Eurazeo / 2019 Universal Registration Document

Activity during the year and outlook Value creation

Value creation 2.2

ASSETS UNDER MANAGEMENT AND NET ASSETSVALUE Substantial valuecreation momentum for all business lines Creation ofvalue per share Eurazeo Net Asset Value per share as of December 31, 2019 is €80.30 per share, up +8.9% adjusted for the one-for-twenty bonus share grant in 2019 and +10.5% adjustedfor the bonusshare grant and the dividend paid in2019.

80.3

70.9 73.8

59.5 62.5

54.3

52.7

40.4

34.7

2011

2012

2013

2014

2015

2016

2017

2018

2019

Portfolio valuecreation by investmentdivision All investment divisions contributed to NAV growthin 2019, with portfoliovalue creation* of14.5% (19% forunlisted assetsonly).

+10%

+15%

Eurazeo unlisted: +16% Eurazeo listed: -3%

+29%

+18%

+20%

+25%

*Portfolio valuecreation:Realized or unrealizedchange in valueof companiesincluded in the portfolio as of December31 of the previousyear.

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