EURAZEO_REGISTRATION_DOCUMENT_2017

COMPANY FINANCIAL STATEMENTS Statutory Auditors' report on the financial statements 5 Measuring equity investments – See Section 5.3.2 "Methodology" and Note 2 "Financial Investments" to the financial statements

Description of risk

How our audit addressed this risk

At December 31, 2017, the net carrying amount of equity investments in the balance sheet stood at €3,335 million, representing 75% of total assets. They are initially carried at cost less related acquisition expenses. Equity investments are measured at value in use. An impairment loss is recognized for the amount by which the asset's value in use is less than its net carrying amount. The value in use is calculated based on the following methods: calculating the present value of projected future cash flows based • on the five-year business plans drawn up by the managers of each investment and approved by Eurazeo's management board; multiples of stock market comparables or similar market • transactions; share of the net book value of the investment; • average share price in the last month. • Estimating the value in use of these investments is based on complex measurement models for the Company's subsidiaries, which in turn hold investments in the Company itself, and requires a significant degree of judgment to be exercised by management (particularly in relation to cash flow assumptions). Given the weighting of these equity investments in the Company's financial statements, and of the complexity of the models used and their sensitivity to changes in the underlying data and assumptions used to produce estimates, we deemed the assessment of the value in use of equity investments to be a key audit matter.

Our audit work consisted of: assessing the measurement method chosen by management and • the underlying data used; comparing the data used to test equity investments for impairment • with the accounting data; for listed investments, verifying the consistency of share prices • used with observable market data; verifying the accuracy of the value in use and market value • calculations used by the Company. We also ensured that the disclosures provided in Section 5.3.2 "Methodology" and Note 2 to the financial statements, "Financial investments", were appropriate.

VERIFICATION OF THE MANAGEMENT REPORT AND OF THE OTHER DOCUMENTS PROVIDED TO THE SHAREHOLDERS

Concerning the information given in accordance with the requirements of article L.225-37-5 of the French Commercial Code relating to those items your Company has deemed liable to have an impact in the event of a takeover bid or exchange offer, we have verified its consistency with the underlying documents, which were disclosed to us. Based on this work, we have no matters to report with regard to this information. Other information In accordance with French law, we have verified that the required information concerning the purchase of investments and controlling interests and the identity of the shareholders and holders of the voting rights has been properly disclosed in the management report.

In accordance with professional standards applicable in France, we have also performed the specific verifications required by French law.

Information given in the management report and the other documents provided to shareholders We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the management report of the Executive Board, and in the other documents provided to the shareholders with respect to the financial position and the financial statements. Report on corporate governance We attest that the Supervisory Board’s report on corporate governance sets out the information required by articles L.225-37-3 and L.225-37-4 of the French Commercial Code. Concerning the information given in accordance with the requirements of article L.225-37-3 of the French Commercial Code relating to remuneration and benefits received by corporate officers and any other commitments made in their favor, we have verified its consistency with the financial statements, or with the underlying information used to prepare these financial statements and, where applicable, with the information obtained by your Company from companies controlling it or controlled by it. Based on this work, we attest to the accuracy and fair presentation of this information.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS Appointment of the Statutory Auditors

We were appointed Statutory Auditors of Eurazeo by the Shareholders’ Meetings held on December 20, 1995 (PricewaterhouseCoopers Audit) and May 18, 2011 (Mazars). At December 31, 2017, PricewaterhouseCoopers Audit was in the twenty-second year of total uninterrupted engagement, including seventeen years since the securities of the Company were admitted to trading on a regulated market, and Mazars was in the seventh year of total uninterrupted engagement.

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2017 Registration document

Eurazeo