Tikehau Capital Sca · EURONEXT:TKO
Tikehau Capital Sca — Tikehau Capital — FY2016 Earnings Presentation
38 slides from Tikehau Capital Sca's earnings presentation, Mar 23, 2017
Slide 1: Full year 2016 results presentation
CAPITAL Full year 2016 results presentation 23 March 2017
Slide 2: Agenda
CAPITAL Highlights 2016 Overview Operating review Financial review Governance Outlook Appendices Agenda
Slide 3: Highlights 2016
Highlights 2016 TIKEHAU CAPITAL *» 57% growth in AUM to €10bn " Capital increases for an aggregate value of €616m (of which €416m in 2016) * Reorganisation of Tikehau Capital and success of the public tender offer on Salvepar leading to the listing of Tikehau Capital = €76.3m of total revenues * €72
Slide 4: Agenda
CAPITAL Highlights 2016 Overview Operating review Financial review Governance Outlook Appendices Agenda
Slide 5: Tikehau: a pan-European diversified alternative asset manager
Overview Tikehau: a pan-European diversified alternative asset manager CAPITAL INDEPENDENCE SHAPES VALUE = €10bn “of AuM * €1.5bn (2) of shareholders’ equity * c.170 employees and partners (c. 15 nationalities) " 5 offices "Paris * London " Singapore " Brussels * Milan « Established track record in
Slide 6: Tikehau's positioning
Overview Tikehau’s positioning CAPITAL ROWING & PROFITABLE MARKET AN ALTERNATIVE ASSET MANAGER — IN A FAS TIKEHAU IS POSITIONED Alternative AM: 40% of global AM Expected evolution of AM segments between 2015 and 2020 - . revenues in 2020 vs. 33% in 2013 % growth 25 Estimated size in 2015 - (scale =
Slide 7: Our vision: become the European leader in alternative asset management
Overview TIKEHAU CAPITAL OUR VISION : BECOME THE EUROPEAN LEADER IN ALTERNATIVE ASSET MANAGEMENT
Slide 8: What we do
Overview What we do CAPITAL WITH €10BN OF AUM, TIKEHAU’S ACTIVITIES ARE ORGANISED AROUND 4 BUSINESS LINES PRIVATE DEBT 49% of AuM “) REAL ESTATE (1) . . Our offer HS CFA Our objective Alternative and Optimise risk / return flexible investment solutions PRIVATE EQUITY over the long term 14% OF AUM “)
Slide 9: Our business model today
Overview Our business model today CAPITAL VALUE CREATION, DIVERSIFICATION & RECURRENCE Use of Capital Revenue generation Solid revenue generating model with significant embedded growth Funds’ performance INVESTMENT IN TIKEHAU FUNDS * Portfolio revenues = Change in fair value/ Enables full alignment
Slide 10: What sets us apart
Overview What sets us apart TIKEHAU CAPITAL C1) FULLY ALIGNED INTERESTS C2) SECOND TO NONE TEAM = Management controls indirectly = Emphasis on best in class 38.1%( of the capital research, investment process " Tikehau Capital is a core & risk management investor in every _ strategy " Highly — skille
Slide 11: Agenda
CAPITAL Highlights 2016 Overview Operating review Financial review Governance Outlook Appendices Agenda
Slide 12: Operating review: Key figures
TIKEHAU CAPITAL ASSETS UNDER MANAGEMENT (IN €M) 9,979 4,327 2014 2015 2016 FUNDS & INVESTMENT VEHICLES (#) 55 EMPLoyees (#) onan et 2% 170 145 103 2014 2015 2016 PORTFOLIO & AM REVENUES (IN €™) Operating review Key figures CUSTOMERS’ BREAKDOWN 2% 32% ™@ Institutional Distributors & private investors
Slide 13: Private Debt, Real Estate, Private Equity, Liquid Strategies
PRIVATE DEBT REAL ESTATE PRIVATE EQUITY LIQUID STRATEGIES
Slide 14: Private Debt, Real Estate, Private Equity
PRIVATE DEBT REAL ESTATE PRIVATE EQUITY
Slide 15: Operating review: Key events by business line
TIKEHAU CAPITAL (As at 31.12.2016 Operating review Key events by business line TDL Ill closed at €610m of AUM TSL Il, intermediate closing at €522m\ of AUM Launch of Tikehau CLO II for €414m" of AUM Acquisition of Lyxor UK-based funds, representing €747m") of AUM Large managed accounts signed with i
Slide 16: Agenda
CAPITAL Highlights 2016 Overview Operating review Financial review Governance Outlook Appendices Agenda
Slide 17: 2016 — Year of reorganisation
CAPITAL 2016 — YEAR OF REORGANISATION Tikehau Capital SCA (“TC”) <30% till 21.12.2016 96.67% from 21.12.2016 Tikehau Investment Management (“TIM”) 2016 consolidated financial statements 100% of Ordinary Shares & 75.1% of Preferred Shares from 21.12.2016 Tikehau Capital Europe (“TCE”) Financial revie
Slide 18: Asset Under Management YoY change
(€bn) 02 12 2.2 02 0.7 4 6 6.4 1.2 0.8 0.7 29 31.12.2015 Net New Money* Market impact External Growth** Private debt Real Estate Private Equity m Liquid strategies = Net New Money of €2.2bn — €0.5bn on Direct lending and managed accounts and €0.7bn on leverage loans - €0.6bn on Real Estate Strategie
Slide 19: Revenue Analysis
Financial review Revenue Analysis TIKEHAU CAPITAL Private Private Liquid Total pro forma Total pro forma Var Consolidated Debt Equity strategies 31.12.2016 31.12.2015 Y-o-Y 31.12.2016 AM revenues 20.2 7.7 0.1 11.6 39.6 28.6 39% 2.4 Portfolio revenues 13.6 9.5 66.3 0.0 89.3 98.3 -9% 73.9 Others 0.0 0
Slide 20: P&L
Financial review P&L TIKEHAU CAPITAL CONSOLIDATED P&l in €m 2016 2015 Var Change in fair value 42.3 19.8 22.5 PE revaluation (including Salvepar) Other portfolio income 31.6 19.8 11.8 Dividends, coupons, etc. Revenues from the portfolio 73.9 39.6 34.3 Revenues from the management companies 2.4 0.0 2
Slide 21: Balance sheet
TIKEHAU CAPITAL CONSOLIDATED FINANCIALS PRO FORMA Var] Financial review Balance sheet Comments 2016 2015 Non current assets 1,101.6 569.2 532.5 1,185.0 Portfolio investments 762.6 544.9 217.7 a4o.8 PE activity and seed in Tikehau funds Pro forma : integration of Salvepar Intangible and tangible fixe
Slide 22: Agenda
CAPITAL Highlights 2016 Overview Operating review Financial review Governance Outlook Appendices Agenda
Slide 23: Governance
Governance TIKEHAU CAPITAL Christian de Labriffe - Chairman of the Supervisory Board - Tikehau Capital - Salvepar - Rothschild - Lazard Jean-Pierre Denis - Crédit Mutuel Arkéa . . - Fédération du Crédit L Jean-Louis Charon* - Chairman Fanny Picard* - Chairman Mutuel de Bretagne - CityStar Capital -
Slide 24: Agenda
CAPITAL Highlights 2016 Overview Operating review Financial review Governance Outlook Appendices Agenda
Slide 25: Latest developments — Ongoing Projects
Outlook TIKEHAU Latest developments — Ongoing Projects CAPITAL . Launch of the pre-marketing of the next Direct Lending fund’s vintage (TDL IV) = Opening of CLO III warehouse phase Private Debt « Final close of the Tikehau senior loan fund (TSL II) "= Strong pipeline of pan-European Real Estate oppo
Slide 26: Target: €20bn of AuM
Outlook CAPITAL RGET: €20BN OF Al Roadmap to achieve this objective: . Develop client base outside of Europe, while monitoring profitability . Leverage existing investment origination capabilities and replicate successful model in other geographies . Extend product offering in all Business Lines and
Slide 27: Successful IPO
Outlook Successful IPO CAPITAL SUCCESSFUL IPO ENHANCES VISIBILITY AND ENABLES GROWTH ACCELERATION THROUGH A SIMPLER STRUCTURE TKO 26 6,000 EURONEXT 25 $1000 || | * Ticker Bloomberg: TKO FP S 2 g 24 4000'S | = Public tender offer on = 2 Salvepar by Tikehau Capital 2 23 3,000 Z ra + = Free float: 41.3
Slide 28: Shareholders
Others 13.8% Macif TCA & 2.5% Fakarava Temasek 38.1% 3.0% FFP 3.0% Amundi 3.2% Carac 4.3% Fonds Stratégique de Participations 5.5% Suravenir 6.0% Shareholders concert 20.6%
Slide 29: Agenda
CAPITAL Highlights 2016 Overview Operating review Financial review Governance Outlook Appendices Agenda
Slide 30: Tikehau's new organizational structure
Appendices Tikehau’s new organizational structure CAPITAL BS Amundi FFP Founders and TEMASEK @Qmacse Management I | 29.9% 70.1% l ] 100% 43% Fakarava 28.6% 9.5% Other shareholders 61.9% General Partner 96.6% 75.1% 100% 100% Tikehau Investment Tikehau Capital TIM 3.3% Management ("TIM") Europe ("TCE"
Slide 31: Key steps of our growth
Appendices Key steps of our growth TIKEHAU CAPITAL Temasek and FFP joined the capital Partnershi Acquisition Foundation P 2 with of Salvepar Opening of Acquisition of okeau Crédit Opening of Singapore Opening of leverage loans apital Mutuel Partnership London offices Brussels business of Arkéa with
Slide 32: Private Debt (1/2)
Appendices Private Debt (1/2) TIKEHAU CAPITAL Our European Private debt platform“ @) Our European Private debt platform Subordinated debt / Mezzanine / Equity French SMEs — Direct 9% Lending LS 16% Senior Debt 28% Unitranche 17% CLO 30% 0) Ag at 31.12.2016 ® Corporate direct lending French SMEs: exc
Slide 33: Tikehau Ares Alcentra
Tikehau 38 Ares 27 Alcentra 18 Muzinich & Co 13 Hayfin 13 11 BlueBay BainCapital 10 European Capital 9 CVC 9 Barings 8 Other 106 2016 2015
Slide 34: P&L pro forma
CAPITAL Appendices P&L pro forma PRO FORMA P&L 31.12.2016 31.12.2015 Var Change in fair value 46.6 80.6 -42% Other portfolio income 43.9 18.6 136% Revenues from the portfolio 90.5 99.2 -9% Revenues from the management companies 39.4 27.9 41% Total revenues from AM & portfolio 129.9 127.0 2% Result f
Slide 35: TIKEHAU
TIKEHAU CAPITAL @ OcH-ZIFE QOARES) KKR OAKTREE — The Fee Group’ . TIKEHAU ai —————i Partners Group (TBE CartyteGrourp = (mee eruergrau
Slide 36: Disclaimer
Disclaimer CAPITAL This presentation has been prepared as a supplement to information rendered public by Tikehau Capital, to which readers are invited to refer. This presentation is not intended to be and shall not be construed as a solicitation or offer to buy or sell securities or financial instru
Slide 37: Tikehau Capital offices
Tikehau Capital Europe 111, Old Broad Street London EC2N 1AP UK Brussels office Tel : +44 203 821 1030 IT Tower Avenue Louise 480 1050 Brussels Belgium Tel : +32 2894 0080 Paris office 32, rue de Monceau 75008 Paris France Milan office Tel : +33 1 53 59 05 00 Piazza del Carmine 4 Singapore office 20
Slide 38: Tikehau Capital
TIKEHAU CAPITAL 1 40 06 09 37