Tikehau Capital Sca · EURONEXT:TKO
Tikehau Capital Sca — Tikehau Capital — Investor Presentation (May 2025)
75 slides from Tikehau Capital Sca's investor presentation, May 2025
Slide 1: Investor Presentation May 2025
INVESTOR PRESENTATION MAY 2025
Slide 2: Agenda
1. Introduction to Tikehau Capital 2. A large spectrum of expertise Agenda 3. Accelerating growth in Asset Management 4. Granular & Synergetic Investment Portfolio 5. Financials 6. Outlook 7. Appendix
Slide 3: Introduction to Tikehau Capital
01 INTRODUCTION TO TIKEHAU CAPITAL TIKEHAU CAPITAL INVESTOR PRESENTATION 3
Slide 4: A growing global alternative asset manager
A growing global alternative asset manager TIKEHAU CAPITAL Founded in IPO in €50.6bn €3.2bn 17 750 2004 March 2017 of Group AuM(1) of shareholders’ equity (2) offices employees(1) • Complementary • Strong equity base asset classes • Capital allocation priority: • Recurring and predictable ASSET inve
Slide 5: Tikehau Capital's key differentiators
Tikehau Capital’s key differentiators A fast-growing global alternative asset manager using its strong balance sheet as a compounder of future growth Complementary and relevant investment Robust balance sheet allowing for Strong alignment of interests at the heart strategies offering compelling risk
Slide 6: A significant growth journey
A significant growth journey 2016-2025(1) CAGR 2016 2025(1) €50.6bn +22% x4 (4) # Investment professionals 57 239 +15% x5.1 +66% in c.8 years +28% # Sales professionals 8 95 x12 Group AuM €10bn AuM from +21% non-domestic investors(3) (€bn) 2 22 x11 5 offices 17 offices 31/12/2016 31/03/2025 Credit R
Slide 7: A solid track record of profitable growth
A solid track record of profitable growth AM revenues Core Fee-Related Earnings(2) Shareholder returns (1) +31% (1) +63% 132 322 0.80 0.40 0.50 39% FRE 7% 0.75 margin 0.70 39 0.60 3 €m €m 0.50 0.50 0.50 2016 2024 2016 2024 0.25 Management fee rate Shareholders’ Equity 2017 2018 2019 2020 2021 2022 2
Slide 8: Our balance sheet acts as a strong growth compounder
Our balance sheet acts as a strong growth compounder Balance-sheet compounding effect Asset Management Investment portfolio Scalability & operating leverage Tikehau Capital’s Funds performance Direct & ecosystem investment performance Mid-teens Target Return on Equity by 2026 Fee-related Performance
Slide 9: Structural tailwinds for alternatives
Structural tailwinds for alternatives Alternative assets to represent 20% of global AuM by 2029… …but capturing 56% of global revenues Passive Management CAGR CAGR $623bn $184tn +8% +7% 37 20% CAGR $435bn CAGR +6% 348 56% $128tn +7% 24 229 53% 18% $259bn $69tn 102 39% $36tn 10 14% $130bn 4 11% 40 31
Slide 10: An increasingly global platform
An increasingly global platform 11% of FTEs(1) in 28% of FTEs(1) in 17 North America Europe(2) & Middle East Offices globally Amsterdam 5% of FTEs(1) in Asia Montreal London Luxembourg 48 New York Brussels Frankfurt Nationalities Seoul Tel Aviv Milan Tokyo Madrid 56% Abu Dhabi Zurich Hong Kong of AM
Slide 11: A strong outlook
A strong outlook Our growth playbook Mid-term milestone targets(1) Expand flagship strategies Scalability >€65bn 2026 AM AuM Operating leverage >€250m 2026 FRE Scale up innovation Mid-teens Return on Equity by 2026, driven by Enhance international development Value creation and partnerships ~€500m N
Slide 12: A large spectrum of expertise
02 A LARGE SPECTRUM OF EXPERTISE TIKEHAU CAPITAL INVESTOR PRESENTATION 12
Slide 13: Our conviction-based thematic investments
Our conviction-based thematic investments Long-lasting expertise in mid-market financing across asset classes and strategies CREDIT CAPITAL MARKETS TACTICAL REAL ASSETS PRIVATE EQUITY PRIVATE DEBT STRATEGIES STRATEGIES Mid-market financing Special financing Asset transformation and Growth Conviction
Slide 14: A large spectrum of investment expertise
A large spectrum of investment expertise A COMPREHENSIVE OFFERING ACROSS ASSET CLASSES AND INVESTMENT VEHICLES INVESTMENT ACTIVITY CAPITAL MARKETS €1.0bn Complementary vehicle types CREDIT STRATEGIES €23.3bn €5.9bn • Fixed Income • Direct Lending Permanent capital • Corporate Lending • Equity Second
Slide 15: What our investor-clients are looking for
What our investor-clients are looking for VALUE-ADD 22% YIELD Main performance driver Main performance drivers = = Capital gains Income €49.6bn of AM AuM at 31.03.25 • Targets mid-high teens gross • Targets mid-high single digit IRRs gross IRRs • Back-ended returns • Predictable & regular returns 78
Slide 16: Credit
Credit TIKEHAU CAPITAL EXPERTISE OUTLOOK Tactical Strategies European Direct (10%) Lending (36%) Continue to scale up Direct Lending and Secondaries strategies Secondaries Corporate Lending (10%) (4%) Expand SMAs and evergreen unit-linked vehicles European Lev. CLOs & Loans (4%) Direct Lending Lev.
Slide 17: Private Equity
Private Equity TIKEHAU CAPITAL EXPERTISE OUTLOOK Others (7%) PRIVATE EQUITY Growth Equity(1) (9%) Expand Decarbonization platform globally Aero & Cybersecurity (31%) Scale up Aero and Cybersecurity strategies €6.7bn of AuM Raise Regenerative Agriculture strategies and launch successor vintages Energ
Slide 18: Real Assets
Real Assets TIKEHAU CAPITAL EXPERTISE OUTLOOK Scale up European value-add and US Infrastructure strategies through successor Liquid funds & others 4 1 Closed-end funds funds 9% 29% Keep an active watch for club deals and co-investment opportunities €13.7bn 3 of AuM Expand our listed REITs in France
Slide 19: A granular and diversified Real Assets platform
A granular and diversified Real Assets platform • Diversified platform composed of granular small-sized assets in prime locations • • High-quality long-term tenants Embedded hedge against inflation (rent indexation) >9,000 25% €1.5bn • Prudent and targeted investment approach, while taking advantage
Slide 20: Capital Markets Strategies
Capital Markets Strategies TIKEHAU CAPITAL EXPERTISE Flexible & Equity (7%) High Yield, Investment Grade corporates and Subordinated financials in various open-ended funds and managed accounts Fixed Income Focus on Conviction based management through benchmark free approach €5.9bn (93%) of AuM(1) Fu
Slide 21: Accelerating growth in Asset Management
03 ACCELERATING GROWTH IN ASSET MANAGEMENT TIKEHAU CAPITAL INVESTOR PRESENTATION 21
Slide 22: Strong growth reflects successful execution
Strong growth reflects successful execution SELECTIVE DEPLOYMENT • High investment discipline • Strong & local sourcing capabilities DYNAMIC FUNDRAISING • High level of skin in the game • Asset class complementarity • Full integration of sustainability criteria • Innovation-driven mindset • Business
Slide 23: Solid start to 2025
Solid start to 2025 Dynamic yet highly selective deployment Robust realizations momentum High level of AM net new money €1.8bnin Q1 2025 €0.7bn in Q1 2025 €1.6bn in Q1 2025 Private Equity Private Equity 0% Capital Markets Strat. 18% Real Assets 10% 10% Private Equity 7% Real Assets Net new Deploymen
Slide 24: Step-up in deployment in line with platform growth
Step-up in deployment in line with the growth of the Group’s AM platform Multi-local platform in place Step-up in deployment in line with the platform’s expansion Selective deployment driven by Credit Selectivity >95% >95% 99% 17 rate (2) Private Equity offices(1) 5.6 Credit +35% 10% 4.2 18% Real As
Slide 25: Good realizations momentum
Good realizations momentum 2.4 • Healthy pace of realizations 2.1 Private Equity • Credit accounted for 2/3 of total realizations, driven by sizeable 1.8 Credit 7% refinancings in Direct Lending Corporate Lending and Tactical Strategies 25% €2.1bn • Realizations in Private Equity FY 2024 Real Assets
Slide 26: Solid performance across our funds
Solid performance across our funds Strong performance metrics(1) Example of recent realizations(3) Fund performance Aerospace and Defence Aerospace and Defence Gross Net Private IRR IRR Equity Direct Lending Strategy (3rd vintage) 9.2% 6.9% Direct Lending Strategy (4th vintage) 9.4% 7.4% Continued d
Slide 27: Granular and diversified exposure by sector and geography
Granular and diversified exposure by sector and geography AM AuM breakdown by sector AM Assets breakdown by geography Other RoW 8% Dry Powder 8% 14% North America Dry Powder 9% 14% UK 4% €49.0bn €49.0bn of AM AuM at 31.12.24 of AM AuM at 31.12.24 Top 15 Real Estate Continental sectors 26% Europe 51%
Slide 28: Attractive portfolio metrics with embedded downside protection
Attractive portfolio metrics with embedded downside protection Asset selection + Value creation DIRECT LENDING(1) PRIVATE EQUITY(2) REAL ESTATE(3) High level of granularity High-quality assets +15% +38% 25% LTM Revenue growth LTM EBITDA growth >9,000 Average EBITDA margin Units across Real Estate pl
Slide 29: Dynamic fundraising momentum
Dynamic fundraising momentum Asset Management Net New Money 7.0 7.0 6.3 6.4 Capital Markets +41% Strategies Private €9.3bn 5.0 Equity 3.7 2024 gross inflows H2 3.2 3.2 Real Assets 3.9 H1 3.2 3.3 3.4 ~€20bn Credit 2022-24 net new money €bn 2017-2020 2017-2023 2024 2022 2023 2024 2024 2024 average ave
Slide 30: Continued expansion of our client base globally
Continued expansion of our client base globally AM AuM breakdown by investors nationalities at 31 Dec. 2024 Most represented nationalities in AuM at 31 December 2024(2) Office Opening Year Non-domestic investors(1) €21.6bn 9% 10% 1 United States 2018 10% 2 Italy 2015 +28% 3 United Kingdom 2013 Non-d
Slide 31: Major steps forward in expansion in Asia
Major steps forward in expansion in Asia Client Finalization of the outreach & strategic partnership with Investment Client outreach & Investment Partnership with Hong-Kong + office opening Distribution agreement for Tikehau Capital funds Client Establishment of an investment outreach & joint-ventur
Slide 32: Continued progress in the democratization of private markets
Continued progress in the democratization of private markets AM AuM breakdown by client type at 31 Dec. 2024 Key partners Insurance Private banks Distribution Private investors companies platform 1% €14.9bn 5% 10% 30% 25% of AM AuM at 31 Dec. 2024 €49.0bn AM AuM at 31 December 2024 ~30% Opale Capita
Slide 33: Tikehau Capital's Sustainability Milestones
Tikehau Capital’s Sustainability Milestones Finalisation of the Group climate transition plan Closing of the first vintage €1.4bn of the Private Equity A+ €4.2bn ofAUMClimate & Biodiversity Decarbonisation strategy at 31 Mar. 2025 fixed income (including co-investment) Launch impact platform #1 Clim
Slide 34: Sustainability fully embedded within our business model
Sustainability fully embedded within our business model Sustainability at Tikehau Capital External recognition (1) (2) ~67% 20% 78% of variable compensation linked to of Group’s debt linked to (3) of AuM in SFDR Article 8 & 9 funds people & climate goal sustainability criteria PLATFORM TO CONTRIBUTE
Slide 35: Granular & Synergetic Investment Portfolio
04 GRANULAR & SYNERGETIC INVESTMENT PORTFOLIO TIKEHAU CAPITAL INVESTOR PRESENTATION 35
Slide 36: Investment portfolio increasingly exposed to our AM strategies
Our investment portfolio is increasingly exposed to our Asset Management strategies Balance sheet investment portfolio mix (€m) • Disciplined capital allocation • Support of innovation initiatives 4,433 • Exposure to returns deemed attractive 4,001 associated with investments within own 3,858 Ecosys
Slide 37: Dynamic portfolio management in 2024
Dynamic portfolio management in 2024 +€719m €(613)m Investments Divestments and returns of capital Tikehau Capital strategies Ecosystem / direct investments Capital reimbursed driven by several of the firm’s +€530m +€189m CLOs, credit secondary and aerospace strategies Co-invest. (5%) Investment in
Slide 38: Strong alignment of interests
Strong alignment of interests 4,433 4,433 210 Other direct investments Ecosystem and direct 1,356 1145 Ecosystem investments investments Alongside Tikehau Capital’s Strategies 117 Capital Markets Strategies (€59m) Fixed income & equity European Core / Core+ real estate 701 Real Assets European value
Slide 39: Ecosystem and direct investments serving our global platform
Ecosystem and direct investments serving our global platform 4,433 Invest as an LP to complement and Develop long-term strategic relationships Ecosystem consolidate expertise through GP stakes and direct 1,356 investments Co-invest alongside top-tier GPs globally Create value through balance sheet l
Slide 40: Financials
05 FINANCIALS TIKEHAU CAPITAL INVESTOR PRESENTATION 40
Slide 41: Simplified consolidated P&L
Simplified consolidated P&L €m 2023 2024 Management fees & other revenues(1) 312.3 337.1 High basis of comparison linked to subscription fees Operating costs(2) (189.3) (205.1) Structural growth in management fees (+17% YoY) offset by cyclical (3) impact on Real Estate fundraising Core Fee-Related E
Slide 42: Double digit growth in Fee-Paying AuM
Double digit growth in Fee-Paying AuM, supporting long-term revenue 49.0 42.8 KPI mainly linked to fundraising on strategies charging fees on capital deployed and Non fee-paying 4.9 fundraising on Private Equity funds which are not yet activated Future fee-paying 4.2 +14% +14% 39.8 Driven by inflows
Slide 43: Continued growth in Asset Management revenue
Continued growth in Asset Management revenue 351 322 14 • Performance fees mainly coming from Capital Markets Strategies’ fixed income funds which delivered strong returns in 2024 10 337 +8% • 8% increase on a high comparison basis in 2023 linked to upfront subscription fees generated from gross inf
Slide 44: Acceleration in Core FRE and AM EBIT in H2 2024
Acceleration in Core FRE and AM EBIT generation in H2 2024 AM EBIT 107.0 116.8 126.3 Strong Core FRE and AM EBIT margin pick up in H2 2024 Core FRE 108.6 123.0 132.0 +6pts +8pts Core FRE(1) margin 37.0% 39.4% 39.2% Core FRE margin 42.1% AM EBIT margin 39.5% Management fees 35.7% and others(2) 31.9%
Slide 45: Performance-related earnings, a material profit driver ahead
Performance-related earnings, a material profit driver ahead 15% yoy increase in AuM eligible to carried interest Our approach to carried interest Material embedded performance related revenues(1) +15% 22.6 Shareholder-friendly 19.6 allocation 8.5 Cautious P&L recognition ~€210m As of 30 September 2
Slide 46: Tikehau Capital's approach to performance fees
Tikehau Capital’s approach to performance fees Shareholder-friendly Material mid-term Cautious P&L recognition allocation profitability driver 53% No negative ~€23bn of carried interest on closed-end funds AuM eligible for carried interest at revenue retained by Tikehau Capital 31 December 2024 100%
Slide 47: 16% increase in portfolio revenues
16% increase in portfolio revenues, with an acceleration in H2 Mainly driven by significant growth for +65% Growth in H2 2024 (vs. H1 2024) +16% 207 Tikehau Capital Private Equity and 179 Credit strategies Realized revenues growth driven by Tikehau Capital strategies 202 202 Ecosystem & Realized por
Slide 48: Balance sheet at 31 December 2024
Balance sheet at 31 December 2024 €m 31 Dec. 2023 31 Dec. 2024 Investment portfolio €3.2bn €1.0bn 78% 3,858 4,001 Cash & cash equivalents 228 337 Other current & non-current assets 818 859 Shareholders’ Equity, Short-term financial ESG-linked debt Total assets 4,905 5,197 Group share resources Share
Slide 49: Outlook
06 OUTLOOK TIKEHAU CAPITAL INVESTOR PRESENTATION 49
Slide 50: 2025 fundraising priorities
2025 fundraising priorities Launch date Timeline End date(1) Target size Raised since launch EUROPEAN DIRECT LENDING (6th vintage) Q1 2023 Q3 2025 €4-5bn ~€3bn Flagship strategies PRIVATE EQUITY DECARBONIZATION Q2 2023 Q4 2025 €2-3bn ~€1bn (2nd vintage) PRIVATE EQUITY AEROSPACE Q3 2024 2026 ~€800m €
Slide 51: Capturing future growth for our Asset Management business
Capturing future growth for our Asset Management business Key priorities Action plan Strategic levers Source large allocations and Organic access larger transactions 1 UNLOCK LARGE & HYBRID ASSET OWNERS development Extend our liability maturity Bespoke mandates, 2 ACCESS PERMANENT POOLS OF CAPITAL c
Slide 52: Maximizing value creation through our balance sheet
Maximizing value creation through our balance sheet Investment portfolio evolution Ecosystem & direct investments €4.0bn Capital allocation priorities Tikehau Capital strategies Prioritize active capital rotation and capital recycling Investment Maintain alignment of interests while reducing capital
Slide 53: Asset class target mix by 2026
Asset class target mix by 2026 EXCLUDING POTENTIAL M&A 78% ~1/3 Value-add c.100% 22% €9bn at 31.12.16 €50bn at 31.03.25 >€65bn in 2026 Yield Value-add ~2/3 Yield At 31 March 2025. Achievement of objectives and forecasts is not guaranteed. TIKEHAU CAPITAL INVESTOR PRESENTATION 53
Slide 54: Appendix
07 APPENDIX TIKEHAU CAPITAL INVESTOR PRESENTATION 54
Slide 55: Continued increase in fee-paying AuM
Continued increase in fee-paying AuM SUPPORTING LONG-TERM MANAGEMENT FEE GENERATION AuM breakdown Fee-paying AuM by duration 14% 8% Permanent capital Fee-paying 9% 7y or + Future fee-paying €39.8bn 3 to 6y Non fee-paying 10% €49.0bn 20% Fee-paying AUM at 28% Less than 3y AuM at 31 Dec. 2024 81% 31 D
Slide 56: A model on its way to deliver full potential
A model on its way to deliver full potential Fee-related earnings Performance-related earnings Investment returns Platform investments ahead of Large flagship funds still in ~50% of investments maturing Current features management fees generation J-curve effect + investment phase Conservative P&L ac
Slide 57: Solid track record in European mid-market lending
Solid track record in European mid-market lending Breakdown of Credit AuM Tactical Strategies • Leadership position in European mid-market lending allowing for selective (10%) deal sourcing Secondaries • Attractive features and risk-adjusted returns thanks to floating rate (4%) instruments Direct Le
Slide 58: Solid performance track record in Credit (1/2)
Solid performance track record in Credit (1/2) Direct Lending: from emerging to flagship strategy Credit Secondaries: future flagship in the making Net IRR 6.9% 7.4% 7.0% €3.3bn • Early mover within the credit secondaries space €2.1bn illustrating our innovation capabilities • Solid sourcing capacit
Slide 59: Solid performance track record in Credit (2/2)
Solid performance track record in Credit (2/2) Direct Lending: from emerging to flagship strategy(1) Credit Secondaries: future flagship in the making(3) €m Vintage III Vintage IV Vintage V €m 1st vintage Date of inception Dec. 2014 Jul. 2017 Oct. 2020 Date of inception Oct. 2020 Strategy size(2) €6
Slide 60: Our value-creating approach in Private Equity
Our value-creating approach in Private Equity Tikehau Capital Expertise • Disciplined investment on value-creating megatrends Others (7%) • Thematics approach with top-tier corporate partners • Conservative use of leverage Growth Equity(2) (9%) Aero & • Patient capital and active management Cybersec
Slide 61: Robust inflows for Capital Markets Strategies in 2024
Robust level of inflows for Capital Markets Strategies in 2024 driven by solid performance across a well-diversified range of products Robust level of net inflows Performance recognition Solid momentum for 770 short duration and dated funds Dynamic demand from H2 Spanish and Swiss investors x3 Solid
Slide 62: Focus on Tactical Strategies
Focus on Tactical Strategies LEVERAGING ON TIKEHAU CAPITAL’S PLATFORM TO OFFER DIFFERENTIATED INVESTMENT SOLUTIONS INVESTMENT UNIVERSE 2 CONTRARIAN INVESTMENT PROPOSITIONS Broad investment scope providing multi-asset Special Opportunities Multi-Asset Solutions exposure and navigating across the capi
Slide 63: 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 2020 AuM at acquisition AuM at 31 Mar. 2025 AuM CAGR International expansion €0.5bn €0.8bn +11% 2019 AuM at acquisition AuM at 31 Mar. 2025 AuM CAGR Business mix rebalancing €0.05bn €0
Slide 64: Fee-paying AuM and management fee rate by strategy
Fee-paying AuM and management fee rate by strategy in €m 2022 2023 2024 Real Assets 11,207 11,141 11,538 Credit 12,729 15,358 17,670 Capital Markets Strategies 4,078 4,644 5,732 Private Equity 3,403 3,805 4,811 Total fee-paying AuM 31,418 34,947 39,751 in bps 2022 2023 2024 Real Assets 108 100 86 Cr
Slide 65: Investment portfolio
Investment portfolio 74% OF THE INVESTMENT PORTFOLIO IS INVESTED IN TIKEHAU CAPITAL’S OWN STRATEGIES Number of investments 259 288 +€719m €(613)m Well-balanced exposure across Tikehau Capital strategies +€38m €4,001m €3,858m Other(1) Capital Markets Strat. €0.1bn Ecosystem & 1,053 795 €0.1bn direct
Slide 66: Financial indebtedness and amortization plan
Financial indebtedness and amortization plan 4.2 years of average debt maturity (1) (2) 2019 Bond - €500m 2021 Sustainable Bond - €500m 2023 Sustainable Bond - €300m 2025 Bond - €500m RCF - €800m USPP - 10 Y - $115m USPP - 12Y - $65m (1) As of April 8th, 2025 (2) On April 7th, 2025, Tikehau Capital
Slide 67: Capital structure
Capital structure Share capital ownership at 31 December 2024 Other shareholders and free float 1 Including Tikehau Capital Advisors(1) and other Management 21% entities(2) 2 Shareholders which are also shareholders of Tikehau Capital Fonds Stratégique 1 Advisors and / or part of a shareholders’ agr
Slide 68: Simplified organizational chart
Tikehau Capital’s simplified organizational chart Founders & Management Strategic investors 66% 34% Tikehau Capital Advisors and Other shareholders other Management entities(1) (incl. free float) 58% 42% Tikehau Capital (TKO FP) At 31 December 2024. (1) Other entities controlled by AF&Co, MCH and th
Slide 69: Shareholder-friendly allocation of carried interest
Shareholder-friendly allocation of carried interest Tikehau Capital: Group’s parent company whose securities are listed on Tikehau Capital the regulated market of Euronext Paris. The purpose of the company is to 53.3% 26.7% invest directly or indirectly in the Group’s investment platforms Asset Mana
Slide 70: Strong Corporate Governance
Strong Corporate Governance A highly independent and experienced Supervisory Board Capital Allocation Committee Board composition Board Committees Role: assist the Managers in its 11 ▪ Audit & Risk Committee investment decisions and in Members, including monitoring the financial performance 1 non-vo
Slide 71: Tikehau Capital – Supervisory Board
Tikehau Capital – Supervisory Board INDEPENDENCE, EXPERIENCE AND EXPERTISE Xavier MUSCA Roger CANIARD Fonds Stratégique de Participations, Sophie COULON-RENOUVEL Maximilien DE LIMBURG STIRUM Jean-Pierre DENIS Chairman of the Supervisory board Head of MACSF Financial represented by Florence LUSTMAN D
Slide 72: Contacts
Contacts Shareholders and Investors contact Louis IGONET Théodora XU Julie TOMASI Head of Corporate Strategy, Investor Relations Director Investor Relations Officer Development, and Investor Relations txu@tikehaucapital.com jtomasi@tikehaucapital.com ligonet@tikehaucapital.com +33 (0) 1 40 06 18 56
Slide 73: Disclaimer
Disclaimer By viewing or receiving or reading this Presentation (as such term is defined herein) or attending any This Presentation contains forward looking statements about the Group and its subsidiaries. These meeting where this Presentation is made, you agree to be bound by the limitations, quali
Slide 74: Disclaimer
Disclaimer This Presentation includes certain pro forma financial information about the Group. This pro forma a revolving credit facility to be subsequently repaid with investor contributions. financial information has been prepared on the basis of historical financial statements of the Calculations
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