Eurazeo / 2018 Registration document

Additional information for the management report PRESENTATION OF THE GROUP

STATEMENT BY THE STATUTORY AUDITORS REGARDING EURAZEO’S NET ASSET VALUE AS OF DECEMBER 31, 2018

To the Chairwoman of the Executive Board,

In our capacity as Statutory Auditors of Eurazeo and pursuant to your request, we have verified the financial information relating to Eurazeo's Net Asset Value (hereinafter “Net Asset Value”) as of December 31, 2018 (hereinafter the “Information”) given in the 2018 management report (hereinafter the “Management report”) and prepared in accordance with the International Private Equity Valuation Guidelines. The Net Asset Value has been prepared under the responsibility of Eurazeo's Executive Board based on the accounting records of Eurazeo and of the fully consolidated subsidiaries, as well as on available market data as of December 31, 2018. The method of calculation of the Net Asset Value and the assumptions adopted are described in Section 1 (pages 55, 70 and 71) of the 2018 Registration Document. Our role is to comment as to whether: • the Information used for the calculation of the Net Asset Value is consistent with the accounting records; • the preparation of the Information complies in all material respects with the methodology described in Section 1 (pages 66 and 67) of the 2018 Registration Document. We are not however required to call into question the methodology, the assumptions used and the judgments made by Eurazeo's management to determine the fair values of its investments in unlisted companies. Nor are we required to comment on the compliance of this methodology with a set of standards or best practices, or to comment on the values thus determined for each investment within the context of the Net Asset Value. In our capacity as Statutory Auditors, we have audited the annual and consolidated financial statements of Eurazeo for the year ended December 31, 2018. The purpose of our audit, performed in accordance with the professional standards applicable in France, was to express an opinion on the parent company and consolidated financial statements taken as a whole, and not on specific elements of these financial statements used for the calculation of the Net Asset Value. Consequently, we did not perform our audit tests and sample testing with this aim and we do not express any opinion on these elements taken separately. Our work, which did not involve an audit or limited review, was carried out in accordance with the professional guidelines of the French National Institute of Statutory Auditors (Compagnie nationale des commissaires aux comptes) relating to this engagement. Our audit work consisted of: • Familiarizing ourselves with the procedures set up by your Company to produce the Information relating to the Net Asset Value; • Comparing the methods applied to calculate the Net Asset Value with those described in Section 1 (pages 55, 70 and 71) of the 2018 Registration Document; • Verifying the consistency of the accounting net assets of Eurazeo and its subsidiaries holding the investments used to calculate the Net Asset Value with the annual financial statements of Eurazeo for the year ended December 31, 2018; • Verifying the consistency of the accounting information used to calculate the Net Asset Value with the elements used as a basis for preparing the consolidated financial statements of Eurazeo for the year ended December 31, 2018, notably:

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Eurazeo

2018 Registration document