Eurazeo / 2019 Universal Registration Document

Risk management Risk factors

Financial communications D. All financial communications are prepared by the Financial CommunicationsDepartment and the Investor Relations Department, using as a guideline the general principles and best practices in terms of communication. The Executive Board defines the financial communications strategy and presents a report on its implementation annually to the Audit Committee. All press releases are validated prior to issue by the members of the Executive Board. Furthermore, after validation by the Executive Board, press releases announcing interim and annual results are successively submitted to the Audit Committee and the SupervisoryBoard. The SupervisoryBoard committeescan also be consulted in an advisory capacity on specific subjects, before

the informationis released. Prior to the disclosureof “non-accounting” indicators (Net Asset Value, Assets under Management and analytical earnings aggregates) to the market, detailed presentations of the componentsof the calculationand valuationare given at the meetings of Eurazeo's Audit Committee. Eurazeo does not communicate with analysts, journalists or investors during the four weeks prior to the release of the interim and annual results, or during the two weeks before the release of financial information for the first and third In addition, the information contained in the Non-Financial Performance Statement is reviewed by one of the statutory auditors (appointed as an independent third party) who issues a report (pages 98 an 99). quarters.

Risk factors 4.2

A summarytable of the main Eurazeorisk factors is presentedbelow; it contains the risk factors deemed significant when making investment decisions, with regard to the effects they could have on the Company, particularly its business continuity, the successful conduct and performance of its activities (financial impacts, particularly for Net Asset Value) or its development (particularly reputation and human factors). The risk factors are classified in a limited number of categories depending on their nature: (i) strategic and operational risks linked to activity, (ii) image and compliance risks, and (iii) financial risks. In each presented category, the risks are ranked based on their criticality ( i.e. presented indecreasingorder of importance). The level of criticality is evaluated during a risk mapping exercise, based on a combination of the probability of occurrence and

the estimatedimpact of each risk, and consideringmeasures put into place to mitigate the risk. The risk criticality is assessedon a four-point scale (low, moderate, high, significant). Only risks with a “moderate”, “high” or “significant”criticality level are set out in this chapter.The risk presentation, ranking and description only provides a snapshot at a given moment. Depending, in particular, on changes in the economic environment and market conditions, exposure to a risk factor and the magnitude of related risks are likely tovary. Information on financial risks is also presentedpursuant to the French Commercial Code (Article L. 225-100).Other risks, not known or not considered material by Eurazeo at the date of this Universal Registration Document,could also impact its activities.Other risks - not identified,emergingor currentlyappearing less significant- could also negatively affect the Group.

Strategic and operational risks linked to activity Crisis linked to the Covid-19 pandemic

Significant

4.2.1.1 4.2.1.2 4.2.1.3 4.2.1.4 4.2.1.5 4.2.1.6 4.2.1.7. 4.2.2.1 4.2.2.2 4.2.2.3 4.2.2.4 4.2.2.5 4.2.2.6

Vettingof investment projects

High High High

Ability to raisefunds

Dependencyon keypersonnel

Competition from other privatequityfirms

Moderate Moderate Moderate

Technologies anddata

Fraud

Image and compliance risks Ethicalresponsibilityof portfolio company activity Failure to comply with lawsandregulations

High High

Conflicts ofinterest

Moderate Moderate Moderate Moderate

Climatechange

Disputeswith investment partners

Change in regulations

Financialrisks Equity market

High High

4.2.3.1 4.2.3.2 4.2.3.3

Liquidityat portfolio company level

Other financial risks: interest-rate, foreignexchange,debt, counterparty

Moderate/High

EURAZEO / 2019 UNIVERSAL REGISTRATION DOCUMENT

114