Eurazeo / 2019 Universal Registration Document

Financial Statements Statement by the Statutory Auditors regarding Eurazeo’s Net Asset Value as of December 31, 2019

Statement by the Statutory Auditors regarding 6.6 Eurazeo’s Net Asset Value as of December 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 should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicablein France.

To the Chairwomanof the ExecutiveBoard,

In our capacity as Statutory Auditors of Eurazeo and pursuant to your request, we have verified the financial informationrelating to Eurazeo's Net Asset Value (hereinafter “Net Asset Value”) as of December 31, 2019 (hereinafter the “Information”) given in the 2019 management report (hereinafter the“Managementreport”)and preparedin accordancewith the International Private EquityValuationGuidelines. The Net Asset Value has been prepared under the responsibility of Eurazeo's Executive Board based on the accounting records of Eurazeo and of the fully consolidated subsidiaries, as well as on available market data as of December 31, 2019.The method of calculation of the Net Asset Value and the assumptions adopted are described in Chapter 6, Financial Statements, Section 6.5, NAV Methodology, of the 2019 Universal Registration Document. Our role is to comment as towhether: the Informationused forthe calculation of theNet Asset Valueis consistent with the accounting records; • the preparation of the Information complies in all material respects with the methodology described in Chapter 6, Financial Statements, • Section 6.5,NAV Methodology, of the 2019UniversalRegistration Document. We are not however required to call into question the methodology,the assumptionsused and the judgmentsmade by Eurazeo's management to determine the fair values of its investmentsin unlistedcompanies.Nor are we requiredto commenton the complianceof this methodologywith a set of standardsor best practices,or to commenton the values thus determinedfor each investmentwithin the context of the Net Asset Value calculation. In our capacity as Statutory Auditors, we have audited the parent company and consolidatedfinancial statements of Eurazeo for the year ended December31, 2019 The purpose of our audit, performed in accordancewith the professionalstandards applicable in France, was to express an opinion on the parent company and consolidatedfinancial statementstaken as a whole, and not on specific items of these financial statementsused for the calculation of the Net Asset Value. Consequently,we did not performour audit tests and sample testing with this aim and we do not express any opinion on these items taken separately. Our work, which constitutes neither an audit nor a review, was conducted in accordance with the professional standards applicable in France to such engagements Our auditwork consisted of: familiarizingourselveswith the procedures set upby your Companyto produce the Informationrelatingto the NetAsset Value; • comparing the methods applied to calculate the Net Asset Value with those described in Chapter 6, Financial Statements, Section 6.5, NAV • Methodology, of the 2019UniversalRegistration Document; verifying the consistencyof the accountingnet assets of Eurazeo and its subsidiariesholding the investmentsused to calculate the Net Asset • Value with the annualfinancialstatements of Eurazeofor the year endedDecember 31, 2019; verifying the consistencyof the accounting informationused to calculate the Net Asset Value with the items used as a basis for preparing the • consolidated financialstatements of Eurazeo forthe year endedDecember 31, 2019; in situationswhere the fair value has been determinedby applyingmultiplesto aggregatestaken from the accountingrecords or provisional • accounts of investments, verifying the consistency of these aggregates with the accounting records or the provisional accounts of investments, in situationswhere the fair value has been determinedby applyingmultiples to aggregatestaken from the accountingrecords and adjusted • for non-recurring items, verifying the consistency of these aggregates with the accounting records before these adjustments are taken into account, in situations where fair value has been determined by applying multiples to aggregates taken from forecast accounts of investments, • reconcilingthese forecast aggregates with itemsused by Eurazeofor impairmenttests in preparing theconsolidatedfinancial statements, in situationswhere debt items have been used to calculatethe fair value of unlisted investments,verifying the consistencyof the debt items • with the accounting records,except when prospective itemshave been used, verifyingthe consistency of the shareprice used tocalculate thefair value of listed investmentswith observabledata; • verifyingthe arithmetical accuracy of thecalculations after applicationof rounding rules,if necessary. • Based on our work, we have no matters to report on the consistencyof the accounting informationused in the calculationof Eurazeo's Net Asset Value with the accountingrecords and on the compliance,in all material respects, of their calculationwith the methodologydescribed in Chapter 6, Financial Statements, Section 6.5,NAV Methodology, of the 2019Universal RegistrationDocument.

EURAZEO / 2019 UNIVERSAL REGISTRATION DOCUMENT

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