Eurazeo / 2018 Registration document

CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements

Consolidation

Change in consol. scope

Company PCAS SA

Country France Canada China France Finland France France France France France France Germany

method % control

% interest

FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC EA EA EA EA FC FC FC FC FC FC FC FC FC FC FC FC FC FC EA

38.02% 38.02% 38.02% 38.02% 38.02% 38.02% 38.02% 38.02% 38.02% 37.71% 25.51% 37.93% 25.09% 35.23% 35.23% 35.23% 46.97% 46.97% 23.02% 23.49% 14.47% 74.93% 74.93% 74.93% 74.93% 74.93% 74.93% 74.93% 74.93% 74.93% 74.93% 74.93% 74.93% 74.93% 37.47% 11.51%

PCAS Canada Inc. PCAS America Inc.

United States

PCAS China

Expansia

PCAS Finland Oy

PCAS GmbH VLG Chem

PCAS Biosolution

Protéus Enersens Dauphin

PCAS Biomatrix Inc.

Chemoxy Crossco

United Kingdom United Kingdom United Kingdom

Novacap UK Bidco

PCI Synthesis

United States United States

Acquisition Acquisition

Novacap US Holdings

ETBS

France France France France

Novawood

Feracid

Osiris (GIE)

Sommet Education sub-group Graduate

Luxembourg Switzerland Switzerland Switzerland Switzerland

75.28% 74.93%

Gesthôtel

Sommet Education

Haute école spécialisée Les Roches-Gruyère

G I H E

Glion UK

United Kingdom

Les Roches Chicago

United States

Escuela Superior de alta gestion de hotel

Spain

Sommet Europe Online Sommet Education France Hospitality Education PTE. Sommet Education UK

Netherlands

France

Singapore

United Kingdom

Sommet Education Services Spain

Spain China China

Sommet Commercial Consulting (Shanghai) Co Les Roches Jin Jiang International Hotel Management

Acquisition

WorldStrides sub-group LH WS WS Holdings Acquisition Inc.

France

FC 100.00% 99.40% FC 69.75% 69.34% FC 100.00% 69.34%

United States United States United States United States United States

WS Holdings Inc. WS Purchaser Inc. WH Blocker Inc.

FC FC FC

69.34% 69.34% 69.34%

WorldStrides Holdings LLC

FC = Full consolidation. EA = Equity accounted.

Eurazeo

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2018 Registration Document