Eurazeo / 2019 Universal Registration Document

Financial Statements Company financial statements

Measuringequityinvestments– See Section 6.2.2.2“Accounting principles”and Note 2 “Financial assets”

Descriptionof risk

Howour auditaddressedthis risk

At December 31,2019, the net carrying amount of equity investments in the balance sheet stood at €4,100 million,representing70% of total assets. They are initially carried at cost less related acquisition expenses. Equity investmentsare measuredat value in use. An impairmentloss is recognized for the amount by which the asset’s value in use is less than its net carrying amount. The value in use is calculated, where relevant, on thebasis of: The present value of projected future cash flows based on the • five-year business plans drawn up by the managers of each investmentand approvedby Eurazeo’s ExecutiveBoard; Multiples of stock market comparables or similar market • transactions; The shareof net book value of the investment; • Estimating the value in use of these investments is based on complex measurement models for the Company’s subsidiaries, which in turn hold investments in the Company itself, and requires a significant degree of judgment to be exercised by management (particularly in relation tocash flow assumptions). Given the weighting of these equity investments in the Company’s financial statements, and of the complexity of the models used and their sensitivity to changes in the underlying data and assumptions used to produce estimates, we deemed the assessment of the value in use of equityinvestments tobe a key audit matter. Medium-term marketconsensuses;or • The averageshare price in the lastmonth. • Specific verifications In accordance with professional standards applicable in France, we have also performedthe specific verificationsrequiredby French legal and regulatoryprovisions. Information givenin the managementreport andin the other documents provided tothe shareholders with respect to theCompany’sfinancial positionand the financial statements We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the Executive Board’smanagementreport and in the other documents provided to the shareholderswith respect to the Company’s financial position and thefinancial statements. We attest to the fair presentation and the consistency with the financial statements of the information about payment terms referred to in Article D.441-4of the French CommercialCode. Report oncorporategovernance We attest that the Supervisory Board’s report on corporate governance sets out the information required by Articles L.225-37-3 and L.225-37-4 of theFrench CommercialCode. Concerning the information given in accordance with the requirements of Article L. 225-37-3 of the French Commercial Code relating to remuneration and benefits paid or awarded to corporate officers and any other commitments made in their favor, we have verified its consistency with the financial statements or with the underlying information used to prepare these financial statements, and, where applicable, with the information obtained by your

Our auditwork consisted of: Assessing the measurementmethod chosen by managementand • the underlyingdata used; Comparing the data used to test equity investments for • impairment with the accounting data; For listed investments, verifying the consistency of share prices • used and the medium-termmarket consensuses with observable market data; Verifying the accuracy of the value in use and market value • calculations usedby theCompany. We also ensured that the disclosures provided in Section 6.2.2 “Accounting principles” and in Note 2 “Financial assets” to the company financialstatements,were appropriate.

Company from companies controlled by it or included in the scope of consolidation.Based on this work, we attest to the accuracyand fair presentationof this information. Concerning the information given in accordance with the requirements of Article L. 225-37-5 of the French Commercial Code relating to those items your Company has deemed liable to have an impact in the event of a takeover bid or exchange offer, we have verified its consistency with the underlying documents that were disclosed to us. Based on this work, we have no matters to report with regardto this information. Other information In accordance with French law, we have verified that the required information concerning the purchase of investments and controlling interests and the identity of the shareholdersand holders of the voting rights has beenproperly disclosedin the managementreport.

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Report on other legaland regulatory requirements Appointmentof the StatutoryAuditors

We were appointed Statutory Auditors of Eurazeo by your Shareholders’ Meetings held on December 20, 1995 for PricewaterhouseCoopers Auditand May 18,2011 for Mazars. At December 31, 2019, PricewaterhouseCoopers and Mazars were in the twenty-fourth year and the ninth consecutive year of their engagement, respectively.

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2019 UNIVERSAL REGISTRATION DOCUMENT