Eurazeo / 2018 Registration document

CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements

Consolidation

Change in consol. scope

Company

Country

method % control

% interest

Lakeland Holdings LLC

United States United States United States United States United States United States United States United States

FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC

62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06%

Lakeland Seller Finance LLC

Lakeland Finance LLC Lakeland Tours LLC

Heritage Education and Festivals LLC Oxbridge Academic Resources LLC

WorldStrides International LLC

Explorica Inc.

Explorica Canada Inc. Explorica Travel Inc.

Canada

United States

Explorica U.K. Ltd.

United Kingdom

Explorica S. de R.L. de C.V.

Mexico Sweden

Explorica Europe AB

Explorica Merida Holdings LLC Casterbridge Tours Limited

United States

United Kingdom United Kingdom United Kingdom

Rhapsody Tours Limited Rhapsody Travel Limited

WorldStrides Travel Information Consulting (Shanghai) Co. Ltd.

China

62.06% 62.06%

National Educational Travel Council LLC

United States United States Hong Kong British Virgin Islands Hong Kong

Fawkes Travel Inc.

-

Dissolution

CBL International Management Limited

62.06%

4

Global Education Group Holding Inc. CBL International Academic Education Ltd. CBL International Oxbridge Programmes Ltd.

62.06% 62.06%

United Kingdom

-

Dissolution

WorldStrides PTY Ltd

Australia Australia Australia

62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06% 62.06%

Snowman Property Management PTY Ltd

Tinogra PTY Ltd

International Studies Abroad LLC

United States United States

AGU LLC

Dissolution

Asociacion Educativa Y Cultural ISA – Peru

Peru

GlobaLinks – Canada LLC

United States United States

GlobaLinks LLC

Gustavo Jose Artaza Programa de Estudios Internacionales Empresa Individual De Responsabilidad Limitada International Studies Abroad (ISA) Belgium sprl International Studies Abroad (ISA) Sociedad Anonima International Studies Abroad (Thailand) Co. Ltd International Studies Abroad Brasil Intercâmbios Ltda. International Studies Abroad España Sociedad Limitada International Studies Abroad Inc. Peru S.A.C. International Studies Abroad India Private Limited International Studies Abroad Japan Kabushiki Kaisha

Chile

Belgium

International Studies Abroad (ISA) England Limited United Kingdom

Costa Rica

Thailand

Brazil

Spain Peru India Japan

FC = Full consolidation. EA = Equity accounted.

Eurazeo

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2018 Registration Document