Eurazeo / 2019 Universal Registration Document

Financial Statements NAV Methodology

NAVMethodology 6.5

Net Asset Value (NAV) is determinedbased on net equity as presented in the Eurazeo company financial statements (1) , adjusted to include investments at their estimated fair value in accordance with the recommendationsset out in the International Private Equity Valuation Guidelines (IPEV), recognized by the majority of private equity associationsaround the world. Pursuant to these recommendations, which propose a multi-criteria approach, the preferred method for valuing Eurazeo's unlisted investments is based on comparable multiples (stock market capitalization or transactions) applied to earnings figures taken from the incomestatement. This valuation approachrequires the exercise of judgment,particularly in the following areas: in order to ensure the relevance of the approach, samples of • comparables are stable over time and include companies presenting characteristicsas close as possible to our investments, particularly with respect to their business and market position; where appropriate, these samples may be adjusted to reflect the most relevant comparables; the earningsto whichmultiplesare applied to obtain the enterprise • value are primarily operating income (EBIT) or gross operating income (EBITDA) (2) , taken from the historical accounts (preferred method), or alternatively forecast accounts for the coming year where thesecontributeadditional, relevantinformation; the value of each investment is then obtained by subtracting the • following amounts from the enterprise value, determined after adjustment, where applicable, for a control premium applied to equity (i) historical or forecast net debt at nominal value, as appropriate, (ii) a discount for liquidity, where applicable and (iii) the amount payable, where applicable, to other investors according to theirrank and investment managers.

When the comparables method cannot be applied, other valuation methods are adopted,such as the Discounted CashFlowmethod. Real estate investments are valued, in whole or in part, based on expert valuations and a valuation based on comparable multiples, depending on the importance of the real estate component and the nature of theactivity. Listed investments in which Eurazeo exercises control or significant influence (listed investmentsand other listed assets) are valued based on the average, over the 20 days preceding the valuation date, of average dailyshare prices weighted fortrading volumes. Cash and cash equivalents net of other assets and operating liabilities and Eurazeo treasury shares are valued at the valuation date. Treasury shares allocated to share purchase option plans are valued at the lower of the closingprice and the strikeprice. Net Asset Value is reported after adjustment for the taxation of unrealized capital gains and invested capital likely to be due to management teams. The number of shares is the number of shares comprising the Eurazeo share capital less any treasury shares earmarked forcancellation. The values adopted for revalued companies are reviewed by independent professional appraisers at each half-year and annual closing. As of December 31, 2019, these reviews concluded that the values adopted are reasonable and prepared in line with a valuation methodology pursuant to IPEV recommendations. In addition, an annual audit of the separate financial statements of funds managedby management companies controlled by Eurazeo and including the fair value of the investments held by these funds, is performedby theirstatutory auditors. The NAV as of December 31, 2019 is presented in Chapter 2, Section 2.2, Value Creation.

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Including, by transparency up to operating company level, the assets and liabilities of holding companies and intermediary funds controlled (1) by Eurazeo and the structures carrying the co-investment programs for management and Eurazeo teams. Consolidated financial statements of each investment used to prepare the Eurazeo IFRS consolidated financial statements, before impairment of (2) goodwill and amortization of intangible assets recognized on business combinations. Figures are adjusted, where appropriate, for non-recurring items.

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2019 UNIVERSAL REGISTRATION DOCUMENT