Tikehau Capital SCA · EURONEXT:TKO
Tikehau Capital SCA — Tikehau Capital — Investor Presentation (February 2023)
74 slides from Tikehau Capital SCA's investor presentation, February 2023
Slide 1: Investor Presentation February 2023
INVESTOR PRESENTATION FEBRUARY 2023
Slide 2: Introduction to Tikehau Capital
01 INTRODUCTION TO TIKEHAU CAPITAL TIKEHAU CAPITAL INVESTOR PRESENTATION 2
Slide 3: A growing global alternative asset manager
A growing global alternative asset manager Founded in IPO in €38.8bn €3.1bn 14 742 2004 March 2017 of total AuM(1) of shareholders’ equity(1) countries employees(1) • Complementary • Strong equity base asset classes • Capital allocation priority: • Recurring and predictable ASSET invest in TKO funds
Slide 4: Performance drives sustainable growth
Performance drives sustainable growth Selective investments Balance sheet returns ASSET FUND INVESTMENT MANAGEMENT PERFORMANCE ACTIVITY ACTIVITY Dynamic fundraising Investments in TKO funds Increasingly scalable platform Second-to-none alignment of interest TIKEHAU CAPITAL INVESTOR PRESENTATION 4
Slide 5: An amazing growth journey
An amazing growth journey 2016-2022 CAGR 2016 2022(1) €38.8bn +25% +14% # Investment 57 319 x6 x3.9 professionals +93% in 6 years +40% # Sales professionals 8 71 x9 Group AuM €10bn +20% International AuM (€bn) 2 14 x7 31/12/2016 31/12/2022 5 offices 14 offices Private Debt Private Equity Capital Mar
Slide 6: A solid track record of profitable growth
A solid track record of profitable growth Management fee rate Revenue from Asset Management activity (bps) (€m) 98 304 +23 +41% bps 75 2016-22 CAGR 39 2016 2017 2018 2019 2020 2021 2022 2016 2017 2018 2019 2020 2021 2022 Fee-related earnings (FRE) Asset Management EBIT (€m and margin) (€m and margin
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 Passive Management CAGR CAGR $149Tn $476bn +6% +5% 28 19% CAGR CAGR $112Tn $373bn +10% +7% 19 17% 242 51% $248bn 165 44% $65Tn 9 13% 100 40% $32Tn $112bn 3 9% 30 27%
Slide 8: Synergetic and disciplined use of capital
Synergetic and disciplined use of capital 1 Invest into TKO funds and strategies Align interests and capture fund performance Leverage our origination platform 2 Co-invest alongside our funds to compound portfolio returns Enhance market intelligence 3 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 742 Strong network of senior advisors across asset classes 14 International offices with deep local Advisory Board sourcing capacity with seasoned world-leading experts New openings in 2022 48 Strong
Slide 10: Experienced, committed and diverse teams
Experienced, committed and diverse teams STRONG FOCUS ON ALIGNMENT OF INTERESTS, INCLUSION AND GENDER EQUALITY 57% 48 43% 14 38.5 founders & employees nationalities of women average years average age ownership in the teams of experience Figures as of 31.12.2022 TIKEHAU CAPITAL INVESTOR PRESENTATION
Slide 11: A very strong outlook
A very strong outlook Targets Improvement vs 2022 Scalability >€65bn x1.8 2026 AM AuM vs. €38bn of 2022 AM AuM Operating leverage >€250m 2026 FRE x2.6 vs. 2021 FRE Value creation Mid-teens vs. 10.2% Return on Equity by 2026 TIKEHAU CAPITAL INVESTOR PRESENTATION 11
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 Capital Markets Private Debt Real Assets Private Equity Tactical Strategies Strategies Mid-market financing Asset transformation Growth Special financing Conviction-based and
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 €0.9bn CAPITAL MARKETS PRIVATE DEBT STRATEGIES €14.8bn €4.1bn • Direct Lending • Fixed Income • Corporate Lending • Equity Secondaries €38.8bn • • Leverage Loans PRIVATE
Slide 15: Private Debt
Private Debt Tikehau Capital expertise Outlook Secondaries (4%) Continue to scale up Direct Lending, Secondaries Direct Lending and Impact Lending strategies (58%) Leveraged Europ. Direct & Loans (38%) European Lev. loans €14.8bn Corporate Lending Expand SMAs and evergreen unit-linked vehicles & CLO
Slide 16: Private Equity & Special Opportunities
Private Equity & Special Opportunities Tikehau Capital expertise Outlook Others Private Equity (4%) Special Expand Decarbonization platform globally Opportunities Aero & (21%) Cybersecurity (27%) Scale up Aero, Cybersecurity, Growth Equity and Secondaries €5.2bn Asian secondaries strategies (6%) of
Slide 17: Focus on Tactical Strategies
Focus on Tactical Strategies LEVERAGING ON TKO’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 capital structur
Slide 18: Real Assets
Real Assets Tikehau Capital expertise Outlook Liquid funds & others 4 1 Closed-end funds 9% Scale up European value-add and US Infrastructure 29% strategies through successor funds €13.7bn 3 of AuM(2) Keep an active watch for club deals and co-investment SCPI(1) 50% 12% opportunities 2 Permanent cap
Slide 19: Focus on Real Assets: granular and resilient portfolios
Focus on Real Assets: granular and resilient portfolios DEFENSIVE GEOGRAPHICAL ASSET SPLIT USA RoW UK Dry powder Continental Europe 22% €14bn Strong AuM Compelling High 53% France granularity stickiness track record BREAKDOWN BY VEHICLE TYPE Focus on Liquid funds €8.7bn €1.5bn & others Permanent 9%
Slide 20: Capital Markets Strategies
Capital Markets Strategies Tikehau Capital expertise Outlook Flexible & Equity (19%) Fixed Income (81%) Scale up existing Fixed Income and Flexible & Equity €4.1bn strategies of AuM(1) Launch of impact and biodiversity-dedicated funds both for Fixed Income and Flexible & Equity High Yield, Investmen
Slide 21: A key component of Tikehau Capital's platform
A key component of Tikehau Capital’s platform Strong aum growth since ipo Strong performance recognition Key benefits for tko Public markets expertise valuable +14% for the broad TKO platform 2016-22 CAGR 4.1 AuM at 31.12.22 Overall Rating Global addressable client base (private and institutional) T
Slide 22: What our clients are looking for
What our clients are looking for VALUE-ADD YIELD Main performance driver Main performance drivers = = Capital gains Income • Mid-high teens IRRs • Mid-high single digit IRRs • Back-ended returns • Predictable & regular returns TIKEHAU CAPITAL INVESTOR PRESENTATION 22
Slide 23: Accelerating growth in Asset Management
03 ACCELERATING GROWTH IN ASSET MANAGEMENT TIKEHAU CAPITAL INVESTOR PRESENTATION 23
Slide 24: 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 25: Step-up in deployment in line with AM 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 2022 examples 97%(2) 14 offices Selectivity rate 95% 6.9 PE cybersecurity Direct Lending Industrial partners PE Growth Impact 5.5 3.6 €6.
Slide 26: Robust realizations momentum
Robust realizations momentum +20% 1.8 Acceleration in realizations in 2022 1.5 Private Equity & Special Opps Private Debt 18% Realizations driven by €1.8bn Private Debt and Real Assets FY 2022 56% strategies realizations 27% Real Assets Private Equity strategies still €bn 2021 2022 mainly in investm
Slide 27: Solid performance across our funds
Solid performance across our funds Strong performance metrics Example of exits On exited transactions Growth Equity II Energy Transition I Energy Transition I Gross Gross Private Equity IRR(1) MOIC(1) Direct Lending(2) >10% 1.2x Disposal to an industrial player Partial disposal to Ardian Disposal to
Slide 28: Highly granular and diversified exposure by sector & geography
Highly granular and diversified exposure by sector & geography AM AuM breakdown by sector AM Assets breakdown by geography RoW North America 2% Other Dry Powder 8% Dry Powder 8% 16% UK 16% 5% €37.8bn €37.8bn of AM AuM at 31.12.22 of AM AuM at 31.12.22 Real Estate Continental 30% Europe 28% France 41
Slide 29: High discipline in selecting quality assets
High discipline in selecting quality assets PRIVATE DEBT REAL ESTATE PRIVATE EQUITY 100% Floating rates instruments, >8,500 Real Estate assets held 9.8x Average EV/EBITDA secured with covenants(1) across portfolios(4) entry multiple(5) Conservative use of leverage across asset classes 4.6x 25% 3.7x
Slide 30: Material acceleration in fundraising
Material acceleration in fundraising Asset Management Net New Money Evolution of Net New Money for private markets strategies +27% +€1.5bn 7.0 6.4 6.4 6.4 (0.6) 6.4 Fundraising acceleration 5.5 0.8 despite a complex environment 3.9 Relevant strategies Strong track-record Multi-local footprint €bn 20
Slide 31: Continued increase in Fee-Paying AuM
Continued increase in Fee-Paying AuM SECURING LONG-TERM MANAGEMENT FEE GENERATION €35.4bn 94% 37.8 33.0 +14% 4.0 2.8 of AM AuM of fee-paying AuM in 27.3 Non fee-paying which are or closed-end funds have durations will become fee-generating above 3 years Future fee-paying 3.0 28.4 31.4 Fee-paying 23.
Slide 32: Strong franchise recognition globally
Strong franchise recognition globally AM AuM breakdown by geography at 31.12.22 AuM from foreign investors evolution Foreign investors 3% 14.2 +17% €14.2bn 5% 11% 7% 12.1 37% Tikehau Capital France of AM AuM at 31.12.22 23% €37.8bn Europe AM AuM North America at 31.12.22 2.1 Asia 51% RoW 2016 2021 2
Slide 33: Tikehau Capital has built strong positions
Tikehau Capital has built strong positions… AM AuM breakdown by client type at 31.12.22 Private investors €8.4bn 4% 7% 11% ▪ TKO platform accelerating product innovation 22% 15% Tikehau Capital of AM AuM at AM, Banks, Instit. Democratization of alternative investments – €37.8bn ▪ 31.12.22 HNWI, Reta
Slide 34: Leading to key achievements
… leading to key achievements A wide range of solutions already available to private investors Tikehau Capital will keep moving forward ELTIF solutions RECENT INITIATIVES Mandates and feeders distributed through private banks 2019 2020 2021 2022 Dedicated ELTIF Unit-linked Unit-linked Strategic Deve
Slide 35: Pioneer in sustainability
Pioneer in sustainability Signatory of the Net Zero Asset Manager Initiative T2 €1bn closing A+ strategy & governance A+ fixed income Launch Climate Action Launch impact Center T2 Energy transition fund platform €5bn ESG ratchet in private Target debt By 2025 Proprietary ESG grid Dedicated ESG role
Slide 36: Our impact platform: fit to address transition and resilience
Our impact platform: fit to address transition and resilience STRATEGIES Private Equity Private Debt Private Equity ADDRESSING Cybersecurity Impact Lending Growth Impact III RESILIENCE 2018-2021 2022 2023 CLIMATE & BIODIVERSITY Private Equity Capital Markets Private Equity Real Assets Private Equity
Slide 37: Sustainability fully embedded within our business model
Sustainability fully embedded within our business model Sustainability at Tikehau Capital 2022 recognition 60% 20% 65% of AuM in SFDR Article 8 & 9 funds of variable compensation linked to people & climate goal of Group’s debt linked to sustainability criteria 11.6 Low risk rating Thematic and impac
Slide 38: Granular & synergetic investment portfolio
04 GRANULAR & SYNERGETIC INVESTMENT PORTFOLIO TIKEHAU CAPITAL INVESTOR PRESENTATION 38
Slide 39: Investment portfolio increasingly exposed to our AM strategies
Our investment portfolio is increasingly exposed to our asset management strategies Investment portfolio mix (€m) 3,527 2,336 2,410 2,685 726 Ecosystem & direct investments 79% 2,083 2,801 TKO strategies of investment portfolio exposed 1,565 (79%) to Tikehau Capital strategies (incl. SPACs and co-in
Slide 40: Strong alignment of interests
Strong alignment of interests 3,527 Ecosystem and direct 726 investments Co-investments alongside own asset management strategies 264 SPAC sponsoring 42 104 Capital Markets Strategies Fixed income & equity Energy transition / green assets 813 Private Equity Aero & cybersecurity Special opportunities
Slide 41: Ecosystem and direct investments serving our global platform
Ecosystem and direct investments serving our global platform 1 2 COMPLEMENT AND GENERATE CONSOLIDATE EXPERTISE ANCILLARY BUSINESS LatAm RoW US Europe UK France €516m at 31 December 2022 4 3 LEGACY PRIVATE EQUITY DEVELOP LONG-TERM INVESTMENTS STRATEGIC RELATIONSHIPS1 2.4x Represents >70% Average gros
Slide 42: Financials
05 FINANCIALS TIKEHAU CAPITAL INVESTOR PRESENTATION 42
Slide 43: Simplified consolidated P&L
Simplified consolidated P&L €m FY 2021 FY 2022 Management fees & other revenues 263.6 293.5 Operating costs (168.7) (196.9) Fee-Related Earnings (FRE) 94.9 96.5 FRE improvement despite acceleration in investments in AM platform & high comparison base FRE margin 36.0% 32.9% Realized PRE 19.2 10.5 AM
Slide 44: 97% of AM Revenues come from management fees
97% of AM Revenues come from management fees +11% YOY GROWTH IN MANAGEMENT FEES DESPITE HIGH COMPARISON BASE 304 283 294 +11% 205 +11% AM revenues 264 2022 increase in line Performance fees & carried interest with FPAUM growth 199 vs 2021 High comparison Management fees and others(1) base in 2022 +4
Slide 45: FRE and FRE margin evolution
FRE and FRE margin evolution SIGNIFICANT FRE MARGIN PICK-UP IN H2 2022 FRE 70.2 94.9 96.5 Strong FRE margin pick up in H2 2022 FRE margin 35.3% 36.0% 32.9% 36.7% 35.4% 36.2% 29.2% +7pts 293.5 FRE margin growth in Management fees 263.6 H2 22 vs. H1 22 and others(1) 198.6 H1 H2 H1 H2 €m 2021 2022 AM o
Slide 46: Performance-related earnings, a material profit driver ahead
Performance-related earnings, a material profit driver ahead 16.9 +21% 14.0 11.2 12.1 +21% +31% 9.2 AuM eligible to carried interest AuM eligible to carried growth vs. 2021 interest, currently invested and above hurdle rate 7.1 growth yoy 6.3 5.5 Tikehau Capital’s approach to carried interest 3.0 Sh
Slide 47: Tikehau Capital's approach to performance fees
Tikehau Capital’s approach to performance fees Shareholder-friendly Cautious P&L Material mid-term allocation recognition profitability driver 53% No negative €17bn of carried interest on closed-end funds AuM eligible to carried interest at revenue retained by Tikehau Capital 31 December 2022 100% g
Slide 48: Portfolio revenues (1/2)
Portfolio revenues (1/2) INCREASED CONTRIBUTION FROM TIKEHAU CAPITAL STRATEGIES 387 125 43% Main contributors Revenues from 298 Eurazeo & DWS +14% disposals of portfolio revenues vs. 58% in 2021 127 Ecosystem & 99 direct investments Strong performance of TKO strategies 171 +5% 57% +5% YoY growth of
Slide 49: Portfolio revenues (2/2)
Portfolio revenues (2/2) 2/3 OF REALIZED REVENUES IN 2022 387 125 Revenues from 298 Eurazeo & DWS +14% disposals Includes positive change in fair value from Univision, Tikehau Capital funds, and positive €/$ exchange rate effects 104 Unrealized revenues 142 12 Realized portfolio Driven by revenues r
Slide 50: Shareholder returns
Shareholder returns +17% PROPOSED INCREASE IN ORDINARY DIVIDEND 0.50 0.40 0.70 +17% ordinary dividend growth vs 2021 +17% Linked to the strong value creation across the Group’s business lines 0.60 0.50 0.50 0.50 >80% of Asset Management EBIT 0.25 € 2017 2018 2019 2020 2021 2022 (1) Ordinary Special
Slide 51: Consolidated balance sheet
Consolidated balance sheet €m FY 2021 FY 2022 Robust financial structure supporting the business model Investment portfolio 2,685 3,527 Cash & cash equivalents €3.1bn €1.3bn 65% 1,117 522 Other current & non-current assets 811 844 Total assets 4,614 4,893 Shareholders’ Equity, Short-term financial E
Slide 52: Balance sheet, growth compounder
Balance sheet, growth compounder Balance-sheet compounding effect Asset Management Investment portfolio Scalability & operating leverage TKO Funds performance Direct & ecosystem investment performance Mid-teens Target Return on Equity by 2026 Fee-related Performance- Portfolio Portfolio earnings rel
Slide 53: Outlook
06 OUTLOOK TIKEHAU CAPITAL INVESTOR PRESENTATION 53
Slide 54: Our key strengths
Our key strengths Mid-market expertise, on thriving verticals Strong Impact platform scaling up Offensive differentiation Enhanced private clients offering for future growth Growing multi-local footprint Asset class diversification Defensive Meaningful skin in the game Embedded profile Low leverage
Slide 55: Outlook: staying the course to deliver on our objectives
Outlook: staying the course to deliver on our objectives CONFIRMATION OF MID-TERM OUTLOOK Structural tailwinds Complementary & well- Strong balance sheet, > positioned strategies a critical asset Cyclical headwinds Favorable long-term allocations Mid-market expertise Greatly aligns interests LPs mor
Slide 56: 2023 fundraising priorities
2023 fundraising priorities Emerging Scaling Established strategies strategies strategies Regenerative Agriculture fund Decarbonization II Cybersecurity IV Green Assets fund Special Opportunities III Value-Add Growth Impact III Value-Add Real Estate II Tikehau 2025 Private Debt Secondaries II Direct
Slide 57: Target: more than double AM AuM by 2026
Target: more than double AM aum by 2026 4 years +€27bn >65 6 years x2 +€29bn 38 12 years Target to more than double AuM by 2026 +€9bn 9 Asset Management AUM (€bn) €4m 2004 2016 2022 2026 TIKEHAU CAPITAL INVESTOR PRESENTATION 57
Slide 58: Target: reach over €250m in FRE by 2026
Target: reach over €250m in FRE by 2026 >250 FRE drivers +27% Incremental revenue from current CAGR future fee-paying AuM base, with no costs attached Net new money 97 +82% 70 95 over 2022-2026 CAGR 50 36 Conservative working assumption: 12 ~100bps average management fee FRE (€m) 3 (2021 level) 2016
Slide 59: Asset class target mix by 2026
Asset class target mix by 2026 EXCLUDING POTENTIAL M&A 79% c1/3 Value-add 100% 21% €9bn at 31.12.16 €38bn at 31.12.22 >€65bn in 2026 Yield Value-add c2/3 Yield TIKEHAU CAPITAL INVESTOR PRESENTATION 59
Slide 60: Appendix
07 APPENDIX TIKEHAU CAPITAL INVESTOR PRESENTATION 60
Slide 61: 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 Dec. 21 AuM CAGR International expansion €0.5bn €0.7bn +40% Business mix rebalancing 2018 AuM at acquisition AuM at 31 Dec. 21 Entrepreneurial spirit
Slide 62: Fee-paying AuM and management fee rate by strategy
Fee-paying AuM and management fee rate by strategy in €m 2018 PF 2019 2020 2021 2022 Real assets 6,409 7,775 8,925 10,188 11,207 Private debt 5,658 6,727 7,269 9,670 12,255 Capital markets strategies 3,234 3,810 4,184 5,124 4,078 Private equity 893 1,637 2,296 3,383 3,877 Total fee-paying AuM 16,194
Slide 63: Fee-paying AuM analysis at 31 December 2022
Fee-paying AuM analysis at 31 December 2022 AuM breakdown Fee-paying AuM by duration 6% 13% Permanent capital Fee-paying 6% 7y or + Future fee-paying 31% 3 to 6y Non fee-paying 10% €37.8bn 25% €31.4bn Less than 3y AuM 83% FPAUM Sofidy funds Capital Markets Strategies 6% Closed-end funds 19% 94% of A
Slide 64: Investment portfolio at 31 December 2022
Investment portfolio at 31 December 2022 79% OF THE INVESTMENT PORTFOLIO IS INVESTED IN TIKEHAU CAPITAL OWN STRATEGIES +€1.4bn €(0.6)bn +€0.1bn €3.5bn 209 Other direct investments 726 (21%) 516 Ecosystem investments €2.7bn SPAC sponsoring (€42m) 264 Ecosystem & Alongside TKO strategies 570 104 Capit
Slide 65: Increased average debt maturity to 4.8 years
Increased average debt maturity to 4.8 years (1) Financial indebtedness as of 31 December 2022 and amortization plan Tikehau Capital successfully priced a $180m inaugural sustainable USPP in February 2022 with an average maturity of c.11 years. 0.8 0.5 0.5 (in €bn) 0.3 0.1 0.1 2022 2023 2024 2025 20
Slide 66: Capital structure at 31 December 2022
Capital structure at 31 December 2022 Share capital ownership 1 Mainly Fakarava Capital (5.3%) and Tikehau Capital Advisors 4 (51.0%) which owns 100% of Tikehau Capital Commandité, the Other shareholders general partner of Tikehau Capital SCA (the listed company) and free float 20% 3 2 Shareholders
Slide 67: Strategic partnership with SFI
Strategic partnership with SFI A REINFORCED SHAREHOLDER BASE FOR TIKEHAU CAPITAL Strong addition to Tikehau Capital’s platform Illustrative simplified organisation chart (post-transaction)(1) SFI commits to invest €400m in Tikehau Capital Advisors (“TCA”), Tikehau Capital’s main shareholder Founders
Slide 68: International Advisory board
International Advisory board DISTINGUISHED MEMBERS WITH SIGNIFICANT EXPERTISE IN INTERNATIONAL AFFAIRS AND COMPLEMENTARY PROFILES Stéphane Abrial Fu Hua Hsieh Margery Kraus Lord Peter Levene General (Ret.), French Air & Space Force Chairman of Eastspring Investment Group Founder & Executive Chairman
Slide 69: Strong Corporate Governance
Strong Corporate Governance A highly independent and experienced Supervisory Board Capital Allocation Committee Board composition Board Committees ▪ Role: assist the Manager in its investment decisions and in 11 Audit & Risk Committee monitoring the financial performance expected from these investme
Slide 70: Tikehau Capital - Supervisory Board
Tikehau Capital - Supervisory Board INDEPENDENCE, EXPERIENCE AND EXPERTISE Independent members represent 50% of the Board Christian de Labriffe Jean-Louis Charon Chairman of the Supervisory board Chairman of City Star Roger Caniard Troismer, represented by Léon Seynave Head of MACSF Financial Manage
Slide 71: Contacts
Contacts Shareholders and Investors contact Louis IGONET Théodora XU Head of Investor Relations Investor Relations Officer [email protected] [email protected] +33 (0) 1 40 06 11 11 +33 (0) 1 40 06 18 56 Analyst coverage Bank of America CIC Market Solutions Credit Suisse Exane BNP Parib
Slide 72: Disclaimer
Disclaimer By viewing or receiving or reading this Presentation (as such term is defined herein) Presentation contains only summary information and does not purport to be or attending any meeting where this Presentation is made, you agree to be bound by comprehensive. The Company, AF&Co Management,
Slide 73: Disclaimer
Disclaimer This Presentation includes certain pro forma financial information about the Group. investors, which will reduce returns and, in the aggregate, are expected to be This pro forma financial information has been prepared on the basis of historical substantial. Actual returns will be substant
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