Tikehau Capital Sca · EURONEXT:TKO
Tikehau Capital Sca — Tikehau Capital — Investor Day (March 2022)
133 slides from Tikehau Capital Sca's investor day presentation, Mar 22, 2022
Slide 1: 2022 Capital Markets Day
2022 CAPITA MARKETS D March 22"4, 2022
Slide 2: Tikehau Capital Corporate video
Tikehau Capital Corporate video 2022 »' a CAPITAL MARKETS DAY — Tikeha . Capital,
Slide 3: Agenda
2022. CAPITAL MARKETS DAY AGENDA are TIKEHAU CAPITAL y Opening remarks - fireside chat with Tikehau Capital’s co-founders y Growth opportunities in the alternative space y Adeep dive into Sustainability and Private Clients y Accelerating growth for our asset management business Q&A Break y Synergeti
Slide 4: Today's speakers
TODAY’S SPEAKERS Cécile Cabanis Deputy CEO Antoine Flamarion Co-founder Thomas Friedberger Deputy CEO Mathieu Chabran Co-founder Henri Marcoux Deputy CEO Kk ) 2022 CAPITAL MARKETS DAY Tikehau Capital
Slide 5: An amazing entrepreneurial journey, which is set to accelerate
An amazing entrepreneurial journey, which is set to accelerate ri) Strong positioning on a growing market benefiting from secular trends An increasingly scaling and profitable asset management business 3) A synergetic, profitable and disciplined aXe use of balance sheet + Powered by A compounding Gl
Slide 6: Opening remarks
Ol OPENING REMARKS / 5 Antoine Flamarion Mathieu Chabran Co-founder Co-founder
Slide 7: A global, fast-growing, entrepreneur-led alternative asset manager
A global, Fast-growing, Entrepreneur-led Alternative Asset Manager
Slide 8: Our competitive landscape
OUR COMPETITIVE LANDSCAPE Inception year # years since inception AuMQ® Peer | 1984 38 €29bn Peer 2 1989 33 $67bn Peer 3 1994 28 €73bn Peer 4 1996 26 $127bn WW 2004 18 €34bn Peer 5 2007 ile) €22bn Kk ) 2022 CAPITAL MARKETS DAY (1) Latest available information Tikehau Capital
Slide 9: An amazing growth journey
AN AMAZING GROWTH JOURNEY Asset Management >€65 b nN AuM oc © 2004 2011 2016 2021 2026 Shareholders’ Equity, Group share @ 2004 2011 2016 2021 Kk ) 2022 CAPITAL MARKETS DAY Tikehau Capital
Slide 10: An amazing growth journey
AN AMAZING GROWTH JOURNEY 2016-2021 CAGR +22% +110% J +46% Group AuM €10bn Pe +19% 31/12/2016 31/12/2021 Ml Private Debt Real Assets Private Equity r I , ) 2022 CAPITAL MARKETS DAY Il Capital Markets Strategies Investment activity QS Tikehau Capital # Investment professionals # Sales professionals I
Slide 11: A solid track record of profitable growth
A SOLID TRACK RECORD OF PROFITABLE GROWTH Management fee rate (bps 8 (bps) 102 +27 bps 75 Revenue from Asset Management activity (€m) 283 39 +48% 2016-21 CAGR 2016 ©2017-2018" 2019» 2020-2021 Fee-related earnings (FRE)® (€m and margin) 36.0% +104% = 2016-21 CAGR 7.0% 3 2016 = 2017 2018" 2019 = 2020-
Slide 12: Consistency in overachieving
CONSISTENCY IN OVERACHIEVING Targets set at IPO (2017) Targets set at 2019 CMD Delivered 98% Group AuM €20bn 2 years >€35bn delivered in 2020 in 2022 ahead 1 year ahead % Asset 0, Materially above 95 Management > 25% since 2017 >€100m delivered profitability in the mid-term OF FRE in 2028 1 year ahe
Slide 13: Two growth enablers: our balance sheet
Two growth enablers » Our balance sheet sCOr. Tek aie MAREETS DAY u Capital 13
Slide 14: 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 15: 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 ) 2022 CAPITAL MARKETS DAY Tikehau Capital AuM at 31 Dec. 21 €0.7b
Slide 16: 2021, a year of simplification and value-creation
2021, A YEAR OF SIMPLIFICATION AND VALUE-CREATION n of Tikehau Capital’s organization Regroup Reset central corporate General Partner functions and expertise remuneration Vv Simplified Improved Revised organization financial profile dividend policy Unique alignment of interests reinforced a | y 2022
Slide 17: Two growth enablers: our platform
Two growth enablers » Our platform sCOr. Tek aie MAREETS DAY u Capital 7
Slide 18: What characterises Tikehau Capital?
WHAT CHARACTERISES TIKEHAU CAPITAL? A founder-led entrepreneurial culture Two key strategic enablers Alignment of interests Balance sheet a | y 2022 CAPITAL MARKETS DAY Tikehau Capital 18
Slide 19: Our entrepreneurial mindset in action
OUR ENTREPRENEURIAL MINDSET IN ACTION Our platform keeps expanding in terms of people and geographies “Create, don’t compete” at the heart of Tikehau Capital’s DNA | Innovation Partnerships / Recognized Ecosystem expertise Capacity to launch innovative products and adjacencies A partner of choice fo
Slide 20: Our multilocal platform, a key asset
OUR MULTILOCAL PLATFORM, A KEY ASSET Our platform keeps expanding in terms of people and geographies 683 2000 Strong network of raya senior advisors employees across asset classes 1B rar ja International offices with deep local ee kK ) lisa Advisory Board sourcing capacity with seasoned world-leadin
Slide 21: Experienced, committed and diverse teams
EXPERIENCED, COMMITTED AND DIVERSE TEAMS Strong focus on alignment of interests, inclusion and gender equality 57% 43% 385 founders & vei ie of women average years employees ownership in the teams of experience average age Kk ) 2022 CAPITAL MARKETS DAY Tikehau Capital 21
Slide 22: A new chapter of growth
A new chapter of growth exe 2022 CAPITAL MARKETS DAY Tikehau Capital 22
Slide 23: Tikehau Capital enters a new chapter
TIKEHAU CAPITAL ENTERS A NEW CHAPTER Significant potential for further value-accretive growth What we have been building... ...is increasingly delivering Innovation Scalability Platform are ) Operating leverage Talent Level Up Performance fees Funds Investment returns a | y 2022 CAPITAL MARKETS DAY
Slide 24: A very strong outlook
A VERY STRONG OUTLOOK Targets Scalability) >€65bn 2026 AM AuM Operating leverage )> >€250m 2026 FRE ; Mid-teens Value creation )> Retum on Equity by 2026 a | y 2022 CAPITAL MARKETS DAY Tikehau Capital Improvement vs 2021 x2 vs. €33bn of 2021 AM AuM x2.6 vs. 2021 FRE vslO0.5% in 2021 24
Slide 25: Shareholders return
SHAREHOLDERS RETURN Cash return to shareholders driven by asset management and investment portfolio €1.00 » x2 vs. 2020 distribution level 0.40 » Linked to the strong value creation resulting from 0.50 y the active rotation of the Group’s portfolio » 92% of Asset Management EBIT 0.50 0.25 2017 2018
Slide 26: Additional growth options
ADDITIONAL GROWTH OPTIONS M&A opportunities New geographies a | y 2022 CAPITAL MARKETS DAY Tikehau Capital Permanent capital 26
Slide 27: Our corporate culture
2022. CAPITAL MARKETS DAY Our Corporate culture kk) OKE HAU 27
Slide 28: Growth opportunities in alternative space
Q2 GROWTH OPPORTUNITIES IN ALTERNATIVE SPACE
Slide 29: Alternatives drive asset management growth
ALTERNATIVES DRIVE ASSET MANAGEMENT GROWTH Alternative assets representing 16% of global AuM by 2025 CAGR os) $136Tn CAGR © $103Tn $65Tn | 2 | » iE mceme | 9% LJ a |] = y 2008 2015 2020 2026 Fastest and most resilient growth 2015 — 2020 CAGR 2020 — 2025 CAGR Alternative assets Others (including spec
Slide 30: Increased allocations to the alternatives space
INCREASED ALLOCATIONS TO THE ALTERNATIVES SPACE Investors intending to maintain and increase allocations VY) 90% 36% 81% 78% Appetite for alternatives Better-than-market-average performance Uncorrelated returns Portfolio diversification High absolute and risk-adjusted returns in Private Equity Infla
Slide 31: Alternatives represent by far the largest revenue pool
ALTERNATIVES REPRESENT BY FAR THE LARGEST REVENUE POOL Alternative assets representing 46% of global revenues by 2025 CAGR 46% $112bn Bi EE 2" L EB = = The most profitable asset class 2025 Revenues / AuM Alternative assets Others (including speciality and diversified products) Active Management Pass
Slide 32: A world in transition
A WORLD IN TRANSITION What we can expect What is at stake? Catalysts = feingll Corporate profit 5 (%) Rising interest rates EMSS) 2020 generation id Covi Dispersion Higher corporate Capacity to optimize & taxes production costs, taxes, capital Volatility ce) Turning point in New capex cycle: 2028 Uk
Slide 33: Opportunities in an uncertain world
OPPORTUNITIES IN AN UNCERTAIN WORLD AAA lOO® E Stay away from: duration risk, unreasonable multiples, market beta, high leverage | 7 B GROWTH QUALITY VALUE AAA @0O0} WW Secular megatrends with growth compensating multiple compression w Energy Transition Cybersecurity Digitalisation Real Estate Asset
Slide 34: 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 oe Ca eee Mid-market financing Asset transformation Growth & Patient Special financing & Conviction-based Real economy & job and reconv
Slide 35: Long-term key success factors
LONG-TERM KEY SUCCESS FACTORS ail Generation of Large-Scale Impact and excess return Platform Sustainability Democratization ; Alignment of re Innovation : of private markets interests Increasingly sophisticated LPs to concentrate allocation towards scaled, diversified, innovative and impact-focused
Slide 36: A deep dive into sustainability and private clients
03 A DEEP DIVE INTO SUSTAINABILITY AND PRIVATE CLIE
Slide 37: Sustainability: Vision 2045
Sustainability: Vision 2045
Slide 38: A deep dive into sustainability and private clients
03.1 A DEEP DIVE INTO SUSTAINABILITY AND PRIVATE CLIENTS
Slide 39: Sustainability milestones
Signatory of the Net Zero Asset Manager Initiative and Sciences Based Targets 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
Slide 40: Sustainability is fully embedded in our business model
SUSTAINABILITY IS FULLY EMBEDDED IN OUR BUSINESS MODEL Sustainability 100% 20% 63% Investment opportunities analysed of variable compensation linked to of Group’s debt linked to through Sustainability criteria people & climate goal Sustainability criteria Impact 4 priorities >80% c/0% * Climate & Bi
Slide 41: Our impact platform: fit to address transition and resilience
OUR IMPACT PLATFORM: FIT TO ADDRESS TRANSITION AND RESILIENCE Sustainability-themed strategies 2018 2020 2022 Climate & biodiversity dedicated funds and strategies Real Estate Value-Add Private Equity Private Debt Real Assets Track share of fund aligned 100% of deals with an Energy efficiency, to so
Slide 42: A pioneering approach to climate & biodiversity
A PIONEERING APPROACH TO CLIMATE & BIODIVERSITY 2015 2019-20 2021 2022 Paris Green Deal & 2030 Fit-For-55 Package REPowerEU Agreement Climate Target Plan Review of the key legislation plan : 55% reduction target by 2030 tomeet the 35% target 2018-2021 First investments Private Equity Capital Markets
Slide 43: Disciplined sustainability by design approach & impact framework
DISCIPLINED SUSTAINABILITY BY DESIGN APPROACH & IMPACT FRAMEWORK The 4 pillars of our responsible investment policy A Purely : Thematic and Impact first financial Exalusion BSG: lnicegeliton Eingfetefennsin Impact investing and philanthropy Our Impact Platform is supported by specific impact framewo
Slide 44: Strong sustainability backbone supported by a diverse team
STRONG SUSTAINABILITY BACKBONE SUPPORTED BY A DIVERSE TEAM AND BEST-IN-CLASS GOVERNANCE Ecosystem of talent Governance Dedicated Senior Management at Group level AT GROUP LEVEL Deputy CEO Head of Climate Group Head of Sustainability “ 1 Sustainability lead for each business line) | a ) 3] 2. & © Pry
Slide 45: Our approach is powered by unique assets
OUR APPROACH IS POWERED BY UNIQUE ASSETS Our Assets Entrepreneurial DNA Young and agile organization Multi asset / multi local Strong balance sheet Diverse Talents Proven track-record IO Level Up Our differentiators “By-design” Sustainability and impact approach 5-pillar Impact Framework Cross ferti
Slide 46: A deep dive into sustainability and private clients
03.2 A DEEP DIVE INTO SUSTAINABILITY AND PRIVATE CLIENTS
Slide 47: Tikehau Capital has built strong positions...
TIKEHAU CAPITAL HAS BUILT STRONG POSITIONS... >20% of AuM from private investors & family offices >20% 6% = Tikehau Capital group = Asset Managers, Banks & Institutionals = HNWI, Retail, private banks €33.0bn AM AuM at 31 Dec, 2021 = Family offices Other A market poised to grow in the mid-term TKO p
Slide 48: ...leading to key achievements
... LEADING TO KEY ACHIEVEMENTS A wide range of solutions already available to private investors Open-ended funds Listed REITs SCPI) homunity® Recent initiatives 2019 2020 2021 2021 Dedicated Dedicated Dedicated Dedicated mandate with mandate with mandate with mandate with M Oo, MWmacse fareh (1) “S
Slide 49: Private clients at the center of our platform
PRIVATE CLIENTS AT THE CENTER OF OUR PLATFORM Leverage on our distribution and product innovation capabilities Private Clients | Strategies Distribution channels Private debt ELTIFC) Indirect SCPI Private equity Direct co-investments Real assets Tikehau Capital ' . Private Wealth Tiss erence Unit-li
Slide 50: Accelerating growth for our asset management business
O4 ACCELERATING GRO FOR OUR ASSET MANAGEMENT BUSI
Slide 51: Key points to remember
KEY POINTS TO REMEMBER C1) Growth trajectory reflects strong investment performance (2) We offer clients multiple ways of reaching their performance goals (3)— Scalability is a powerful growth driver for Tikehau Capital Kk ) 2022 CAPITAL MARKETS DAY Tikehau Capital 51
Slide 52: Growth trajectory reflects strong investment performance
G) Growth trajectory reflects strong investment performance
Slide 53: 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 mindset
Slide 54: 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 | me 95% Selectivity rate): >95% Opportunities between 2017 and 2021 screened 1 2017 2018 2019 2020 2021 "I 7 2022 CAPITA
Slide 55: High level of skin in the game, a key risk mitigator
HIGH LEVEL OF SKIN IN THE GAME, A KEY RISK MITIGATOR of €33.0bn AuM coming of Tikehau Capital’s portfolio 5 Of Founders and employees’ OX from Tikehau Capi Of : : Se . pital invested in own funds / 'O ownership in Tikehau Capital (0) balance sheet / : ) (0) conesteontsaltaatt Other Direct & ecosyste
Slide 56: Solid performance across our funds
SOLID PERFORMANCE ACROSS OUR FUNDS High asset quality Latest exit example Strong performance metrics On exited transactions Gross Gross IRR? MOIC! Direct Lending? >10% 1.2x Special Opps? >30% 1.2x Growth Equity2 >30% 1.6x Infrastructure? >15% 1.5x IRR Since inception Real Estate Core? >8.5% 0.48% de
Slide 57: Material acceleration in fundraising
MATERIAL ACCELERATION IN FUNDRAISING x2 in AM Net New Money since 2017 4.3 44 4.2 i 2017 2018 2019 2020 2021 x3 in fee-paying AuM since 2017 33.0 274 23.6 20.4 03,2 19.9 114 16.2 7. & 7 2017 2018 2019 2020 2021 ia a 2022 CAPITAL MARKETS DAY kK ) Tikehau Capital ™ Fee-paying AUM Future fee-paying and
Slide 58: We offer clients multiple ways of reaching their performance goals
(2) We offer clients multiple ways of reaching their performance goals are Tek aie MAREETS DAY N u Capital
Slide 59: What our clients are looking for
WHAT OUR CLIENTS ARE LOOKING FOR VALUE-ADD Main performance driver Capital gains w Mid-high teens IRRs Back-ended returns (1) Capital Markets Strategies (2) Real Estate Kk ) 2022 CAPITAL MARKETS DAY Tikehau Capital Core / Core + Real Estate ———— = YIELD Main performance drivers Income 4 Mid-high sin
Slide 60: Our two main growth pillars
OUR TWO MAIN GROWTH PILLARS VALUE-ADD YIELD Less mature vintages within TKO mix Positioned on strong trends Higher returns and fees Highly scalable Strong expertise Predictable & regular returns High operating leverage Strong potential for adjacencies Ww Move to the next level Kk ) 2022 CAPITAL MARK
Slide 61: Development towards higher fee-generating strategies
DEVELOPMENT TOWARDS HIGHER FEE-GENERATING STRATEGIES 250 T2 Aero Ill 200 e@ ITGE II @ AAP Vintages of high fee- . ros seer ‘erovondo generating strategies are 160 Star | T30 a young while offering Fee profile (bps) @ a: Ge TPS strong scalability ahead 10 ayy e @ Continued launch of new initiatives w
Slide 62: Scalability is a powerful growth driver
(3) Scalability is a powerful growth driver for all Tikehau Capital strategies
Slide 63: Different phases of scalability in our platform
DIFFERENT PHASES OF SCALABILITY IN OUR PLATFORM Scaling Established strategies strategies ww ww Pre-industrialization phase, oe . strong balance-sheet support Strong scalability ahead Currently scaling a | y 2022 CAPITAL MARKETS DAY Tikehau Capital 63
Slide 64: Multiple scalability drivers across strategies
MULTIPLE SCALABILITY DRIVERS ACROSS STRATEGIES Customization 7 ~=Cross- Distribution : selling Geography , Adjacencies , ia a 2022 CAPITAL MARKETS DAY kK ) Tikehau Capital Vintage growth 64
Slide 65: International: just the beginning
INTERNATIONAL: JUST TH AuM from international clients 2016 2021 International inflows 66% AT% Strong presence Domestic | 56% on domestic market inflows 2019 2020 2021 Mic-term outlook E BEGINNING Geography Outlook y Opening of a presence in Israel, our 13! permanent office Strong local demand for al
Slide 66: Acceleration in North America
ACCELERATION IN NORTH AMERICA ~50 Investment professionals based in the US ~$3bn of AuM managed from NYC) 400+ Prospects covered since 2018 ~30 LPs have committed in the Group's strategies ~$2bn TKO balance sheet Commitments in North America la a 2022 CAPITAL MARKETS DAY _ ())!n kK ) Tikehau Capital
Slide 67: Acceleration in Asia
ACCELERATION IN ASIA 3 Offices (Singapore, Seoul, Tokyo) 23 of professionals based in our Asian offices $2.2bn+ of AuM managed from Asia) ia a 2022 CAPITAL MARKETS DAY kK ) Tikehau Capital Platform strengthening Significant expansion of IREIT Acquisition of Foundation PE (private equity secondaries)
Slide 68: Focus: co-investments opportunities
FOCUS: CO-INVESTMENTS OPPORTUNITIES Rationale for co-investments Dedicated co-investment vehicles funded by Tikehau Capital strategies and co-investors Customized investment solutions allowing co-investors to complete their allocations Incremental revenue and profitability at constant team size Rele
Slide 69: Focus: new adjacencies
FOCUS: NEW ADJACENCIES Green assets strategy (Private Equity) TIKEHAU [7 GREEN ASSETS 9 ia a 2022 CAPITAL MARKETS DAY kK ) Tikehau Capital Adjacencies y-) o> 69
Slide 70: From adjacency to flagship
FROM ADJACENCY TO FLAGSHIP Direct Lending: scalability now at work Direct Lending Direct Lending Direct Lending Direct Lending Direct Lending 1 2 3 4 5 Vintage 2010-2020 2012-2022 2014-2022 2017-2025 2020- = Committed by Tikehau Capital = Third parties ia a 2022 CAPITAL MARKETS DAY kK ) Tikehau Capi
Slide 71: Tikehau Capital targets to more than double AM AuM by 2026
TIKEHAU CAPITAL TARGETS TO MORE DOUBLE AM AUM BY 2026 5 years “| 4€32bn >65 5 years / -| +€24bn |} ss x2 12 years Target to more than ~ +€9bn double pee 9 AuM by 2026 vans) €4m [ 2004 2016 2021 2026 a | y 2022 CAPITAL MARKETS DAY Tikehau Capital 71
Slide 72: Asset class mix by 2026
ASSET CLASS MIX BY 2026 Excluding potential M&A ™@ Private debt Mi RealAssets lM Private Equity ll Capital Markets Strategies ----- » Yield ----- » Value-add ia a 2022 CAPITAL MARKETS DAY kK ) Tikehau Capital cl/3 , Value-add J / i U ! I I I i] iy \ \ \ \ XY Value-add RE 7 \ & Infra .. 4 4 ~ Core/Co
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Slide 74: What we bring
What we bring 2022. CAPITAL meee 3 ’ r | « ) > ae HAU DAY i
Slide 75: Synergetic, profitable and disciplined portfolio allocation
O35 E SYNERGETIC, PROFIT. AND DISCIPLINED PORTFOLIO ALLOCA Henri Marcoux 5 Antoine Flamarion = | Deputy CE O Co-founder Finance & Risk, Technology, fj Transformation & Operations
Slide 76: Our investment portfolio is increasingly exposed to our asset management strategies
OUR INVESTMENT PORTFOLIO IS INCREASINGLY EXPOSED TO OUR ASSET MANAGEMENT STRATEGIES 2022 guidance Investment portfolio mix (€m) 2,685 2,410 2,336 Ecosystem & direct 2,083 investments >75% : 1,565 . : Investment portfolio of investment portfolio exposed 65-75% ex to ikeha apita i or e posed © 575% Se
Slide 77: Balance sheet: a key enabler of growth
WW invested in ecosystem & direct investments Strong investment returns Market intelligence and franchise expansion Complementary geographies and sectors exposure 2022 CAPITAL MARKETS DAY Tikehau Capital €2,685m Investment portfolio at 31 Dec. 2021 BALANCE SHEET: A KEY ENABLER OF GROWTH invested in
Slide 78: Priority: sponsor Tikehau Capital strategies
PRIORITY: SPONSOR TIKEHAU CAPITAL STRATEGIES €2,685m €2,115m 31-Dec-21 (1) Corresponds to sponsor and at-risk capital ia a 2022 CAPITAL MARKETS DAY kK ) Tikehau Capital Cy Tikehau Capital AM strategies €2,004m At31 Dec. 2021 Co-investments alongside TKO AM strategies €70m At31 Dec. 2021 e oo SPAC sp
Slide 79: Balance sheet accelerates time to market
BALANCE SHEET ACCELERATES TIME TO MARKET Totaldrawnand undrawn 1 commitments from TKO balance sheet into AM strategies!) Drawn | Innovate | Support Scale up €2.0bn through new strategies growing strategies established strategies Develop Build team Deploy balance Launch to 34 concept / sheet capital
Slide 80: Case study: energy transition
CASE STUDY: ENERGY TRANSITION European Private Equity Energy Transition strategy commitments >€1bn © Third-party LPs @ TotalEnergies @ TKO balance sheet y c.10% total commitment from Tikehau Capital balance sheet ry c.10% commitment from TotalEnergies y c.€1bn of total third-party commitment raised
Slide 81: Strong balance sheet support
STRONG BALANCE SHEET SUPPORT Support new fund launches and scaling of established strategies Balance sheet commitments in TKO funds since 2017 €0.5bn average annual commitment Average: €0.5bn y Scale up established strategies i y Sponsor many 1* time strategies such as: [ PE Energy Transition Growth
Slide 82: What that means for AuM and portfolio
WHAT THAT MEANS FOR AUM AND PORTFOLIO Qa lana char Balance sheet How do balance sheet commitment commitments impact our metrics? Booked in AuM at ’ commitment date, like 3° Investment portfolio party investors commitments Assets under management Cash-out for Tikehau Capital @) is spread over the fun
Slide 83: Strong visibility and high level of expected AM strategies returns
STRONG VISIBILITY AND HIGH LEVEL OF EXPECTED AM STRATEGIES RETURNS Breakdown of investments in TKO AM strategies by asset class Private f aXe €512m at 31 Dec. 2017 Value-add RE & Infra y 2022 CAPITAL MARKETS DAY Tikehau Capital Capital Markets Strategies at 31 Dec. 2021 Private Debt 6% 27% Core / Co
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