Tikehau Capital Sca · EURONEXT:TKO
Tikehau Capital Sca — Tikehau Capital — Debt Investor Presentation (October 2022)
75 slides from Tikehau Capital Sca's debt investor presentation, October 2022
Slide 1: Investor Presentation
INVESTOR PRESENTAT
Slide 2: Introduction to Tikehau Capital
Ol INTRODUCTION TO TIKEHAU CAPITAL
Slide 3: A growing global alternative asset manager
A GROWING GLOBAL ALTERNATIVE ASSET MANAGER a Founded in | TPO in | €36 Sbn €3.1bn B | 725 2004 March 2017 of total AuM® of shareholders’ equity") countries employees") Complementary asset classes * Strong equity base Recurring and predictable Asset = Capital allocation priority: invest in TKO funds
Slide 4: Performance drives sustainable growth
PERFORMANCE DRIVES SUSTAINABLE GROWTH Selective investments Balance sheet returns ASSET FUND INVESTMENT MANAGEMENT ACTIVITY PERFORMANCE ACTIVITY Dynamic torame A r Investments ‘ Increasingly scalable platform Second-to-none alignment of interest la a INVESTOR PRESENTATION kK) Tikehau Capital
Slide 5: An amazing growth journey
AN AMAZING GROWTH JOURNEY 2016-2022 CAGR 2016 2021 +27% # Investment » +17% professionals x4 +99% # Sales » ».€ +44% professionals © 3 Group AuM International » ) +20% AuM (€on) x6 S offices 13 offices 31/12/2016 30/06/2022 Ml Private Debt Real Assets Private Equity TB > INVESTOR PRESENTATION Il Cap
Slide 6: A solid track record of profitable growth
A SOLID TRACK RECORD OF PROFITABLE GROWTH Management fee rate (bps) 103 +28 bps 5 Revenue from Asset Management activity (€m) 283 39 +48% 2016-21 CAGR 2016 2017 2018" 2019 2020 2021 Ht 2022 Fee-related earnings (FRE)® (€m and margin) 36.0% +104% = 2016-21 CAGR 7.0% 3 2016 = 2017-2018" 2019 = 2020202
Slide 7: Structural tailwinds for alternatives
STRUCTURAL TAILWINDS FOR ALTERNATIVES Alternative assets to represent 19% of global AuM by 2026... ...but capturing 51% of global revenues CAGR CAGR to) $149Tn © $476bn CAGR CAGR © $331bn VA 242 51% 7 = |__it ™ Alternative assets ™ Others = Active Management ™ Passive Management Source: BCG Global A
Slide 8: Synergetic and disciplined use of capital
SYNERGETIC AND DISCIPLINED USE OF CAPITAL Invest into TKO funds and strategies » Align interests and capture fund performance Go-invest alongside our funds » Leverage our origination platform to compound portfolio returns Enhance market intelligence Invest in the alternatives’ ecosystem » & generate
Slide 9: Our multilocal platform, a key asset
OUR MULTILOCAL PLATFORM, A KEY ASSET Our platform keeps expanding in terms of people and geographies 725 e000 Strong network of NN senior advisors employees across asset classes 1B 4 aa ja International offices with deep local oe kk ) lls Advisory Board sourcing capacity with seasoned world-leading
Slide 10: Experienced, committed and diverse teams
EXPERIENCED, COMMITTED AND DIVERSE TEAMS Strong focus on alignment of interests, inclusion and gender equality 57% 43% 385 founders & vehi of women average years employees ownership in the teams of experience average age "1K ym INVESTOR PRESENTATION Tikehau Capital 10
Slide 11: A very strong outlook
A VERY STRONG OUTLOOK Targets Scalability )> >€65bn 2026 AM AuM Operating leverage )> >€250m 2026 FRE Mid-teens Return on Equity by 2026 Value creation )> a | ig INVESTOR PRESENTATION Tikehau Capital Improvement vs 2021 x2 vs. €33bn of 2021 AM AuM x2.6 vs. 2021 FRE vslO0.5% in 2021 ll
Slide 12: A large spectrum of expertise
Q2 A LARGE SPECTRUM OF EXPERTISE
Slide 13: Our conviction-based thematic investments
OUR CONVICTION-BASED THEMATIC INVESTMENTS Long-lasting expertise in mid-market financing across asset classes and strategies Private Debt Real Assets Private Equity ae Ca Hay Markets Strategies Mid-market financing Asset transformation Growth & Patient Special financing & Conviction-based Real econo
Slide 14: A large spectrum of investment expertise
A LARGE SPECTRUM OF INVESTMENT EXPERTISE A comprehensive offering across asset classes and investment vehicles CAPITAL MARKETS ------ STRATEGIES €4.5bn + Fixed Income + Equity €36.8bn Total AuM at 30 June 2022 +19.0% y-o-y PRIVATE EQUITY €4.5bn Growth Equity Energy Transition / Green Assets + Aero &
Slide 15: Private debt
PRIVATE DEBT Tikehau Capital expertise Secondaries ( ) Direct Lending (61%) voans 8%) Europ. Direct & oans : €13.4bn corporate Lending European Lev. loans &CLOs ) y European pioneer in private debt, strong expertise y Capacity to originate innovative & flexible structuring capabilities for corporate
Slide 16: Private equity & special opportunities
PRIVATE EQUITY & SPECIAL OPPORTUNITIES Tikehau Capital expertise Others Special Opportunities Py a (16%) uy aa y = oe €4.5bn Secondaries ora (7%) Growth Equity / (8%) Energy Transition (34%) y Focus on selected verticals benefitting from structural megatrends y Growth and expansion capital for found
Slide 17: Real assets
REAL ASSETS Tikehau Capital expertise Liquid funds & others @ Closed-end funds ScPIO) © Permanent capital 0 European Core+ and value-add real estate North-American mid-market infrastructure @ Listed REITs in Singapore and in France © European Core/Core+ Real Estate (through SCPIs) UCITs funds (Europ
Slide 18: Capital markets strategies
CAPITAL MARKETS STRATEGIES Tikehau Capital expertise Flexible & Equity (21%) Fixed Income €4.5bn (5) of AuM ¥ High Yield, Investment Grade corporates and Subordinated financials in various open-ended funds and managed accounts F Value Quality and Special Situations equity stocks F Conviction based m
Slide 19: What our clients are looking for
WHAT OUR CLIENTS ARE LOOKING FOR VALUE-ADD Main performance driver Capital gains 4 Mid-high teens IRRs Back-ended returns 4K ) INVESTOR PRESENTATION Tikehau Capital Core / Core + 4 Real Estate ? ~ - ~--..---" YIELD Main performance drivers Income w Mid-high single digit IRRs Predictable & regular re
Slide 20: Accelerating growth in asset management
03 ACCELERATING GR ASSET MANAGEMEN
Slide 21: Strong growth reflects successful execution
STRONG GROWTH REFLECTS SUCCESSFUL EXECUTION SELECTIVE DEPLOYMENT + High investment discipline _ ee + Strong & local sourcing capabilities DYNAMIC FUNDRAISING . _ \ + High level of skin in the game - Asset class complementarity \ - Full integration of sustainability criteria + Innovation-driven minds
Slide 22: Step-up in deployment in line with growth of the Group's AM platform
STEP-UP IN DEPLOYMENT IN LINE WITH THE GROWTH OF THE GROUP’S AM PLATFORM €5.8bn 36 18x 28 1.9 8 Dry powder within AM funds 2017 2018 2019 2020 2021 H1 2021 H1 2022 at 30 June 2022 High level of discipline and selectivity Strong sustainability focus across asset classes la a INVESTOR PRESENTATION kK)
Slide 23: High selectivity maintained in a context of rapid platform expansion
HIGH SELECTIVITY MAINTAINED IN A CONTEXT OF RAPID PLATFORM EXPANSION Number of investment 9 ge 96% opportunities screened annually®: ™ x3.2 between 2017 and 2021 Selectivity rate, meme 95% Selectivity rate): >95% Opportunities between 2017 and 2021 screened 1 2017 2018 2019 2020 2021 cf ‘y INVESTOR
Slide 24: Solid performance across our funds
SOLID PERFORMANCE ACROSS OUR FUNDS Stron fonferieciienescnore! Growth Equity II Energy Transition I Energy Transition I Gross Gross faassiteca Qreeny yellow IRRI moict Consultative broker SHIFE To PROFIABLE ENERGY!) BBs Direct Lending? >10% 1.2x Disposal to an industrial player Partial disposal to A
Slide 25: A granular exposure with strong resilience
A GRANULAR EXPOSURE WITH STRONG RESILIENCE Strong sector diversification High Tech industries I 69, Business Services NS so. Sankng EE 5% Healthcare & Pharma | 5% Construction & Building = 4% ‘Aerospace & Defense 3% Capital Equipment 3% Telecommunications 2% Automotive (NN 29% Consumer Goods - Durab
Slide 26: High discipline in selecting quality assets
HIGH DISCIPLINE IN SELECTING QUALITY ASSETS Private Debt Private Equity Tactical Strategies©) 4 Ax Average leverage at 30 June 2022 (vs. 4.7x for predecessor fund)") 82% % of first-lien debt instruments!) Stable marks Across the Private Debt funds (YTD) >95% Rent collection rate in H1 20222) >80% Oc
Slide 27: Material acceleration in fundraising
MATERIAL ACCELERATION IN FUNDRAISING High client demand for the Group’s strategies 6.4 43 44 4.2 43 Oy 24 é 2017 2018 2019 2020 2021 H1 2021 H1 2022 Strong increase in fee-paying AuM since 2017 33.0 35.6 27.4 23.6 28.4 20.4 23.2 1@8) 11.4 il a oO 2017 2018 2019 2020 2021 H1 2022 la a INVESTOR PRESEN
Slide 28: An increasingly global platform
An increasingly global platform "I « ) INVEST! RESENTATION
Slide 29: International: just the beginning
INTERNATIONAL: JUST THE B AuM from international clients 2016 H1 2022 x6.4 International inflows 47% EGINNING Strong client recognition in an out of our home market < €35.6bn AM AuM at 30 June 2022 International investors account for 38% of AuM = Tikehau Capital = France = Europe ® Asia ® NorthAmeri
Slide 30: Strong ambitions in North America and in Asia
STRONG AMBITIONS IN NORTH AMERICA AND IN ASIA ge ~50 ~$3bn ~30 @ 3 23. $2.2bn+ @ aD > Investment professionals of AUMmanaged LPs have committed @ Offices of professionals of AuM managed OF) £ based in the US from NYC in the Group's strategies (Singapore, Seoul, Tokyo) from Asia?) @ e . Us lin Wels P
Slide 31: Private clients: a growing opportunity
Private Clients: a growing opportunity 1
Slide 32: Tikehau Capital has built strong positions...
TIKEHAU CAPITAL HAS BUILT STRONG POSITIONS... >20% of AuM from private investors & family offices >20% 4% = Tikehau Capital group = Asset Managers, Banks & Institutionals = HNWI, Retail, private banks AM AuM at 80 June 2022 = Family offices Other A market poised to grow in the mid-term TKO platform
Slide 33: ...leading to key achievements
.. LEADING TO KEY ACHIEVEMENTS A wide range of solutions already available to private investors Tikehau Capital will keep moving forward Ce SCPII) Listed REMs = hornunity® Wire's ELTIF solutions Recent initiatives Mandates and feeders distributed through private banks 2019 2020 2021 2021 2022 Dedica
Slide 34: Sustainability at the service of resilience & value creation
Sustainability at the service of resilience & value creation "I « ) INVEST! RESENTATION
Slide 35: Sustainability milestones
Signatory of the Net Zero Asset Manager Initiative T2 €1bn closing A+ strategy & governance A+ fixed income Launch Climate Action Center T2 Launch impact Energy platform transition fund ESG ratchet in private Target €5bn debt By 2025 Proprietary ESG grid Dedicated ESG role Responsible investor #1 im
Slide 36: Our impact platform: fit to address transition and resilience
OUR IMPACT PLATFORM: FIT TO ADDRESS TRANSITION AND RESILIENCE Sustainability- Value-Add themed strategies Cybersecurity Impact Lending Real Estate II Climate & Pivaite Eayiiy Private Equity Private Equity biodiversity dedicated strategies T2 Energy Tikehau Green Assets Regenerative - Transition Impa
Slide 37: Disciplined sustainability by design approach & impact framework
DISCIPLINED SUSTAINABILITY BY DESIGN APPROACH & IMPACT FRAMEWORK The 4 pillars of our responsible investment policy AN Thematic and Impact investing Exclusion ESG Integration Engagement Our Impact Platform is supported by specific impact framework > Impact Alignment Independent of Interest Assessmen
Slide 38: Granular & synergetic investment portfolio
04 GRANULAR & SYNE INVESTMENT PORT
Slide 39: Our investment portfolio is increasingly exposed to our asset management strategies
OUR INVESTMENT PORTFOLIO IS INCREASINGLY EXPOSED TO OUR ASSET MANAGEMENT STRATEGIES Investment portfolio mix (€m) 3,501 ~ Ecosystem & Of 2,410 ales a cirect investments 80 0 2,336 2,083 TKO strategies of investment portfolio exposed 4,565 to Tikehau Capital strategies (incl. SPACs and co-investments
Slide 40: Strong alignment of interests
STRONG ALIGNMENT OF INTERESTS Ecosystem and direct 693 investment: en's Co-investments alongside 349 ‘own asset management strategies SPAC sponsoring Capital Markets Strat. 700 Private Equity IW) Strategies”) Real Assets exon Private Debt (em) 30-Jun-2022 30-Jun-2022 la a INVESTOR PRESENTATION kK) T
Slide 41: Ecosystem and direct investments serving our global platform
ECOSYSTEM AND DIRECT INVESTMENTS SERVING OUR GLOBAL PLATFORM COMPLEMENT AND GENERATE CONSOLIDATE EXPERTISE ANCILLARY BUSINESS Lavin, Fo & Bie, —-AARBELIGHT cucne QU CHURCEEE PATRIA & _Rradiology | STARR €693m at 30 June 2022 C3) DEVELOP LONG-TERM d STRATEGIC RELATIONSHIPS ° ‘ Augmentum RING claranet
Slide 42: Financials
05 FINANCIALS
Slide 43: Simplified consolidated P&L
SIMPLIFIED CONSOLIDATED P&L Management fees & other revenues 121.4 121.1 139.3 +18.1 +15% Operating costs (76.6) (76.6) (98.6) (21.9) +29% > Acceleration in investments in AM platform Fee-Related Earnings (FRE) 44.5 44.5 40.7 (3.8) -8% FRE margin 36.7% 36.7% 29.2% -7.5 pts Realized PRE 141 141 4.8 +
Slide 44: Strong operating leverage in asset management
Strong operating leverage in Asset Management 1
Slide 45: 97% of AM revenues come from management fees
97% OF AM REVENUES COME FROM MANAGEMENT FEES +24% 144.41 CAGR 2019-22 1000 48 » Driven by several historical strategies gradually : maturing & UCITS 1A 88.3 0, 10) ‘AM revenues 75.9 1.2 +15 % +23 % Performance fees 0.9 41244 » & carried interest : YoY growth CAGR 2019-22 87.4 Management fees & 75.0
Slide 46: FRE and FRE margin evolution
FRE AND FRE MARGIN EVOLUTION y Catch up in platform investments since H2 2021 FRE margin 26.2% 31.5% 36.7% 29.2% y Objective of supporting growth initiatives and reinforcing the Group’s set-up ahead of dislocations and opportunities Management fees 4214 a & others 874 75.0 AM operating costs = (55.4
Slide 47: Performance-related earnings, a material profit driver ahead
PERFORMANCE-RELATED EARNINGS, A MATERIAL PROFIT DRIVER AHEAD 15.8 14.0 12.2 11.2 36 9.2 7A 68 54 56 27 3.0 ‘Han Gal 8 31-Dec-19 31-Dec-20 31-Dec-21 30-Jun-22 HI AuM eligible for il AuM eligible to carried interest Im AuM eligible to carried interest, currently carried interest and currently invested
Slide 48: Tikehau Capital's approach to performance fees
TIKEHAU CAPITAL’S APPROACH TO PERFORMANCE FEES Cautious P&L Material mid-term Shareholder-friendly allocation recognition profitability driver 4 WwW Ww 33% No negative €16bn of carried interest on closed-end funds AUuM eligible to carried interest at retained by Tikehau Capital r evi enu e 30 June 2
Slide 49: Resilient and value-creating investment portfolio performance
Resilient and value-creating investment portfolio performance "I « ) INVEST! RESENTATION
Slide 50: Strong portfolio performance in H1 2022 (1/2)
STRONG PORTFOLIO PERFORMANCE IN HI 2022 (1/2) TKO funds contributed 48% to total portfolio revenues in H] 2022 Total portfolio revenues 252 275 y 9% increase in portfolio revenues, in spite of tough comps due to listed stakes in H1 2021 y Strong contribution from TKO strategies in H1 2022 y H1 2022
Slide 51: Strong portfolio performance in H1 2022 (2/2)
STRONG PORTFOLIO PERFORMANCE IN HI 2022 (2/2) Portfolio gross return() +9% 275 Total portfolio revenues 252 ee y TKO strategies: €80m ) x2.6 Unrealized change . . A 4 in fair value y Ecosystem & direct investments: €116m (mainly driven by positive change in fair value Univision co-investment) Realiz
Slide 52: Capital allocation priorities
Capital allocation priorities Kk ) INVES PRESENTATION
Slide 53: Shareholders return
SHAREHOLDERS RETURN Cash return to shareholders driven by asset management and investment portfolio €1.00 » x2 vs. 2020 distribution level » 92% of Asset Management EBIT 0.50 > Linked to the strong value creation resulting from 0.50 y the active rotation of the Group’s portfolio 2017 2018 2019 2020
Slide 54: Consolidated balance sheet
CONSOLIDATED BALANCE SHEET Very solid financial structure, supporting the Group’s strategy Simplified balance sheet €0.2bn Other Other assets liabilities Financial Cash Debt & equivalents Investment Shareholders’ portfolio €3.1bn equity Assets Liabilities €4.9bn €4.9bn Kk ) INVESTOR PRESENTATION Tik
Slide 55: Balance sheet, growth compounder
BALANCE SHEET, GROWTH COMPOUNDER \ Balance-sheet compounding effect \ Asset Management Investment portfolio \ \ Scalability & operating TKO Funds Direct & ecosystem \ 1 d leverage performance investment performance \ Mi -teens Return on Equity wv wv w ww by 2026 Fee-related Performance- Portfolio Po
Slide 56: A strong financial profile
A strong financial profile "| ” ) INVESTOR PRESENTATION & ital
Slide 57: Increased average debt maturity to 5.4 years
INCREASED AVERAGE DEBT MATURITY TO 5.4 YEARS Financial indebtedness as of 30 June 2022 and amortization plan Tikehau Capital successfully priced a $180m inaugural sustainable USPP in February 2022 Y 7 with an average maturity of c.11 years. J 0.4 \ 04 2022 2023 2024 2025 2026 2027 2028 2029 2030 203
Slide 58: 3,500 3,139 3,040 3,140 3,000 2,797 2,499 2,500 2,274 47% % 22% 2,000 32%
3,500 3,139 3,040 3,140 3,000 2,797 2,499 2,500 2,274 47% 43% 22% 2,000 32% 36% 13% 2% 35% 22% 1,432 1,464 1,500 -1% 1,085 1,051 1,292 1,254 -15% 993 997 -29% 1,000 794 545 574 563 500 0
Slide 59: Outlook
06 OUTLOOK
Slide 60: Looking ahead
LOOKING AHEAD il Investor allocations for private markets expected to remain well-oriented 7 Resilient set-up to navigate the current unstable geopolitical and economic context with confidence “One-stop-shop” with complementary asset classes offering compelling risk-return profiles for investor-clie
Slide 61: Tikehau Capital targets to more than double AM AuM by 2026
TIKEHAU CAPITAL TARGETS TO MORE DOUBLE AM AUM BY 2026 12 years f 4€9bn bo Asset Management €A mp AUM (€bn) 2004 Kk ) INVESTOR PRESENTATION Tikehau Capital 5 years -| 4€24bn 2016 33 2021 5 years “| 4€32bn | >65 2026 Target to more than double AuM by 2026 6l
Slide 62: Target: reach over €250m in FRE by 2026
TARGET: REACH OVER €250M IN FRE BY 2026 >250 FRE drivers +21% Incremental revenue from CAGR current future fee-paying AuM a base, with no costs attached — Net new money +104% a over 2022-2026 CAGR 70 50. + + : _— 36 Conservative working assumption: 12 [| ~100bps average management FRE (€m) 3 = fee (
Slide 63: Asset class mix by 2026
ASSET CLASS MIX BY 2026 Excluding potential M&A cl/3 , Value-add J / i U ! I I I i] iy \ \ \ \ XY Value-add RE 7 \ & Infra .. 4 4 ~ Core/Core+Real 7 SS Estate a c2 / 3 ~ — 7 + — Yield ™@ Private debt Mi RealAssets lM Private Equity ll Capital Markets Strategies ----- > Yield ----- » Value-add la a I
Slide 64: Appendix
Q)7 APPENDIX
Slide 65: An active and accretive M&A strategy
AN ACTIVE AND ACCRETIVE M&A STRATEGY Successful integration of past acquisitions What we look for in an acquisition International expansion Business mix rebalancing Client base diversification Entrepreneurial spirit & cultural fit Kk ) INVESTOR PRESENTATION Tikehau Capital AuM at 31 Dec. 21 €0.7bn A
Slide 66: Fee-paying AuM and management fee rate by strategy
FEE-PAYING AUM AND MANAGEMENT FEE RATE BY STRATEGY in €bn . 30-Jun-2019 30-Jun-2020 30-Jun-2021 30-Jun-2022 Real assets 6.4 6.9 8.0 9.3 10.7 Private debt 49 6.0 6.7 7.5 11.8 Capital markets strategies 3.6 3.3 3.8 47 4.5 Private equity 0.8 1.2 17 3.0 3.6 Total fee-paying AuM 15.6 17.4 20.3 24.4 30.5
Slide 67: Capital structure at June 2022
CAPITAL STRUCTURE AT 30 JUNE 2022 Share capital ownership 1 Mainly Fakarava Capital (5.3%) and Tikehau Capital Advisors ° (51.0%) which owns 100% of Tikehau Capital Commandité, the Other shareholders general partner of Tikenau Capital SCA (the listed company) and free float 2 Shareholders which are
Slide 68: Simplified organization chart at June 2022
SIMPLIFIED ORGANIZATION CHART AT 30 JUNE 2022 Peugeot anes Pevger Ge ww TEMASEK MorganStanley Founders & Management 29% 71% Other shareholders including ae - Pewee. 3¥y: TEMASEK Fakarava Capital Tikehau Capital Advisors”) ARKEA MorganStanley WB Neullize 086 Mnncse BR suravenie, 5% 51% 43% Asset Mana
Slide 69: Consolidated balance sheet
CONSOLIDATED BALANCE SHEET Robust financial structure, supporting the Group’s strategy Investment portfolio Cash & cash equivalents") Other current & non-current assets Total assets Shareholders’ equity - Group share Minority interests Total Group shareholders’ equity Financial debt Other current &
Slide 70: International Advisory Board
INTERNATIONAL ADVISORY BOARD Distinguished members with significant expertise in international affairs and complementary profiles IO Stéphane Abrial Former Chief of Staff of the French Air Force Margery Kraus Founder & Executive Chairman of APCO. Worldwide PO 4% Kenichiro Sasae Former Japanese Ambas
Slide 71: Strong corporate governance
STRONG CORPORATE GOVERNANCE A highly independent and experienced Supervisory Board Capital Allocation Committee Board composition ut Members, including 1 non- voting member 50% Independent members 40% Of women >95% Attendance rate in 2020 Board Committees Audit & Risk Committee 3 members 2/3 indepen
Slide 72: Tikehau Capital - Supervisory Board
TIKEHAU CAPITAL - SUPERVISORY BOARD Independence, experience and expertise Independent members represent 50% of the Board Christian de Labriffe Chairman of the Supervisory board Jean-Louis Charon Chairman of City Star Roger Caniard Head of MACSF Financial Management Troismer, represented by Léon Sey
Slide 73: Disclaimer
DISCLAIMER W 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 fol
Slide 74: Disclaimer
DISCLAIMER W This Presentation includes certain 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
Slide 75: Tikehau Capital contact details
id is for the excl In Offer ive use of the ion of an information nt options this pr TIKEHAU CAPITAL 32, rue de Monceau - 75008 Paris - France Phone: +33 1 40 06 26 26 Fax: 1 40 06 09 37
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