Eurazeo / 2018 Registration document

CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements

CONSOLIDATION SCOPE NOTE 2

Eurazeo PME Eurazeo PME sold its investment in Odealim on October 2, 2018 and its investment in Vignal Lighting Group on December 19, 2018, for €111 million and €119 million, respectively. The Odealim shares were deconsolidated based on reserves as of June 30, 2018, and the Vignal shares were deconsolidated based on reserves as of December 31, 2018, restated for material transactions between December 19 and December 31. Eurazeo PME also acquired the 2RH group on July 17, 2018 for €64 million and the Vitaprotech group on July 12, 2018 for €40 million. Both groups were fully consolidated from July 1, 2018. 2018 revenue and EBITDA (12-month sliding basis) of new investments totaled €123 million and €19 million, respectively. Eurazeo Brands On November 29, 2017, Eurazeo invested US$68 million in NEST Fragrances. Given the proximity of the transaction closing date to the 2017 period end, the NEST Fragrances group was fully consolidated from January 1, 2018. Eurazeo Development On April 12, 2018, Eurazeo acquired 70% of the share capital of Idinvest Partners. The company is fully consolidated from July 1, 2018, as the impact on the Eurazeo group financial statements was not considered material. On April 20, 2018, Eurazeo acquired a 30% stake in the share capital of Rhône. This acquisition was performed for 2 million newly issued Eurazeo shares (€147.7 million) and a cash payment of US$100 million. The Rhône group is equity-accounted from July 1, 2018. On July 11, 2018, IM Square group performed a share capital increase subscribed in part by Eurazeo, following which it held 70.64% of the share capital. The group is fully consolidated from July 1, 2018, as the impact on net income of the first 11 days of July was not considered material at Eurazeo group level. 2018 revenue (12-month sliding basis) of new investments totaled €87.5 million. classified as held for sale Following the decision to sell the Neovia group, Capzanine shares and certain Asian activities of the Seqens group, the contributions of these groups were transferred to Assets classified as held for sale and Liabilities directly associated with assets classified as held for sale. The related assets and liabilities were measured at the lower of net carrying amount and fair value less costs to sell in accordance with IFRS 5. An impairment of €36.3 million was therefore recognized in respect of the Asian activities of the Seqens group. Assets and liabilities classified as held for sale as of December 31, 2017 consisted of certain assets and liabilities of Eurazeo PME group investments and the Asian activities of the Seqens group. IFRS 5 reclassification – group of assets 2.2

The list of subsidiaries and associates is presented in the scope of consolidation in Note 15. Non-consolidated entities are not material compared with the consolidated financial statements of the companies included in the scope of consolidation. 2.1 Other than the deconsolidation of the funds, the main changes in the scope of consolidation in the year ended December 31, 2018 are as follows: Eurazeo Capital On August 2, 2018, Eurazeo sold its investment in Desigual, via LH 29, for a consideration of €141.9 million. The shares were deconsolidated based on reserves as of June 30, 2018. On October 23, 2018, Eurazeo sold its investment in the Asmodee group for a consideration of €425.9 million, net of costs (Eurazeo share: €383.3 million). The Asmodee shares were deconsolidated based on reserves as of September 30, 2018. On December 20, 2018, Eurazeo acquired 70% of the share capital of the Albingia group through a co-investment with the management team. As the shareholders’ agreement states that major decisions can only be made with the agreement of Eurazeo and the management team, the investment in Albingia was equity accounted to reflect this joint control. In the interests of simplicity, the shares purchased were transferred to investments in associates as of December 31, 2018. Eurazeo Patrimoine On March 28, 2018, Eurazeo Patrimoine acquired 81% of the share capital of Groupe C2S, alongside management, after the entry into the share capital of the group’s practitioners and a minority co-investor. Groupe C2S is fully consolidated from April 1, 2018. On May 24, 2018, Eurazeo Patrimoine signed a partnership with Dazia Capital to create a joint venture, Dazeo, to perform real estate investments in Spain. This investment is fully consolidated from July 1, 2018. On May 30, 2018, Eurazeo Patrimoine signed an off-plan sale for a 24,000 sq. meter office complex located on the banks of the river Seine in Courbevoie. This real estate complex is held by Highlight, which is fully consolidated. 2018 revenue and EBITDA (12-month sliding basis) of new investments totaled €179 million and €25 million, respectively. Changes in consolidation scope

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2018 Registration Document