Eurazeo / 2018 Registration document

Additional information for the management report PRESENTATION OF THE GROUP

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The third-party fund management business was valued based on long-term stock market comparable multiples. Cash and cash equivalents (6) and Eurazeo treasury shares are valued at the valuation date. Treasury shares allocated to share purchase option plans are valued at the lower of the closing price and the strike price. Net Asset Value is reported after adjustment for the taxation of unrealized capital gains and invested capital likely to be due to management teams. The number of shares is the number of shares comprising the Eurazeo share capital less any treasury shares earmarked for cancellation.

concerned is satisfactory, neither a discount nor a premium is applied to the share prices adopted. When the shares are held through a company that secured debt specifically to finance the investment, the transparent amount, net of borrowings secured by the holding company carrying the shares, is taken into account in the NAV. Real Estate investments are valued as follows, at the valuation date: (i) for investment funds (Colyzeo and Colyzeo 2), based on the most recent information communicated by fund managers, (ii) for CIFA, based on expert valuations and finally (iii) for Grape Hospitality, based on an average of expert valuations and a valuation based on comparable multiples.

1 Including, by transparency up to operating company level, the assets and liabilities of holding companies and intermediary funds controlled by Eurazeo and the structures carrying the co-investment programs for management and Eurazeo teams. 2 These recommendations are recognized by the majority of private equity associations around the world, and particularly France Invest in France, and are applied by numerous funds. They may be consulted at the following Internet address: http://www.privateequityvaluation.com/. 3 Consolidated financial statements of each investment used to prepare the Eurazeo IFRS consolidated financial statements, before impairment of goodwill and amortization of intangible assets recognized on business combinations. Figures are adjusted, where appropriate, for non-recurring items. 4 In accordance with the terms of their engagement, Sorgem Evaluation and Duff & Phelps based their opinion on a comparison of values adopted by Eurazeo with a range of estimates obtained using the valuation methods considered most pertinent. The procedures performed by Sorgem Evaluation and Duff & Phelps were based on (i) information communicated by Eurazeo, primarily business plans and available forecast data and (ii) publicly available information. Eurazeo follows IPEV recommendations to determine the fair value of its investments. The fair value of the Trader Interactive, Iberchem and WorldStrides investments, as determined by Eurazeo, were reviewed by Duff & Phelps Ltd, an independent appraisal firm, for appraisal assistance as of December 31, 2018. This assistance covered the various limited scope procedures that Eurazeo identified and asked Duff & Phelps Ltd to perform. Duff & Phelps Ltd referred to the IPEV guidelines and took them into account by reviewing the fair value of investments as determined by Eurazeo. In connection with and following these limited scope procedures, Duff& Phelps Ltd concluded that the fair value of these investments, as determined by Eurazeo, was reasonable. Limited scope procedures constitute neither an audit, review, compilation or any other form of analysis or attestation in connection with generally accepted accounting standards. In addition, limited scope procedures were not carried out in preparation of or in connection with any investment performed or considered by Eurazeo. Hence, any party contemplating an investment in these portfolio companies or a direct investment in Eurazeo should not consider that the implementation of these limited scope procedures by Duff & Phelps Ltd is sufficient to carry out the aforementioned investments. The results of the Duff & Phelps Ltd analysis should not be considered as a fairness opinion on a transaction or a credit reference letter. The limited scope procedures carried out by Duff & Phelps Ltd supplement the procedures that Eurazeo is required to implement to estimate the fair value of the investments. The result of the analyses conducted by Duff & Phelps Ltd was taken into account by Eurazeo in its fair value measurement of the investments. 5 Listed investments comprise investments in listed companies in which Eurazeo exercises control or significant influence. This is not the case for other listed securities. 6 Cash and cash equivalents net of other assets and operating liabilities of Eurazeo, at their net carrying amount.

Eurazeo

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2018 Registration document