Eurazeo / 2019 Universal Registration Document

Risk management

Eurazeo's core business consists in the acquisition of investments, mostly in unlisted companies. In a bid to create value, Eurazeo defines and pursues a certain number of strategic, financial and operating objectives. The occurrence of certain risks could impact its ability to achieve its objectives. In the same way as other companies, Eurazeo operates in an environment subject to uncertainty, where risk-taking is inseparable from thesearch foropportunitiesand the desireto growthe Company. It is therefore important for Eurazeo to identify, prevent and mitigate the impact of the main risks likely to threaten the achievement of its objectives, by designing and implementing appropriate internal control and risk management systems. Under the responsibility of the ExecutiveBoard, thesesystems: are incorporatedinto the businessmodel and business processes specific to the organization,in order to contributepositively to the conduct • and managementof its differentactivitiesand providea competitiveedge for the Company,particularly by improvingdecision-making; and are part ofa continuous improvementprocess, mobilizingCompany employees arounda shared visionof the mainrisks. • While being as well implemented and designed as possible, the internal control and risk management systems cannot provide an absolute guarantee that the Company's objectives will be achieved. The systems are generally limited by human factors: decision-makingrelies on people and the exerciseof their judgment.

The followingtwo sectionspresenta summaryof: the characteristicsof the internalcontrol and riskmanagementsystems implemented byEurazeo; and (i) the specific aspects ofthe main risks towhich the Companyis exposed. (ii)

The specificaspectsof themain risks are presentedbasedon the followingprinciples: the information presented does not claim to be comprehensive (unknown risks, risks poorly or not identified, etc.) and does not cover all • the risksto which the Companymay be exposed in the conductof its activities.The analysisperformedby the Companyfocuseson those risks consideredcapable of calling into question business continuity or that could have a material negative impact on its activity, financial position or results (financial impact, particularly on Net Asset Value) and/or on the developmentof the Company (particularly impact on its reputation and the human factor). To the best of Eurazeo’s knowledge, there are no material risks other than those presented. Information on financial risks is also presentedpursuant to theFrench CommercialCode (Article L. 225-100-1); the descriptiononly providesan overview of risksat a point in time; • Eurazeo's legitimate concerns regarding the possible consequence of disclosing certain information have been taken into account, • while respecting therules governingthe communication of informationto themarket and investors.

EURAZEO / 2019 UNIVERSAL REGISTRATION DOCUMENT

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