EURAZEO_REGISTRATION_DOCUMENT_2017

PRESENTATION OF THE GROUP Other Management Report information

STATEMENT BY THE STATUTORY AUDITORS REGARDING EURAZEO’S NET ASSET VALUE AS OF DECEMBER 31, 2017

To the Chief Executive Officer,

In our capacity as Statutory Auditors of Eurazeo and pursuant to your request, we have verified the financial information relating to Eurazeo's Net Asset Value (hereinafter “Net Asset Value”) as of December 31, 2017 (hereinafter the “Information”) given in the 2017 management report (hereinafter the “Management report”) and prepared in accordance with the International Private Equity Valuation Guidelines.

The Net Asset Value has been prepared under the responsibility of Eurazeo's Executive Board based on the accounting records of Eurazeo and of the fully consolidated subsidiaries, as well as on available market data as of December 31, 2017. The method of calculation of the Net Asset Value and the assumptions adopted are described in Sections 1.4. and 1.5 of the 2017 Registration Document.

Our role is to comment as to whether: the Information used for the calculation of the Net Asset Value is consistent with the accounting records; and • the preparation of the Information complies in all material respects with the methodology described in Section 1.5 of the 2017 Registration • Document.

We are not however required to call into question the methodology, the assumptions used and the judgments made by Eurazeo's management to determine the fair values of its investments in unlisted companies. Nor are we required to comment on the compliance of this methodology with a set of standards or best practices, or to comment on the values thus determined for each investment within the context of the Net Asset Value.

In our capacity as Statutory Auditors, we have audited the annual and consolidated financial statements of Eurazeo for the year ended December 31, 2017.

The purpose of our audit, performed in accordance with the professional standards applicable in France, was to express an opinion on the parent company and consolidated financial statements taken as a whole, and not on specific elements of these financial statements used for the calculation of the Net Asset Value. Consequently, we did not perform our audit tests and sample testing with this aim and we do not express any opinion on these elements taken separately. Our work, which did not involve an audit or limited review, was carried out in accordance with the professional guidelines of the French National Institute of Statutory Auditors (Compagnie nationale des commissaires aux comptes) relating to this engagement. For the purposes of this report, our work consisted in: Familiarizing ourselves with the procedures set up by your Company to produce the Information relating to the Net Asset Value; • Comparing the methods applied to calculate the Net Asset Value with those described in Sections 1.4 and 1.5 of the 2017 Registration • Document; Verifying the consistency of the accounting net assets of Eurazeo and its subsidiaries holding the investments used to calculate the Net Asset • Value with the annual financial statements of Eurazeo for the year ended December 31, 2017; Verifying the consistency of the accounting information used to calculate the Net Asset Value with the elements used as a basis for preparing • the consolidated financial statements of Eurazeo for the year ended December 31, 2017, notably: in situations where the fair value has been determined by applying multiples to aggregates taken from the accounting records or provisional • accounts of investments, verifying the consistency of these aggregates with the accounting records or the provisional accounts of investments, in situations where the fair value has been determined by applying multiples to aggregates taken from the accounting records and adjusted • for non-recurring items, verifying the consistency of these aggregates with the accounting records before these adjustments are taken into account, in situations where fair value has been determined by applying multiples to aggregates taken from forecast accounts of investments, • reconciling these forecast aggregates with items used by Eurazeo for impairments tests in preparing the consolidated financial statements, in situations where debt items have been used to calculate the fair value of unlisted investments, verifying the consistency of the debt items • with the accounting records, except when prospective items have been used; Verifying the consistency of the share price used to calculate the fair value of listed investments with observable data; • Verifying the arithmetical accuracy of the calculations after application of rounding rules, if necessary. •

Based on our work, we have no matters to report on the consistency of the accounting information used in the calculation of Eurazeo's Net Asset Value with the accounting records and on the compliance of their calculation with the methodology described in Section 1.5 of the 2017 Registration Document.

This statement has been prepared for your attention in the context described above and must not be used, distributed or referred to for any other purpose. The work performed in the framework of this statement is not designed to replace the inquiries and other procedures that third parties with knowledge of this statement may need to perform and we express no opinion as to the adequacy of our work for the purposes of such third parties.

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2017 Registration document

Eurazeo