATE DEBT PLATFORM PRIVATE DEBT

Key figures (30 September 2020) Areas of expertise Investment universe & key features
Direct Lending Senior loans, stretched senior,
€8.9bn of Assets under Management Corporate Direct
unitranche, mezzanine, preferred equity
European
lending to French Targeted companies with revenues
Direct Lending
+3% AuM YTD growth SMEs between €50m and €2bn

Leveraged loans Innovative & flexible structuring

capabilities
+5% AuM growth over the last 12m European
CLOs Strong partnership with PE funds
Leveraged Loans & banks

9m 2020 developments and outlook A disciplined investment approach (TDL IV)

First closing of TDL V with €220m of commitments Lower Risk Higher Risk
4.4x 5.6x 5.8x
Novo 2020 fund with €55m
Leverage 3.5x 6.0x
€150m evergreen mandate granted to Tikehau Capital by a

Cyclical risk metrics

French institutional investor 0% 82% 86%
Cov-lite Loans 0% 100%
Launch of CLO VI with €200m of AuM
0.0% 2.6% 4.2%
Deployment mainly driven by Direct Lending funds and loan
funds Default Rates 0% 6%

Outlook: 54% 48% 44%

Equity
− Expected second closing of TDL V by the end of 2020 60% 30%
Contribution
− Launch of an Impact Lending strategy and a Secondary
Private Debt fund Current Levels in Tikehau Current Market Levels Current Market Levels in
Direct Lending IV in Europe the US

TDL IV portfolio metrics as of 30.06.2020

INVESTOR PRESENTATION Sources: S&P Global Market Intelligence, S&P ELLI, S&P/LSTA Loan Index, Tikehau Capital
Tikehau Capital 22
CLOSE MONITORING AND SUPPORT OF THE PRIVATE DEBT

PORTFOLIO COMPANIES
Close support provided by Tikehau Capital to its portfolio companies, helping them to monitor
the evolution of the situation and emerge from the crisis with the means to seize opportunities

Close contact with portfolio Implementation of Stats for the TDL IV flagship fund
companies specific measures when needed (end-July 2020)

of portfolio companies requested a

Regular assessment with our portfolio Specific supportive measures 27%
cash interest postponement
companies’ management teams of implemented to create liquidity buffers
potential short- and medium-term for our portfolio companies: of portfolio companies requested a
impacts on revenues, margins and cash- 37%
− Interest payment postponements covenant waiver
flows
− Covenant breach waivers
Close attention paid to preserving cash − Add-ons of 33 portfolio companies requested a
15
and controlling costs state-backed loans
− RCF drawings
− Contingency plans Level of weighted average net
4.4x
− Increase in debt basket to allow leverage at portfolio companies level
state-backed loans

INVESTOR PRESENTATION
Tikehau Capital 23
TIKEHAU CAPITAL’S REAL ASSETS PLATFORM REAL ESTATE
REAL ASSETS
A comprehensive real assets platform diversified across clients’ types and asset classes

Key figures (30 September 2020) A granular and diversified business line
4
Liquid funds & others
€10.2bn of Assets under Management 6%
1
Closed-end
1 European Core+ and opportunistic real estate
North-American mid-market infrastructure
funds
30%
+11% AuM YTD growth €10.2bn
2 Listed REITs in Singapore and in France

3 European Core/Core+ Real Estate (through

of AuM
SCPIs, i.e Real Estate investment vehicles
+22% AuM growth over the last 12m 3
SCPI(1)
53% 11%
2
dedicated to retail investors)

Permanent 4 UCITs funds (European listed Real Estate)

capital

9m 2020 developments A wide range of opportunities across the Risk / Return spectrum
Resilient portfolio skewed towards offices, light industrial, +
retail parks and asset conversion strategy to residential
Rent collection remained solid over Q3, exceeding 90% in Opportunistic
the main real estate funds 15-20%

Gross Return
Ongoing fundraising for Sofidy and several acquisitions
Value-add
carried out YTD 11-14%
Final closing of the value-add fund TREO, raising €560m
Core+
Successful rights issue completed by IREIT Global in October 7-10%
2020, raising c.€89m
Core
Integration of Star America Infrastructure Partners 3-6%
− AuM of €583m as of end-September 2020
(1) “Société civile de Placement Immobilier” (Real estate investment vehicle) Risk Profile +
Actual returns will be substantially lower on a net basis. Past performance is not indicative of future results
INVESTOR PRESENTATION
Tikehau Capital 24
 REAL ESTATE FUNDS PERFORMANCE REAL ASSETS
Snapshot on main real estate closed-end funds, SCPIs and liquid funds

Closed-end real estate funds Solid performance for Sofidy’s main funds

Exited in 2018 Exited in 2019

Tikehau
Tikehau Real Tikehau Real Tikehau Real
Logistics
Estate 2 Estate 3 Estate 1 Fund type SCPI SCPI UCITs
Property I

Fund size €274m1 €348m1 €40m €113m Diversified

Offices European listed
Strategy Largest cap. in
Inception 2016 2017 2016 2014 properties REITs
France

Sale & Lease- Sale & Lease- Creation

Asset Sale & Lease- 1988 1987 2014
Strategy back / assets back / assets date
conversion back
conversion conversion

Tenant 2020 -7% YTD perf.

perf/yield 4.31% 4.80% vs. benchmark
forecast (%) perf. of -22%
# of sites 130 200 #1 22
IRR since +55%
% of investment inception(3) 9.50% 8.81% perf. since
9.7% 7.3% 100% 100%
exited (%) inception

Multiple on
1.5x 1.7x 2.0x 1.9x
exited assets2

(1) As at 31 December 2019

(2) Total proceeds from exited assets compared to initial investment
Past performance is not indicative of future results
(3) As at 30 September 2020

INVESTOR PRESENTATION
Tikehau Capital 25
TIKEHAU CAPITAL’S APPROACH TO PRIVATE EQUITY PRIVATE EQUITY
Growth Equity: growing an emerging segment with attractive returns
Areas of expertise
Key figures (30 September 2020)
Growth and expansion Equity to Entrepreneurs
€3.0bn of Assets under Management Thematic expertise
in partnership with large international corporates
B2B Macro Trends

+48% AuM YTD growth Aerospace Energy transition

Tech-enabled B2B
services
Healthcare

+59% AuM growth over the last 12m Cybersecurity Medtechs / biotechs
Industrials
Financial services

Secular and emerging Macro Trends

9m 2020 developments and outlook Key features

First closing of €630m for Ace Management (Ace Aero Growth and expansion capital for founders /
Partenaires) entrepreneurs
“Relance” label attributed to T2 Energy Transition Fund as well as
to Tikehau Growth Equity II (TGE II) Offers performance comparable to buyout, but with less
leverage
Further investments for TKO Energy Transition fund and first
investment for the new fund Ace Aero Partenaires
Strong deal flow and less competition
Outlook:
− Deploy the funds with selected investments An international investment team with complementary
skills and expertise
− Additional fundraising expected for Ace Aero Partenaires

INVESTOR PRESENTATION
Tikehau Capital 26
 PRIVATE EQUITY PRIVATE EQUITY
Track record of divestments: average multiple of 2.4x since 2012 (1)(2)

For all minority investments higher than €1m made by Tikehau Capital (and Salvepar)
Classified in non-current portfolio in Tikehau Capital’s balance sheet
8.3 Amount invested taking into account Salvepar acquisition discount for investment made by Salvepar prior to 2012
(3)

5.0
(1)(2)

(4)
Average
2.4

3.7
3.3
2.7
2.5 2.4 2.4 2.3 2.2 2.1
1.8 1.8 1.7 1.6 1.6 1.5 1.4 1.4 1.3 1.3 1.3 1.2
1.1 1.0 0.9
0.3
0.0

2.5 40.3 14.6 8.5 20.5 35.0 10.8 18.2 12.5 5.7 4.5 8.4 7.0 9.9 10.8 28.7 4.8 4.9 13.2 5.6 11.1 6.4 1.7 7.4 10.6 10.0 6.0 2.1
Aug-15 / Dec-13 / Mar-14 / Jun-12 / Sept-09 / Dec-13 / Jun-08 / Juil-13 / Jun-10 / Oct-14 / Sept-06 / Nov-07 / Apr-14 / May-08 / May-00 / Apr-14 / Dec-09 / Mar-09 / Nov-05 / Mar-11 / Sept-14 / Jun-08 / Jun-05 / May-08 / Dec-10 / Mar-11 / Dec-15/ Oct-12/
Dec-19 Dec-17 Jun-16 Apr-17 Dec-17 Nov-19 Jul-14 Aug-18 May-19 May-16 Feb-13 Feb-15 Oct-17 Feb-15 May-13 Jun-17 Dec-13 Feb-13 2015 Jun-13 Aug-17 Jan-13 Apr-13 Feb-13 Jan-17 Jul-13 May-18 Jun-17

(1) As at 31.12.2019
(2) Weighted average on amount invested
Tikehau multiple # Initial amount invested in €m (Tikehau view)
(3) Based on exchange rate $/€ on 06.05.2016
(4) Excluding earn-out
Exit in 2019
INVESTOR PRESENTATION
Tikehau Capital 27
HOW DOES THE GROUP DEPLOY ITS VALUE CREATION PRIVATE EQUITY
CAPABILITIES FOR ITS PORTFOLIO COMPANIES ?
Support International Expansion Provide Access to Tikehau Platform
TKO supports Dove Vivo in its organic expansion in TKO Real Estate owns retail chains shops which are
France & Spain potential business prospects for GreenYellow

Dove Vivo can leverage TKO’s global network to First commercial success with c. €160k invoiced to one of
find clients, offices & recruit new people TKO Real Estate Assets to connect sites with power

Leverage relations with banks and 5 pillars of Value Enable digital transformation
institutions & Innovation
TKO has strong relationships with main
Creation TKO partners with Opeo and OSS to
European banks help Nexteam achieve Factory 4.0
During Covid TKO helped French Nexteam already implemented 3
companies secure public loans solutions to digitalize its operations

x x OpLit

Foster ESG initiatives

TKO supported Oodrive in its carbon footprint evaluation
and helped build its ESG roadmap
INVESTOR PRESENTATION
Tikehau Capital 28
CAPITAL MARKETS STRATEGIES CAPITAL MARKETS
STRATEGIES
Performing and scalable

Key figures Investment universe ESG label awarded to 10 TKO funds

Open-ended funds and managed
€3.9bn of Assets under Management accounts (High Yield, Investment Grade
corporates, Subordinated financials)
LuxFLAG ESG label has been
awarded to 10 open-ended funds
managed by Tikehau Capital

+1% AuM YTD growth Primarily pan-European

Asian credit
credit and Acknowledges the incorporation of
ESG considerations throughout
entire investment process
+10% AuM growth over the last 12m Value Quality and Special Situations
equity stocks

9m 2020 developments Outlook and strategy

Solid inflows in Equity funds despite the complex market Launch of new innovative products (notably in the US)
conditions
Launch of a long-term equity fund (TLTE) with innovative
Good overall YTD performance especially on the
Private Equity approach applied to public equities
subordinated financials
Good start to Q4 with portfolios designed to navigate Further development of “long only” strategies such as
potential volatility in the coming quarters Tikehau Global Value and Tikehau Global Credit to capture
Flexible and balanced management in the equity and credit more international and institutional clients
markets
Strong internal research capabilities, allowing to perform
conviction-based management
Highly scalable strategies

INVESTOR PRESENTATION
Tikehau Capital 29
 3 Operating and financial review

INVESTOR PRESENTATION
Tikehau Capital 30
GROUP AUM | OVERVIEW BY ASSET CLASS GROUP

€25.7bn of Group AuM at end-June 2020

Capital Direct
Private
Private Real
Real Liquid Private
Private AM Group
1 Debt
Debt
+ 2
Estate
Assets
+ 3 Markets
Strategies
+ 4 Equity
Equity
=
activities
+ Investments =
AuM
Strategies AuM

25.7
2.3 24.0
3.8
0.7 1.7
9.6 0.2 2.2
1.6
0.7 3.6

8.3
8.9
21.8
0.6
(in €bn)

7.8

Private Debt Real Assets Capital Markets Private Equity AM Perimeter Direct Investments Total AuM
Strategies

Tikehau Capital investments (drawn and undrawn) in its own strategies

Third-Party investments (drawn and undrawn)

INVESTOR PRESENTATION
Tikehau Capital 31
SIMPLIFIED CONSOLIDATED P&L GROUP

in €m H1 2020 H1 2019 Δ (€m) Δ (%)

Asset AM revenues 88.3 75.9 +12.4 +16.3%

Management Operating costs (59.7) (55.4) (4.3) +7.7%
activities AM net operating profit 28.6 20.5 +8.1 +39.5%
AM net operating margin (%) 32.4% 27.0% +5.4pts

Investment revenues (77.2) 157.7 (234.9)

Operating costs 1 (47.3) (37.5) (9.8)
Investment
activities
Operating profit from investment portfolio (124.5) 120.2 (244.7)
Other items 2 (165.8) (0.8) (165.0)
Investment activities net operating profit (290.3) 119.4 (409.7)

Financial interest (19.2) (22.0) +2.8

Non-recurring share-based payments (1.3) (3.1) +1.8
Group Tax 3 41.4 (17.6) +59.0
Minority interest - (0.1) +0.1
Net profit - Group share (240.9) 97.2 (338.1)
EPS (€) (1.73) 0.91

1 Investment activities operating costs include the remuneration of general partner for €(35)m vs €(26)m in H1 2019
2 Other items include result from financial instruments for €(165)m
3 Positive tax impact of €41.4m, of which deferred tax of €41.6m mainly deriving from the derivative positions and corporate tax of
€(0.3)m

INVESTOR PRESENTATION
Tikehau Capital 32
 3.1 Asset Management activities

INVESTOR PRESENTATION
Tikehau Capital 33
STRONG COMPOUNDING EFFECT OF TIKEHAU CAPITAL AM

INVESTMENTS IN ITS OWN FUNDS

AuM breakdown between 3rd party investors and TKO

Third Party AuM TKO commitments

Undrawn
€0.6bn 0.3
24.0
21.2 €2.2bn
0.5
+0.4
2.2
18.5 0.2
1.8
Drawn
0.5
1.3 €1.5bn
13.2
+2.4 21.8
1.3
0.2

19.4 0.7
(in €bn)

17.2 0.7 €2.2bn

11.9
0.6

30-Jun-18 30-Jun-18 30-Jun-19 30-Jun-20 Private Equity Private Debt Real Assets
(proforma) Capital Markets Strategies

INVESTOR PRESENTATION
Tikehau Capital 34
ASSET MANAGEMENT INVESTOR BASE AT END-JUNE 20 AM

Tikehau Capital keeps expanding and internationalizing its investor base

Asset management AuM by investor origin H1 2020 3rd party fundraising by origin

RoW, 32%
(1) Fundraising from international investor accounts for
France, 62% 3% 36% of total asset management fundraising
Asia, 5% +2 pts
x2 vs 30 June Excluding Sofidy (not distributed globally), this share
2019
stands at 55%
Europe 16%
€24.0bn (excl.
France),
AuM 21%
31 Dec. 30 Jun.
2015 2020
Tikehau
Capital Group,
9% International 42% 41% 36%
55%
A well-diversified investor base
Tikehau Capital group, (3)
Others, 6% (2)
9%

France 64%
58% 59%
45%
€24.0bn
AuM
H1 2018 H1 2019 H1 2020 H1 2020
(excl. Sofidy)

Asset Managers & Family offices, HNWI,(4)

Institutionals, 45% Retail, Banks
40%

(1) Excluding Tikehau Capital Group

(2) Including corporate groups, funds of funds and foundations
INVESTOR PRESENTATION (3) Including commitments by Tikehau Capital and its subsidiaries
Tikehau Capital (4) High Net Worth Individuals 35
 FEE-PAYING AUM ANALYSIS AT END-JUNE 2020 AM

€20.3bn of fee-paying AuM as of 30 June 2020, up +17% over the last twelve months

Fee-paying AuM evolution (€bn) Fee-paying AuM by duration

+13%
+2% 24.0 Permanent
23.6 Capital Markets
1.0 Strategies
1.1 5%
Total AM AuM 21.2 19% 7 years or more
2.7 26%
2.6
1.1 €20.3bn
Non fee-paying AuM
fee-paying
2.7 AuM 1%
+17% 20.3 29%
Less than
Future fee-paying AuM 21% 3 years

+2% Funds managed by

Sofidy 3 to 6 years
Fee-paying AuM 19.9
17.4
98% of AuM in closed-end funds
have durations above 3 years
30-Jun-19 31-Dec-19 30-Jun-20

Fee-paying AuM growth over H1 2020 reflects solid fundraising in Private Equity and Real Estate (mainly Sofidy)
coupled with deployments in Private Debt and Real Estate (TREO)
Fee-paying AuM as a % of AuM have remained stable over H1 (85% at end-June 2020, +3pts vs. end-June 2019)

INVESTOR PRESENTATION
Tikehau Capital 36
TIKEHAU CAPITAL’S FUNDS DEPLOYMENT AM

Total deployments by Tikehau Capital’s closed-end funds €0.8bn invested during H1 2020 on the Group’s closed
end funds, down compared to the same period last year,
mainly reflecting the Group’s cautious approach during
1.5 the Covid-19 outbreak
-€0.7bn 108 companies / assets financed(1) in H1 2020 (vs. 145 in
1.2 H1 2019)

1.0 ESG criteria fully integrated in selection process

0.8 A variety of financing solutions provided (private debt,
equity, structured products, crowdfunding, etc.)

Investments on closed-end funds by business line

(€bn)

Private Equity

21%
H1 2018 H1 2018 H1 2019 H1 2020
(published) (pro forma)
€0.8bn
Real Assets 15%
64% Private Debt

(1) Excluding CLOs and crowdfunding entities

INVESTOR PRESENTATION
Tikehau Capital 37
 TIKEHAU CAPITAL DEPLOYMENT AM

Screenings and execution in H1 2020 show maintained high selectivity

Real Assets team

Private Debt team(1) Private Equity team
(TKO + Sofidy)(4)

177 screened deals 1,315 screened deals 426 screened deals

56 screening
9 firm offers 64 firm offers
committees

8 closed 27 closed 26 closed

deals(2) deals(5) deals

Conversion rate (3)

4.5% 2.2% 6.1%

A strict investment discipline maintained in 2020 across all business lines, leading to carefully selected deals

Notes:
(1) Only relates to Direct Lending activities
(2) Closed deals exclude follow-ons
(3) Conversion rate calculated as Total closed deals / total screened deals
(4) 1,315 screened deals in 2020, of which c.1,233 performed by Sofidy’s Real Estate investment team
(5) Only relates to Sofidy deals

INVESTOR PRESENTATION
Tikehau Capital 38
ASSET MANAGEMENT REVENUES AM

Asset Management revenues grew much faster than AuM over H1 2020

Asset Management revenues

Management fees & others(1) Management fees growth of 16% in H1 2020
Performance fees & carried interests
88.3
€1.2m of performance fees and carried
+16% interests generated in H1 2020
x2.5 75.9 1.2

0.9
61.1
H1 2020 Mgt fees & others by business line
2.9
Capital Markets Private Equity
35.8 Strategies 14% 15%
+16%
87.1
2.9 75.0
58.2
€87.1m
32.9

Real Assets Private Debt

42% 29%
30-Jun-2018 30-Jun-2018 30-Jun-2019 30-Jun-2020
(published) (proforma, incl. Sofidy & ACE)

(1) Management fees & others include management fees, subscription fees, arrangement fees and other revenues

INVESTOR PRESENTATION
Tikehau Capital 39
FEE RATE EVOLUTION AM

Tikehau Capital’s strategy aims at improving its fee-generation profile

30 Jun. 2019 31 Dec. 2019 30 Jun. 2020

% AM AuM Bps % AM AuM Bps % AM AuM Bps

Real Assets 39% 99 bps 39% 110 bps 39% 107 bps

Private Debt 34% 69 bps 37% 73 bps 33% 79 bps

Capital Markets
Strategies
19% 53 bps 16% 53 bps 19% 62 bps

Private Equity 7% >150 bps 9% >150 bps 8% >150 bps

Management fees (1)

84 bps 92 bps +2 bps 94 bps
Performance-related fees 1 bp 5 bps 5 bps
Total weighted
(2) 85 bps 97 bps +2 bps 99 bps
average fee-rate

Management fee rate of 94 bps at end-June 2020 representing an increase of 2 bps vs. end-December 2019 reflecting both
margin improvement on Capital Markets Strategies (+9 bps) and a favourable mix in Private Debt strategies (+5 bps mainly driven by
Direct Lending)

(1) AM fees include management fees, subscription fees, arrangement fees and other revenues, net of distribution fees
(2) Implied fee rates are calculated based on average fee-paying AuM

INVESTOR PRESENTATION
Tikehau Capital 40
+4% GROWTH IN AUM ELIGIBLE TO CARRIED INTERESTS AM

Slight increase in H1 2020

AuM eligible to carried interests AuM eligible to carried interests is growing at a faster pace
than Group AuM

The Group’s operating leverage does not rely on short-term

9.0 carried interests, which should contribute to profit
+4%
8.6 generation over the long-term
+16%
Contribution from this revenue stream will increase as a
7.5
growing number of funds, with larger individual size, will
-3% 3.6 start maturing
+8% 3.7
3.4 Carried interests are due at funds maturity, range usually
between 10% and 20% of the funds’ total performance (i.e.
3.0
3.1 with “full catch-up”), should a hurdle IRR be exceeded
+5%
2.7 +9%
53% of carried interests remain within the listed company,
i.e. benefitting Tikehau Capital’s shareholders
(€bn)

+48% 2.0 +16% 2.3

1.3

30 Jun. 19 31 Dec. 19 30 Jun. 20

Private Equity Real Assets Direct Lending and Multi Assets

INVESTOR PRESENTATION
Tikehau Capital 41
 ASSET MANAGEMENT PROFITABILITY AM

Strong increase in profit contribution from the Group’s Asset Management perimeter

Thanks to the combination of strong revenue growth and controlled cost evolution, NOPAM margin increases
year-over-year by more than +540bps to 32.4%

NOPAM(1) margin evolution

x3.1 €28.6m 32.4%
+39% 27.0%
25.7%
€20.5m
88.3
75.9
€9.2m 11.6%
(59.7)
(55.4)

35.8
(26.6)

-3.9%
(€m)

H1 2016 PF H1 2017 H1 2018 H1 2019 H1 2020

H1 2018 H1 2019 H1 2020

AM costs AM revenues NOPAM(1)

(1) Net Operating Profit from Asset Management Activities

INVESTOR PRESENTATION
Tikehau Capital 42
 3.2 Investment activities

INVESTOR PRESENTATION
Tikehau Capital 43
PORTFOLIO REVENUES INVEST

H1 2020 revenues adversely impacted by unrealized change in fair value (-€143.3m)

Revenues from the investment portfolio impacted by change in fair value, of which €(143.3)m is unrealized
− Q1 2020 unrealized change in fair value reached €(287.5)m, partially offset by Q2 positive unrealized change in fair value of €144.1m
At end-June 2020, realized change in fair value reached €23.8m (vs. €7.9m last year)
Dividends, coupons and distributions amount to €42.3m at end-June 2020

157.7

188.7
100.8
144.1
(€m)

49.0 42.3 11.5 30.8

7.9 23.8 10.0 13.8

H1 2019 (165.0)
(143.3) (287.5)
Impact from derivatives

(77.2) (266.0)

H1 2020 Q1 2020 Q2 2020

Dividends, coupons, distributions Realized change in fair value Unrealized change in fair value

INVESTOR PRESENTATION
Tikehau Capital 44
FOCUS ON TKO FUNDS INVEST

Unrealized change in fair value impacting contribution of TKO funds

Contribution of TKO funds to H1 2020 revenues

DWS +7
(6)
TKO funds
TKO listed REITs (11) (€17m) 31.2 +31% 18.9 23.9
31.2
HDL - Assystem (5) vs 30/06/2019
0.2
H1 2018 H1 2019 H1 2020
(61)
(48.3)

Eurazeo

Others
(€m)

(16.9)

(77.2)

H1 2020 Dividends, coupons, distributions Realized change in fair value Unrealized change in fair value

TKO funds negatively contributed to H1 2020 investment revenues due to unrealized change in fair value, of which half is linked to
Selectirente’s share price decline (listed REIT in France)
Over the long-term, TKO funds’ contribution to investment revenues will grow steadily
Confirmation of 10-15% target run rate return on capital invested by the Group in its own funds

INVESTOR PRESENTATION
Tikehau Capital 45
 3.3 Key balance sheet items

INVESTOR PRESENTATION
Tikehau Capital 46
CONSOLIDATED BALANCE SHEET GROUP

Very solid financial structure, supporting the Group’s strategy

BBB- / stable outlook

credit rating assigned by Fitch Ratings to Tikehau Capital in January 2019
Robust equity structure supporting the business
model
in €m 30-Jun-20 31-Dec-19 ∆
— €2.8bn of shareholders’ equity
Investment portfolio 2,371 2,335 +36
Cash & cash equivalents (1)
— €878m of cash
878 1,307 (429)
Other current & non-current assets 711 699 +12 — €500m of undrawn facility
Total assets 3,960 4,341 (381)
Cash & cash equivalents evolution mainly linked
Shareholders' equity - Group share 2,784 3,139 (355) to:
Minority interests 7 7 -
Total Group shareholders’ equity 2,791 3,146 (355) — Portfolio investments for a net of €(152)m
(acquisitions net from disposals)
Financial debt 1,007 997 +10
Other current & non-current liabilities 162 198 (36)
— Dividend payments for €(84)m
— Impacts related to financial instruments for
Total liabilities 3,960 4,341 (381) €(165)m
Gearing (2) 36% 32% +4pts
Undrawn committed facilities 500 500 - Level of financial debt stable

(1) Cash and cash equivalents and cash management financial assets of €767.3m and security deposit and margin calls relating to the portfolio derivative instruments (€110.2m)
(2) Gearing = Total financial debt / Group share shareholders’ equity

INVESTOR PRESENTATION
Tikehau Capital 47
4.9 YEARS OF AVERAGE DEBT MATURITY GROUP

A well spread debt repayment schedule, no maturity before 2023

Financial indebtedness as at 30 June 2020 and amortization plan

Amortization Plan

1,800

1,600 €1,500m
RCF - €500m
1,400 2019 Bond - €500m

500 2017 Bond - €300m

1,200
€1,000m Term Loan - €200m
1,000

800
500 500

600

500
400
300 300
500
(in €m)

200
300
200 200 200
-
Total facilities Drawn debt 2020 2021 2022 2023 2024 2025 2026

INVESTOR PRESENTATION
Tikehau Capital 48
 TIKEHAU CAPITAL’S INVESTMENT PORTFOLIO | 30 JUNE 2020 GROUP

A well diversified investment portfolio, geared in priority towards TKO funds

2,447 2,336 2,371

 1 investment > €50m
€396m
(€m)

Non-listed investments 396  10 investments between €10m and €50m

823  92 investments < €10m
911 31
30 Other listed investments
1,260 35% 130 Foncière Atland
Direct 39% €427m DWS
investments Listed investments
51% 236 Eurazeo

230 Capital Markets

Strategies
2022 objective
318 Private Equity
1,548
1,425
65-75% of
Tikehau Capital 1,187 61% 65% investment portfolio
539 Real Assets
funds comprised of
49% investments within
Tikehau Capital
461 Private Debt funds

30 June 2019 31 Dec. 2019 30 June 2020

Net investments of €152m over the half-year, including further investment in TKO funds, with capital being called as funds
are deployed and the disposal of part of the stake in DWS
€1,548m invested by Tikehau Capital in its asset management strategies, as of end-June 2020, i.e 65% of total portfolio,
+16 pts vs end-June 2019

INVESTOR PRESENTATION
Tikehau Capital 49
 4 Outlook

INVESTOR PRESENTATION
Tikehau Capital 50
TIKEHAU CAPITAL IS WELL-POSITIONED TO NAVIGATE
THE CYCLE
The Covid-19 outbreak has raised …that Tikehau Capital has been anticipating
specific risks… with the building of the right set-up

Value creation in asset management is A diversified exposure to complementary asset

1
switching from asset allocation to asset picking classes

During the last 10 years of easy monetary policies 2 High level of selectivity and investment discipline
− valuations of all asset classes have increased
together 3 Strong alignment of interest with LPs
− having a good portfolio construction was
enough to generate satisfying returns 4 Local footprint and sourcing capabilities

We have seen volatility increasing, dispersion is

on the rise and idiosyncratic risk is rising 5 Concentrated portfolios of high convictions

Competitive landscape is structurally evolving, with Strong balance sheet allowing to keep growing AM
6
banks less active in mid-market corporate activities
financing
7 Strong proprietary financial and ESG analysis

Strong €4.7bn €0.9bn €2.8bn €500m

firepower
(at end-June 2020) of dry powder within of cash available of shareholder’s equity of undrawn credit lines
Group funds on the balance sheet1

INVESTOR PRESENTATION (1) Cash and cash equivalents and cash management financial assets of €767.3m and security deposit
and margin calls relating to the portfolio derivative instruments (€110.2m)
Tikehau Capital 51
FUNDRAISING PIPELINE
Combination fundraising of flagship funds and launch of additional strategies

Drive further diversification of the client base (institutional and retail)

Capital Markets
Private debt Real Assets Private equity
Strategies

Grow new Grow current Fixed

vintages of Continued development Finalization of T2 and Income & Equity funds
TDL V
flagship / existing of club deals TGE II fundraising Enhance long-only
funds equity and credit offering

Enhance offering Private Debt Secondary TLTE (long-term equity

Fundraising for TKS fund
through new fund fund)
(medtech)
strategies Impact Lending fund Tikehau 2027

Leverage past Integration of Star

ACE Management:
acquisitions to America Ramp-up of US High
continued fundraising
expand the AM Planned capital increase Yield strategy
for Ace Aéro Partenaires
platform for IREIT

Tactical Strategies
(special opportunities and cross-assets solutions)

INVESTOR PRESENTATION
Tikehau Capital 52
CONFIRMATION OF THE GROUP’S GUIDANCE
Tikehau Capital is on track to deliver its targets
Short-term guidance

>€27.5bn(1) of total AuM at end-December 2020

Mid-term guidance

>€35bn of total AuM by 2022

of operating profit for Asset Management

>€100m activities by 2022

of investment portfolio comprised of investments

65-75% within Tikehau Capital funds

run rate return on capital invested by the Group in

10-15% its own funds
Note: (1) At constant AuM for the Capital Markets Strategies activity (compared to AuM at end-June 2020)

INVESTOR PRESENTATION
Tikehau Capital 53
 5 Appendices

INVESTOR PRESENTATION
Tikehau Capital 54
 SUSTAINED FUNDRAISING MOMENTUM
Combination of strong organic growth and selected acquisitions
AuM growth drivers since 2013 Vintage funds increasing in size

Distributions €2.1bn
Fundraising
Mark-to-market • Sofidy
External growth • ACE

5.4
x3.4

0.6

• Lyxor 0.4
0.2
• IREIT
1.2
0.2 4.6
0.1 3.9 3.7 €610m
0.3 2.4 x4.6
1.5 2.0
1.2
x1.6 €134m
(0.2) (0.2) (0.1) (0.2) (0.5) (1.1) (1.4)
€85m
214 160
2013 2014 2015 2016 2017 2018 2019 26 41 60
Direct Lending Direct Lending Direct Lending Direct Lending Direct Lending
Total
1 2 3 4 5
AuM 3.0 4.3 6.4 10.0 13.8 22.0 25.8
(EoP) Vintage 2010-2020 2012-2022 2014-2022 2017-2025 2020-

Net
+1.4 +1.3 +2.1 +3.6 +3.8 +8.2 +3.8 Committed by Tikehau Capital Third parties
change

INVESTOR PRESENTATION
Tikehau Capital 55
UPDATE ON FUNDS’ ACTIVITY | PRIVATE DEBT PRIVATE DEBT

Exit Exit Exit

Oct. 2020 Investment Oct. 2020 Oct. 2020

Specialized in the development, Leading player in testing, inspection and Integrated player providing comparison and
manufacturing and sale of consumable certification brokerage services within the mortgage,
abrasive tools Exit of a secondary trade for the TDL loan insurance and wealth management
Repayment of the investment in the strategy universe
company made in Jul. 2017 Co-arrangement of a €45m TLB in Feb.
Co-arrangement of a €250m unitranche and 2017 and additional investments to support
€60m ACF in Oct. 20 M&A acquisitions

Exit
Oct. 2020 Investment May 2020 Investment March 2020 Investment

IT consulting firm Manufacturing of transfection reagents Wholesale insurance broker specialized in

Exit of an investment carried out by the essentially for gene and cell therapy health & protection and property & casualty
Novo strategy industries insurance solutions
New investment for the TDL strategy (co- Co-arrangement of a €160m unitranche and Arrangement of a €37.5m unitranche with a
arrangement of a unitranche loan) €15m equity co-investment €20m acquisition facility and €5m equity co-
First unitranche with a margin grid based on investment
pre-identified impact criteria

INVESTOR PRESENTATION
Tikehau Capital 56
UPDATE ON FUNDS’ ACTIVITY | PRIVATE EQUITY PRIVATE EQUITY

Investment Investment Investment

T2 T2

Oct. 2020 Sept. 2020 Jan. 2020

Company specialized in manufacturing Italian-based leading manufacturer of Ireland-based global energy efficiency
machines and presses along with stators and rotors for electric motors and services provider serving customers
complex mechanical parts for aircraft generators, which supports the across 5 main industry verticals: Food &
engines, helicopters and launchers for the development of efficient and accessible Agribusiness, Manufacturing, Healthcare,
civil aviation and aerospace industries e-mobility solutions O&G and TMT
c.€20 investment by Ace Management 30% stake acquired by Tikehau’s Energy c.€30m investment made by T2
through the new fund Ace Aero Partenaires Transition Fund (T2)

Companies using Crowley Carbon’s solutions

INVESTOR PRESENTATION
Tikehau Capital 57
CAPITAL STRUCTURE AT 30 SEPTEMBER 2020
Shareholding structure

Share capital ownership at 30 September 2020 Main shareholders

Management : 44%
Fonds Stratégique de Participations(2): 9%
: 9%
Institutional : 4%
Institutional 37%
Management (1) : 4%
shareholders
& free float 44% : 3% 37%
: 2%
56% : 2%
: 2%
Others
19% : 2%
Others : 19%
100%

Shareholders bound by a shareholders’ agreement (representing

a total of 59% of the share capital)

(1) Including Tikehau Capital Advisors (36.9%), Fakarava Capital (6.8%)

(2) FSP’s shareholders are CNP Assurances, Sogecap, Groupama, Natixis Assurance, Suravenir, BNP Paribas Cardif, and Crédit Agricole Assurances

INVESTOR PRESENTATION
Tikehau Capital 58
EXPERIENCED AND COMMITTED LEADERSHIP TEAM 1/2

Co-Founders Tikehau Group Management

Henri Marcoux Geoffroy Renard

Deputy CEO General Counsel

Antoine Flamarion Mathieu Chabran

Emmanuelle Costa Anne Le Stanguennec

Head of Human Capital Head of Internal Audit

Ephraim Marquer Grégoire Lucas

Head of Compliance Head of External Relations

Bertrand Honoré
Chief Technology Officer

INVESTOR PRESENTATION
Tikehau Capital 59
 EXPERIENCED AND COMMITTED LEADERSHIP TEAM 2/2
Asset Management Executive Team

Thomas Friedberger Henri Marcoux Jean-Baptiste Feat Bruno de Pampelonne Frédéric Giovansili Guillaume Spinner
TIM Co-CEO & Co-CIO TIM Co-CEO TIM co-CIO TIM Chairman TIM Deputy CEO TIM COO
Head of Sales and Marketing

Private Debt Real Assets Private Equity Capital Markets Strategies Tactical Strategies
Peter Cirenza
Raphael Thuin
Cécile Mayer-Lévi Frédéric Jariel Emmanuel Laillier Chairmaon of Tactical
Head of Capital Markets
Head of Private Debt Co-Head of Real Estate Head of Private Equity Strategies, Private Equity and
Strategies
Chairman of the London office

Jean-Marc Delfieux
Debra Anderson Pierre Vaquier Guillaume Benhamou Fixed Income Capital Maxime Laurent-Bellue
CLO Co-Head of Real Estate Ace Management Markets Strategies Head of Tactical Strategies

Marwan Lahoud Vincent Mercadier Research

Nathalie Bleunven Guillaume Arnaud Balanced & Equity Capital
Strategic partner
Corporate Lending Markets Strategies
(NOVO / NOVI)
Sofidy Ace Management Rodolfo Caceres
Credit Research

Olga Kosters
Jean-Marc Peter
Private Debt Secondaries
Sofidy Regional Heads
Carmen Alonso Neil Parekh Timothy Grell
William A. Marino United Kingdom & Iberia Asia, Australia and New North America
Vanessa Brathwaite Region
Star America Zealand
Leveraged Loans
Infrastructure Partners

Edouard Chatenoud Luca Bucelli Young Joon Moon

Christophe Petit Benelux Italy Korea
Star America
Infrastructure Partners
Sergei Diakov
Japan
INVESTOR PRESENTATION
Tikehau Capital 60
SIMPLIFIED ORGANIZATION CHART AT 30 SEPTEMBER 2020

Founders &
Management

33% 67%

Public
shareholders including

58% Tikehau Capital

Fakarava Capital FSP
Advisors(1)
c60 FTE
7% 37% 56%

Tikehau Capital SCA

€2.8bn of shareholders’ equity

0 FTE
100%(2)

Asset Management activity

c470 FTE

Listed consolidated perimeter

(1) Owns 100% of Tikehau Capital General Partner, the general partner of Tikehau Capital SCA
(2) Except IREIT Global Group (50%) and Credit.fr (96%). Sofidy owned at 100% pro forma for acquisition of Sofidy’s residual shares in January 2019

INVESTOR PRESENTATION
Tikehau Capital 61
ROLE OF TIKEHAU CAPITAL ADVISORS
#1 shareholder, #1 supporter, #1 enhancer of Tikehau Capital as a listed entity

Main features of Tikehau Capital Advisors A vehicle focused on the listed company’s interests

Strong and committed shareholder of Tikehau Capital, since TCA owns 100% of Tikehau Capital General Partner, sole
company’s inception Manager and only General Partner of the listed company

TCA never sold a single Tikehau Capital share, on the The sole purpose of TCA is to serve the listed company’s
contrary, keeps reinvesting in the listed company interests

TCA is providing services for the Group’s key corporate

TCA is controlled by Management, and benefits also from functions:
strong partners in its capital supporting the Group’s
‒ Strategy
international expansion strategy
‒ Legal & regulatory
‒ Communication & Public affairs, Investor Relations
‒ Finance & tax
Economics in place since Group’s inception ‒ Human Capital
‒ IT
‒ Compliance
Services remuneration before tax equals to 2% of the Group’s ‒ Internal Audit
consolidated shareholders’ equity, in order to compensate for ‒ M&A and business development
the listed company’s corporate costs
TCA’s cost base is comprised of compensation of c.60
A preferred dividend equal to 12.5% of the statutory net result employees, rents, IT costs and general expenses
of Tikehau Capital, in order to incentive TCA in maximising its
recommendation in terms of M&A and business development as
well as advisory on investment decisions

INVESTOR PRESENTATION
Tikehau Capital 62
INTERNATIONAL ADVISORY BOARD
Distinguished and complementary advisory board members with significant expertise in international affairs

Stéphane Abrial Jean Charest Fu Hua Hsieh Noboyuki Idei

Former Chief of Staff of the French Former Primer Minister of Quebec Chairman of ACR Capital and Board Former CEO of Sony Corporation
Air Force, and former NATO Chairman NUS Board
Supreme Allied Commander
Former President of Temasek Holdings
Transformation

Margery Kraus Enrico Letta Lord Peter Levene

Founder & Executive Chairman of Former Italian Prime Minister Former Chairman of Lloyd's London
APCO Worldwide

François Pauly Kenichiro Sasae Sir Peter Westmacott * Fernando Zobel de Ayala
Chairman of Compagnie Financière La Former Japanese Ambassador Former British Ambassador President and COO of the Ayala
Luxembourgeoise Corporation

INVESTOR PRESENTATION
Tikehau Capital * Chairman of the International Advisory Board 63
TIKEHAU CAPITAL - SUPERVISORY BOARD
Independence, experience and expertise
Independent members represent 50% of the Board

Christian de Labriffe Jean-Louis Charon

Chairman of the Supervisory board Chairman of City Star

Roger Caniard Troismer, represented by Léon Seynave

Head of MACSF financial management Managing Director of an investment group

Fonds Stratégique de Participations, Jean Charest

represented by par Florence Lustman Former Prime Minister of Québec, Partner at the McCarthy Tétrault law firm
Chief Financial Officer of Fédération Française de l’Assurance (Canada)

Anne-Laure Naveos Fanny Picard

Director in charge of External Growth & Partnerships at
Chair of Alter Equity SAS, Management Company of the FPCI Alter Equity
Crédit Mutuel Arkéa

Constance de Poncins
Remmert Laan Managing Director of AGIPI (General Interprofessional Retirement and
Former General Partner at Lazard Investment Association)

Jean-Pierre Denis (non-voting member)

CEO of Crédit Mutuel Arkéa and President of the
Fédération du Crédit Mutuel de Bretagne

INVESTOR PRESENTATION
Tikehau Capital 64
 CONTACTS

Paris London Amsterdam Brussels Luxembourg

32, rue de Monceau 30 St. Mary Axe ITO Tower - Gustav Mahlerplein 104 IT Tower, Avenue Louise 480 4ème étage
75008 Paris London EC3A 8BF 1082 MA Amsterdam 1050 Brussels 37A avenue J-F Kennedy
FRANCE UK NETHERLANDS BELGIUM L-1855, Luxembourg
Phone: +33 1 40 06 26 26 Phone: +44 203 821 1000 Phone: +31 20 796 93 61 Phone: +32 2894 0080 LUXEMBOURG
Phone: +352 2733 5450

Madrid Milan
Calle de Velazquez 98 Galleria San Fedele – Via Agnello 20
28 006 Madrid 20121 Milan
SPAIN ITALY
Phone: +34 91 048 1666 Phone: +39 02 0063 1500

New York Seoul

412 West 15th St. 43FI, Three IFC
18th Floor 10 Gukjegeumyung-ro,
New York, NY 10011 Youngdeungpo-gu
UNITED STATES Seoul, 07326
Phone: +1 212 922 3734 KOREA
Phone: +82 2 6138 4331

Singapore Tokyo
1 Wallich Street #15-03 Marunouchi Nakadori bldg. 6F
Guoco Tower 3-2-2 Marunouchi, Chiyoda-ku,
Singapore 078881 Tokyo 100-0005
SINGAPORE JAPAN
Phone: +65 6718 2111 Phone: + 81 3 6837 5430

INVESTOR PRESENTATION
Tikehau Capital 65
The information contained in this presentation is confidential and is for the exclusive use of the original listed recipient(s). The contents of this presentation are for TIKEHAU CAPITAL
informational purposes only, and should not be regarded as an offer to sell or a solicitation of an offer to buy any securities, futures, options, investment products, share
of funds or other financial product or services. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change 32, rue de Monceau - 75008 Paris - France
without notice. Tikehau Capital shall not be held liable in any case for any decision taken based on the present document. Past performances are no indicator of future Phone: +33 1 40 06 26 26
performances. Fax: +33 1 40 06 09 37