annual results · in all strategies private equity real assets (closed in feb. 2020) 44 67 last nav...

Annual Results

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1 A FAST-GROWING

INVESTMENT PLATFORMVIRGINIE MORGON - CEO

2 STRONG FINANCIAL RESULTS

AND ROBUST BALANCE SHEETPHILIPPE AUDOUIN - CFO

3 OUTLOOKVIRGINIE MORGON - CEO

AGENDA

A fast-growinginvestment platform

3

1

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4

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Strong resultsacross the board

1) Including dividend distributed in 2019

+16%

AUM

€18.8 bn

+16%

Management

fees

€215 m

+10.5%(1)

NAV / share

€80.3

+53%

Fundraising

€2.4 bn

+14.5%

Portfolio value

creation

€800 m

5

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A robust financial situation

1) portfolio companies’ debt is non recourse on Eurazeo

€3.8bn

Dry powderDec. 31, 2019

€500m+

Cash positionDec. 31, 2019

No debt(1)

€1.5bn

Committed

credit linerenewed in Dec. 2019

+50%

FY

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We achievedour top 2019 priorities

6

Disciplined approach to new investments

and exits

Tangible results in asset management

Strong international expansion

7

MULTI-SPECIALIST

INVESTOR

DIVERSIFIED

FUNDING

€18.8 bn in AUM

COMMON

BACKBONE

ONE

EURAZEO

FY

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0

Fundraising

Team

ESG

Policy

International

Network

Corporate

Teams

Private

Debt

Real

Assets

Private

Equity

Large BuyoutSMEs

GrowthBrands

Venture

Private

Funds

Permanent Capital (34% of AUM)

3rd Party Capital (66%)

21%Private Debt

% of AuM(1)

4 asset classes

6%

Real Assets

€18.8 bnAuM

as at Dec 31, 2019

14%Private Funds

59%Private EquityLarge Buyout

SMEs

Growth

Venture

Brands

FY

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81) Assets under Management, excluding Eurazeo Development, net cash & other items

A multi-specialistinvestmentplatform

PERMANENT CAP ITAL

Long-term and flexible

investment horizons

Capacity to support portfolio

companies through cycles

Accelerate development

through strategic acquisitions

(GPs)

3 R D PARTY CAP ITAL

Recurring and predictable

revenues

Access to new asset classes

with different risk profiles

(debt…)

Scalable and asset light

model with high ROCE

9

Benefiting from long term and diversified funding

SYNERGIES

❑ Seeding new investment strategies

❑ Economies of scale

❑ Access to larger deals

❑ Enhanced risk profile and volatility

❑ Capacity to increase dividend

❑ Better share price relative to NAV

FY

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Strengthening our global platformin 2019

N E W PA R T N E R S

Strategic partnership with MCH on SMEs in Spain

Flagship fund with China Investment Corporation (France China fund)

Expanding international LP base

N E W T E A M S

Business development in Seoul

Eurazeo Growth in London & Berlin

Strengthening Frankfurt on Private Debt

New LP development team in the US

Launching Eurazeo Brands in Paris

N E W I N V E S T M E N T S

Promising new investments in Europe and the US

10

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CANADA

UNITED STATES

CHINA

KOREA

UNITED-KINGDOM

FRANCE

SPAIN

GERMANY

THE NETHERLANDS

Dazeo

A dynamic investmentplatform

11

A

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Dynamic momentum across all asset classes

ExitsInvestments

1.11.4

Investments Exits

2.4

3.8Amount

in €bn

Permanent

capital

2,013

998

486

220

1,343

627

293 29

Private Equity Private Debt Private Funds Real Assets

12

Group asset rotation

Buyout Growth & Venture

Investments

Exits

Amount

in €m

2,013

998

486

220

1,343

627

293 29

FY

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ExitsInvestments13

1.11.4

Investments Exits

Permanent

capital


Amount

in €bn

Amount

in €m


2.4

3.8


Investments

Exits

2,013

998

486

220

1,343

627

293 29


FY

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ExitsInvestments14

Investments (incl. add-on)

1.11.4

Investments Exits

Exits

Euston House

(2 hotels)

Permanent

capital


Amount

in €bn

Amount

in €m


2.4

3.8

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15

We have maintained a disciplined approach to new investments

1) Total for Eurazeo Capital, Eurazeo PME, Eurazeo Patrimoine, Eurazeo Brands 15

+15%+27%

867

996

1,261

2017 2018 2019

1.2% 1.0% 0.6%% of

deals closed

Number of opportunities identified(1)

16

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Recent acquisitions highlight our strict selection criteria

Investment

% owned

Resilient

business models

Positive macro

market trends

Eurazeo

value added

“Razor / Razor Blades” model

High barriers to entry

(regulation, R&D, brand…)

Aging population and need

for vitreoretinal surgery

Expansion in Europe & the US

Potential expansion in China

(candidate for France China fund)

Saas model (subscription >75%)

Embedded clientsDigitalization of supply chain

Sectorial expansion

(pharma, oil & gas)

M&A potential

80% of the operating margin

secured to 2021

Imbalance in the Paris region

on high quality market

Creation of a partnership

to co-invest in best real estate

programs

New proven and disruptive

business models

Asset light

Digital native companies on fast

growth paths

Continuous support to

management

New financing rounds to boost

expansion

€297m

€219m

€92m

99.5%

95%

44%

…

17

FY

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Delivering regular performance in all strategies

Private Equity Real Assets(closed in Feb. 2020)

44

67

Last NAV Proceeds

+51%

97

169

Last NAV Proceeds

+74%

NAV upliftin €m

2.2x

18%18%

2.3 x

1.9 x 1.9 x

4.8 x

19%43%Gross

IRR

Gross

CoC 43%

8%

Last bloc sold

at €16.9

Last bloc sold

at €36.5

(1)

(1)

1) Full investment performance

An attractive partnerfor 3rd party investors

18

B

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19

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A step change in our fundraising activity in 2019

1) Including fundraising from IdInvest and Rhône from 2017

Private DebtPrivate Equity Private Funds Real Assets

Amount raised(1)

in €m

160

500

1,6711,592

2,432

2015 2016 2017 PF 2018 2019

+53%

Types

of Investorsin AuM

end 2019

14%

Others

40%

Insurance

15%

Retail

13%Asset Managers

11%

Pension

funds

7%

Sovereign

funds

47%

France

23%

Europe

(excl. France)

30%

RoW

Fundraising

in 2019

FY

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20

25-50

A strong fundraising team to better address investors

ONE business development team of 23 people

with common:

Geography-based organization, across asset-classes

Broad LP base, from Insurance Cies to Sovereign funds to Retail

LP baseMarketing

resources

International

Offices

21

Eurazeo’s consistent track record is a key success factor to attract LP capital

1) at Eurazeo PME level2) partial sales

3) on average over the entire investment

Multiple

<€50m

€50–100m

€100–150m

>€150m

Investment

size:

x

FY

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4.0x

3.5x

3.0x

2.5x

2.0x

1.5x

1.0x

0.5x

0.0x

7.0x

10.0x

2013 2014 2015 20172016 20182005 2019

Terreal

3.5

Moncler(2)

Fraikin

Eutelsat

Station Casinos

B&B

3.4

0.2

2.1

2.4

Sirti

Edenred

0.0

3.5

FlexitallicGroup(1)

APCOA

0.0

Mors Smitt(1)

ANF Immobilier(2)

0.7

0.0

Intercos

3SP

Rexel(3)

1.8Gault & Frémont(1)

2.0

Accor(2)

4.6

Moncler(2)

2.4

2.02.3 2.2

1.2

Elis(2)

Europcar(2)

2.0

Cap VertFinance(1)

IMVTechno.(1)

Elis(2)

Foncia

4.1

Moncler(2)

2.8

Moncler(2)

2.42.5

Colisée(1)

ANF

Immobilier(2)

Europcar(2)

2.32.3

Elis(2)

6.7

Moncler(2)

PeopleDoc

Neovia

1.9 2.0

Accor(2)

1.9

Asmodee

2.4

0.5

Desigual

Vignal

Lighting(1)

Odealim(1)

1.9

1.41.7 1.7

2.82.9

10.0

4.0

Smile(1)(2)

Elis(2)

2.3 2.2CIFA

1.5

Léon de Bruxelles

c.60% exits between 1.5x-3.0x CoC

22

FY

2

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Accelerated AuM growth

2017 proforma for investments in 70% of Idinvest and 30% of Rhône

3rd party capitalPermanent capital

15.216.3

18.8

2017 PF 2018 2019

+9%+20%

in €m

FY

2

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23

A strong fundraising pipeline

Eurazeo Patrimoine III

Fundraising pipeline

Eurazeo Growth III

Rhône VI

Smart City (Venture)

France China Cooperation Fund

Eurazeo Brands II

Eurazeo PME IV

Venture (IDF IV)

Eurazeo Capital V

Several private funds

Several Private Debt funds

Private Equity

Private Debt

Private Funds

Real Assets

Eurazeo Growth: a dynamic and attractive marketin Europe

Source: Pitchbook, 2019

50%

43%

27%

18%

CAGR2013-2019

2013 2014 2015 2016 2017 2018 2019

9

13

1820

2826

41

Capital invested by round size (deal volume in $bn)

Growth-stage rounds account for a growing share of activity in Europe

FY

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24

Non-european investorsEuropean investors$25m-$50m<$25m $50m-$100m $100m+

Deal size

[<€10m]

Deal size

[€10-30m]

Deal size

[>€30m]

60%

27%19%

40%

73%81%

Source: Dealroom, figures as of December 2019

FY

2

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25

Eurazeo Growth has a strong track-record and ambitious targets

1) Combined track-record of former Eurazeo Croissance and Idinvest Growth

2) Idinvest Growth I & Eurazeo Growth II since inception

Revenue growth on Eurazeo Growth Fund II (2016-2019): +73% CAGR

3 IPOs (Criteo, Talend, Farfetch)

17 companies selected for France’s“Next 40”

Program size(1) (AuM)in €bn

0.2

0.9

Vintage 2005

Vintage2015

Vintage2020e

Permanent

capital

3rd party

capital

GrossIRR 27% 26%(2)

Strong financial results and robust balance sheet

26

2

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IN €M FY 2018 PF FY 2019 %

Adjusted EBITDA, consolidated 626 690 +10.2%

Adjusted EBIT, consolidated 381 428 +12.5%

A. Contribution of portfolio companies net of finance costs 226 236 +4.3%

B. Contribution of the Investment Activity 254 107 n.s.

C. Contribution of the Asset Management Activity 79 124 +57.1%

Amortization of contracts and other assets relating to GW allocation -205 -174 n.s.

Income tax expense 17 -25 n.s.

Non-recurring items -163 -136 n.s.

Consolidated net income/(loss) 209 133 -36%

27

FY

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P&L, under IFRS standards: good set of results

Attributable to owners of the Company 273 123 -55%

Attributable to non-controlling interests -64 10

28

FY

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A. Contribution of portfolio companies net of finance costs

4,104

1,237

668

54

604165 174 2

Eurazeo Capital Eurazeo PME Eurazeo Patrimoine Eurazeo Brands

690

256

EconomicRevenue

EconomicEBITDA

946

6,064

Fully consolidated

companies

Companies consolidated

under equity method

Economic Revenues Economic EBITDA Constant Eurazeo scope

+4.7% +6.0% +13.8% +23.6% +11.8% n.s.+9.3% +5.6%+8.8% +8.4%

Portfolio economic revenues & economic EBITDA in FY 2019in €m

1,528

4,536

29

FY

2

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B. Contribution of the Investment Activity

IN €M FY 2018 PF

Net capital gains or losses & dividends

and other investment revenue538

Impairments -177

Operating expenses & other(1) -107

Contribution of the Investment Activity 254

Incl. share of costs

calculated on Eurazeo

balance sheet (€69 m)

Asmodee: €237 m

Moncler: €54 m

Odealim & Vignal: €69 m

Eurazeo Growth(2): €75 m

FY 2019

411

-196

-108

107

Incl. share of costs

calculated on Eurazeo

balance sheet (€75 m)

Neovia: €87 m

Moncler: €54 m

Smile: €34 m

Eurazeo Growth(2): €103 m

Europcar : -€146 m Europcar : -€158 m

including including

1) Operating expenses: transaction costs, calculated management fees on Eurazeo balance sheet and Group general management & listing costs (less than 10% of total costs)

2) Change in fair value of Eurazeo Growth companies passed through the P&L

30

FY

2

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2.

03

.2

0

C. Contribution of the Asset Management Activity

1) Including 100% costs of Eurazeo (less Eurazeo Group general management & listing costs), Idinvest, iM Global Partner and prorate of Rhône, MCH Private Equity

2) Rhône is now presented on a prorate basis under the lines of management fees and operating expenses

IN €M FY 2018 PF FY 2019 %

Management fees 186 215 +16%

• from investment partners 117 140 +19%

• from Eurazeo balance sheet 69 75 +9%

Performance fees, realized 32 65 x2.0

• from investment partners 3 3 n.s.

• from Eurazeo balance sheet 29 62 x2.2

Operating expenses(1) -138 -155 +12%

Finance costs and other income(2) -0.4 -0.3

Contribution of the Asset Management Activity 79 124 +57%

Fee Related Earnings (FRE) 47 59 +25%

FRE margin (FRE / Management fees from investment partners) 40% 42%

Eu

ra

ze

o F

Y 2

01

9 A

nn

ua

l R

es

ul

ts

31

20 20 20 20 19 1816

13

9

4

44 8

12

16

20

N N+1 N+2 N+3 N+4 N+5 N+6 N+7 N+8 N+9

Management fees €160m

Performance fees + €64m

Total Revenues = €224m

How Eurazeo recognizes carried interest in P&L

Illustrative purpose Revenuesin €m

example of a typical €1bn fund

2x cash-on-cash (“CoC”) in 4-6 years

Management fees charged at 2% rate onacommitted basis during investment period, then on residual invested basis during exit period

General Partners (“GP”) would receive 8% of capital gains as performance fees

During the whole fund life:

Management fees Performance fees

32

FY

2

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9

–A

NN

UA

L

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–1

2.

03

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0

+16% AuM growth to €18.8 bn

5,907

-223

+800-167

6,317

10,353

+2,432 -956 +534 +103

12,468

December 31, 2018 Fundraising Distribution& Dividends, SBB

Value creation Others December 31, 2019

16,260

18,785in €m

3rd party AuMNet asset value

33

FY

2

01

9

–A

NN

UA

L

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LT

S

–1

2.

03

.2

0

Strong value creation of portfolio in 2019

16%15%

29%

25%

18%20%

Capital PME Growth Brands Patrimoine Development

10.4%

Asset Management

activities

Portfoliovalue creation

14.5%

19%Private

assets

Total

Non-listed assets in NAV > 96%

34

FY

2

01

9

–A

NN

UA

L

RE

SU

LT

S

–1

2.

03

.2

0

A significant growth of NAV per share

1) NAV per share is adjusted for bonus share allocations

34.7

40.4

52.754.3

59.562.5

70.973.8

80.3

Dec. 31, 2011 Dec. 31, 2012 Dec. 31, 2013 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019

+10.5%Incl. dividend

or +8.9%

35

FY

2

01

9

–A

NN

UA

L

RE

SU

LT

S

–1

2.

03

.2

0

Solid financial structure

Shareholders’ equity: €5.0 bn

428 533

1,432 -1,131

-92-131 27

31 Dec. 2018 Proceeds & dividends Investments &Reinvestments

Dividends paid Share buy-backs Others 31 Dec. 2019

Cash position Eurazeo SEin €m

Early renewal of revolving credit line, increased to €1.5 bn in Dec. 2019

36

FY

2

01

9

–A

NN

UA

L

RE

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LT

S

–1

2.

03

.2

0

Proposed

1.25

1.50

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

+6.7%

CAGR

Proposed 20% increase in dividend supported by higher recurring revenues from Asset Management

Stopping annual 1-for-20 bonus share policy

Replaced by more attractive 10% loyalty dividend for long term registered shareholders +20%

in €

FY 19 conclusion

37

5

FY

2

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9

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NN

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L

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–1

2.

03

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0

38

Update on Covid-19

Monitoring closely our portfolio companies

Regular assessment of current and potential impacts on revenues,

margins and cash-flows of our portfolio companies

Limited direct impact to date, but situation evolving fast

Potential impacts seen mostly in travel related segments, and indirect

impact from supply-chain disruptions and general economic slow-down

Contingency plans being currently implemented

Corporate potential impact

Potential new investments and exits postponements

Possible temporary slowdown of fundraising given current uncertainties

Limited impact on management fees in the short term

(long term commitments)

FY

2

01

9

–A

NN

UA

L

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LT

S

–1

2.

03

.2

0

39

Eurazeois wellequippedto navigatepotentialturbulence

D I V E R S I F I E D A N D R E S I L I E N T P O R T F O L I O :

>55 holdings on balance sheet (no portfolio company > 10% of NAV)

Wide variety of sectors and geographies (Europe and US)

Disciplined approach to investing (quality of companies, leverage…)

S T R O N G L I Q U I D I T Y P O S I T I O N AT G R O U P L E V E L :

Positive cash situation and no structural debt at Eurazeo SE level

€1.5 bn undrawn secured credit line

“ D RY P O W D E R ” O F € 3 . 8 B N T O P O T E N T I A L LY :

Support portfolio companies

Seize opportunities

R E C U R R I N G R E V E N U E S F R O M A M A C T I V I T Y G I V I N G

V I S I B I L I T Y O N C O R P O R AT E C A S H F L O W S

External recurring revenues expected to cover c.75%

of recurring costs

FY

2

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9

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NN

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2.

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40

What we want you to retain:

3 take-aways

1

2

R E L E VA N C E O F O U R E N L A R G E D A N D D I V E R S I F E D

P L AT F O R M

3

S T R O N G T R A C K R E C O R D C R E AT I N G L O N G - T E R M

V I S I B I L I T Y A N D R E C U R R I N G E A R N I N G S

V E RY R O B U S T F I N A N C I A L P O S I T I O N A N D D RY

P O W D E R T O S E I Z E O P P O R T U N I T I E S

Appendices

41

6

42

Assets under Management

FY

2

01

9

–A

NN

UA

L

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–1

2.

03

.2

0

In €M 31/12/2018 31/12/2019

NAV3rd party

AuMTotal AuM NAV

3rd party

AuMTotal AuM

Private Equity, Eurazeo 4,162 3,480 7,643 4,211 4,265 8,677Capital 3,287 505 3,792 2,850 1,273 4,124

PME 379 362 741 410 364 774

Growth 380 601 981 684 565 1,249

Brands 112 - 112 259 - 259

Venture 5 2,012 2,017 8 2,263 2,271

Private Debt - 2,904 2,904 13 3,648 3,661

Private Funds - 2,428 2,428 - 2,564 2,564

Real Assets (Eurazeo Patrimoine) 481 63 544 760 67 826

Rhône1(30%) - 1,477 1,477 - 1,529 1,529

MCH Private Equity (25%) - - - - 194 194

Eurazeo Development 869 - 869 1,012 - 1,012Asset management (GP) 799 - 799 999 - 999

Assets under management 70 - 70 12 - 12

Net cash and other items 396 - 396 322 - 322

Total 5,907 10,353 16,260 6,317 12,468 18,785

1) Including Private Equity and Real Assets

US28%

Western Europe26%

China6%

Others40%

43

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Case study: Dutch Ophthalmic Research Center

Investment date April 2019

FundEurazeo

Capital IV

Country Netherlands

Shareholding 99.5%

Equity invested €297m

Global leading designer and

manufacturer of ophthalmic surgical

equipment, consumables,

instruments and liquids, specialized

in vitreoretinal surgery

Ophthalmic

Surgery Market

(2018)

€2.2 bn

Key investment considerations

Source: market study, strategy consultant

Long term positive underlying

market (aging population)

“Razor & blades” business model

with high recurring revenues

and barriers to entry

Potential expansion in China

(candidate for France China fund)

44

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Case study: Elemica

Investment dateSeptember

2019

FundEurazeo

Capital IV

Country U.S.

Shareholding 95%


End-to-end digital supply network

for the Chemical industry

(Saas model)


Dominant player in a niche market

(chemicals and tire & rubber)

High level of recurring revenues

and barriers to entry

Long term positive underlying

market trend (outsourcing)

Multiple levers for growth including

M&A and expansion

in adjacent categories

Digital Supply

Network

Increase Real-Time

Visibility

Decrease Supply

Chain uncertainty

and Risk

Reduce Operating

Expenses

Decrease Working

Capital Requirements

45

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Case study: Emerige

Investment date July 2019

FundEurazeo

Patrimoine II

Country France

Shareholding 44%


Leading residential and commercial

real estate developer in the Paris

region

Project « UNIC – Batignolles » in Paris


Exceptional position on the high-end

market in the Paris region with

a seasoned management team

Strong pipeline with > 80%

of the operating margin secured

to 2021

Creation of a partnership between

Emerige and Eurazeo to co-invest

in real estate programs

Detailed information on Private Equity

46

47

Eurazeo Capital: Highlights

3 exits closed in 2019

Neovia: sale in February 2019 for a return on its initial

investment of nearly 2x and an IRR of c.20%

Moncler: Eurazeo sold its residual 4.8% stakes in March

2019. Over 8 years of holding period, the investment in

Moncler generated total proceeds of €1.4 bn, i.e. a 4.8x

cash on cash multiple and 43% IRR

Elis: Eurazeo sold its residual 5.7% stakes in July 2019.

Over 10 years of holding period, Eurazeo realized capital

gains of c.€440m, i.e. a 1.9x cash on cash multiple and 8%

IRR

Closing of Eurazeo Capital IV fund in July 2019

Investment partners committed c.€700m, close to 40% more

than the previous fund (Eurazeo Capital III)

DORC and Elemica acquired in 2019:

DORC is a global leading specialist of

vitreoretinal surgery, based in the Netherlands

Elemica is a leading Digital Supply Network for

global manufacturing industries

15 build-ups in portfolio companies including:

Acquisition of Ducasse Education by Sommet

Education

2 acquisitions signed by Iberchem of Asian assets

in flavor

3 nurseries acquired by Grandir (North America

& UK)

2 acquisitions by WorldStrides

First build-up by Albingia

Investments Exits and Fund raising

FY

2

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9

–A

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2.

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.2

0

Investments &

re-investments€533m

Divestments €896m

Syndications €365m

NAV69%

AuM

€4.1 bn

22Offers

Submitted

48High

Priorities

2Deal

Closed

623Opportunities

15Build-ups

Deal flows

3rd party AuM

31%

48

Financials

1) PF (i.e. at Eurazeo constant scope): same comparison basis between 2019 and 2018

(€M) FY 2018 PF(1) FY 2019

Economic Revenue 2,785 3,104

Economic EBITDA

% margin

421

15.1%

468

15.1%

Economic Net Debt

Portfolio leverage

2,527

4.6 x

FY

2

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9

–A

NN

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L

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LT

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–1

2.

03

.2

0

Eurazeo Capital NON LISTED

CHANGECHANGE

@ constant exchange rate

+11.5% +10.9%

+11.1% +9.2%

49

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2

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Portfolio Performance

1) Eurazeo constant scope and exchange rates

2) Eurazeo constant scope

€m +8%Topline performance is driven by (i) positive commercial development and (ii) price increase in most of the branches

Sinistrality remains limited on some branches, notably Special Risks allowing the Group to post a net combined ratio of 82.2% (vs. 84.9% in 2018)

€m 47%Successful integration of Lamy Lutti, acquired end of 2018, consolidating number two and three French sugar confectionary players

In France, successful launch of new products including notably organic growth from Krema candies and Poulain despite soft market

€m +6%Overall solid performance across regions and product groups

Revenue growth mostly driven by Western Europe with strong performance in DACH region

$m +4%Strong performance in SaaS revenue growth vs. prior year (+16%); overall revenue growth of +4%

EMNS acquisition completed in Q1 2019 contributed to overall sales growth

€m +12%The good performance is notably driven by (i) the very good commercialization of the existing nurseries in France, (ii) the recent opening of new sites and (iii)

the ongoing M&A expansion

Dense M&A activity in 2019, notably with the acquisitions of Dicky Birds (8 sites in the UK) and stakes in Baboune (France) and Infanterix (Germany)

€m +20%Throughout the year, the Group successfully registered double digit topline growth in all of its geographic segments

In Q4 2019, Iberchem has closed the acquisitions of Flavor Inn and Duomei, two flavors companies located in Malaysia and China respectively

€m +16%In 2019, double-digit topline growth was driven by the excellent performance of both Payments division and VAT Refund

Successful launch of VAT Refund operations in the UAE and Bahrein

€m (2)%In 2019, Seqens revenues declined on the back of operational difficulties in one of its CDMO site.

Ongoing integration of the CDMO business unit and implementation of the group’s production reliability program

Other activities in pharma (large volume molecules) and specialty chemicals grew year on year partially compensating the CDMO underperformance

CHFm (1)%Sommet Education has experienced a very dynamic year in 2019, both from an enrolment and with the acquisition of a majority stake in Ecole Ducasse, a

leading player in culinary education , which enables the Group to expand on adjacent businesses.

Revenues still suffered in 2019 from smaller promotions of students in past years, which should now reverse with growing recent intakes.

$m +8%Trader Interactive continues to generate consistent growth driven by its marketplace business.

The Company continued to invest behind its product in 2019, maintaining its significant value proposition to customers.

$m +18%Over the last twelve months, Revenues growth stood at +18%, boosted by the acquisitions completed during the year (Travelopia North American business

and Harvard Sports) and through positive organic growth, supported by all major programs

CPK

Revenue (in local currency m)IFRS Revenue

Change(1)

Adj. revenue

Eurazeo Capital non listed

236

234

125

47

243

146

338

988

165

100

597

256

344

134

49

272

174

396

978

163

108

706

FY 2019FY 2018 PF(2)

Value creation:

50

Value creation

1) At constant Eurazeo scope and constant FX rate

Non listed assets: 11 portfolio companies

Proceeds are generated by the sale of Neovia and syndication of Eurazeo Capital IV to investment partners (€365 m)

2 new investments in 2019: DORC and Elemica

+16% value creation of private assets is mainly boosted by Planet, Iberchem, WorldStrides and Albingia

Listed assets: 1 portfolio company

Value creation is negatively impacted by decrease in Europcar’s share price, despite sales of Moncler and Elis in excellent conditions

FY

2

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.2

0

2,384

-535 427

372

2,647

December 31, 2018 Proceeds Investments Value creation December 31, 2019

903-669

-30

203


+16%

Value creation:

- 3%

15% 13% 11%

61%

<0% 0–5% 5–10% ≥10%

Eurazeo CAPITAL NAV (NON LISTED)in €m

Eurazeo CAPITAL NAV (LISTED)in €m

FY 2019 EBITDA growth(1) of NON LISTED Assets% of Eurazeo Capital non listed NAV

51

Eurazeo PME: Highlights

Acquisition of EFESO Consulting in January 2019

World leader in operational excellence consulting

Investment of €55 million

Majority ownership stake of 67%

Reinvestment of Smile in October 2019

Reinvestment of €30 million following the exit

Minority ownership of 20%

10 build-ups in portfolio companies

of which 2 reinvestments of Eurazeo PME

Reinvestment of 2 Ride / Nolan (Italian company,

one of the European leaders in motorcycle and outdoor

protection equipment) for €22m

Reinvestment of Orolia / Talen-X (US company, design

and produces GPS, PNT & GNSS solutions) for €4m

Investments Exits & Recapitalizations

FY

2

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9

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2.

03

.2

0

Investments &


Divestments & Dividends €148m

NAV53%

AuM

€0.8 bn

7Offers

Submitted

22High

Priorities

1Deal

Closed

137Opportunities

10Build-ups

Deal flows

Recapitalization of Redspher

Reimbursement of €15 million for Eurazeo PME

Sale of Smile & Léon de Bruxelles

Smile: leader in Europe in integrating and outsourcing

open source solutions. Exit closed in October 2019.

The selling price amounted €108 million, i.e. 2.3x CoC

and 43% IRR

Léon de Bruxelles: restaurant chain specializing in Belgian

cuisine. Exit closed in December 2019. The selling price

amounted €25 million, i.e. 1.5x CoC

3rd party AuM

47%

52

Financials

(€M) FY 2018 PF(1) FY 2019

Economic revenue(2) 1,182 1,237

Economic EBITDA(2)

% margin

156

13.2%

165

13.4%

Economic Net Debt

Portfolio leverage

760

4.4 x

FY

2

01

9

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L

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2.

03

.2

0

CHANGECHANGE


+4.7% +4.0%

+6.0% +4.6%


2) Consolidated portfolio companies revenue and EBITDA

FY

2

01

9

–A

NN

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L

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2.

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.2

0


+10% Good integration of Nolan (Italy), acquired in May 2019

-6% Overall good performance offset by difficulties in US and with product activities

+14%Successful integration in January 2019

Good performance with a gain of clients and the acquisition of ROI Management Consulting in July 2019

+22% In’Tech achieves a strong organic performance in 2019 across all business units

+1% Good performance of the three brands and especially Linvosges

+8%

Good performance on the RPNT (Resilient Positioning, Navigation and Timing) activity

Good integration of Skydel (March 2019), a Canadian company specialized in GPS innovation, and Talen-X (August 2019), a US company, specialized in design

and production of GPS, PNT & GNSS (Global Navigation Satellite System) solutions

Exit of Sarsat business unit in 2019 (non-core business)

+6% Growth on strategic product range and export activity

-12%Downturn in activity, notably due to automotive market slowdown ; but good performance of digital and non-automotive activities

Integration of Speedpack (April 2019), build-up in Spain

+26% Growth of the activity, also explained by build-up integration : Adyax (Oct 2018) and Sensiolab (Jan 2019)

+65%Acquisition of ARD (April 2019), TDSI (June 2019) and Vauban (July 2019)

Good organic performance on all activities

+0% Good activity compare to market but offset by an unfavorable calendar effect89

48

92

250

76

96

209

106

82

89

101

89

29

73

285

71

86

207

84

72

94

93

Revenue (in m€)

IFRS RevenueChange(1)

531) Eurazeo constant scope and exchange rates

2) Eurazeo constant scope (including IFRS 5 impact)FY 2019FY 2018 PF(2)

Value creation:

+15%379

-99

7357

410


54

Value creation


29%

13%

0%

57%

<0% 0–5% 5–10% ≥10%

COMMENTS

Value creation +15%

Value creation is mainly boosted by Smile integrated at exit value

Strong EBITDA growth on H2

Economic EBITDA +5% in 2019 compared to 2018 on Eurazeo scope and FX constant, with a strong growth on H2

FY

2

01

9

–A

NN

UA

L

RE

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LT

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–1

2.

03

.2

0

Eurazeo PME NAVin €m

FY 2019 EBITDA growth(1)

% of Eurazeo PME

55

Eurazeo Growth: Highlights

3 new investments in 2019 (€153m),

including:

Meero (Intelligent and automated

photo and video editing platform)

Adjust (Leader in digital security,

marketing insights and fraud

prevention)

Payfit (Integrated payroll and HR

Management software for European

SMEs)

25 Add-ons in 2019 (€206m), incl.:

Younited credit, Vestiaire collective,

Doctolib, Contentsquare, Backmarket,

Mano Mano

Investments

FY

2

01

9

–A

NN

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L

RE

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LT

S

–1

2.

03

.2

0

Eurazeo Growth Fund III officially launched

in Q3

Launch of Idinvest Entrepreneurs club

in Q4

Fundraising

Investments

& re-investments€359m

Divestments

& Dividends€6m

1) EZ and third parties shares, including stake in Idinvest Growth fund as LP

2) Incl. refinancing, reinvestments and partial exits

NAV55%

AuM

€1.2 bn

3rd party AuM

45%

56

FY

2

01

9

–A

NN

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L

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2.

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.2

0


Solid 2019 growth, with especially strong performance in Europe.

Growth driven by onboarding of new suppliers and ramp-up of new countries, notably the US.

Revenue increased by 50% in comparison to 2018.

Strong increase in 2019 thanks to the acquisition of Clicktale and organic growth.

Revenue has more than tripled compared to 2018.

Major player in marketing analytics in Europe and in the US.

Strong overall performance in France where Doctolib accounts for 20% of doctors.

International expansion, especially in Germany

Launch of telemedicine.

Strong international performance and B2B activity.

Sustained growth in 2019, particularly thanks to international expansion.

Payfit kept growing organically in France, especially due to lauching new HR tools.

International expansion and growth, including in Germany, Spain and the UK.

Good performance at revenue level with strong margin improvement.

Pivotal year post recruitment of Max Bittner.

From no growth in January 2019 to over 50% year on year growth in December 2019.

Confirmed momentum of growth with a good business dynamic.

Continued growth in 2019 due to business opportunities.

Eurazeo Growth NON LISTED

Value creation

+29%380

0193

111

684

December 31, 2018 Proceeds Investments Value Creation December 31, 2019

57

Value creation

FY

2

01

9

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L

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2.

03

.2

0

COMMENTS

Value creation +29% (on balance sheet)Value creation is boosted further vigorous growth momentum for portfolio companies and new financing rounds with new investors

EURAZEO Growth NAV

58

Eurazeo Brands: Highlights

Nest Fragrances

Launched new home and fine fragrance collections, as well as innovative

Smart Home Fragrance Diffuser to drive strong top-line growth

Continued robust double-digit retail sell-throughs and strong consumer

demand

Bandier

Expanded team and invested in infrastructure to support long-term growth

Opened the seventh retail store in Los Angeles, CA in May 2019; represents

first physical presence on the West Coast of the U.S.

Q Mixers

Continued strong sales growth in on-premise and off-premise accounts

Ongoing investment in brand building and marketing initiatives to drive

awareness, engagement, and loyalty

Pat McGrath Labs

Robust growth driven by new product launches (such as FetishEyes Mascara

and Sublime Perfection Foundation) and new distribution domestically and

globally

Herschel Supply Company

Strong omnichannel momentum with growth across key product categories

Sourcing

Screened 331 opportunities by networking with

entrepreneurs, brands, VC firms, private equity

firms, and investment banks

Completed three new investments in Bandier,

Q Mixers and Herschel Supply Company

Team

Constructed a transatlantic team, reinforcing

the U.S. team with an additional hire and

building a team in Paris to lead the European

strategy

FY

2

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9

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UA

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–1

2.

03

.2

0

Offers

submitted

High

priorities

3Deals

signedOpportunities

Investments &

Re-Investments€119m

Divestments & Dividends -

331 36 20NAV100%

AuM

€0.3 bn

59

Value Creation and Financials

1) At constant Eurazeo scope

COMMENTS

5 Portfolio Companies

Strong +25% NAV value creation driven by Nest Fragrances and Pat McGraths Labs

46% (€119 million) of the portfolio is not revalued (Bandier, Q Mixers and Herschel Supply Company)

3 new investments in Bandier, Q Mixers and Herschel Supply

Company

FY

2

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9

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NN

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2.

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.2

0

(€M) FY 2018 PF(1) FY 2019

Economic Revenue 48 54

Economic EBITDA

% margin

4

7.7%

2

4.3%

CHANGECHANGE


+11.8% +11.8%

n.s. n.s.

112

0

11928

259

December 31, 2018 Proceeds Investments Value Creation December 31, 2019

Value Creation:

+25%

Eurazeo Brands NAVin €m

Exit in 2019:

First Fuel: leader in SaaS providing remote building energy

analytics and audits.

Reworld Media: French press group managing various

online and offline magazines and publications.

92 investments in 2019 including 30 new ones (€270m):

Digital: Ornikar (online driving school), Malt (digital

platform for freelancers) and Alsid (specialist in

protecting Active directory infrastructure).

Smart City: Glovo in Spain (on-demand service that

purchases and delivers anything ordered from the app),

Heetch (24-hour ride-sharing service) and DSTcar in

China (electric vehicle delivery service platform).

Health with Kurma Partners: AM Pharma in the

Netherlands (biopharmaceutical company developing

recombinant alkaline phosphatase therapeutics),

ImCheck Therapeutics (emerging player in

immunotherapy for cancers and autoimmune diseases)

and DNA SCRIPT (French biotechnology startup).

Investments Exits

60

Idinvest Venture: Highlights

FY

2

01

9

–A

NN

UA

L

RE

SU

LT

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–1

2.

03

.2

0

NAV1%

AuM

€2.3 bn

Fundraising

Idinvest Digital Fund III closed at €350m.

Surpassed its initial fundraising target of €300m.

Volume of previous fund exceeded by more than 100%.

c. €45m raised by retail funds from annual IR campaign

(Objectif Innovation 2019, Idinvest Patrimoine 2019).

Investments &

Re-investments€270m

Exits €23m

Venture

3rd party AuM

99%

Detailed information onReal Assets

61

62

Eurazeo Patrimoine: Highlights

Grape Hospitality sale of two hotels (Novotel The Hague World

Forum in the Netherlands and Novotel Hanover in Germany)

Sale closed in Q4 2019 to Pandox AB for €82.2m

In Q4, and following the sale, Grape Hospitality distributed

€29m to Eurazeo Patrimoine

Acquired Euston House in March 2019, a 11,000m² building in central London:

Acquisition of around €110m with an equity investment of Eurazeo of c.€46m

Fully rented with lease expiring from 2022

Capex plan to be deployed to maximize rental value of the building

Acquired a 44% share in Emerige in July 2019, a French real-estate developer

for €92m:

Major real-estate developer in Paris and its region

This acquisition will enable Eurazeo Patrimoine to co-invest directly

in projects alongside Emerige

16 build-ups realized in 2019 over Eurazeo Patrimoine’s portfolio:

Dazeo: 7 new projects funded in 2019 in Madrid and Barcelona region; Equity

invested of c. €21m (EZ share)

Grape Hospitality: 2 build-ups closed in 2019: 1 hotel in Berlin and 1 hotel

in Rome

Reden Solar: acquisition of new solar plants in Spain, Chile and France

via 6 build-ups realized throughout the year of which 3 were financed by

Eurazeo Patrimoine add-on for a total of €15m

C2S: acquisition of the Belledonne clinic in Grenoble through an additional

investment of €30m by Eurazeo Patrimoine

Highlight: €17m invested in 2019 following the forward purchase calendar

Investments Exits

FY

2

01

9

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NN

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2.

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.2

0

45Offers

Submitted

56High

Priorities

2Deal

Signed

170Opportunities

16Build-ups

Euston

House

Investments &


Divestments & Dividends €29m

NAV92%

AuM

€0.8 bn

3rd party AuM

8%

63

Financials

(€M) FY 2018 PF(1) FY 2019

Economic revenue 587 668

Economic EBITDA

% margin

140

23.9%

174

26.0%

Economic Net Debt

Portfolio platforms leverage

948

6.1 x

Loan to Value(2)

Real-Estate Portfolio60%

FY

2

01

9

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NN

UA

L

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LT

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–1

2.

03

.2

0

CHANGECHANGE


+13.8% +13.8%

+23.6% +23.6%


2) Loan to value is calculated over the value added real estate portfolio: CIFA, Highlight, Dazeo and Euston House

+24%

Strong growth driven by (i) patient number increase, (ii) contribution of the build-ups finalized over the period;

1 build-up in 2019: Clinic Belledonne in Grenoble;

Ongoing capex plan across 5 of the existing clinics.

+3%Performance in line with expectations and above 2018 due to an increase in occupancy rate in late 2019;

ParisFashionShops.com platform continues to show a very strong revenue growth.

+5%

Good performance and topline growth fueled by renovated hotels from phase 1 and phase 2 of the capex plan;

Capex: phase 2 finalization (28 hotels) in line with planning and budget; phase 3 started

Acquisition of 2 hotels in 2019: 1 in Rome and 1 in Berlin; 2 hotels sold (in The Hague and in Hannover) for €82,2m; €29m distributed to Eurazeo Patrimoine

+12%Consolidated since April 1st, 2019

Revenue increase due to occupancy rate increase to 100% from 2018

+56%Strong revenue growth thanks to the significant external growth realized in 2019;

6 Build-ups finalized during 2019, in Spain, in Chile and in France (c. 85MW); CRE organic development in France;

Puerto Rico and Mexico plants operating since Q1 2019.

+7%Acquisition in July 2019 of 44% of Emerige, a major player in real estate development in Paris and its region, for c. €92m; consolidated since July 1st, 2019;

In 2018, the Groups generated a €282 million revenue and employed more than 200 people;

Revenue growth vs 2018 is linked to an increase in the number of real estate projects in 2019.

Forward purchase transaction of a historic building in Courbevoie, along the banks of the Seine. To be renovated and transformed into a c.24,000 sqm complex;

Eurazeo equity investment of €59m alongside Decaux family’s minority interest: 40% of the acquisition costs funded to date.

3-year equity investment program of €70m (targeted allocation) dedicated to renovation and sale of residential real estate programs in Spain major cities;

7 projects funded in 2019 in Madrid and in Barcelona and additional financing over existing projects for c. €21m;

Total of 10 projects funded to date, for a total consideration of c. €41m.

302

96

5

244

19

222

282

61

4

232

18

179

64

FY

2

01

9

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NN

UA

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2.

03

.2

0

Portfolio performance

1) Eurazeo constant scope and exchange rates 2) Eurazeo constant scope

Revenue (in €m)

IFRS RevenueChange(1)

FY 2019FY 2018 PF(2)

Investment in construction phase

No revenue generated yet

Investment in construction phase

No revenue generated yet

65

Value creation


9%

91%

<0% 0–5% 5–10% ≥10%

8 portfolio companies

€29 m proceeds from Grape Hospitality following the sale of two hotels and a dividend distributed

€137m investment in 2019 into two new portfolio companies: (i) Euston House for €45m (ii) and Emerige for €92m

€83m re-investment in C2S, Reden Solar , Highlight and Dazeo

+18% on average of value creation with 18% (€137 m) of portfolio not re-evaluated (Euston House & Emerige)

FY

2

01

9

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NN

UA

L

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S

–1

2.

03

.2

0

481-29

220

85

760


Value creation:

+18%

Eurazeo Patrimoine NAVin €m

FY 2019 EBITDA growth(1)

% of Eurazeo Patrimoine NAV

Detailed information onPrivate Debt

66

67

FY

2

01

9

–A

NN

UA

L

RE

SU

LT

S

–1

2.

03

.2

0

Idinvest Private Debt: Highlights

NAV0%

AuM

€3.7 bn

Investments &


Exits €627m

3rd party AuM

100%

Private Debt

15 full exits and 25 partial exits in 201962 investments in 2019, including 39

new ones (€1.1bn) :

Netgo: digitalization strategy

developer.

3P Biopharmaceuticals: contract

development and GMP manufacturing

for biopharmaceuticals.

Vulcain: engineering consulting firm for

the energy and environment sectors.

ISIA has deployed €133m through 24 deals,

notably Astradec, Vertex and Terratest.

Investments Exits

FY

2

01

9

–A

NN

UA

L

RE

SU

LT

S

–1

2.

03

.2

0

Detailed information onPrivate Funds

68

69

FY

2

01

9

–A

NN

UA

L

RE

SU

LT

S

–1

2.

03

.2

0

Idinvest Private Funds: Highlights

Investments &


Exits €293m

Private Funds Group

Distribution of more than € 165m to investors,

out of exits of € 193m

actual cash investments in 2019 were

486 M€

New commitments

8 secondary transactions

9 primary fund investments and 5

direct co-investments

Investments Exits

AuM

€2.6 bn

3rd party AuM

100%

FY

2

01

9

–A

NN

UA

L

RE

SU

LT

S

–1

2.

03

.2

0

Other

70

7

71

A long-term shareholder base & a strong corporate governance

FY

2

01

9

–A

NN

UA

L

RE

SU

LT

S

–1

2.

03

.2

0Separation of the roles of Chairman and CEO

Independence of the Supervisory Board: 7 independent members out of 13(2)

Audit Committee, Finance Committee, Compensation and Appointments Committee, CSR Committee

Existence of shareholder agreements between main shareholders and Eurazeo

A strong

corporate governance

Shareholding

structure

As of December 31, 2019

56.0%

Free float(1)

18.0%

JCDecaux

Holding SAS

16.8%

Michel David

Weill Concert

3.4%

Richardson

family

2.6%

Rhône

Partners

3.2%

Treasury

Shares

1) Including individual shareholders (12.3%) and Tikehau (5.1%)

2) Excluding honorary chairman, 2 representing employees and 2 non-voting members

72

Financial Agenda

FY

2

01

9

–A

NN

UA

L

RE

SU

LT

S

–1

2.

03

.2

0

*Including re-investments and partial exits

May 19, 20201st Quarter 2020 Revenues

July 29, 2020Half Year 2020 Financial Results

November 10, 20203rd Quarter 2020 Revenues

73

About us

ISIN code:

Bloomberg/Reuters:

Share capital

as of Dec 31, 2019:

Statutory threshold

declarations

EURAZEO SHARES

FY

2

01

9

–A

NN

UA

L

RE

SU

LT

S

–1

2.

03

.2

0

FR0000121121

RF FP, Eura.pa

78,645,486

1%

Indices:

SBF120

DJ EURO STOXX

DJ STOXX EUROPE 600

MSCI

NEXT 150

CAC MID&SMALL

CAC FINANCIALS

EURAZEO CONTACTSInvestor relations

Pierre Bernardin

[email protected]

+33 (0)1 44 15 16 76

Haojing Pan

[email protected]

+33 (0)1 44 15 89 36

ANALYST COVERAGE

CM-CIC Alexandre Gérard

Exane BNP Paribas Mourad Lahmidi

Goldman Sachs Matija Gergolet / David Peat

HSBC Pierre Bosset

Jefferies Matthew Hose

JP Morgan Cazenove Christopher Brown

Kepler Cheuvreux David Cerdan

Oddo Geoffroy Michalet

Société Générale Patrick Jousseaume

Bank of America Elizabeth Miliatis

Berenberg Christoph Greulich

www.eurazeo.com

FY

2

01

9

–A

NN

UA

L

RE

SU

LT

S

–1

2.

03

.2

0

74

Disclaimer

CONFIDENTIALITY

This presentation (the “Presentation”) has been prepared by Eurazeo.

This presentation may not be distributed, published or reproduced, in full or in part, and the information contained herein must not be released by its recipients to third parties.

The recipients of this Presentation undertake not to use the information received hereby for purposes other than those for which the information was communicated to them.

REGULATION

Eurazeo SE is a company listed on Euronext Paris. The recipients of information acknowledge having read and understood the provisions of applicable securities laws and market regulations relating to the use of inside information,

and in particular of EU Market Abuse Regulation (Regulation (EU) 596/2014 of the European Parliament and of the Council dated 16 April 2014) as well as article L.465-1 of the French Monetary and Financial Code.

The recipients of information acknowledge moreover that some of the confidential information contained in the Presentation may be regarded as inside information within the meaning of such securities laws and market regulations relating

to the use of inside information.

The recipients undertake, in their name and on behalf of the companies of their group, to comply with applicable securities laws and market regulations.

DISCLAIMER

The information contained in this Presentation is provided for information purposes only. Some of the information contained in this Presentation has been obtained from published sources prepared by other parties and it has not been

independently verified. Neither Eurazeo nor the group to which it belongs nor any other person assumes any responsibility for the accuracy or completeness of the information contained in this Presentation and no representation or warranty,

expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or opinions contained herein.

The information set out herein is provided as of the date of the Presentation and Eurazeo is under no obligation to update, complete, revise, verify or amend the information contained in this Presentation and/or to provide to you any previous,

current or future other materials in relation to Eurazeo or its products or services. Certain statements contained in this document may be statements of future expectations and other forward-looking statements that are based on certain

assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements.

No information provided in the Presentation constitutes or should be used or considered as an offer to sell or a solicitation of any offer to buy the securities or services of Eurazeo or any other issuer in any jurisdiction whatsoever.

None of Eurazeo or any of its affiliates, advisors or representatives shall have any liability whatsoever for any loss howsoever arising from any use of this document or its content or otherwise arising in connection with this document.

UNITED STATES OF AMERICA

None of the interests of funds managed by Eurazeo or any entity of its group has been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any U.S. state or other relevant jurisdiction.

No such registration is contemplated. Neither the U.S. Securities and Exchange Commission nor any U.S. state or other authority or securities commission has reviewed or passed upon the accuracy or adequacy of this Presentation.

Any representation to the contrary is a criminal offense. In addition, none of the funds managed by Eurazeo will be registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company

Act”), in reliance on one or more exclusions or exemptions therefrom. Investors in any such funds will be required to make certain representations regarding their qualifications, including that each is an “accredited investor” and a “qualified

purchaser” as those terms are defined in the Securities Act and Investment Company Act, respectively. There is no public market for the interests in the funds managed by Eurazeo and no such market is expected to develop in the future.

Accordingly, investors should be aware that they will be required to bear the financial risks of an investment for an indefinite period of time, including the risk of loss of their entire investment. Past performance is not necessarily indicative

of future results and no guarantee can be given that the investment objectives of Eurazeo will be achieved or that investors will receive a return of capital or return on any of their capital. No representations or warranties of any kind

are intended or should be inferred with respect to the economic returns or the tax consequences of an investment any fund managed by Eurazeo.

This Presentation relates to investments managed by Eurazeo, which is not registered as an investment adviser pursuant to the Investment Advisers Act of 1940, as amended. As a result, the protections of such registration shall not be afforded

to any investor in any fund managed by Eurazeo.

www.eurazeo.com

FY

2

01

9

–A

NN

UA

L

RE

SU

LT

S

–1

2.

03

.2

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75

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