Eurazeo / 2019 Universal Registration Document

Financial Statements Consolidated Financial Statements for the year ended December 31, 2019

EMPLOYEE BENEFITS EXPENSE AND LIABILITIES NOTE 5

5.1. Number ofemployees 5.1.1.

Number of employeesand employee benefits expense

Employeebenefits expense 5.1.2.

2019 11,814 4,857 5,690 22,361

(In thousandsof euros) 2018 Wages, salaries andother employee benefits 947,977 815,686 Social securitycontributions 213,364 193,292 Employee mandatory profit-sharing/ incentive schemes 11,140 10,697 Share-based payments 11,399 8,853 TOTAL EMPLOYEEBENEFITSEXPENSE 1,183,879 1,028,528 2019

2018

(Full time equivalent)

France

11,419 4,374 4,501

Europe excludingFrance

Rest oftheworld

TOTAL EMPLOYEES

20,294

The full time equivalentnumber of employees includes the employees of fully-consolidated companies on a time-apportioned basis taking into account their date of entry into and exit from the scope of consolidation. The above figures do not include employees of equity-accounted associates.

The increase in employee numbers and the employee benefits expense is largely due to changes in consolidation scope during the period.

Employee benefitliabilities 5.2. Defined contribution plans The Group pays contributions under a range of mandatory systems and on a voluntary basis under contractual agreements. The Group’s obligation is thereforelimited tothe paymentof contributions. Defined benefit plans In recognition of their contribution to the business, certain Executive Board members are covered by a supplementarydefined benefit pension plan designed to provide them with additional retirement income. The amount of this additional pension depends on the length of service of beneficiarieson retirement.This planwas closedon June 30, 2011and only concernsmembers of theExecutive Boardpresent atthat date.

Assumptions 5.2.1. The actuarialassumptionsunderlying the valuationare as follows:

06

Obligationdiscount rate

Rate of payincrease

12/31/2019

12/31/2018

12/31/2019

12/31/2018

France

0.48%to 0.77% 1.30% to 1.68% 1.50%to 3.00% 1.00%to 3.00%

Switzerland

0.10% to 0.25%

0.75% 1.75% to 2.00% 1.75% to 2.00%

Rate of pension increase

Expectedreturn onplanassets

12/31/2019

12/31/2018

12/31/2019

12/31/2018

France

1.50%to 3.00%

1.50% 0.48%to 0.77% 0.00% 0.10% to 0.25%

1.30% to 1.68%

Switzerland

0.00%

0.75%

The discountrate represents the yield,at the year-end, of bondswith a minimumAA rating andmaturitiessimilar to those of Groupobligations. The expectedreturn on planassets wasdetermined basedon long-term bondinterest rates.

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2019 UNIVERSAL REGISTRATION DOCUMENT