Eurazeo / 2019 Universal Registration Document

Activity during the year and outlook Post-balance sheet events

NAV includes: Direct investments of Eurazeo Capital, Eurazeo PME, Eurazeo • Patrimoine, EurazeoGrowth and EurazeoBrands. Eurazeo Development: valuation of funds managed by Eurazeo • and investments inIdinvest, Rhôneand Raise. These assetsare valuedin accordancewith the IPEV methodology. Net cash and other items (treasuryshares, tax on unrealizedcapital • gains, otherassets/liabilities).

The valuation of assets managed for investment partners comprises: The fair value of investmentsmanaged for investment partners by • Eurazeo orcompaniesthat Eurazeocontrols; The uncalledcapital of fundsmanaged forinvestmentpartners; • The share of assets under management managed by strategic • partnerships inwhich Eurazeo holds aminority interest. Idinvest is therefore integrated for 100% of its assets in line with the company'sfull consolidation.The Rhône assets are taken into account for 30% and the MCH assets for 25%. The valuation methodology for these assets is identical to that used for the funds managed directlyby Eurazeo.

Post-balance sheet events 2.3

On January 9, 2020, Eurazeo announced the successfully renewal of its credit line with a consortium of 13 banks. The 50% increase in the size of the facility (the amount rose to €1.5 billion, up from €1 billion previously), is a further advantage for Eurazeo’s ambitions. The renewal also offers the Group greater visibility over the next five years, with two options to extend the duration each by an additional period of a year, subject to approval by the lenders, giving a total duration of seven years. On February 18, 2020, Eurazeo Patrimoine announced the sale to Malta Capital SA of its entire stake in CIFA, one of Europe’s leading wholesale centers. The sales proceeds from this operation represent €57 million for Eurazeo’s stake, with a multiple of 2.2x its initial investmentand an internalrate of return(IRR) of around 18%. On March 6, 2020, Eurazeo announced the signature of the gender diversity charter drawn up by the association France Invest through which Private Equity firms commit to achieving gender-balanced representationwithin their firms and portfoliocompanies.

On March 12, 2020, Eurazeo communicatedon the closing of the 2019 financial statementsand proposeda 20% increase in the unit dividend to €1.50per share. The beginning of 2020 is marked by the effects of the Covid-19 pandemic. Dependingon the durationof lock-downmeasuresand the recovery period, Eurazeo’s portfolio companies could see their revenue, profitabilityand cash positionaffected. The fundraising activities of Eurazeo and its subsidiaries are also expected to slow in 2020, which could impact the revenues of our asset management activity in the long-term. Finally, planned divestmentor investmentprojectsmay be deferred in order to benefit from morefavorable marketconditions. For the moment, the impact of this crisis cannot be precisely measured. However, with a solid cash position, no structural debt on the Eurazeo balance sheet and a recently renewed €1.5 billion credit facility, the Group should be equipped to deal with the expected economic slowdown and future uncertainties, as well as to seize potential opportunitiesthat mayarise.

Outlook 2.4

In 2020, Eurazeo will draw on its strengths - complementarityof its businesses, diversification of its geographies and financing sources, financial strength- to deal withthe consequencesof the Covid-19crisis. Thanks to its good performance in 2019 and sound fundamentals, Eurazeo is well-placedto continue its development.The Group aims to become the reference platform in Europe, supported by a global

network, and to establish each of its investmentdivisions as leaders in their respective markets. In 2020, Eurazeo’s priority will be to accompanyits portfoliocompaniesin their activities and development despite the economic environment and the impacts of the crisis, to seize, where appropriate, the most promising investment or build-upopportunitiesand to continuethe fundraising momentum.

EURAZEO / 2019 UNIVERSAL REGISTRATION DOCUMENT

44