Eurazeo / 2019 Universal Registration Document

Financial Statements Company financial statements

Eurazeo formed atax group on January 1,2001. The taxableincome (loss) of taxgroup companiesfor the year endedDecember 31, 2019is as follows:

Taxable income (loss) of taxgroup companies in theabsence of tax grouping 12/31/2019

(In thousandsof euros)

Tax group companies Eurazeo Patrimoine

6,877 4,217

Eurazeo PME

Eurazeo PMECapital

(4,002)

LH APCOA

(53)

LegendreHolding23 (3S Photonics)

1,494 (619)

LH H1 (Highlight) LH GP(Idinvest)

(3,214)

Eurazeo Patrimoine Asset Management

386

The income tax expense is calculated based on the taxable income (loss) of each company,as if the companywere not included in the tax group. Tax savings associated with tax losses (losses generated by subsidiaries during tax grouping likely to be offset against future income, internal capital gains rolled-over, etc.) are neutralized in the parent company's accounts and accordingly are not reported in the income statement.

Definitive gains or losses are recognized in profit and loss. Accordingly, Eurazeo recognized a tax consolidation gain of €1,826 thousand in2019. As of December 31, 2019,the tax group consisting of Eurazeo and its subsidiaries had carriedforward taxlosses of €120,297 thousand.

OFF-BALANCE SHEET COMMITMENTS NOTE 17

Commitments received from CarryCoBrands Pursuantto the signatureof an investmentprotocolon March 15, 2019, CarryCo Brands undertook to invest alongside Eurazeo in all investmentsperformedby the latter under the co-investmentprogram defined in the protocol during the period November 1, 2017 to December 31, 2021 in the amount of 12% of the total investment planned by Eurazeo. In addition, CarryCo Brands undertook to share with the private individual shareholders any capital gain realized on these investments in accordance with the method set out in the “Accountingprinciplesand methods”note. Commitments received from CarryCoCroissance Pursuant to the signature of an investment protocol on December 29, 2014, CarryCo Croissance undertook to invest alongsideEurazeo in all investmentsperformedby the latter under the co-investment program defined in the protocol during the period January 1, 2012to December 31, 2013in the amount of 10% of the total investment planned by Eurazeo. In addition, CarryCo Croissance undertookto share with the private individual shareholdersany capital gain realized on these investmentsin accordancewith the method set out in the “Accountingprinciplesand methods”note. Commitments received from CarryCoCroissance 2 Pursuant to the signature of an investment protocol on June 29, 2015, CarryCo Croissance 2 undertook to invest alongside Eurazeo in all investmentsperformedby the latter under the co-investmentprogram defined in the protocol during the period January 1, 2015 to December 31, 2017 (potentially extended one year to December 31, 2018) in the amount of 10% of the total investment planned by Eurazeo. In addition, CarryCo Croissance 2 undertook to share with the private individual shareholdersany capital gain realized on these investments in accordance with the method set out in the “Accountingprinciplesand methods”note.

In accordancewith current accountingstandards, all material Eurazeo commitments (excluding those relating to shareholder agreements coveredby confidentiality agreements)are listed below: Commitments received:Syndicated creditfacility On June 27, 2014, Eurazeo secured a five-year €1 billion loan with a banking syndicate, which was extended on two occasions by one year, i.e. until June 27, 2021. On December 20, 2019, this syndicated credit facility was renewed for a five-year period (potentially extended to seven years under certain conditions). The total commitment receivedby Eurazeois €1.5 billion. Commitments received from CarryCoCapital 1 CarryCo Capital 1 undertook to invest alongside Eurazeo in all investments performedby the latter under the co-investmentprogram defined in the protocol during the period January 1, 2014 to December 31, 2017 (potentially extended one year to December 31, 2018) in the amount of 10% of the total investment plannedby Eurazeo.The investment periodwas closed in 2017 and the only remaining commitments relate to potential external growth transactions and reinvestments in respect of completed investments. In addition, CarryCo Capital 1 undertook to share with the private individual shareholdersany capital gain realized on these investments in accordance with the method set out in the “Accounting principles and methods”note. Commitments received from CarryCoCapital 2 Pursuant to the signature of an investment protocol on June 30, 2018, CarryCo Capital 2 undertook to invest alongside Eurazeo in all investmentsperformedby the latter under the co-investmentprogram defined in the protocol during the period June 30, 2017 to June 30, 2020 (potentially extended one year to June 30, 2021) in the amount of 12% of the total investment planned by Eurazeo. In addition, CarryCo Capital 2 undertook to share with the private individual shareholders any capital gain realized on these investments in accordancewith the method set out in the “Accountingprinciplesand methods”note.

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