EURAZEO_SHAREHOLDERS'_LETTER_2018

n ACTION Shareholders’ Letter

Special edition Shareholders’ Meeting 2018

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DEAR SHAREHOLDERS,

It iswithmuchemotion that I address you for the first time asChairwoman of Eurazeo’s ExecutiveBoard. I wish to honor Patrick Sayer for his exceptional work at the head of our company. The company he built reflects both the man and us. An authentic, bold, ambitious and responsible company that is open to the world. The confidence shown by the Supervisory Board in appointing me Chairwoman is an honor that I pledge to fulfill. Eurazeo is ready to accelerate the transformation we initiated with Patrick, backed by the constant support of our Supervisory Board and based on the course set by our shareholders. Our keyword is transformation, thedriving forcebehindEurazeo since the verybeginning. We have created an investment division or opened an office outside France every year since 2010. In 2017, this momentumwas sharply accelerated thanks to two strategic partnerships signed with Idinvest, a venture capital leader in Europe, and Rhône Capital, a pivotal private equity player for transatlantic deals. We also completed our first U.S. investments and launched Eurazeo Brands. Eurazeo is now an independent and global private equity player, holding shares in 40 companies, not counting those supported by Idinvest. It manages nearly €16 billion in assets invested in French, European and U.S. companies. Never has Eurazeo been so clearly a French leader in the private equity sector.

the transatlanticsupportof French, EuropeanandU.S. companies. We have all the attributes needed to fulfil our ambition: u The first is our unique business model, combining permanent capital and third- party fund management. We bring together the best of two worlds: allying a long-term strategy with independence, so as to limit risk for shareholders, while significantly boosting investment capacity. u In amarket divided between amajority of national players and a handful of global giants, our uniqueness also stems fromour transatlantic vision. In 2017, we invested equally in Europe and the U.S. u Our third strength lies in the diversity of our investment divisions. In 10 years, we’ve expanded from one to eight specialized investment divisions: major corporations, SMEs, start-ups, real estate, brands, private debt and co-investment. This has enabled us to create greater value, by reducing risks and diversifying our growth sources. u The fourth feature, part and parcel of our DNA, is our responsible investment approach. CSR is an integral part of our strategy and daily practices. Eurazeo is the only listed investment company to be included in the five global CSR indicators that serve as benchmarks. I take great pride in this achievement. u Eurazeo is also a pioneer in digital technology. With its extensive understanding of the venture capital ecosystem, Idinvest will help us develop this area.

u Lastly, Eurazeo can count on its most dependable asset: a dedicated and creative team that thoroughly understands its markets and is driven by a common entrepreneurial spirit. Active throughout the private equity value chain, this team supports our companies in all aspects of their development. Excellence is thegoal that must guide all our actions - excellence in our strategy, excellence in our performances, excellence in our teams. We wish to be a benchmark for the companies we support, for all the entrepreneurs and management teams, for the investors who place their confidence in us, and of course for all of you, dear shareholders 1

Morethanever,wearepositioning Eurazeoas thebenchmark for

VirginieMorgon, Chairwoman of the Executive Board