EXECUTIVE SUMMARY

The migration toward third-party asset management began at Wendel with the support of the family shareholders, who were prepared to relinquish the company’s historical raison d’être. The outline of the project is considerably less clear at Eurazeo, both on the side of the controlling shareholder and within the executive leadership, compounded by the constraint of a larger proprietary investment portfolio. At Tikehau Capital, the strategic project appears to be seeking a third phase of momentum.

CONFLICTS OF INTEREST

AlphaValue does not have nor seek any business with companies covered in AlphaValue Research paid by subscription. As a result, investors can be confident that there is no conflict of interest that could affect the objectivity of AlphaValue Research.

Corporate broking	NO
Trading in corporate shares	NO
Analyst ownership	NO
Advising of corporate (strategy, marketing, debt, etc)	NO
Research paid for by corporate	NO
Provision of corporate access paid for by corporate	NO
Link between and a banking entity	NO
Brokerage activity at AlphaValue	NO

Wendel, Eurazeo, Tikehau

EXECUTIVE SUMMARY

CONFLICTS OF INTEREST