Eurazeo / 2019 Universal Registration Document

Activity during the year and outlook

A STEADILY IMPROVED FINANCIAL STRUCTURE 2.1.4 Eurazeo’s financial robustness,a major asset, was further strengthenedin 2019. Group equity remained high at €5 billion at the year-end. Despite the entry into the scope of new companies, consolidated net debt only increased slightly on a constant standard basis. This debt is without recourse to Eurazeo SE. In addition, the Group renewed its confirmed syndicated credit facility in December 2019, increasing it from €1.0 billion previouslyto €1.5 billion. This line is undrawn atDecember31, 2019.

A STEADILY IMPROVED FINANCIAL STRUCTURE (IN MILLIONS OF EUROS)

1,432

27

533

-1,131

428

-92

-131

Dec. 31, 2018 Disposal gains and dividends

Investments and Reinvestments

Dividends paid

Share buybacks

Other

Dec. 31, 2019

CONSOLIDATED NET DEBT UNDER TIGHT CONTROL 6,307 6,021

4,587

o/w IFRS16 296 81 99 1 25

o/w: Eurazeo Capital Eurazeo PME Eurazeo Patrimoine Eurazeo Brands Eurazeo Development & Holdings

Total 2 252 759 676 5 (561)

3,619

3,131

2,391 2,442 2,628

1,501

3,131

503

355

2011 2012 2013 2014 2015 2016 2017 2018 2019* 2019

(*) Excluding IFRS 16

As of December 31, 2019,Group consolidated net debt stood at €3,131 million, taking into account the net debt of all consolidated investments (mainly acquisitiondebt) and the EurazeoSE cash. It includes lease liabilities of €503 millionfollowingthe applicationof IFRS 16. ExcludingIFRS 16, net debtremainedrelativelystable comparedto December 31, 2018,with divestmentgains almost offsetting theimpact of newinvestments. The portfoliocompanies' debtare without recourse againstEurazeo SE, which itselfhas no structuraldebt.

EURAZEO / 2019 UNIVERSAL REGISTRATION DOCUMENT

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