Albioma : Draft tender offer for the shares and warrants of the company Albioma (pdf)

This document is an unofficial English-language translation of the draft offer document (projet de note d'information) which was filed with the French Autorité des marchés financier on may 13, 2022, and which remains subject to its review. In the event of any differences between this unofficial English-language translation and the official French draft offer document, the official French draft offer document shall prevail.

DRAFT TENDER OFFER

FOR THE SHARES AND WARRANTS OF THE COMPANY

INITIATED BY

KYOTO BIDCO SAS

PRESENTED BY

FINANCIAL ADVISOR

DRAFT OFFER DOCUMENT PREPARED BY KYOTO BIDCO SAS

PRICE OF THE OFFER:

€50 per Albioma share (2021 dividend coupon detached)

€29,10 per Albioma redeemable share subscription and/or acquisition warrants

DURATION OF THE OFFER:

25 trading days

The timetable of the tender offer will be set out by the Autorité des marchés financiers (the "AMF") in accordance

with provisions of its General Regulation.

This draft offer document (the "Draft Offer Document") was prepared and filed with the AMF on May 13, 2022, pursuant to Articles 231-13,231-16 and 231-18 of the General Regulation of the AMF.

This Offer and the Draft Offer Document remain subject to review by the AMF.

IMPORTANT NOTICE

In accordance with Articles L. 433-4 II of the French Monetary and Financial Code and 237-1 and seq. of the General Regulation of the AMF, Kyoto BidCo intends to file a request with the AMF to carry out, within ten

1. trading days from the publication of the notice of result of the Offer, or, as the case may be, in the event of a reopening of the Offer, within three (3) months from the closing of the Reopened Offer (as defined below), a

squeeze-out procedure for Albioma Shares for a unitary indemnity equal to the price of the Offer, if the number of Albioma Shares not tendered in the Offer by the minority shareholders of Albioma (other than the treasury Shares and the Unavailable Performance Shares that would be subject to the liquidity mechanism) does not represent, at the end of the Offer, more than 10% of the capital and voting rights of Albioma.

Kyoto BidCo also intends to file a request with the AMF to carry out, within ten (10) trading days from the publication of the notice of result of the Offer, or, as the case may be, in the event of a reopening of the Offer, within three (3) months from the closing of the reopened Offer, a squeeze-out procedure for the Albioma Warrants for a unitary indemnity equal to the price of the Offer, if the number of the Albioma shares likely to be created through exercise of the Albioma Warrants not presented to the Offer, once added to the existing shares of Albioma not tendered in the Offer by the minority shareholders of Albioma (other than the treasury shares and the Unavailable Performance Shares that would be subject to the liquidity mechanism) does not represent more than 10% of the sum of the capital Securities existing and likely to be created of Albioma.

The Offer is not being and will not be launched in any jurisdiction where it would not be permitted under applicable law. The acceptance of the Offer by persons residing in countries other than France and the United States of America may be subject to specific obligations or restrictions imposed by legal or regulatory provisions. Recipients of the Offer are solely responsible for complying with such laws and, therefore, before accepting the Offer, they are responsible for determining whether such laws exist and are applicable, by relying on their own consultants.

In the U.S., to the extent applicable, the Offer will be made in compliance with Section 14(e) of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), laws and regulations promulgated thereunder, including Regulation 14(e) after applying the exemptions provided by Rule 14d-1(d) under the Exchange Act ("Tier II" exemption in respect of Securities of foreign private issuers). For further information see the "Offer restrictions abroad" below.

The Draft Offer Document is available on the websites of the AMF (www.amf-france.org)and Albioma (www.albioma.com/) and may be obtained free of charge from:

KYOTO BIDCO SAS

27 avenue de l'Opéra 75001 Paris

Société Générale

GLBA/IBD/ECM/SEG

75886 Paris Cedex 18

Pursuant to Article 231-28 of the AMF's General Regulations, a description of the legal, financial and accounting characteristics of Kyoto BidCo will be made available to the public no later than the day before the opening of the Offer. A press release will be published to inform the public of the manner in which this information will be made available.

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		SUMMARY
1.1.	Background of the Offer ....................................................................................................................	6
1.1.1.	Background and reasons for the Offer .............................................................................................................	6
1.1.3.	Securities giving access to the share capital of Albioma ................................................................................	9
1.1.4.	Acquisition of Shares by the Offeror during the last 12 months .................................................................	9
1.2.	Intentions of the Offeror for the next twelve months ........................................................................	9
1.2.1.	Industrial, commercial and financial strategy...................................................................................................	9
1.2.2.	Intentions regarding employment......................................................................................................................	9
1.2.3.	Intentions regarding a potential merger or legal reorganization .................................................................	10
1.2.4.	Composition of the Company's corporate bodies and management.........................................................	10
1.2.5.	Synergies - Economic gains .............................................................................................................................	10
1.2.6.	Interest of the Offer for the Offeror, the Company and the Securities holders......................................	10
1.2.7.	Intentions regarding the squeeze-out ..............................................................................................................	11
1.2.8.	Company's dividend distribution policy .........................................................................................................	11
1.3.	Agreements that may have a material impact on the assessment or outcome of the Offer ............	11
1.3.1.	Tender Offer Agreement with the Company ................................................................................................	12
1.3.2.	Investment Agreement with Bpifrance ...........................................................................................................	12
1.3.3.	Investment of the Managers in the Holding ..................................................................................................	15
1.3.4.	Liquidity Agreement...........................................................................................................................................	16
1.3.5.	Other agreements of which the Offeror is aware..........................................................................................	17
2. CHARACTERISTICS OF THE OFFER ...........................................................................................	17
2.1.	Terms of the Offer ...........................................................................................................................	17
2.2.	Adjustment of the terms of the Offer...............................................................................................	18
2.3.	Number and nature of the Securities targeted by the Offer ............................................................	18
2.3.1.	Situation of the beneficiaries of Performance Shares...................................................................................	19
2.4.	Modalities of the Offer.....................................................................................................................	21
2.5.	Conditions of the Offer ....................................................................................................................	22
2.5.1.	Acceptance Threshold .......................................................................................................................................	22
2.5.2.	Waiver Threshold ...............................................................................................................................................	22
2.5.3.	Regulatory and antitrust authorization............................................................................................................	23
2.6.	Procedure for tendering in the Offer ...............................................................................................	24
2.7.	Orders centralization .......................................................................................................................	24
2.8.	Publication of the results and settlement of the Offer.....................................................................	25
2.9.	Tentative timetable of the Offer ......................................................................................................	25
2.10.	Possibility of withdrawing from the Offer .......................................................................................	27
2.11.	Reopening of the Offer ....................................................................................................................	27
2.12.	Costs of the Offer.............................................................................................................................	28
2.13.	Financing of the Offer .....................................................................................................................	28
2.14.	Brokerage fees and compensation of intermediaries ......................................................................	28
2.15.	Offer restrictions abroad..................................................................................................................	28

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2.16. Tax treatment of the Offer...............................................................................................................	29
2.16.1.	Tax treatment of the Offer on the Shares of the Company ........................................................................	30
2.16.2.	Tax treatment of the Offer on the Warrants of the Company ...................................................................	35
3. INFORMATION USED TO ASSESS THE OFFER PRICE ...........................................................	36
3.1.	Information used to assess the Share Offer Price............................................................................	36
3.1.1.	Methodology .......................................................................................................................................................	36
3.1.2.	Financial data used as the basis to evaluate the Share Offer Price .............................................................	38
3.1.3.	Main methods retained ......................................................................................................................................	40
3.1.4.	Methods cited for indication.............................................................................................................................	51
3.1.5.	Summary of the information used to assess the Share Offer Price............................................................	52
3.2. Information used to assess the Warrant Offer Price........................................................................	53
3.2.1.	Description ..........................................................................................................................................................	53
3.2.2.	Valuation ..............................................................................................................................................................	54

4. METHODS FOR MAKING AVAILABLE INFORMATION RELATING TO THE OFFEROR .56

5. PERSONS RESPONSIBLE FOR THE DRAFT OFFER DOCUMENT ........................................	56
5.1.	For the Offeror .................................................................................................................................	56
5.2.	For the Presenting Bank..................................................................................................................	56

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1. OVERVIEW OF THE OFFER

In accordance with Title III of Book II and more specifically Articles 232-1 and seq. of the General Regulation of the AMF ("AMF's General Regulation"), Kyoto BidCo, a simplified joint stock company (société par actions simplifiée) having its registered office at 27 avenue de l'Opéra, 75001 Paris, registered with the Paris Trade and Companies Register under number 911 295 533 (hereafter, "Kyoto BidCo" or the "Offeror"), makes an irrevocable offer to the shareholders and holders of redeemable share subscription and/or acquisition warrants (bons de souscription et/ou d'acquisition d'actions remboursables) (the "Warrants") of Albioma, a French public limited company (société anonyme) with a board of directors, having its registered office at 77 Esplanade du Général de Gaulle - Tour Opus 12 - 92081 Paris la Défense, registered with the Nanterre Trade and Companies Register under number 775 667 538 (the "Company" or "Albioma" and together with its direct or indirect subsidiaries, the "Group"), and whose shares are listed on compartment A of the Euronext Paris regulated market under ISIN code FR0000060402, mnemonic "ABIO" (the "Shares", together with the Warrants, the "Securities") and whose Warrants are listed Euronext Growth Paris under ISIN code FR0013368438, mnemonic "ABIBS", to acquire, in cash (i) all of their Shares (subject to the exceptions below) at a price of €50 per Share (dividend coupon detached1) (the "Share Offer Price"), and (ii) all of their Warrants at a price of €29,10 per Warrant (the "Warrant Offer Price" together with the Share Offer Price, the "Offer Price") through a public tender offer, the terms of which are described below (the "Offer").

As of the date of this Draft Offer Document, Kyoto BidCo does not hold any Shares or Warrants.

The Offer targets:

• all the Shares, which are:
• 1. already issued, other than the Excluded Shares (as defined below), i.e. as of April 30, 2022, and to the knowledge of the Offeror, a number of 30,770,868 Shares2;
  2. may be issued before the closing of the Offer or the Reopened Offer as a result of the exercise of the Warrants, i.e., as of April 30, 2022, and to the knowledge of the Offeror, a maximum of 686,483 new Shares;
• all of the Warrants issued by the Company, i.e. as at the date of April 30, 2022 and to the knowledge of the Offeror, a maximum total number of 686,483 Warrants.

It is specified that the Offer does not target:

• the Shares that Bpifrance has undertaken to contribute to the Offeror in the context of the Investment Agreement and subject to the BPI Lock-up Undertaking as described in section 1.3 of the Draft Offer Document, i.e., 1,164,791 Shares,
• the Shares held in treasury by the Company, i.e., to the knowledge of the Offeror and as of April 30, 2022, 144,853 Shares,
• the Unavailable Performance Shares (as defined below), i.e. to the knowledge of the Offeror and as of the date hereof, a maximum of 948,145 Performance Shares (of which 204,709 have already been issued, i.e. 204,473 Performance Shares subject to a Retention Period and 236 Performance Shares subject to an Additional Retention Period, this Shares are legally and technically unavailable and will not be able to be

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Dividend proposed by Albioma for year 2021: €0.84 per Share which will be paid in cash only.

On the basis of a capital composed of 32,285,221 shares representing as many theoretical voting rights as of April 30, 2022, in accordance with the provisions of Article 223-11 of the AMF's General Regulation.

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