Eurazeo / 2019 Universal Registration Document

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

In addition to cash flows relating to new borrowings secured and principal payments on borrowings (see Note 13.5), the change in total borrowings is mainly due to the application of IFRS 16 (+€528.8 million), changes in scope (-€174.1 million) and foreign exchangeimpacts(+€28.6 million). The netdebt position of the Group'sinvestments ispresented below. As of December 31, 2019, out of total consolidated borrowings of €4,223 million, over 78% of the nominal amount is at fixed rates

or hedged by interest rate hedging derivatives (66% at fixed rates or hedgedby derivativesqualifyingfor hedge accounting). Loans extended to Group companies may be subject to requests for early repayment,particularly in the event of payment default or failure to fulfill contractualobligations. All portfolio companies comply with applicable covenants, except the Dessange group (Eurazeo PME strategy), which was in the process of renegotiating its bank financing at the reporting date. This Group's borrowingsare thereforeclassifiedas short-term.

Lease liabilities 9.1.1. Lease liabilities recognized as a result of the application of IFRS 16 total €503.3 million as of December 31, 2019. Lease liabilities break down as follows:

Contribution of portfolio companies

Asset management activity

Investment activity

Eurazeo Capital

Eurazeo PME

Eurazeo Patrimoine

Eurazeo Brands

12/31/2019

(In thousandsof euros) Less than oneyear Two to fiveyears Morethan fiveyears TOTALLEASELIABILITY

74,649 231,738 196,890 503,276

2,747 11,406

2,570 7,473

33,733 111,427

20,065 48,974

14,803 51,805

730 652

-

908

151,271

11,879

32,832

-

14,153

10,951

296,431

80,918 99,440

1,382

Lease liabilitiesare recognized throughright-of-useassets (Note 6). The weightedincrementalborrowingrate is 3.46%. Off-balancesheet commitmentsin respect of operating leases totaled €536.1 million as of December 31, 2018 (compared with an IFRS 16

restatement of €528.8 million for newly restated operating leases). The difference is due to both discounting (negative effect) and changes inscope during theperiod (positiveeffect).

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