Eurazeo / 2019 Universal Registration Document

Activity during the year and outlook

The IncomeStatementby business presents theperformance of the Group'smajor businesses: contributionof portfolio companies, net of finance costs: Portfolio • companiesperformance; contribution of the investment activity: Eurazeo net income from • investmentactivitiesusing its ownbalance sheet;

contribution of the asset management activity: net income from • management for investment partners and Eurazeo's net income as asset managerusing itsown balance sheet.

As all Group operating expenses are allocated to the asset management activity, the portion of operating expenses attributable to investment activities are reallocated via management fees. Management fees are calculated on an arm’s length basis as if the Eurazeo investment activity were an external client. Similarly, performance fees are calculated on capital gains and allocated to the asset management activity. The flows calculated between the two activities are detailed in the notes to the consolidated financial statements and summarized below:

Income + Capital gains and losses + Dividends and other investment revenue - Impairment

Investment activity

Operating expenses and other - Operating expenses relating to management fees calculated on investments on the Eurazeo balance sheet - Other*

02

Income + Management fees

Investment partners Calculated on Eurazeo’s balance sheet

+ Realized performance fees Investment partners

Asset management activity

Calculated on Eurazeo’s balance sheet

Operating expenses and other - Operating expenses - Other

(*) including transaction costs and Group strategic management and listing costs.

/ EURAZEO

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2019 UNIVERSAL REGISTRATION DOCUMENT