Eurazeo / 2019 Universal Registration Document

Activity during the year and outlook Value creation

Assets under Management andNet Asset Value As of December 31, 2019,assets undermanagementbreak down and are definedas follows:

12/31/2018 06/30/2019

12/31/2019

%

% change

12/31/2019 vs . 12/31/2018

Value creation

(In millions of euros)

(In millions of euros)

(In millions of euros)

% of NAV

NAV– EURAZEOBALANCESHEET EurazeoCapital

3,287 2,384

2,750 2,260

2,850 2,647

45% 10.4% -13.3%

Eurazeo Capital Unlisted Eurazeo Capital Listed (1)

42%

15.6% -3.4%

11.0%

903 379 380

490 446 555

203 410 684

3%

-77.5%

EurazeoPME

6% 14.9% 11% 29.2%

8.3%

EurazeoGrowth

79.9%

Including Eurazeo's investments in fundsmanaged by Idinvest

20

25

36

1%

79.8% 81.6%

IdinvestVenture EurazeoBrands EurazeoPatrimoine IdinvestPrivateDebt

5

8

8

0%

112 481

173 623

259 760

4% 25.4% 132.1%

02

12%

17.7%

57.9%

- -

2

13

0% 0%

IdinvestPrivateFundsGroup

-

-

EurazeoDevelopment

869 799

984 972

1,012

16% 20.2%

16.4%

Investments in management companies Investment in fundsundermanagementof mgt. companies

999

16%

25.0%

70

12

12

0% 5%

-82.1%

Netcashandotheritems

396

580

322

NAV– EURAZEOBALANCESHEET

5,907

6,120

6,317

100%

#shares  (2)

80,074,733 78,645,486 78,645,486

NAVpershare (in euros)

73.8

77.8

80.3

8.9%

Investment partners' AuM EurazeoCapital (1)

505 362 601

1,101 374 560

1,273

151.9% 0.6% -5.9% 12.5% 6.2% 25.6%

EurazeoPME (1)

364 565

EurazeoGrowth (1) IdinvestVenture EurazeoPatrimoine IdinvestPrivateDebt

2,012

1,963

2,263

63

65

67

2,904 2,428 1,477

3,249 2,438 1,495

3,648 2,564 1,529

IdinvestPrivateFundsGroup

5.6% 3.5%

Rhône(30%)

MCHPrivateEquity (25%) Investmentpartners'AuM

-

-

194

10,353 16,260

11,245 17,365

12,468 18,785

20.4%

TOTALAUM 15.5% Includinguncalledcommitments.Eurazeo'scommitmentsnotcalledin IdinvestfundsareexcludedfromIdinvestAuMfor a totalamountof €290 million. (1) For2018,thenumberof sharesis adjustedfor the2019bonussharegrant. (2) Sharepricesas of December 31, 2019 (20daysVWAP). (3)

/ EURAZEO

43

2019 UNIVERSAL REGISTRATION DOCUMENT