Eurazeo / 2019 Universal Registration Document

Financial Statements Company financial statements

STATUTORY AUDITORS’REPORT ON THEFINANCIAL STATEMENTS 6.2.3

Year endedDecember 31,2019 This is a free translationinto English of the StatutoryAuditors’report issued in French and is providedsolely for the convenienceof English-speaking readers. This report includes information specifically required by European regulations or French law, such as information about the appointment of Statutory Auditors. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicablein France.

To the Shareholders,

Opinion In compliance with the engagement entrusted to us by your Shareholders’ Meetings, we have audited the accompanying financial statements of Eurazeo SE forthe yearendedDecember 31, 2019. In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company at December 31, 2019 and ofthe resultsof its operations forthe yearthen endedin accordancewith French accounting principles. The auditopinion expressed aboveis consistent with our reportto the Audit Committee. Basis for opinion Audit framework We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient andappropriateto provide a basisfor our opinion. Our responsibilities under these standards are further described in the “Responsibilities of the Statutory Auditors relating to the audit of the financialstatements”section of our report. Independence We conductedour audit engagementin compliancewith the independencerules applicableto us, for the period from January 1, 2019 to the date of our report, and, in particular, we did not provide any non-audit services prohibitedby Article 5(1) of Regulation (EU) No 537/2014 or the French Code of Ethics (Code de déontologie) forStatutoryAuditors. Justificationof assessments – Keyaudit matters In accordance with the requirements of Articles L.823-9 and R.823-7 of the French Commercial Code ( Code de commerce ) relating to the justification of our assessments, we inform you of the key audit matters relating to the risks of material misstatement that, in our professional judgment,were the mostsignificantin our audit of thefinancial statements,as well as howwe addressed those risks. These matters were addressed as part of our audit of the financial statements as a whole, and therefore contributed to the opinion we formed as expressed above.We do notprovidea separate opinion onspecific items of thefinancial statements.

Accounting for major acquisitions during the financial year – See Note 2 “Financial assets” and Note 17 “Off-balance sheet commitments” to the financial statements

Descriptionof risk

Howour auditaddressedthis risk

During 2019, via Legendre Holdings, Eurazeo made investments of €1,476 million (total increase in gross value of financial assets excluding treasury shares and other financial assets) in relation in particular to the acquisition of Dorc and Elemica and investments in Idinvestfunds. As part of these operations, a number of commitmentswere made or received by Eurazeo. These are detailed in Note 17 “Off-balance sheet commitments” tothe company financialstatements. Given the material nature of these operations in the Company’s financial statements, we deemed their accounting treatment to be a key audit matter.

For material acquisitions during the year, namely Dorc and Elemica, our work consistedmainly in: Examining the acquisition agreements entered into by Eurazeo • and, where relevant, other agreements signed as part of these operations, particularly shareholder agreements and management packages, inorder to: Verify the existenceof the investments; • Verify the list of off-balance sheet commitments disclosed • in Note 17 to thecompany financialstatements; Check the consistency between the price paid and • the acquisition pricerecorded in the acquisitionagreements. Assessing the appropriateness of the disclosures provided • in Notes 2 and17 to the companyfinancial statements.

EURAZEO / 2019 UNIVERSAL REGISTRATION DOCUMENT

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