[PPT] - TIKEHAU CAPITAL INVESTOR PRESENTATION OCTOBER 2019 Strictly PowerPoint Presentation

SLIDE 1

Strictly confidential

TIKEHAU CAPITAL INVESTOR PRESENTATION

OCTOBER 2019

SLIDE 2

Tikehau Capital

DISCLAIMER

2 By viewing or receiving or reading this Presentation (as such term is defined herein) or attending any meeting where this Presentation is made, you agree to be bound by the limitations, qualifications and restrictions set out below: The existence and content of the presentation that follows (the “Presentation”), regarding Tikehau Capital SCA (the “Company”) and the group to which it belongs (the “Group”), does not constitute and should not be construed as a contract or an

ffer to contract or a public or non-public, binding or non-binding, offer to sell or a

solicitation of an offer to buy any securities, investment products, share of funds or

ther financial product or services in any jurisdiction. This Presentation is not directed

to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, transmission, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The information contained in this Presentation is of an indicative nature and has not been verified independently. No representation or warranty, whether express or implied, is given regarding the correctness, comprehensiveness or accuracy of the information and opinions contained in this Presentation. This Presentation is not meant to serve as a basis for, and shall not be used in connection with an investment

decision. No person shall be entitled to rely on, or shall have any claims against the

Company, Tikehau Capital General Partner (the “General Partner”), Tikehau Capital Advisors, any of their affiliates, officers, directors, employees, any of their advisers, consultants or any other person arising from this Presentation. The information contained in this Presentation is indicative as at the date of this Presentation and may have to be updated, amended or completed significantly. This Presentation contains only summary information and does not purport to be

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. This Presentation contains forward looking statements about the Group and its

subsidiaries. These statements include financial projections and estimates and their

underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Although the Group believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of the Group’s securities are cautioned that forward-looking information and statements are subject to various risks, whether known or unknown, uncertainties and other factors, which may be beyond the control of the Group and which may result in significant differences between the actual performances and those expressly or impliedly set out in such forward looking statements. These risks and uncertainties include those discussed or identified in filings with the Autorité des Marchés Financiers (“AMF”) made or to be made by the Group. The Group undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise. Any information relating to past performance contained herein is no indication as to future performance. The market data and certain industry forecasts included in this Presentation were

btained from internal surveys, estimates, reports and studies, where appropriate, as

well as from external market research, publicly available information and industry

publications. Neither the Company, nor its affiliates, directors, officers, advisors,

employees, consultants or agents have independently verified the accuracy of any external market data and industry forecasts and do not make any undertakings representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only.

INVESTOR PRESENTATION

SLIDE 3

Tikehau Capital

DISCLAIMER

3 This Presentation includes certain IFRS pro forma financial information about the

Group. This pro forma financial information has been prepared on the basis of

historical financial statements of the Company but has not been audited by the Group’s auditors. The pro forma financial information is presented for illustrative purposes only and is not indicative of the results of operations or financial condition. This Presentation or any part thereof is not for publication, release or distribution in the United States. No securities of the Company have been or will be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or under any state securities laws, and the securities of the Company may not be offered or sold in the U.S. (or to, or for the account or benefit of U.S. Persons) except pursuant to an exemption from, or a transaction not subject to, the registration requirements of the U.S. Securities Act. The distribution of this Presentation and any information contained herein in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should make themselves aware of the existence

f, and observe any such restriction. In particular, neither this Presentation, nor any

part of it may be distributed, directly or indirectly, in the United-States, Canada, Australia or Japan. Non-compliance with these restrictions may result in the violation

f legal or regulatory restrictions in certain jurisdictions.

INVESTOR PRESENTATION

SLIDE 4

Tikehau Capital

TODAY’S SPEAKERS

4

Co-Founders

Antoine Flamarion Mathieu Chabran

Management team

Geoffroy Renard General Counsel Henri Marcoux Deputy CEO Ephraim Marquer Head of Compliance Laure Perreard Chief Financial Officer Anne Le Stanguennec Head of Internal Audit Emmanuelle Costa Head of Human Capital Bertrand Honoré Chief Technology Officer INVESTOR PRESENTATION Guillaume Belnat Head of Treasury & Financing Louis Igonet Investor Relations

TKO’s speakers

Bruno de Pampelonne Tikehau IM Chairman Thomas Friedberger Tikehau IM Co-CEO & Co-CIO Frédéric Giovansili Tikehau IM Deputy CEO Head of Sales and Marketing Guillaume Spinner Tikehau IM COO Head of Fund Operations and Client Service

SLIDE 5

Tikehau Capital

EXECUTIVE SUMMARY

5

Opportunity to invest in Tikehau Capital’s second bond issue

1 A fast growing asset manager and investment firm

INVESTOR PRESENTATION

Tikehau operates in a structurally growing alternative investments market with high and resilient fee margins Total Group AuM more than double in 2 years, with a €35bn target by 2022 Four business lines leading to a balanced business model Strong risk management culture thanks to the alignment of interest of all stakeholders

2 Robust financial performance (1)

Strong balance sheet (€4bn) highly capitalized (€3bn

f

shareholders equity, 3rd ranking among AAM worldwide peers) and reinforced in 2019 by the successful €715m capital increase Solid growth of recurring revenues from both Asset Management and Investment Activities Asset Management Net Operating Margin (“NOPAM”) of 27%, boosted by strong revenue growth and cost control

3 Bond issue objectives

General corporate purposes and/or potential repayment of existing bank facilities Maintain regular presence on Euro debt capital markets two years after TKO inaugural bond Optimize and rebalance financial flexibility by diversifying funding sources Benefit from current market conditions

4 Investment grade rating metrics

Highly selective M&A opportunities under strict financial guidelines Low balance sheet leverage Established and well-diversified business model Comfortable Gearing, LTV and liquidity levels

(1) As at 30.06.2019

SLIDE 6

Tikehau Capital

AGENDA

6

1

Introduction to Tikehau Capital

p.7

2

Tikehau Capital’s business model and strategy

p.57 p.21

6

Appendices

3

Financial performance

p.33

5

Conclusion and transaction

verview

p.53

4

Financing structure and liquidity position

p.47

INVESTOR PRESENTATION

SLIDE 7

Tikehau Capital 7

1

Introduction to Tikehau Capital

INVESTOR PRESENTATION

SLIDE 8

Tikehau Capital

A GROWING PAN-EUROPEAN DIVERSIFIED ASSET MANAGEMENT AND INVESTMENT FIRM

All figures as at 30.06.2019 (1) Including employees and partners of Sofidy and ACE Management (2) Credit rating assigned in January 2019 (3) Aggregate of (i) Cash and Cash Equivalents and (ii) Current Investments Portfolio, as shown in semi-annual consolidated financial statements (4) LTV = (Consolidated Financial Indebtedness – Consolidated Cash & Cash Equivalent) / (Consolidated Asset Value – Consolidated Cash & Cash Equivalent (5) Listed Investments and Consolidated Cash & Cash equivalents divided by Total Financial Debt

8

Established track record in Private and Public markets Pioneer & leader in alternative financing for SMEs in Europe Global presence Paris, London, Madrid, Brussels, Milan, Luxembourg, New-York, Singapore, Seoul and Tokyo Founded in

2004 €23.4bn

f AuM

€3.1bn

f shareholders’ equity

c.480 (1)

employees and partners Areas of expertise Private Debt, Real Estate, Liquid Strategies, Private Equity

IPO

in March 2017

INVESTOR PRESENTATION

Low Loan To Value ratio of

7% (4)

Low Gearing of 26% €1,024m of Cash & Cash Equivalent (3) Total Gross Debt

c. €802m

Strong liquid Asset Coverage 2.3x (5) BBB- / stable (2) credit rating (Fitch)

SLIDE 9

Tikehau Capital

LEGAL ORGANISATION AND SHAREHOLDER STRUCTURE

Strong shareholder base supporting institutional development First-tier institutional shareholders Tikehau Capital simplified organisation

Data as at 30.06.2019 (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

9 Others Management(1)

Tikehau Capital Asset Management activities

56% 44%

Listed company

Tikehau Investment Management Asset Manager Tikehau Capital Europe CLO Manager

100%

Sofidy Real Estate Asset Manager Credit.fr Crowdlending ACE Management Private Equity Manager

100% 100% 100% 96%

IREIT Global Group Real Estate Asset Manager

50%

INVESTOR PRESENTATION

SLIDE 10

Tikehau Capital

TIKEHAU CAPITAL DNA

10

INVESTOR PRESENTATION

Diversified investment portfolio, gradually rebalanced towards TKO funds Strong balance sheet, feeding growth and compounding value creation Strong alignment of interests, at the heart of Tikehau Capital’s DNA Structural tailwinds for alternative assets Increasing contribution from Asset Management to revenue and profit

A fast-growing alternative asset manager using its strong balance sheet as a growth and profit accelerator

A unique model of development

SLIDE 11

Tikehau Capital

TOTAL GROUP AUM MORE THAN DOUBLED IN 2 YEARS

Group AuM target is to exceed €35bn in 2022

11 0.004 1.6 3.0 4.3 6.4 10.0 13.8 22.0 23.4 >35.0

2004 2012 2013 2014 2015 2016 2017 2018 H1 2019 2022

Total Assets under Management in €bn

Inception of Tikehau Capital Acquisition of Salvepar Opening of London Office Opening of Singapore Office Opening of Brussels and Milan Offices Temasek and FFP join capital Acquisition of Lyxor UK’s Senior Debt activities Acquisition of IREIT Global Listing of Tikehau Capital

n Euronext

Paris Opening of Madrid and Seoul Offices €702m Rights Issue Acquisition of Crédit.fr Opening of New York Office Launch of Private Equity funds Strategic partnership with DWS Acquisition of Sofidy and ACE Management 2022 guidance Past performance is not indicative of future results Opening of Tokyo and Luxembourg Offices €715m Rights Issue Inaugural Rating

btain from

Fitch Rating (BBB- / Stable)

INVESTOR PRESENTATION

SLIDE 12

Tikehau Capital

CORE PILLARS OF OUR BUSINESS

12

Our activity is relying on three powerful engines of revenue generation

Investments in Tikehau Capital funds Direct investments Platform & Strategic investments Performance of Tikehau Capital funds Growing Assets under Management Balance sheet deployment MANAGEMENT

FEES

DIVIDENDS, COUPONS /

CAPITAL GAINS

PERFORMANCE

FEES / CARRIED INTERESTS (1)

Asset Management Activities Investment Activities Asset Management Activities

(1) 53.3% of carried interests are allocated to Tikehau Capital or its subsidiaries

INVESTOR PRESENTATION

SLIDE 13

Tikehau Capital

WHAT WE DO

13

Tikehau Capital’s activities are organised around 4 business lines

(1) Including €2.1bn of direct investments through Tikehau Capital’s balance sheet

Our offer

Alternative and flexible investment solutions

Our objective

Optimise risk / return over the long term

PRIV

ATE

DEBT €8.4BN

36% OF AUM

REAL ESTATE €8.0BN

35% OF AUM

1 2

LIQUID STRATEGIES €3.3BN

14% OF AUM

PRIV

ATE

EQUITY €3.6BN

15% OF AUM

3 4

Tikehau Capital has €23.4bn of AuM at the end of June 2019

(1)

INVESTOR PRESENTATION

SLIDE 14

Tikehau Capital

0.6 0.8 0.9 0.9 1.4 2.1 3.3 3.4 2.0 1.9 2.3 2.2 0.8 1.2 1.8 1.9

2016 2017 2018 H1 2019

Corporate Lending Direct Lending Senior Loan CLO

4.9

AuM (1): €8.4bn

PRIV ATE DEBT

14

A long-lasting experience combined with strong innovative capabilities

Investment philosophy

Comprehensive platform allowing for full coverage

f capital structure to access the entire mid-

market space Target superior risk adjusted returns ‘Rightsizing’ strategy to track opportunities and ensure efficient deployment of capital Thorough ‘2-look’ Investment Committee Excellent default and loss record:

‒ 0% in direct lending ‒ 0.4% in leveraged loans

Key points

Long-lasting experience and established track-record:

‒ 10 years direct lending record built through over 100 transactions with more than 50 sponsors ‒ first authorized direct lender in France

Strong partnerships with Private Equity funds & banks Innovative and flexible structuring capabilities Favourable momentum for Direct Lending

Management and research teams

Team of 30+ professionals with local presence in Paris, London, Brussels, Madrid, Milan and Singapore Network of Senior Advisors in key target geographies to supplement deal sourcing and execution capabilities

(1) As at 30.06.2019

Deal samples

OCTOBER 2018

Unitranche & acquisition facility

JULY 2018

Unitranche

OCTOBER 2018

Unitranche

FEBRUARY 2019

Mezzanine

OCTOBER 2018

Unitranche

AuM Growth (€bn)

+71%

APRIL 2019

Senior Secured Bonds

APRIL 2019

Secured and Subordinated loan

1

JULY 2019

Unitranche 6.0 8.3 8.4

INVESTOR PRESENTATION

SLIDE 15

Tikehau Capital

PRIV ATE DEBT

15

Direct Lending AuM of €4.3bn Leveraged Loans AuM of €4.1bn

Core Corporate Lending funds: Novo 2 – Novo 2018 Novi 1 Groupama Tikehau Diversified Debt Fund (GTDDF) Sofiprotéol dette privée

European Direct Lending French SMEs Corporate Direct Lending

Core European Direct Lending funds: Tikehau Direct Lending III Tikehau Direct Lending IV / 4L

European Leveraged Loans CLO

Core European Leveraged Loans funds: Tikehau Corporate Leveraged Loan Tikehau Senior Loan II Tikehau Senior Loan III CLOs Five CLOs completed (2)

€8.4bn

AuM at 30 June 2019

+31%

AuM growth since 30 June 2018

+2.6bn

Fundraising since 30 June 2018

AuM (1): €8.4bn

1

A synergistic Private Debt platform

(1) As at 30.06.2019 (2) As at 31.07.2019

INVESTOR PRESENTATION

SLIDE 16

Tikehau Capital

1.8 2.2 7.6 8.0 2016 2017 2018 H1 2019

AuM (1): €8.0bn

Focus on TREO 2018

TREO 2018 fund to focus on opportunities with a strong potential for value creation with ability to seize market opportunities arising from local / macro events TREO 2018 positioned as a value-add fund targeting a 12% - 15% IRR post fees with a LTV up to 65% Tikehau Capital committed €150m of equity into the fund

Investment philosophy

Interest rate decrease allows Real Estate market to offer attractive yield levels Focus on sale & lease-back deals with highly creditworthy counterparties, harbouring generous potential yield and high latent resale capital gains Comprehensive platform across Private Debt, Private Equity and Liquid Strategies provides unparalleled cross-sourcing opportunities

Management and research teams

190+ professionals (including 170+ for Sofidy) deeply connected locally to ensure high-quality sourcing and facilitate lease negotiation and disposal process Global footprint built through a network of

perating partners, external advisors, brokers,

banks and lawyers creates accretive deal sourcing 16

(1) As at 30.06.2019

Deal samples

JUNE 2017 Tikehau Italy Retail Fund II

21,900 m2

OCTOBER 2017 Tikehau Real Estate II and III

700,000 m2

OCTOBER 2015 Tikehau Retail Properties III

157,000 m2

JUNE 2019 Tikehau Residential I

44,200 m2

AuM Growth

REAL ESTATE

Strong track record combined with disciplined investment strategy

Immorente Sofidy SA

1,156,695 m2

€3.1bn Efimmo 1 Sofidy SA

476,030 m2

€1.4bn Sofipierre Sofidy SA

41,792 m2

€127m Immorente 2 Sofidy SA

14,503 m2

€105m

Sofidy’s flagships funds

x 4.4

2 TR1

INVESTOR PRESENTATION

SLIDE 17

Tikehau Capital

REAL ESTATE

17

An attractive risk/return profile

Risk Profile Portfolio Investments

ffering

current yield and/or high potential for repositioning Focus on Value Creation by investing in special situations, restructuring and development opportunities Active Asset Management Strategy laying on two pillars: (i) local partners with deep knowledge of the markets and tight bounds with major players and (ii) in- house know-how with dedicated team Diversification in investment size, sector and geography Secured Investment through ownership of the Real Estate

+

Gross Return Core 3-6% Core+ 7-10% Opportunistic 15-20% Value-add 11-14%

+

Core Core+ Value-add Opportunistic Risk Low Low to average Average to high High Debt Financing <40% <40% 40% - 60% >50% Real Estate type and location Existing properties, well tenanted, central and stable income returns Existing properties in good secondary location and requiring limited asset management Existing properties with need for refurbishment and/or repositioning Distressed properties / situations or development projects requiring active asset management Holding period Long Medium to long Medium Short

Real Estate Strategies Investment Universe Appealing Features

Sofidy Institutions Family Office Institutions HNW individuals Retail clients

Real Estate Asset classes addressed by Tikehau Capital TREO 2018 focus

AuM (1): €8.0bn

2

(1) As at 30.06.2019

INVESTOR PRESENTATION

SLIDE 18

Tikehau Capital

PRIV ATE EQUITY

A wide span of investment capabilities

18

1

Growth Equity

Targeted investment size: €25-100m Targeted NOVI investment size: €3-20m Supporting entrepreneurs and founding families Active minority shareholder positions providing capital to fund growth and

perational support

15-years track record

2

Energy Transition (T2)

Targeted investment size: €25-100m Partnership with Total SA for midcap investments in Energy Transition companies

3

ACE Management

Sector focus: Aerospace / Defense / Maritime / Cyber Security Target universe: companies with EV from €50m to €500m

GP: Tikehau Investment Management GP: ACE Management

JULY 2012

Implementation of composite materials

SEPTEMBER 2016

Additive manufacturing

OCTOBER 2018

Energy supply service

JULY 2019

Buildings technical activities

JULY 2019

Italian platform of shared apartments

JULY 2018

Aerospace supplier, specialised in hard metal

AuM (1): €3.6bn

3

(1) As at 30.06.2019

€1.5bn in Asset Management €2.1bn in Direct Investments

INVESTOR PRESENTATION

SLIDE 19

Tikehau Capital

PRIV ATE EQUITY

Transition from an on-balance sheet to an asset management approach

19

A historical business for Tikehau Capital. Until 2018, a practice carried out on-balance sheet Long term and flexible investment maturity Global investment capabilities combining direct investing in Europe and co-investments worldwide Key focus on minority growth equity Strong track-record in performance generation Seasoned investment team of 35+ professionals (including ACE’s team) with complementary skills and expertise Launch of Private Equity strategies within Tikehau Capital’s Asset Management practice

Launching of Private Equity strategy for third party

through Tikehau Growth Equity II (“TGE II”), T2 Energy Partners and Tikehau Special Opportunity

Acquisition of ACE Management

Tikehau Capital’s balance sheet is invested in these funds

2.3x

average multiple of divestments since 2012 (2)

(1) As at 30.06.2019 (2) Weighted average on amount invested, for all minority investments higher than €1m made by Tikehau Capital (and Salvepar), classified in non-current portfolio in Tikehau Capital’s balance sheet Amount invested taking into account Salvepar acquisition discount for investment made by Salvepar prior to 2012. Please refer page 65 for additional information.

€1.5bn

AuM at end-June 2019

Track-record and experience 2018: the tipping year AuM (1): €3.6bn

3

INVESTOR PRESENTATION

Launch of a Tikehau Growth Equity Secondary fund

Main features

f the fund

€210m target size for TGE Secondary fund Fund will comprise 6 minority and unlisted investments in high growth companies previously held by Tikehau Capital’s balance sheet A lead investor will acquire 31% of TGES Tikehau Capital will keep at least 15% in TGE Secondary

Benefits for Tikehau Capital

A new positive step forward for Tikehau Capital’s expansion in Private equity:

–

Launch a new fund open to third party investors, with management fees and carried interests attached

–

Keep an active management of its balance sheet, aimed in particular at increasing the contribution of TKO funds within the investment portfolio

SLIDE 20

Tikehau Capital

1.9 3.1 3.3 3.3 2016 2017 2018 H1 2019

AuM (1): €3.3bn

Investment Strategy

Flexible and dynamic asset allocation and benchmark free approach Fundamental investment approach combining macro and bottom-up inputs Disciplined investment process: strong proprietary capabilities covering fundamental, relative value and liquidity factors Tikehau Capital funds globally over-performing peers

Investment philosophy

Long term total return approach ‒ No benchmark ‒ Flexibility of the market exposure ‒ Rigorous investment process ‒ Long term value creation Track record in terms of default in portfolios:

nly one default since 2009, an average annual

default rate of 0.03% Integration of the ESG criteria within the investment process

Management and research teams

20+ professionals in credit and equity strategies (Investment and Research) UCITS IV funds (France and Luxembourg domiciled funds) and managed accounts

(1) As at 30.06.2019

20

AuM Growth

LIQUID STRATEGIES

Investment philosophy and key figures

Tikehau Income Cross Assets

€0.5bn AuM

Flagship Funds (1)

Tikehau Taux Variables

€1.6bn AuM

Tikehau Credit Plus

€0.5bn AuM

Tikehau SubFin

€0.2m AuM

+74%

4

INVESTOR PRESENTATION

SLIDE 21

Tikehau Capital 21

2

Tikehau Capital’s business model and strategy

INVESTOR PRESENTATION

SLIDE 22

Tikehau Capital

WELL POSITIONED TO DELIVER GROWTH WITH ATTRACTIVE FINANCIAL PROFILE

22

TKO’s brand and scale are competitive advantages as LPs look to consolidate GP relationships Allocations to alternatives are increasing Illiquid strategies are outperforming Ongoing search for higher returns

Brand, scale and market growth

2

Long duration assets

Simple, business model built on a foundation of sticky, long duration capital High proportion of recurring management fees; further upside potential from performance fees

4

TKO is growing faster, highly diversified, and benefits from a blue chip client base

Balanced business across private credit, private equity, real estate and liquid strategies AuMs increasingly from blue-chip international client base Proven disciplined and accretive approach to M&A

3

Balance sheet will accelerate growth

Compelling organic growth target: more than €35bn AuM and €100m of Net Operating Profit of AM (“NOPAM”) by 2022 Increasing investment in TKO funds Accretive use of capital

5

DNA of aligned interests

Management and employees are #1 shareholder group in Tikehau Capital Shareholders also investors in strategies Strong balance sheet to support the group development and strategies

1

INVESTOR PRESENTATION

SLIDE 23

Tikehau Capital

TIKEHAU CAPITAL HAS BEEN TRANSFORMING ITS MODEL

A strategic transformation towards alternative asset management

23

Asset Management Direct investments

Management fees

Perf. fees &

Carried Interest Recurring revenues Non-recurring revenues TKO funds M&A Recurring revenues Recurring Assets under Management Funds performance Distributions Operating leverage

Other Portfolio investments

Recurring & Non-recurring Dividends / Capital gains Accelerate Asset Management expansion

An asset manager using its strong balance sheet as a growth and profit accelerator

Our balance sheet is a competitive advantage To grow our AUM, Management Fees and Fee Related Earnings faster To capture our investment performance To allow us to invest for strategic growth To create direct alignment of interest with our LPs

INVESTOR PRESENTATION

1

SLIDE 24

Tikehau Capital

A STRONG BALANCE SHEET IS KEY TO ALIGN INTERESTS

Alignment of interests at the very core of Tikehau Capital’s DNA

24

Management Shareholders Investor-clients

Management wants to remain #1 shareholder

f the listed company

Capital allocation’s priority is to invest in TKO funds 53% of carried interests are available for shareholders

Interests fully aligned allowing strong risk management

Key differentiator for fundraising « Share the gain, share the pain » Strong confidence generation Long-term perspective Strategy aimed at creating value for shareholders

Since Tikehau Capital’s inception

INVESTOR PRESENTATION

1

SLIDE 25

Tikehau Capital

6% 6% 20% 17% 10% 11% 20% 19% 45% 48% 2018 2023E

STRONG MARKET DYNAMICS FA VOURING ALTERNATIVE ASSET MANAGERS

Expected evolution of AM segments between 2018 and 2023

25

Rising allocations to alternative assets supported by sustained low rates, aging demographics and higher resilience to fee pressure Private Debt, Real Estate and Private Equity amongst the key asset classes benefiting from these trends

23% 23% 27% 27% 16% 16% 17% 17% 16% 17% 2018 2023E Source : BCG Global AM 2019 report Segments included in Tikehau Capital’s current scope Segments not included in Tikehau Capital’s current scope Funds of private equity funds Money market Fixed income core Structured Fixed income specialties Commodities Real Estate Private debt Infrastructure Liquid alternatives Equity specialties Equity core Balanced Passive equity Passive fixed income LDIs Fixed-income ETFs Solutions Equity ETFs Private equity Hedge funds Funds of hedge funds Net revenue margin (bps) 50 100 200 Estimated size in 2018 (scale = $1tn) 25 75 % growth

5

5 10 15 20 25 50 100 200 Active Management (1) Specialty products (2) Solutions/LDI/diversified products (3) Passive management Alternative assets

$279bn $330bn

Global AuM Global Revenues

$74Tn $101Tn

(1) Including absolute return, “target date”, asset allocation, flexible, income, volatility, LDI products, as well as conventional diversified and balanced products (2) Including alternative funds, Private Equity, Real Estate, infrastructure and commodity funds (3) Including specialty equity products (non-domestic, global equities, emerging markets, small and mid-cap and sectors) and specialty fixed income products (credit, emerging markets, global fixed income, high yield and convertible bonds)

Alternative AM: 44% of global AM revenues in 2023 for 16% of AuM

INVESTOR PRESENTATION

2

SLIDE 26

Tikehau Capital

PARTNERSHIPS CAPABILITIES

26

Strategic partnerships with major players in their sector

PURPOSE PARTNERS Equity partnerships forged with strategic investors who wish to support Tikehau Capital’s balance sheet growth and its long-term strategy Ability to attract leading and long- term investors Offer the possibility of management delegation, creation

f joint brand products with major

players (energy, agri-food, life science, Asset Management) Share opportunities for co- investment and deal flow Rely on the deep expertise and knowledge of major players in their sector (infrastructure, real estate, technology, digital, etc.)

Fonds Stratégique de Participations

EQUITY CO-INVESTMENTS JOINT BRAND PRODUCTS BANKS Tikehau Capital has built strong relationship with leading international banks and investors enabling it to: i. support its growth ii. develop its international network and

iii. source new
pportunities

INVESTOR PRESENTATION

2

SLIDE 27

Tikehau Capital

TIKEHAU CAPITAL DEPLOYMENT

27

Screenings and execution in 2018 show maintained high selectivity Private Debt team (1)

344 screened deals

30 firm offers 24 closed deals

375 screened deals

129 deals with staffing 10 closed deals

Private Equity team (2) Real Estate team

100 screened deals

16 firm offers 1 closed deals

An increasing strong domestic and international deal-flow A strict investment discipline maintained in 2018 across all business lines, leading to carefully selected deals

(1) Only relates to Direct Lending activities (2) Excluding 22 direct investments deals in 2018 (25 in 2017) 2018 Private Equity figures include TKS which accounted for 93 screened deals, 9 deals with staffing and 6 deals closed

+8 closed deals vs 2017

1 closed deals

vs 2017 +8 closed deals vs 2017 Stable vs 2017 +52 screened deals vs 2017

29 screened

deals vs 2017 +8 firm offers vs 2017 +116 deals with staffing vs 2017 +260 screened deals vs 2017

Past performance is not indicative of future results

INVESTOR PRESENTATION

3

SLIDE 28

Tikehau Capital

AN INCREASINGLY INTERNATIONAL AND DIVERSIFIED INVESTOR BASE

28

A constant expansion of Tikehau Capital’s Asset Management investor base at end-June 2019

(1) Including corporate groups, funds of funds and foundations (2) Including commitments by Tikehau Capital and its subsidiaries

INVESTOR PRESENTATION

3 Further progress in internationalisation

16% 30%

31 Dec. 2015 30 June 2019

€21.2bn AuM

Asia 5% Europe (excl. France) 22% France 70% RoW 3%

€21.2bn AuM

(1) (2)

A well-diversified investor base

Tikehau Capital group 8% Family offices & Private clients 24% Banks and other distributors 17% Asset Managers 14% Institutional 33% Other 4%

+2bps

vs 30 June 2018

x2

SLIDE 29

Tikehau Capital

10.7 15.6 16.2 17.4

1.9 2.1 3.0 2.7

0.6 0.8 1.2 1.1

FEE-PAYING AUM EVOLUTION IN H1 2019

Fee-paying AuM growth exceeds Total AuM growth within Asset Management activities

29

INVESTOR PRESENTATION

31 Dec 2018

(in €bn)

2018 acquisitions have reinforced the fee-paying profile of Tikehau Capital’s AuM Favourable momentum in Fee-paying AuM growth

ver H1 2019 reflects solid momentum for Sofidy

and Private Equity fundraising, coupled with Private Debt deployments Future fee-paying AuM evolution in H1 2019 mainly linked to Private Debt AuM becoming fee- paying, in line with deployments during H1-2019, with continued high selectivity 21.2 20.4

Total AM AuM

30 June 2019

Future fee-paying AuM Non fee-paying AuM Fee-paying AuM

30 June 2018 (published)

13.2

+7%

+4%

30 June 2018 (pro forma)

18.5 +15%

+12%

4% 24% 23% 1% 28% 19%

Permanent 7 years or more 3 to 6 years Less than 3 years

Funds managed by Sofidy Liquid Strategies

Fee-paying 82%

Future fee-paying 13% Non-fee paying 5%

Fee-paying AuM by duration AuM breakdown (AM activities)

€21.2bn AuM

€17.4bn fee-paying AuM

Closed-ended funds, with duration above 3 years at 98%

+3bps

vs 31 Dec 2018

4

SLIDE 30

Tikehau Capital

HISTORICAL LEVELS OF INVESTMENT IN TKO FUNDS

30

TKO’s balance sheet has been increasing its commitments in TKO funds

INVESTOR PRESENTATION

Even if Tikehau Capital is increasing its commitment in its funds, its Asset Management funds vintage are also increasing in size Tikehau Capital remains an investor representing between 5 to 10% of the overall commitment

5

8.1 10.7 18.8 19.4 0.5 0.7 1.6 1.8

Third Party AuM TKO Commitments

0.4 0.5 0.9 1.2 0.1 0.2 0.7 0.6

31 Dec 16 31 Dec 17 31 Dec 18 30 Jun 19 8.6 11.4 20.4 0.5

+0.1 +0.2

Asset Management AuM breakdown Detail of TKO commitments

(in €bn)

21.2

+0.9 +0.1

31 Dec 16 31 Dec 17 31 Dec 18 30 Jun 19

+0.4 +0.2

0.7 1.6 1.8

Amount drawn

SLIDE 31

Tikehau Capital

Shareholders’ equity

1 2

H1 2017 H1 2019

x2

€1,574m €3,065m

SINCE 2017 INAUGURAL BOND, THE GROUP HAS MOVED FAST FORW ARD

31

(1) Including direct investments through Tikehau Capital’s balance sheet (2) Pro forma FY 2018 estimated combined data including Sofidy and ACE Management, for illustrative purposes only

Offices

H1 2017 H1 2019

+3

7 10

Employees

H1 2017 H1 2019

x2.8

170 480

AuM from International clients

H1 2017 H1 2019

x3.0

€2.1bn €6.4bn

Net Op. Profit for Asset Management

2016 FY 2018 Pro forma 2022E organic guidance

>€100m

x11.4 >x2.5

€3.5m €40m (2)

AuM

x2.1 >+50%

€11.1bn €23.4bn (1) >€35bn

H1 2017 H1 2019 2022E organic guidance (1)

Key items

BBB- stable outlook assigned by Fitch Acquisition of Sofidy and ACE Management Partnerships with Morgan Stanley, T&D Insurance Group, DWS and Groupama Strong balance sheet supporting the group development Launch of Private Equity funds for 3rd party €715m rights issue in June 2019 REBALANCE OUR BUSINESS MODEL OBTAIN AN INVESTMENT GRADE RATING DIVERSIFIED OUR FINANCING SOURCES

Strategic objectives set at the 2017 inaugural bond

INVESTOR PRESENTATION

SLIDE 32

Tikehau Capital

MID-TERM OBJECTIVES

Achieve €35bn of AuM by 2022 while strengthening operating performance and continuing to enlarge the geographical footprint

32

INVESTOR PRESENTATION

Tikehau Capital today (1)

Strong organic AuM and profit growth pipeline Sufficient financial means to achieve its 2022 organic targets High level of alignment of interests Long-term and committed shareholder base

Tikehau Capital by 2022

Confirmed strong organic AuM and profit growth pipeline Intensified financial means to complement organic growth with targeted M&A Reinforced level of alignment of interests Heightened predictability for

perating profit from AM and

investment activities Increased TKO stock liquidity Strengthening of operating performance

Promote the Tikehau brand

across all strategies and sectors

Focus on the profitability of AM

activities

Expand client base, product range

and geographical footprint

Ensure greater capital efficiency Increase firepower to enhance exposure to TKO funds, with 10-15% run rate IRR Increase earnings predictability from AM activities

Mid-term objective

€23.4bn €40m

AuM NOPAM

(2)

> €35bn > €100m

AuM NOPAM

(1) As at 30.06.2019 (2) Including direct investments through Tikehau Capital’s balance sheet (3) As at 31.12.2018, pro forma FY 2018 estimated combined data including Sofidy and ACE Management, for illustrative purposes only (3)

SLIDE 33

Tikehau Capital 33

3

Financial performance

INVESTOR PRESENTATION

SLIDE 34

Tikehau Capital

H1 2019 KEY PERFORMANCE INDICATORS

Solid first half for Tikehau Capital

34

INVESTOR PRESENTATION

€23.4bn

+16% over the last 12m(1) +6% over H1(1)

€17.4bn

+11% over the last 12m(1) +7% over H1(1)

Total Assets under Management At end-June 2019 Fee-paying Assets under Management at end-June 2019

€21m

x 2.2 vs H1 2018 (reported) +15% pro forma(1)

Asset Management Net Operating Profit

€119m

+€191m vs H1 2018

Operating profit from Investment activities

(1) Pro forma evolution, i.e. including Sofidy and ACE Management in H1 2018

€97m

+€179m vs H1 2018

Net Profit, Group share

€1.5bn

+50% vs H1 2018 (reported) +25% pro forma(1)

Investments by closed-ended funds over H1 2019

SLIDE 35

Tikehau Capital

CONDENSED P&L

35

INVESTOR PRESENTATION

Strong profit generation at end-June 2019

(1) nvestment activities operating costs include the remuneration of managing partner for €(27)m vs €(30)m in H1 2018 (2) Non-current share-based payments refer mainly to free shares plan charges (IFRS 2) including social charges of 1st December, 2017, which followed the IPO process (3) Including negative fair-value adjustments for €(109.6)m, mainly linked to Eurazeo and DWS

in €m H1 2019 H1 2018 Δ 19/18 H1 2018 Δ 19/18 FY 2018

published pro forma published

Asset Management activities AM revenues 75.9 35.8 +40.1 61.1 +14.8 75.2 Operating costs (55.4) (26.6)

28.8

(43.3)

12.1

(55.2) AM net operating profit 20.5 9.2 +11.3 17.8 +2.7 20.0 Investment activities Investments revenues 157.7 (36.0) +193.7 (39.8) Operating costs (1) (37.5) (36.4)

1.1

(74.5) Net results with associates (0.8) 0.5

1.3

1.3 Investments net operating profit 119.4 (71.9) +191.3 (113.1) Group Financial interest (22.0) (12.6)

9.4

(23.8) Non-current share-based payments (3.1) (3.2) +0.1 (5.7) Tax (17.6) (2.2)

15.4

15.2 Minority interests (0.1) (0.6) +0.5

Net profit - Group share

97.2 (81.4) +178.6 (107.4)

(3) (2)

SLIDE 36

Tikehau Capital

Asset Management activities

3.1

36

INVESTOR PRESENTATION

SLIDE 37

Tikehau Capital

FOCUS ON ASSET MANAGEMENT AUM

Strong level of fundraising in H1 2019, driven by Real Estate (€0.5bn) and Private Debt (€0.4bn)

37

INVESTOR PRESENTATION

20.4 21.2

+€1.2bn €(0.5)bn +€0.2bn

31-Dec-18 Fundraising Distributions Market effects 30-Jun-19

Strong €1.2bn fundraising in H1 2019 for Asset Management activity 62% of fundraising generated in Private Equity and Real Estate Distributions mainly linked to Private Debt and Private Equity funds

+€0.8bn +3.9%

Evolution of Asset Management AuM (€bn) Asset Management fundraising by business line

Private Debt 38% Real Estate 39% Private Equity 23%

€1.2bn

AM fundraising

f which
€0.1bn from TKO
€1.0bn from 3rd party

SLIDE 38

Tikehau Capital

71.7 32.9 58.2 75.0 3.5 2.9 2.9 0.9

ASSET MANAGEMENT REVENUES

38

Asset Management revenues grew much faster than AuM over H1 2019

(€m)

(1)

Management fees growth of 29% in H1 2019, on a comparable basis €0.9m of performance fees and carried interests generated in H1 2019 H1 2019 AM fees by business line

(1) AM fees include management fees, arrangement fees and other revenues

Asset Management revenues

+24% Private Equity 15% Private Debt 27% Real Estate 47% Liquid Strategies 12%

€75.0m

35.8 61.1 75.9

30 June 2018

(pro forma, incl. Sofidy & ACE)

30 June 2019 30 June 2018

(published)

x2.1

INVESTOR PRESENTATION

31 Dec 2018

(published)

75.2

+29%

Performance fees & carried interests Management fees & others

SLIDE 39

Tikehau Capital

31 Dec 2018 (3) % AuM Bps 55% 70 bps 17% 69 bps 22% 58 bps 6% >150 bps

69 bps 4 bps 73 bps

NET IMPROVEMENT OF A VERAGE FEE RATE OVER 12M

39

INVESTOR PRESENTATION

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

30 June 2018 (3)

% AuM Bps

Private Debt 48% 74 bps Real Estate 20% 82 bps Liquid Strategies 27% 51 bps Private Equity 5% n.m Management fees (1)

69 bps

Performance-related fees

5 bps

Total weighted average fee-rate (2)

74 bps

30 June 2019 % AuM Bps 40% 69 bps 38% 99 bps 16% 53 bps 7% >150 bps

84 bps 1 bp 85 bps

+12 bps +15 bps

(1) AM fees include management fees, arrangement fees and other revenues, net of distribution fees. Half-year management fee rates are calculated on a last twelve month basis (2) Implied fee rates are calculated based on average fee-paying AuM (3) Excluding Sofidy and ACE Management

An accretive mix profile evolution, combining strong organic growth and accretive acquisitions, as per the Group’s strategy

Private Debt Real Estate Liquid Strategies Private Equity

SLIDE 40

Tikehau Capital

ASSET MANAGEMENT PROFITABILITY

40

INVESTOR PRESENTATION

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

(26.6) (43.3) (55.4) 35.8 61.1 75.9

H1 2018 published H1 2018 proforma H1 2019 AM costs AM revenue

(€m)

Net Operating profit (Net operating margin)

€20.5m

(27.0%)

€17.8m

(29.1%)

+15%

Thanks to the combination of organic growth and accretive acquisitions, Asset Management contribution to Group P&L at end June 2019 equals the amounts published for the entire fiscal year 2018

€9.2m (25.7%)

55.2 75.2

FY 2018 published

€20.0m

(26.6%)

H1 2019

=

FY 2018 published

x2.2

SLIDE 41

Tikehau Capital

Investment activities

3.2

41

INVESTOR PRESENTATION

SLIDE 42

Tikehau Capital

43.9 64.1 69.8 46.6 323.2 (109.6)

Non-cash impact, of which €(134)m linked to listed assets

35.8 49.0

71.8

108.7

INVESTMENT REVENUES

42

INVESTOR PRESENTATION

Positive impact from both fair value changes and cash contribution

(1) As at 30 June 2019

+37%

157.7 (36.0)

Dividends, coupons, distributions Change in fair value

Revenues from the investment portfolio strongly positive vs 30 June 2018 Positive fair value changes across the portfolio, coming from listed and unlisted assets, as well as TKO funds Dividends, coupons and distributions up strongly by +37% (vs 30 June 2018), to €49.0m at end June 2019

DWS TKO Funds Eurazeo HDL - Assystem Others H1 2018 H1 2019 387.3 99.2 (39.8) 2016 2017 2018

Y early basis

(€m) (€m)

Half-year basis

H1 2019 main contribution

25 20 27 34 52

SLIDE 43

Tikehau Capital

Key balance sheet items

3.3

43

INVESTOR PRESENTATION

SLIDE 44

Tikehau Capital

CONSOLIDATED BALANCE SHEET

INVESTOR PRESENTATION

44

(1) Cash, cash equivalents and financial treasury assets (2) Gearing = Total financial debt / Group share shareholders’ equity

Very solid financial structure, supporting the Group’s strategy

in €m 30 June 2019 31 Dec 2018

∆

Investment portfolio 2,447 2,083 +363 Cash & cash equivalents (1) 909 463 +445 Other current & non-current assets 640 600 +40 Total assets 3,995 3,147 +849 Shareholders' equity - Group share 3,065 2,274 +791 Minority interests 1 1 = Financial debt 802 796 +6 Other current & non-current liabilities 127 76 +51 Total liabilities 3,995 3,147 +849 Gearing (2) 26% 35% Undrawn committed facilities 650 580

BBB- / stable outlook

credit rating assigned by Fitch Ratings to Tikehau Capital in January 2019

Robust equity structure supporting the business model, strengthened further with the capital increase closed in June 2019

— €3.1bn of shareholders’ equity — €909m of cash — €650m of undrawn facility

The cash & cash equivalents evolution is mainly linked to:

— €708m capital increase (net of fees) — Portfolio investments for €(252)m

(acquisitions net from disposals)

— Dividend payments for €(26)m

Level of financial debt virtually stable

SLIDE 45

Tikehau Capital

906 1,187 1,177 1,260 31 Dec 2018 30 June 2019 2022 outlook

TIKEHAU CAPITAL’S INVESTMENT PORTFOLIO

45

INVESTOR PRESENTATION

Share of TKO funds within the Group’s investment portfolio increases further during H1 2019

(€m) 2,447 2,083 207 # of investments 205

Tikehau Capital Funds Direct Investments

(43%) (48%)

65-75% €323m investments vs. €71m of exits

ver the period, including:
Further investment in TKO funds
The acquisition of 81% of Selectirente for

€75m and a further investment of €25m in Total Eren

The disposal of the stake in Spie

Batignolles

€1,187m invested by Tikehau Capital in its asset management strategies, at June 2019, i.e.:

49% of total portfolio
+6bps vs 31 Dec 2018

Balance-sheet allocation objective

25-35%

SLIDE 46

Tikehau Capital

1,187 1,260 30 June 2019

462 183 38

576

DETAILS OF THE INVESTMENT PORTFOLIO

46

INVESTOR PRESENTATION

A well diversified investment portfolio

2,447

Other listed investments

€576m

Non-listed investments

€683m

Listed investments

389 382 302 114 Liquid Strategies Private Equity Real Estate Private Debt

Direct investments are split almost equally between listed and non-listed investments Strong granularity within the non-listed investment portfolio Group exposure in TKO funds is weighted in line with expected return targets TKO funds are comprised of many underlying assets, further diversifying the Group’s portfolio

Tikehau Capital funds Direct investments

3 investments > €50m
11 investments between €10m and €50m
99 investments < €10m

DWS Eurazeo

(€m)

SLIDE 47

Tikehau Capital 47

4

Financing structure and liquidity position

INVESTOR PRESENTATION

SLIDE 48

Tikehau Capital

Maturity profile as at 30 June 2019

500 500 100 100 100 200 500 500 150 150 300 300 300

Drawn debt as at 30 June 2019 Total facilities as at 30 June 2019 2019 2020 2021 2022 2023 Bond - €300m - unsecured Lombard Loan - €150m Revolving Credit Facility - €500m - unsecured Term Loan - €500m - unsecured

FINANCING STRUCTURE OVERVIEW OF TIKEHAU CAPITAL

Solid financial profile

(€m) 800 1,450

Gross debt split as at 30 June 2019

Strong liquidity position to cover maturities in the next five years, with €1,450m total financing lines (o/w 55% drawn) 100% unsecured drawn debt Diversified sources of funding (40% of international banks) Limited exposure to interest rate risk and currency risk (100%

f total debt in € currency)

INVESTOR PRESENTATION

Banks borrowings with floating rate 79% Bonds with fixed rate 21%

€1.450m

48

SLIDE 49

Tikehau Capital 150bp 200bp 250bp 300bp 350bp I-Spread (MID) Tikehau 3 11/27/23

30 January 2019: Fitch rates Tikehau Capital ‘BBB-’ outlook stable 11 March 2019: Fitch rates Tikehau Capital's Outstanding Senior Unsecured Bonds 'BBB-’ 27 June 2019: Tikehau Capital undertakes a €715m Capital Increase

TIKEHAU’S CAPITAL TRACK RECORD IN BOND MARKETS

49

INVESTOR PRESENTATION

Strong performance of Tikehau Capital’s inaugural bond Investor base

(at issuance on 27.11.2017)

Fitch BBB- Outlook Stable

(last report on 11.03.2019) “strong balance sheet leverage position, credible and fast-growing franchise (supported by a strong fundraising performance) And established and relatively well-diversified business model.”

Tikehau’s €300m 2023 bond spread performance (as at 09.2019)

France 55% Italy 16% BeNeLux 15% Spain 6% Switzerland 5% Others 3% Fund Managers 54% Banks & Private Banks 28% Insurers 17% Others 1%

SLIDE 50

Tikehau Capital

LTV ANALYSIS

50

LTV is under control despite the rapid growth (1)

LTV Covenant: <47.5% (2)

(1) Please refer to “Key Credit Metrics” in appendix p.69 (2) LTV = (Consolidated Financial Indebtedness – Consolidated Cash & Cash Equivalent) / (Consolidated Asset Value – Consolidated Cash & Cash Equivalent) Covenant on Syndicated RCF and Term Loan

2016 2017 2018 H1 2019

INVESTOR PRESENTATION

5.7%
29.3%

12.5%

7.0%

%

SLIDE 51

Tikehau Capital

GEARING EVOLUTION

51

Sound level maintained over time (1)

(1) Please refer to “Key Credit Metrics” in appendix p.69 (2) Tikehau Capital’s Minimum Liquidity ratio, must be at any time greater than or equal to €150 million of Cash and Cash Equivalent (3) Aggregate of (i) Cash and Cash Equivalents and (ii) Current Investments Portfolio, as shown in semi-annual consolidated financial statements (4) Gearing shall mean Gross financial debt divided by Shareholders’ Equity – Group Share

(€m)

(4)

INVESTOR PRESENTATION

Minimum liquidity ratio : > €150m (2)

1,130 2,499 2,274 3,065 119 548 796 802 130 1,085 574 1,024 11% 22% 35% 26% 0% 20% 40% 60% 80% 500 1,000 1,500 2,000 2,500 3,000 3,500 2016 2017 2018 H1 2019 Shareholders' Equity - Group Share Total financial debt Cash and Cash Equivalents Gearing (%)

(3)

SLIDE 52

Tikehau Capital (€m) 170 1,085 574 1,024 278 540 674 841 3.8x 3.0x 1.6x 2.3x

1.5x
0.5x

0.5x 1.5x 2.5x 3.5x 500 1,000 1,500 2,000 2,500 3,000

2016 2017 2018 H1 2019 Consolidated Cash and Cash equivalents Non current Portfolio (Listed) Cover ratio (x) 119 548 796 802 Gross Financial Debt

(4) (2) (3)

1,625 448 1,248

ASSET / FINANCIAL DEBT COVERAGE

Available liquid assets comfortably covering total financial debt (1)

(1) Please refer to “Key Credit Metrics” in appendix p.69 (2) Aggregate of (i) Cash and Cash Equivalents and (ii) Current Investments Portfolio, as shown in the annual or semi-annual consolidated financial statements (3) Non current Portfolio (Listed) shall mean assets classified in level 1 (4) Listed Investments and Consolidated Cash & Cash equivalents divided by Total Financial Debt

INVESTOR PRESENTATION

1,865 52

SLIDE 53

Tikehau Capital 53

INVESTOR PRESENTATION

5

Conclusion and transaction

verview

SLIDE 54

Tikehau Capital

OUTLOOK AND GUIDANCE

Tikehau Capital is on track to deliver its targets

54

2019 is a year dedicated to fundraising in PE and RE funds, as well as deployment of Direct Lending funds raised throughout 2018 For the full-year 2019, the Group is targeting a total AuM of between €24.5bn and €25bn, the final amount depending on the closing dates of the fundraising initiatives under way NOPAM margin in H2 2019 is expected to exceed level reached in H1 2019 The launch of the PE Secondary fund is a new initiative in line with the Group’s strategy The Group is maintaining an active management of its balance sheet, both on the asset side and liability side Tikehau Capital is on track to deliver its 2022 organic guidance to reach more than €35bn in total AuM, generate more than €100m in NOPAM and to deliver between 10% to 15% return on the investments made in its own funds

INVESTOR PRESENTATION

SLIDE 55

Tikehau Capital

TIKEHAU CAPITAL’S CREDIT STRENGTHS

55

Strong market dynamics favouring Alternative Asset Managers

1

Four business lines leading to a balanced business model

3

A diversified investor base with increasing international presence

4

A resilient and profitable business model

5

A disciplined investment strategy

6

A robust balance sheet built through a cautious financial policy governed by strict guidelines and a high asset coverage ratio

7

An experienced management team with a strong alignment of interests

9

A fast growing player in the European market

2

Strong partnerships with international banks, investors and major players in their sector

8

INVESTOR PRESENTATION

SLIDE 56

Tikehau Capital

TRANSACTION OVERVIEW

56

INVESTOR PRESENTATION

Indicative Term & Conditions

Issuer

Tikehau Capital SCA

Issuer Rating

BBB- with stable outlook (Fitch)

Expected Rating of the Notes

BBB- (Fitch)

Nominal Amount

€300-500m

Maturity

7 years

Issue Type

Fixed

Status of the Notes

Senior Unsecured

Documentation

Standalone / Change of Control Put / Negative Pledge / Cross Default / Make-Whole call / 3- month par call / Clean-up call (80%)

Governing Law

French

Listing

Euronext Paris

Denomination

€100.000 + €100.000

Use of Proceeds

The net proceeds of the issue of the Notes will be used for general corporate purposes and/or potential repayment of existing bank facilities to which some or all the Joint Lead Managers may be part

Global Coordinators

BNP Paribas and Société Générale

Active Bookrunners

Banca IMI, BNP Paribas, CA-CIB, Société Générale, and UniCredit

SLIDE 57

Tikehau Capital 57

6

Appendices

INVESTOR PRESENTATION

SLIDE 58

Tikehau Capital

TIKEHAU CAPITAL OVERVIEW

58

Tikehau Capital Advisors (“TCA”) Tikehau Capital SCA

(“TC SCA“)

Tikehau Capital General Partner (“TCGP”)

Fakarava Capital

Other shareholders including FSP

66% 34% 100%

49%

37% 56% General Partner 7%

Tikehau Capital SCA consolidated perimeter

Founders & Management Listed company Asset Management activities

Structure chart – June 2019

Ireit Global Group Tikehau IM Tikehau Capital Europe Sofidy ACE Credit.fr 50% 100% 100% 100% 100% 96%

INVESTOR PRESENTATION

SLIDE 59

Tikehau Capital

ESG by design

Regular trainings of all teams

including climate issues

First reporting at Group level

considering TCFD1 recommendations

RESPONSIBLE INVESTOR APPROACH

Environmental, social and governance criteria ("ESG") integration

59

(1) Task Force on Climate Related Financial Disclosures (TCFD) (2) For issuers deriving more than 30% of their revenues from thermal coal (mining, traditing and power production) and tobacco (farming and manufacturing). Moreover, Group exclusions on controversial weapons and adult entertainment are also applicable. (3) United Nations Sustainable Development Goals (UN SDGs) (4) United Nations Principles for Responsible Investment (UN PRI), 2018 report “Spotlight on responsible investment in private debt”

ESG Clauses

Inclusion of ESG clauses in legal

documentation where possible

Publication of Tikehau ESG

clause within the UN PRI4 private debt report

ESG Convictions

Development of T2 Energy

Transition impact framework with a focus on contribution to the UN SDGs3

Increasing ESG communication

ESG Committee

8 cases studied in 2018 leading

to 2 unpursued opportunities, exclusions of thermal coal and tobacco2

INVESTOR PRESENTATION

SLIDE 60

Tikehau Capital

SMART INTEGRATION OF ACQUISITIONS

60

Tikehau Capital is an attractive partner for potential M&A targets

Strong balance sheet

Capacity to invest in funds deployed by acquired companies

Asset Management Platform

Swift connection of acquired companies to TKO’s asset management platform and international footprint Cost synergies

Prime network

Benefit from TKO’s network of partners and international advisors Recognised brand in the alternative asset management space

Tikehau Capital’s assets

Upside for acquired companies

Significant means and reactivity to enhance fundraising and efficiently source investment opportunities

Strong corporate culture

Entrepreneurial mindset in TKO’s DNA Strong culture of independence

INVESTOR PRESENTATION

SLIDE 61

Tikehau Capital

WHAT TO LOOK FOR IN AN ACQUISITION?

61

Strong track record in terms of opportunistic accretive and value-creating M&A operations

Asset category AuM at acquisition International Expansion Business mix rebalancing Expand product

ffering

Client base diversification

IREIT (2016) Real Estate €0.5bn

   

Lyxor (2016) Private Debt €0.7bn

  

Credit.fr (2017) Private Debt n.a

 

Sofidy (2018) Real Estate €5.1bn

  

ACE Management (2018) Private Equity €0.4bn

  

Homunity (2019) Real Estate n.a

  

Culture

Value creation
Strategic
Accretive
M&A deals carried out by Tikehau Capital, and main benefits associated with each transaction

INVESTOR PRESENTATION

SLIDE 62

Tikehau Capital Real Estate 27% Private Debt 68% Private Equity 5%

0.7 1.0 1.2 1.5

H1 2017 H1 2018 (published) H1 2018 (pro forma) H1 2019

INVESTOR PRESENTATION

62

Total deployments by Tikehau Capital’s closed-ended funds

€1.5bn invested during H1 2019 on the Group’s closed-ended funds 145 companies / assets financed (1) in H1 2019 (vs. 86 in H1 2018) ESG criteria fully integrated in selection process A variety of financing solutions provided (private debt, equity, structured products, crowdfunding, etc.)

(€bn)

Investments on closed-ended funds by business line

+25%

(1) Excluding CLOs

€1.5bn

TIKEHAU CAPITAL’S FUNDS DEPLOYMENT

Deployment on closed-ended funds up to 25% year-over-year

SLIDE 63

Tikehau Capital

STRONG FUNDRAISING IN H1 2019

63

INVESTOR PRESENTATION

1.3 1.5 1.7 1.7 (0.2) (0.6) (0.5) (0.6) 0.1 0.1 0.3

H1 2017 H1 2018 (published) H1 2018 (pro forma) H1 2019

Fundraising Distributions Market effects

Net H1 growth +1.1 +1.0 +1.4 +1.2 +1.2 +1.7 +0.5

Asset Management Fundraising Direct investments Fundraising Total Fundraising

Asset Management fundraising driven by Private Equity and Real Estate strategies (over 60% of total) Direct investments fundraising comprising capital increase effect (+€0.7bn) partially compensated by new commitments in TKO funds (-€0.1bn) and

ther mixed effects (-€0.1bn)

Half-year Group AuM evolution

(in €bn) Group AuM (EoP)

11.1 14.8 20.1 23.4

SLIDE 64

Tikehau Capital

1.7 3.1 3.4 2.2 2.5 2.7 1.1 1.3

31 Dec 2017 31 Dec 2018 30 June 2019 Private Debt Real Estate Private Equity

+10% GROWTH IN AUM ELIGIBLE TO CARRIED INTERESTS

64

INVESTOR PRESENTATION

AuM growth in strategies eligible to carried interest exceeds overall AuM growth

(€bn)

4.0 6.8 7.5

AuM eligible to carried interests

+17% +10% +9% +8% +14% +82%

Carried interests are due at funds maturity, range usually between 10% and 20% of the funds’ total performance (i.e. with “full catch-up”), should a hurdle IRR be exceeded Contribution from this revenue stream will increase as a growing number of funds, with larger individual size, will start maturing 53% of carried interests remain within the listed company, i.e. benefitting Tikehau Capital’s shareholders

SLIDE 65

Tikehau Capital

5.0 3.7 3.3 2.7 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 40.3 14.6 8.5 20.5 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

65

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

PRIV ATE EQUITY

Track record of divestments: average multiple of 2.3x since 2012 (1)(2)

Tikehau multiple

# Initial amount invested in €m (Tikehau view)

Jun-12 / Apr-17 Dec-13 / Dec-17 Mar-14 / Jun-16 Jun-08 / Jul-14 Oct-14 / May-16 Nov-07 / Feb-15 Mar-11 / Jul-13 Apr-14 / Jun-17 Dec-09 / Dec-13 Jun-08 / Jan-13 Mar-11 / Jun-13 May-08 / Feb-13 Dec-15/ May-18 Juil-13 / Aug-18 Sept-14 / Aug-17 Mar-09 / Feb-13 Nov-05 / 2015 Sept-09 / Dec-17 Sept-06 / Feb-13 Apr-14 / Oct-17 May-00 / May-13 Jun-05 / Apr-13 Dec-10 / Jan-17 (4) (3) 2.3x Average (1) (2) (1) As at 30.06.2019 (2) Weighted average on amount invested (3) Based on exchange rate $/€ on 06.05.2016 (4) Expected returns after final proceeds distribution in 2018, subject to standard guarantee expiry May-08 / Feb-15 Oct-12/ Jun-17 Jun-10 / May-19

INVESTOR PRESENTATION

SLIDE 66

Tikehau Capital

EVOLUTION OF DIRECT INVESTMENTS AUM

First half 2019 marked by capital increase and positive fair value adjustments

66

INVESTOR PRESENTATION

<€(0.1)bn €(26)m €0.1bn €(0.2)bn

31 Dec 18 Commitments in TKO funds Capital increase Dividends Market effects Others 30 June 19

Capital Increase of €0.7bn took place in June 2019 Dividend payments occurred in H1 2019 for a total amounting to €26m Fair value adjustments have a positive impact of €0.1bn

(€bn)

€1.6bn €2.1bn

€0.7bn

SLIDE 67

Tikehau Capital

CASE STUDY – 2019 CAPITAL INCREASE

67

Key characteristics

€22 / share +4% premium vs. its closing price as of June 17th and equivalent to 1x book value at end-March 2019 €715m capital increase 32.8% of market cap.,105.6% of free float Increase the Group’s exposure to Tikehau funds Play a part in the industry consolidation Enlarge the shareholder base, free float and improve trading liquidity Strong investor education: extensive roadshow with more than 200 investors meetings held in Europe, US and Canada An increased free float of ~€583m Diversification and internationalization of the shareholder base Offer priced at a 7% premium to the 3-day VWAP pre-launch Issue Price Deal size

A successful transaction New investor base

€528m secured at launch from Tikehau Capital Advisors, Fakarava Capital, CARAC, Morgan Stanley IM, La Luxembourgeoise Subscription commitments Fully-marketed offering – Share capital increase without shareholders’ preferential subscription rights but with a priority subscription period granted to existing shareholders Structure Tikehau Capital SCA Listed on the Euronext Paris Issuer

€715m capital increase announced on 25 June 2019

Key takeways Objectives

INVESTOR PRESENTATION

Third largest financial services equity offering in Europe and second largest equity transaction in France in 2019 Market cap post capital increase of c.€2.9bn

SLIDE 68

Tikehau Capital

CASE STUDY – 2017 €1BN FINANCING

68

€500m Term Loan and €500m Syndicated RCF until 2022

Coordinators, Bookrunners & Global MLA

Lenders

Main Lead Arrangers

TAKING ADVANTAGE OF LOW INTEREST RATE ENVIRONMENT RATIONALISATION AND FLEXIBILITY OF DEBT STRUCTURE 3 2 FINANCING GROUP’S GROWTH & STRATEGIES 1

Key objectives

Give the complementary resources to support Tikehau Capital‘s growth and strategies Tikehau Capital has mandated Natixis, UniCredit and BNP Paribas as Coordinators, Bookrunners and Global Main Lead Arrangers to arrange a new €1.0bn loan facility Syndication process goal reached: at least €1,230m of commitments in order to get more liquidity and to reduce Coordinators, then Main Lead Arrangers

Lead Arrangers Total committed: €1,230m

INTERNATIONALISATION OF BANKS POOL (40% OF INTERNATIONAL BANKS) 4

Unsecured Facility - Main terms

Amount Signing date Mandate Letter: 31 October Facility Agreement: 23 November Maturity 5 years Amortisation Drawing Terms €250m before 31.12.2017

ther €250m before

31.12.2018 Term Loan €500m Syndicated RCF €500m 24 months – 20% 36 months – 20% 48 months – 20% In Fine – 40% In Fine Legal Counsel Eric Cartier-Millon for Lenders Can be drawn one day after fully drawn Term Loan Diane Sénéchal for Borrower INVESTOR PRESENTATION

SLIDE 69

Tikehau Capital

KEY CREDIT METRICS

69

INVESTOR PRESENTATION

2016 2019

Dec. 2016
Dec. 2017
Dec. 2018

Jun.19 A1 Total non current assets 1,102 1,808 2,479 2,865 A1.1 Level 1 (Listed Investments) 278 540 674 841 A2 Deferred tax assets 28 11 28 A3 Other non-current assets 2 3 A Total non current asset - DTA and Other NCA 1,074 1,796 2,448 2,862 B Current Investment portfolio 40 109 110 116 C Cash & Cash Equivalent 130 975 463 909 E = B+C Consolidated Cash & Cash Equivalent 170 1,085 574 1,024 Shall mean the aggregate of (i) cash and cash equivalent and (ii) current investments portfolio F = A+E Consolidated Asset Value 1,244 2,881 3,022 3,886 Sum of (i) total non-current assets (excluding deferred tax assets and other non-currents assets), as shown in the annual or semi- annual consolidated financial statements of the Borrower and (ii) Consolidated Cash and Cash Equivalents G Consolidated Financial Indebtedness 119 558 880 825 Shall mean Financial Indebtedness on a consolidated basis as shown in the semi-annual or annual consolidated financial statements of the Borrower H = G-E Consolidated Financial Indebtedness

Consolidated Cash & Cash Equivalent
51
527

306

199

I = F-E Consolidated Asset Value

Consolidated Cash & Cash Equivalent

1,074 1,796 2,448 2,862 J = H/I LTV Ratio

4.8%
29.3%

12.5%

7%

[Consolidated Financial Indebtedness – Consolidated Cash & cash equivalent] / [Consolidated Asset Value – Consolidated Cash & cash equivalent] K = (A1.1+E)/M Cover ratio 3.8x 3.0x 1.6x 2.3x L Shareholders' Equity - Group share 1130 2,530 2,274 3,066 M Gross debt 119 548 796 802 N = M/L Gearing 11% 22% 35% 26% LOAN TO VALUE Calculation 2016 - 2018 Of which 2017 2018 In €m Definitions

SLIDE 70

Tikehau Capital

LTV DEFINITION

70

Key items

Means Financial Indebtedness on a consolidated basis as shown in the semi-annual

r annual consolidated financial statements of the Borrower

Consolidated Financial Indebtedness Consolidated Cash & Cash Equivalent Consolidated Asset Value

Loan To Value ("LTV") Consolidated Financial Indebtedness Consolidated Cash & Cash Equivalent Consolidated Asset Value Consolidated Cash & Cash Equivalent

=

1 2 3 2

Means the aggregate of (i) Cash and Cash Equivalent and (ii) Current Investments Portfolio, as shown in the annual or semi-annual consolidated financial statements of the Borrower prepared in accordance with IFRS Means the sum of (i) Total Non-Current Assets (excluding deferred tax assets and

ther non-currents assets), as shown in the annual or semi-annual consolidated

financial statements of the Borrower and (ii) Consolidated Cash and Cash Equivalent

1 2 3

INVESTOR PRESENTATION

SLIDE 71

Tikehau Capital 71

CONTACTS

Singapore

8, Marina View #15-07A Asia Square Tower 1 Singapore 018960 SINGAPORE Phone: +65 6718 2111

Seoul

43FI, Three IFC 10 Gukjegeumyung-ro, Youngdeungpo-gu Seoul, 07326 KOREA Phone: +82 2 6138 4331

Brussels

IT Tower, Avenue Louise 480 1050 Brussels BELGIUM Phone: +32 2894 0080

Paris

32, rue de Monceau 75008 Paris FRANCE Phone: +33 1 40 06 26 26

London

30, St. Mary Axe London EC3A 8BF UK Phone: +44 203 821 1030

Milan

Piazza del Carmine 4 20121 Milan ITALY Phone: +39 02 0063 1500

Madrid

Calle de Velazquez 98 28 006 Madrid SPAIN Phone: +34 91 048 1666

New Y

rk

412 West 15th St. 18th Floor New York, NY 10011 UNITED STATES Phone: +1 (917) 434-9234 INVESTOR PRESENTATION

Tokyo

#19, JETRO IBSC 7F, ARK Mori Bldg. 1-12-32 Akasaka, Minato-ku Tokyo 707-6006 JAPAN Phone: +81 3 3582 5634

IR Contact

Louis Igonet ligonet@tikehaucapital.com Phone: +33 1 40 26 11 11

Luxembourg

4ème étage 37A avenue J-F Kennedy L-1855, Luxembourg LUXEMBOURG Phone: +352 2733 5450

SLIDE 72

TIKEHAU CAPITAL

32, rue de Monceau - 75008 Paris - France Phone: +33 1 40 06 26 26 Fax: +33 1 40 06 09 37 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 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

f 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

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 performances.