Tikehau Subfin Fund

The Sub-Fund seeks to generate an annual performance that exceeds that of the reference indicator BoAML euro 3-5 Index over an investment horizon of three years, minus the actual management fees for each Class of Shares. For that purpose, the investment strategy of the Sub-Fund consists of actively and discretionarily managing a diversified portfolio of private and public debt instruments including subordinated debt instruments: Tier 1, Upper or Lower Tier 2 or others. A debt is said to be subordinated when its redemption depends on the other creditors (preferred and non-preferred creditors) being paid first. Thus, the subordinated creditors will be repaid after the ordinary creditors but before shareholders. The interest rate on this type of debt will be higher than on other receivables. Some Tier 1 bonds may not pay a coupon under certain conditions. Such non-payment may not be considered as a default.