th march 2019 - eurazeo · major (and ongoing) reinforcements of already talented management team...

8th March 2019

2018: A TRANSFORMATIONAL YEAR FOR EURAZEO, DELIVERING 360°

SOLID FINANCIAL RESULTS IN 2018

2018: A TRANSFORMATIONAL YEAR FOR EURAZEO, DELIVERING 360°

A LARGE DIVERSIFIED MULTI-SPECIALISTASSET MANAGER

(*) AuM as at 31/12/2018 proforma for the 1st closing of Eurazeo Capital IV(**) NAV portfolio value creation: Eurazeo Capital, Eurazeo PME, Eurazeo Croissance, Eurazeo Brands, Eurazeo Patrimoine, Eurazeo Development

2 0 1 8 :

I N F I G U R E S

A Y E A R O F T R A N S F O R M A T I O N

€17bnAuM*

€3.1bn investments

€3.1bnexits

€2.3bnNAV portfolio value creation

+8%

NAV

€6bn**

(incl.

Jan-Feb. 2019)

fundraising

2018: a year of transformation, paving the way for the future

Eurazeo 2018 Financial Results 6

Sustained investment activity throughout the year

DIVERSIFYING OUR ACTIVITIESTO ACCELERATE OUR DEVELOPMENTAND GENERATE SUPERIOR RETURNS

Acquisition of Idinvest, delivering well above expectations

Taking advantage of a seller’s market in 2018

An outstanding year for fund raising

Rhône Group, a promising partnership

A large diversified multi-specialist European asset manager with PE at our core


Real Assets

Private Equity

Private Debt

Private Funds

61%

16%

19%

4%

€17bnAuM

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

(2) Proforma for 1st closing of Eurazeo Capital IV in January 2019

8 Investmentdivisions

% of AuM (1)

Asset classes

as at Dec. 31, 2018 PF (2)


Investments and re-investments

(€bn)

Full and partial exits(€bn)

Eurazeo’s share

0.74

0.46Acquisition of Idinvest, strategicinvestment in Rhône

3.1*

3.1*

(*) Includes 100% Idinvest investments and 30% Rhône investments realized in 2018

Eurazeo’s share

1.4

Active management of our portfolio: taking advantage of a seller’s market in 2018

Impressively active in our portfolio in 2018


New investments*

(#)

FY 2018

Re-investments*

(#)94

92

(*) Excluding Idinvest Private Funds Group

PRIVATE EQUITY PRIVATE DEBT

PRIVATE FUNDSREAL ASSETS

269 new and re-investments in 2018 (selected portfolio)


Eurazeo & Idinvest: a perfect match


• Remarkable track record, recurring fees and highly profitable

• Uninterrupted recurring fundraising since inception

• 3 complementary areas of expertise: Venture Capital, Private debt, Private funds

• Development of synergies to build a leading European leader in growth capital

• Broader access for Eurazeo to blue-chip Limited Partners globally

• A talented team

Idinvest delivering well ahead of schedule


2016 2017 2018

Expected FRE (at acquisition)

FRE outperformance (realized vs expected)

Implicit2018 FRE multiple (2)

9.4xactual

+33%

Valuation of listed asset management companies(1): 15x-17x on 2019/2020 FRE multiple

+ 17%

+ 6%

(1) Brokers’ consensus

(2) Based on acquisition value in 2018

FRE, in line with expectations

A fruitful cooperation

Rhône Group: a promising partnership


Investments

(*) Expected to close in H2 2019

(**) Expected to close in Spring 2019

(*)Total 2018

investment of

c.€700m

Definitive agreement with SIGNA Retail Holdings to form

a strategic partnership with Karstadt and Kaufhof in Europe

(**)

Exits

The merger of Fluidra and Zodiac, resulting in Rhône Fund V being the largest shareholder of Fluidra

Merger

Eurazeo: a record year of fund raising


2017 2018 2018PF

Private Funds

PrivateDebt

Privateequity

RealEstate

Privateequity

Amount raised per yearin €m

PME III

Eurazeo Capital IV(1st closing)

1,6701,593

2,270

2018 PF includes the funds raised until Feb. 2019

2018: AN ACCELERATED TRANSFORMATION

Hence

value

creation

A talented team driving our success


Talents

235 people

International

20 nationalitiesEntrepreneurial

& agile approach

Experienced team

with an average

tenure of 6 years

Extensive

sourcing capacity

Using all levers

of transformation

Eurazeo and Idinvest

Our unique origination process brings us the best deals in a context of high prices


Identify SecureQualify

• Theme-focused origination

• Global sourcing networks

• Reverse coverage

• Direct approaches

• Market intelligence

• Senior advisors & industry

experts

• Pipeline Review

Committee

• Regular deal qualification

meetings

• Privileged owners /

management interaction

• Differentiating angles

• M&A activity

Fully integrated

origination efforts

to identify, qualify

& secure the best

investment and

add-on acquisition

opportunities

Eurazeo PE and real assets: an enriched deal flow


36%

North America

18% France

29%

North Europe

South Europe 14%

Rest of the world 3%

Offers submittedHigh priorities Investments madeOpportunities

996 123 38 92018

deal flow

(binding & non binding)

2018 Deal flow

By region

+9%+26%+15%

vs 2017

Business Services 23%

Consumer 27%

Financial Services 4%

1% Real Estate

10% Healthcare

16% Industrials

5% Media & Telecom

14% Tech

By sector

(*) Including Eurazeo Capital, Eurazeo PME, Eurazeo Patrimoine, Eurazeo Brands

(**) Signed in 2018

* 9** Euston House**

Our playbook: supporting companies at every stage of their development & unlocking potential value


Operational

leverage

Internationalisation

M&A

Digital

A Reference Partner

TRANSFORMATION CPK

We integrate CSR at each investment step

Some examples:

CPK

Seqens: global player in pharmaceutical synthesis & specialty ingredients


Investment dateJune

2016

Total investment €290m

Current % of control 63%

A global player in pharmaceutical

synthesis and specialty ingredients

638

896

20172016 2018

Revenues (in €M)

• Supporting customers for small molecule development

from preclinical through to commercial phase (strong

pipeline of clinical phase programs to fuel future growth)

• Extensive range of capabilities, technologies and support

services

• Development of high-quality and differentiated specialty

ingredients used in fast-growing applications

Organic growth Team

• 3,200 employees

• 3 R&D centers with 300 scientists and experts

• 24 manufacturing sites in Europe, Asia

and the USA

• Major (and ongoing) reinforcements

of already talented Management Team

Strategic build-ups

Manufacturers of complex molecules

with high added-value

4 sizeable and strategic acquisitions

Manufacturers of specialty ingredients

Pharma and specialty ingredients sales

increase over the last 3 years

c. €1bn

Sales evolution

50%50%Pharma and

Specialty

ingredients

70%

30%

2015Pharma and

Specialty

ingredients

2018

x1.6

CAGR +24%

Planet: a global Fintech company specialized in digital payment


Investment dateDec.

2015



Digital payment processing

for international shoppers

96%

3%1%

20162016 2018

Tax FreeTax Free

Asia

Europe

Product split (Gross-profit split) Internationalisation (Gross-profit split)

LatAm

GB Tax Free (UK / Dec-2017):

reinforcing Planet Tax Free business

in core region such as UK

Strategic build-ups

3 highly strategic acquisitions performed so far:

New markets opened:

(i) Russia (2018), (ii) UAE (2018) and (iii) Bahrain (2019)

+ strong pipeline of potential new worldwide openings

Organic growth Team

Major (and ongoing) reinforcements

of already talented Management Team

E-Taxfree (Finland / Sept-2016):

first provider in Europe of paperless

tax refund solutions

Planet Payment (US / Dec-2017):

leading proviader of international

multi-currency processing services

216268

338

20172016 2018

CAGR: +25%

Revenues (in €M)

2018

Europe

North AmericaAsia

LatAm

Middle East 1%

84%

16% 40%

60%

10%

70%

13%6%

Redspher: from premium freight to largest digital platform in Europe


Investment dateSept.

2015



Open platform that facilitates on-demand delivery

Revenues (in €M)

125 170

246286

CAGR: + 32%

2015 2016 2017 2018

Strategic build-ups

Next steps

• Expansion (among which Asia) to become the best

seamless on-demand delivery platform worldwide

• Digital offer to implement an open platform that facilitates

and simplifies on-demand delivery

• Two build ups in Germany to expand geographical

coverage

• A French one to speed up digital development

• Build-up in Spain over H1 2019

Digitalization, powerful booster

allowing addressable market extension Internationalisation (Sales split)

CURRENT PREMIUM

FREIGHT MARKET

Large automotive and

industrials

€2.6bn

All industries

and small sized

companies

B2B2C

EXPRESS

& URGENT

FREIGHT

Retail,

e-commerce

Addressable market: at least x2

Today Tomorrow

RoW

RoW

Central EuropeCentral Europe

20182015

Transformational strategy

• Digitalization: Innovative digital freight platform

• Internationalization: Step outside Europe

• Verticalization: Improve modalities and services

capabilities

50%

14%

9%7%5%

15%

36%

31%

9%6%7%

11%

NAV: value creation of our investment divisions in 2018


8 + %

Eurazeo portfolio

NAV value creation*:

€427m

* NAV excluding cash

Our recent investment divisions have become strong contributors to value creation in 2018


(*) Excluding net cash and others

25%Total

NAV*+23%

Value

creation

Still a young portfolio… leading to future value creation


NAV

<2 years old53% 44% 46%

37%100%

(*) Non listed assets

*

*

NAV

<2 years old

NAV

<2 years old

NAV

<2 years old

NAV

<2 years old

SOLID FINANCIAL RESULTS IN 2018

A new financial communication


Accelerate the dual-funded model

Financials by investment divisions:

• Economic revenue, EBITDA, net debt

• NAV variation with the breakdown between re-valued assets and assets still at cost

New financial metrics:

• Presentation of our 4 asset classes (private equity, real assets, private debt and private funds)

• Total amount invested / divested for Eurazeo, Idinvest & Rhône (and Eurazeo’s share)

• Valuation metrics for listed private equity

• Fee-paying AuM and management fee rates in the industry

Financial reporting for Eurazeo: detailed elements

Eurazeo’s new P&L, reflecting our model of multi-specialist asset manager

Investor Day 2017

FY 2017 Results

H1 2018 Results

Investor Day 2018

FY 2018 Results

December 2017

March 2018

July 2018

December 2018

March 2019

Three major components of Eurazeo’s new IFRS profit and loss statement


1 Companies’ contribution, net of finance costs Performance of portfolio companies

2 Investment activity, net contribution Eurazeo, as a balance sheet investor

3 Asset management activity, net contribution

Eurazeo, as an asset manager, manages

on behalf of investment partners and

Eurazeo’s balance sheet

4 Others

• Amortization of contracts and other assets relating to GW allocation

• Tax

• Non-recurring items

1 + 2 + 3 + 4 = Consolidated net income / loss = IFRS standards

Investment

Activity

Asset

Management

Activity

Eurazeo commits its balance sheet to its asset management activity


Revenues

+ Management fees

From investment partners

Calculated on balance sheet

+ Performance fees, realized

From investment partners

Calculated on balance sheet

Costs and others

- Total operating costs

- Others **

-

+

-

+

Revenues

+ Net capital gains or losses

+ Dividends & other investment revenues

- Impairments

Costs

- Opex related to management fees calculated on Eurazeo’s balance sheet

- Other expenses *

Eurazeo asset management

activity manages Eurazeo’s

balance sheet, and thus

invoices management fees

& performance fees to

Eurazeo investment activity

(*) Including transaction costs and Group general management & listing costs

(**) Including finance costs and net income of equity-accounted company, i.e. Rhône Group

FRE

PRE

Key analytic metrics to analyse Eurazeo’s asset management business performance: FRE & PRE


• Fee-related earnings (FRE) are calculated as management fees, less operating costs

• Performance-related earnings (PRE)Refer to realized and accrued share of capital gains paid by investment partners

to the Asset manager, once portfolio companies’ performance achieves a certain hurdle.

• PRE: Net performance fees attributable to Eurazeo asset management activity

• Accrued performance fees: performance fees that portfolio companies

would generate, if they were sold at Fair Value as of the end of a given period.

Accrued performance fees, which are not recorded in Eurazeo’s P&L in accordance

with IFRS standard, should be taken into account for valuation.

+ Management fees

• From investment partners

• Calculated on balance sheet

- Costs and others

• Operating costs

• Finance costs and others

= Fee-related earnings

+ Performance fees, realized



+ Performance fees, accrued



= Performance-related earnings

Markets value Asset Management

by FRE multiple and PRE multiple

P&L, under IFRS standards: solid performance in an uncertain environment


PF Idinvest & Rhône FY Idinvest & Rhône 6M (published)

In €m 2018 2017 PF 2018 2017 PF

Adjusted EBITDA 575.4 555.5 575.4 555.5

Adjusted EBIT 396.0 410.0 396.0 410.0

1. Contribution of portfolio companies net of finance costs 250.6 271.7 250.6 271.7

2. Contribution of the Investment Activity 261.9 421.9 261.9 421.9

3. Contribution of the Asset Management Activity 69.7 48.9 52.4 35.4

Amortization of contracts and other assets relating to GW allocation -178.1 -179.5 -178.1 -179.5

Income tax expense 3.8 52.6 8.5 56.8

Non-recurring items -184.3 -156.9 -184.3 -156.9

Consolidated net income/(loss) 223.6 458.8 211.0 449.4

Attributable to owners of the Company 260.5 425.9 251.0 418.4

Attributable to non-controlling interests -36.9 33.0 -40.1 31.0

P&L, under IFRS standards

1. Contribution of portfolio companies net of finance costs


Economic Revenue Economic EBITDA

4,026

1,258

412

37

538

154 1075

Eurazeo Capital Eurazeo PME Eurazeo Patrimoine Eurazeo Brands

803

5,809

+11.0%

+10.3%

In €m

+12.8%

+8.4%

+7.2%

+11.6%

+11.4%

+3.0% +15.7%+15.3%

Constant Eurazeo scope and exchange rates

Economic

revenues &

economic

EBITDA

in 2018

Economic Revenues Economic EBITDA

+13.1%+12.6%

Exits: Asmodee

Desigual

Neovia

Exits: Odealim

Vignal Lighting Group

Constant Eurazeo scope

and constant & exchange

rates, excl. signed

or closed exits

Contribution of portfolio companies net of finance costs: €251m - Temporarily impacted by build ups and seasonality effect


2. Contribution of the Investment Activity


In €m 2018 2017 PF

Net capital gains or losses & dividends

and other investment revenue547.7 585.6

Impairments -177.1 -26.8

Operating expenses (1) -108.7 -137.0

Contribution of the Investment Activity 261.9 421.9

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

Incl. calculated management

fees on Eurazeo balance

sheet (€69m)

Incl. calculated management

fees on Eurazeo balance

sheet (€67m)

Europcar: -€146m

MK Direct: -€35m

Strong level of capital gainsCautious position in Europcar

Asmodee: €237m

Moncler: €54m

Eurazeo PME: €69m

Eurazeo Croissance: €78m

Moncler: €192m

Accor: €92m

Eurazeo PME: €73m


3. Contribution of the Asset Management Activity


PF Idinvest & Rhône FY Idinvest & Rhône 6M

In €m 2018 2017 PF 2018 2017 PF

Management fees (1) 164.9 138.2 132.3 110.4

Performance fees, realized 22.7 12.9 20.0 12.3

Operating expenses (2) -125.6 -108.4 -105.3 -90.5

Finance costs and other income (3) 7.6 6.2 5.4 3.2

Contribution of the Asset Management Activity 69.7 48.9 52.4 35.4

(1) Including €69m calculated management fees on Eurazeo balance sheet in 2018 (PF Idinvest & Rhône FY)

(2) Including 100% costs of Eurazeo (less Eurazeo Group general management & listing costs), Idinvest and iM Global Partner (ex iM Square)

(3) Including net income of equity-accounted company (ie. Rhône Group)

Positive contribution of the AM activity


Non-recurring items in 2018


Total non-recurring items (€m) (184.3)

• Discontinued operations and disposals (49.6)

• Trademark impairments & rebranding (56.4)

• Restructuring and project costs (61.6)

• Others (16.6)

Impairment of the Fintrax / Premier Tax Free brands due to the rebranding by Planet (€50m)Expenses in respect to businesses sold by Seqens (€47m)

FRE, PRE, including accrued carried


PF Idinvest & Rhône FY Idinvest & Rhône 6M

In €m 2018 2017 PF 2018 2017 PF

Fee Related Earnings (FRE) 47.0 36.0 32.4 23.1

Management fees 164.9 138.2 132.3 110.4

Operating expenses (1) -125.6 -108.4 -105.3 -90.5

Finance costs and other income 7.6 6.2 5.4 3.2

Performance Related Earnings (PRE) 40.5 43.3 37.8 42.7

Performance fees, realized 22.7 12.9 20.0 12.3

Performance fees, accrued 17.8 30.4 17.8 30.4

(1) Including 100% costs of Eurazeo (less Eurazeo Group general management & listing costs), Idinvest and iM Global Partner (ex iM Square)

Solid financial structure


379 428

800

1,420 -1,061

-90-64

-156

372

Proceeds &dividends

Investments &Reinvestments

Dividends paid Shares repurchasedfor cancellation

Others Post-closing*

Cash position(in €m)

(*) Syndications of WorldStrides, Iberchem, Trader Interactive and Albingia to Eurazeo Capital IV (€257m); sale of Neovia, which was closed in Q1 2019 (€169m);

sale of Capzanine (€82m); investments in EFESO (€34m, Eurazeo’s share), Euston House (€40m) and Bandier ($25m/€22m, $/€:0.88 est.); reinvestment in ContentSquare

(**) As at Dec. 31st, 2018

31 Dec. 2018 PF31 Dec. 201831 Dec. 2017

Shareholders’ equity **: €5.1bn

Creating value across the portfolio


(1) Compared with NAV per share as of Dec. 31, 2017 (adjusted for the 2018 bonus grant and investments in Idinvest & Rhône): €74.4

(2) NAV as of Dec. 31, 2018, excluding net cash & others

NAV per share(1)

€77.5

+5.7% (incl. dividends)

+4.2% (vs. Dec. 2017)

As of Dec.31, 2018

12 new

investmentsnon re-evaluated

(<1 year)

€1,020m

19% of NAV(2)

NAV €5,907m

o/w

Portfolio value creation: +8.0% (+15.3% non listed assets only)

+3%Non listed: +11%Listed: -10%

+16%

+38%

+21%

+36%

n.a.

+10% AuM growth to €16.7bn


15,230

16,26016,753

1,593 -1,162

801 -202

493

Fundraising Distributions Value creation Others Eurazeo CapitalIV (1st closing)

Total AuM in €m

31 Dec. 2018 PF31 Dec. 201831 Dec. 2017 PF

6,916

Idinvest

+

Rhône

2019 OUTLOOK

Our key priorities for 2019


A selective approach to new investments

Enlarge our investment opportunities internationally

Use our balance sheet to accelerate Idinvest’s development

and fund existing investment strategies

Successful fund raising

Accelerate development of our portfolio companies

Reaching further afield


Europe USA Global

PRIVATE EQUITY

PRIVATE DEBT

PRIVATE FUNDS

REAL ASSETS

Medium term France

2018 2018PF

Eurazeo: fundraising already well under way in 2019


PrivateDebt

Privateequity

RealEstate

Privateequity

1,593

2,270

Eurazeo Capital IV (1st closing)

2019

Private Funds

Amount raised per year

(in €m)

Idinvest Private Debt V

Eurazeo Growth Fund III

Idinvest Secondary Fund IV

Eurazeo Capital IV

Eurazeo outperformed its peers and the CAC 40 index– an improved risk profile reflecting Eurazeo’s strategic diversification

Eurazeo Investor Presentation 44

01/01/2013 01/01/2014 01/01/2015 01/01/2016 01/01/2017 01/01/2018 01/01/2019

€23.4

€8m

average in 2013

€61.8

€15m average

in 2018

Eurazeo share price (in €)

Daily volume (in €)

2013 2019

18%35% Eurazeo volatility

TSR annualizedEurazeo +18%

Peers* +16%

CAC 40 +8%

MSCI Europe +6%

(*) Peers : ICG, 3i, Onex, KKR, Blackstone, Carlyle, Apollo, Oaktree and Partners Group

Source: Factset. Total shareholder return assuming reinvestment of dividends, excluding share buy-backs

What we want you to retain: 4 take-aways


2019: each investment strategy will keep contributing

to value creation

2019: positive outlook for fund raising

2018: transformational year with Idinvest

Transformation & value creation in our portfolio

APPENDICES

Detailed information on

47

Eurazeo Capital: actively working our portfolio in 2018, creating future value


NAV* €2,384m

Value creation* +11%

Financials in 2018

Our strategy

• A partner of choice for management teams with a global ambition

• A global footprint to support ambitious value creation goals

• A dedicated sourcing team scouting opportunities in Europe and North America

• Average investment pace: €750m p.a.

Significant events in 2018

One important acquisition in the US in 2018. Seqens

now a global and integrated player in pharmaceutical

synthesis and specialty ingredients

Consolidated the North American market by an

acquisition. Hired several key person in the

management team to drive new product

innovation and accelerate growth

• The largest and most trusted accredited

student travel organization in the U.S.

• 2 acquisitions in 2018 (Tean & Envision)

Only independent insurance company in

the French insurance commercial lines

market with very deep technical expertise

and outstanding financial performance

•Taking advantage of a seller’s market

•Accelerating transformation of our portfolio companies

• 3 exits closed in 2018

(*) Eurazeo Capital non listed assets

3.5x sales and 6x EBITDA in 2013-17, more than 20 build-

ups realized, increased IP content, internationalization with

85% revenues outside France, 27 games in digital portfolio

• 1 exit closed in 2019

18

2018 Full-Year Highlights


16

Offers submitted

52

High priorities

1

Deal signed

518

Opportunities Build-ups

4 exits signed or closed in 2018

• AccorHotels: Eurazeo sold its residual stakes in March and

realized a gross multiple of 2x its initial May 2008 investment,

taking into account the sale of Edenred in March 2013.

• Asmodee: sale to PAI Partners for a nearly 4x initial investment

in 2014 and an IRR of almost 35%

• Desigual: sale of total stake for a 0.5x its initial investment in 2014

• Neovia (closed in Q1 2019): sale to Archer Daniels Midland

Company for a return on its initial investment of nearly 2x

and an IRR of c.20%

First closing of Eurazeo Capital IV fund in Feb. 2019

• c.€500m committed by blue chip international investors

• The resulting disposal proceeds for Eurazeo SE totalled €257m

Albingia acquired in 2018:

• Independent French insurance company

18 build-ups in portfolio companies:

• Continued build-ups in LPCR to achieve international growth

• Transforming build-up for Seqens (ex-Novacap) with PCI

acquisition with added €30m further equity investment from

Eurazeo

• Transforming build-up for CPK with acquisition of Lutti

2018 Investments 2018 Exits and Fund raisingInvestments & re-investments

Eurazeo’s share

€303m €298m

Divestments & Dividends

€1,435m €1,191m

CoC

1.8x

IRR 10%

AccorHotels, Asmodee,

Desigual, Neovia

AuM

2,5052,121

-690

298 271263

-501-149

Performance in 2018


COMMENTS

Listed Assets:

• Disposal of AccorHotels in March 2018 for net proceeds of €484m

• Value decrease in 2 stocks: Elis and Europcar

• Value creation in Moncler

Non Listed Assets:

• Proceeds from 2 exits closed in 2018 (Asmodee and Desigual)

and syndication of WorldStrides to Primavera

• Investment in Albingia & re-investment in Seqens.

• 1/3 of value creation from exits of Asmodee, Desigul and Neovia

• 2/3 of value creation from portfolio re-evaluations

(including 1st re-evaluation of Worldstrides & Iberchem)

(*) At constant Eurazeo scope and constant FX rate, excluding exits (ie. Asmodee, Desigual, Neovia) and CPK due to carve-out effect

2018 EBITDA growth* of non listed assets

28%

18%

31%

23%

<0% 0–5% 5–10% ≥10%

Dec. 31st, 2017 Proceeds

& Dividends

Value creation Dec. 31st, 2018

In €m

Eurazeo Capital NAV (Listed)

-10%

Value creation:

Investments

1,553903

Eurazeo Capital NAV (Non listed)

2,384

Notrevaluated

Value creation:

+11%In €m

Dec. 31st, 2017 Proceeds Investments Value creation Dec. 31st, 2018

% of Eurazeo Capital non listed NAV

(as of Dec. 31st, 2018)

Financials


(€m) FY 2018 FY 2017 PF(1)Change

FY 2018 / FY 2017 PF

Change FY 2018 / FY 2017 PF

@ constant exchange rate

Economic revenue 2,931 2,725 +7.6% +8.9%

Economic EBITDA

% margin

380

13.0%

370

13.6%+2.7% +4.8%

Economic Net Debt(2)

Portfolio leverage

1,890

5.0 x

(1) PF (i.e. at Eurazeo constant scope): same comparison basis versus 2017

(2) Excluding exits (Asmodee, Desigual and Neovia)

Eurazeo Capital NON LISTED

FY 2018 Highlights


Eurazeo Capital NON LISTED

236

589

90

155

268

852

125

192

349

236

597

100

165

338

988

146

237

309(5)%

+24%

+16%

+17%

+27%

+6%

• New leadership early 2018 with Thierry Gaillard named CEO. Operational plans led in innovation, (new SKUs in Poulain brand), marketing and advertising supported the growth of key French brands despite more difficult market conditions.

• Closing of the acquisition of Lamy Lutti resulting in the merger of the number two and number three confectionery players in France

• 2018 revenue growth driven by the opening of new nurseries in France, performance of nurseries in France, and solid organic growth in the UK. Grandir became a majority shareholder of Infranterix (Germany)

• New CEO, Denis Terrien, named CEO of Grandir in January 2019

• Successfully liquidated selected assets, allowing an exceptional cash dividend distribution at the closing of the transaction

• Eurazeo and the Management already working on some key equity story value creation levers such as: (i) M&A, (ii) digitalization of some parts

of the Company’s current infrastructure and (iii) management reinforcement

• Positive trend in new enrollments in H2 2018, translated in sales growth. Good trends in terms of returning students on various campuses

on the back of reduced attrition New bachelor program officially launched during the first semester 2018.

• Two new enrolment and marketing hubs, in London and Shanghai respectively

• Positive growth in all dealer market places throughout the year & 1 acquisition in North America in 2018. Several critical senior level hires in 2018

across management as well as for both the IT and digital marketing organizations. Trader continues to focus on making the right investments

within the organization to achieve its long term growth targets.

+12%

• Growth supported by build-up acquisition in Dec 2017 of Planet Payment and GB Tax Free.

• In Tax Free, good dynamic commercial policy (noticeably, launch of UAE activity) and operational actions despite challenging market conditions in Europe.

• Good performance in Payments driven by the Acquiring and Processing activities

+3%

n. a.

• Name changed to Seqens in order to consolidate its service offerings following recent acquisitions, noticeably Boston-based PCI Synthesis

in 2018, PCAS and Chemoxy in 2017.

• Growth of Seqens stemmed from build-up activity in 2017 and 2018 while Performance Chemicals sales were resuming its normal level of sales

after 2017 outstanding results.

• WorldStrides completed its fiscal year end on June 30, 2018. Revenues at December 2018 stood at $597.2m. Two acquisitions achieved in Q3

2018 strongly contribute to growth

• In 2018 the company has also strengthened management team in order to deliver its ambitious growth plan by nominating Robert Gogel CEO

CPK

• Despite the important raw materials crisis (price increase and supply shortages) that has affected the entire F&F industry since November 2017,

Iberchem demonstrated the agility of its business model with a solid +16% growth at company level and registered across all regions

• Acquisition of a majority stake in Versachem, a South African Flavours company

€m

€m

€m

€m

€m

CHFm

$m

$m

€m

Change (1)Revenue (in local currency m) FY2018FY2017(2)

(1) Eurazeo constant scope and exchange rates

(2) FY2017 Eurazeo constant scope

234

248

IFRS


53

Eurazeo PME: high quality portfolio creating value in 2018,

young portfolio in 2019 with great value creation potential


Our strategy

• A transformational build-up strategy: majority buy-outs with solid French SMEs, €40-70m equity per

investment (incl. build-ups), ability to finance the development over the long-term


•An active year for investments and exits with outstanding IRR

•Structuring portfolio companies’ transformation

• Three transforming build-ups in 2 years,

re-inforcing its European market leading

position in digital Open-Source

• Leader in premium freight. Size doubled

in 3 years, digital transformation via

dedicated resources, international expansion

with critical size in Germany

• Transition from a private owned SME to the

largest multi-products French leader in insurance

brokerage dedicated to condominiums

• Revenue CAGR (2016-2018):

+35% | CoC: 2x | IRR: 41%

• Revenue CAGR (2014-2018): +11% CAGR

• Deep transformations led Vignal Lighting

Group to a global player

• CoC: 2.8x | IRR: 28%

(Exit) (Exit)

• French leader in securing physical access

to sensitive sites with revenues of €29 million

in 2017

• French and European leader

in motorcycle and outdoor gear

• Revenues: €100 million,

double-digit growth since 2011

(Investment) (Investment)

NAV €379m

Value creation +16%

Financials in 2018

2018 Full-Year Highlights


47

Offers submitted

31

High priorities

3

Deals signed

95


EFESO closed in Jan 2019:

• World leader in operational excellence

consulting

• Investment of €55 million

(€34m Eurazeo’s share)

• Majority ownership stake of 67%

Acquisition of Vitaprotech in Jul. 2018

• French leader in securing physical access

to sensitive sites through its SORHEA,

PROTECH and TIL Technologies brands

Acquisition of 2RH Group in Jul. 2018

• Brands: Shark, Bering, Segura and Cairn

• One of Europe’s leading suppliers for protective

motorcycle and outdoor sports equipment

Sale of Odealim (ex-Assurcopro)

in Oct. 2018

• Net proceeds of €111m (€78m Eurazeo’s share)

• Gross multiple of 2,0x and IRR 41%

2018 Investments Significant events post 2018Investments & re-investments

Eurazeo’s share

€125m €79m

Divestments

€202m €142m

CoC

2.3x

IRR 32%

• 2RH Group

• Vitaprotech

• EFESO(Closed in January 2019)

Sale of Vignal Lighting

Group in Dec. 2018

• Net proceeds of €119m

(€83m Eurazeo’s share)

• Gross multiple of 2,8x

and IRR 28%

4 build-ups in portfolio

companies of which

1 reinvestment of Eurazeo PME

• Reinvestment of In’Tech Medical /

Bradshaw Medical:(US company

and a leading contract manufacturer

of medical devices in orthopedics)

AuM

Odealim

Vignal Lighting Group

382313

79

-142

60

66

Performance in FY 2018


• Value creation is mainly boosted by Odealim

and Vignal Lighting Group integrated at exit value

• Economic EBITDA +1.3% in 2018 compared

to 2017 on a Eurazeo scope and FX constants

+16%

Value creation:

382

Dec. 31st,

2017Investments Value creation Dec 31th, 2018

38%

7%

55%

<0% 0–5% 5–10% ≥10%

(*) EBITDA and NAV excl. Odealim (ex. Assurcopro) and Vignal Lighting Group

Perimeter: Constant Eurazeo scope and constant FX

-

Divestments

379

Notrevaluated

% of Eurazeo PME NAV

NAV evolution

2018 EBITDA growth*

In €m

COMMENTS

Financials


(1) Excluding Odealim (Ex. Assurcopro) and Vignal Lighting Group

(*) PF: Eurazeo constant scope

(€m) FY 2018 FY 2017 PF* Change

2018 / 2017 PF

Change 2018 / 2017 PF

@ constant exchange rate

Economic revenue 1,258 1,168 +7.7% +8.4%

Economic EBITDA

% margin

154

12.0%

152

12.8%+1.3% +3.0%

Economic Net Debt(1)

Portfolio leverage

659

3.9 x

2018 Highlights


• 2018 performance is driven by (i) internal growth on core business, both automotive and industry, (ii) digital activity• +10% on a like for like basis

• Good performance of Linvosges offset by the declining sales of Françoise Saget

• Slight fall in activity, due to external events notably end of year strikes (“Gilets Jaunes”)

• Confirmed its solid growth linked to its export activity

• Two build-ups over the last twelve months : Pyxidis (Nov. 2017) and Bradshaw (May 2018)

• A $34m contract with the US Army has been awarded

• External growth in process

• Sustained activity, supported by strong market demand

• Integration of Adyax and Sensiolab

• +10% on a like for like basis

• Successful integration on H2 2018

• Good performance

• First build-up closed in September

• Downturn in activity, notably for the distribution of products in France

• Successful integration on H2 2018 • Unfavorable current trading due to a disappointing last semester for clothing activity • Good performance of the Cairn brand


59

Eurazeo Patrimoine: strong momentum paving the way to fund management


Our strategy

• A dual strategy (real estate and real asset private equity)

deployed through 3 angles: operating platforms owning

their assets, value-added real estate, special situations


•Active momentum with 3 investments, representing 26% of Eurazeo Patrimoine NAV

• International development: JV with Dazia Capital in Spain in 2018 and Euston Housein London in 2019

• An annual €150-250m investment deployment pace

• Ambition is to grow business towards

fund management

• Partnership signed with Dazia

Capital to set up a joint venture

named Dazeo. The JV will invest

€70m in 3 years.

• €20m invested to date

• Acquisition of Highlight, a

24,000 sq. meter office complex

located on the banks of the river

Seine in Courbevoie

• Acquisition of C2S Group,

the 8th largest private clinic

operator in France, from

Bridgepoint

• 3 build-ups since acquisition

(Auxerre, Lyon, Vesoul)

NAV €481m

Value creation +21%

Financials in 2018

Highlights in FY 2018


96

Offers submitted

11

High priorities

4

Deals signed

109


• C2S(signed in 2017)

• Highlight

• Dazeo

• Euston House*

External growth for existing investment

already secured:

• 2 Build-ups for Reden: 4 plants in Spain

(29MW) and 4 plants in Chile (21MW)

• 2 Build-ups for Grape Hospitality: 1 hotel

in Rome (expected closing in Q1 2019) and

1 hotel in Berlin (closed on 1 January 2019)

2 projects secured for Dazeo to be closed

in H1 2019 for a total of €6m

1 new investment: signed acquisition

of Euston House building in London

for €105m (€40m Eurazeo equity share)

Acquired C2S, the 8th largest private clinic operator in France (11 clinics):

• Eurazeo invested c.€96m for c.81% share, alongside management and medical practitioners

• 3 Build-ups closed in June and August: 1 clinic in Auxerre, 1 ophthalmologic center in Lyon for €2m and one clinic in Vesoul for €1m

Created Dazeo, a joint-venture between Eurazeo Patrimoine & Dazia Capital, to position Eurazeo on the Spanish residential market:

• A 3-year equity investment program of €70m (targeted allocation)

• Attractive risk-return ratio as demand for downtown housing increases

• 3 projects already funded (1 in Madrid and 2 on Costa del Sol) for €20m

2018 Investments Secured pipeline

Completed the acquisition of Highlight:

• c.€59m committed equity, alongside Decaux family’s minority interest

• 40% of rents already secured by a lease signed with Kaufman & Broad for their future HQ

A very active year for Reden Solar:

• 2 build-ups closed in March (Globalwatt (€40m) and Infrapar (€34m)) and a build-up closed in August increasing production capacity by 48MW over 2018

• Global refinancing of c.€270m closed in late June

Investments

Eurazeo’s share

€136m €131m

AuM

(*) Signed in 2018, expected to close in 2019



• Value creation over the year is mainly driven by Grape Hospitality,

Reden Solar and Colyzeo.

• Reden Solar was re-evaluated for the first time on June 30, 2018

• Economic EBITDA at €107m, up by +16%

on a constant Eurazeo scope basis

• The EBITDA growth is mainly driven by Grape

Hospitality and Reden Solar

FY 2018 EBITDA growth*

NAV evolution

12%

44% 44%

<0% 0–5% 5–10% ≥10%

-

Dec. 31st, 2017 Investments Value creation December

31th, 2018

131

-30-8

67

123

+21%

Value creation:

358

In €m

321

Notrevaluated

% of Eurazeo Patrimoine NAV

(*) At constant Eurazeo scope and constant FX rate.

Divestment

COMMENTS

Syndication

481

Financials


(€m) FY 2018(1) FY 2017 PF(2)Change

FY 2018 / FY 2017 PF(1)

Change FY 2018 / FY 2017 PF @ constant exchange rate

Economic revenue 412 384 +7.2% +7.2%

Economic EBITDA107

25.9%

92

24.0%+15.7% +15.7%

Economic net debt

Portfolio leverage

884

7.0x

(1) Including C2S Revenue and EBITDA starting 1 April 2018

(2) PF (i.e. at Eurazeo constant scope): same comparison basis versus 2018.

FY 2018 Highlights


Change(1)Revenue (€m) FY2018FY2017(2)

+23%

0%

+12%

+4%

• Very strong performance revenue thanks to significant external growth in 2018;

• 3 Build-ups: in Portugal and Spain (Infrapar and Globalwatt), and in France;

• Puerto Rico solar plant’s reconstruction and Mexico plant construction finalized.

• Performance in line with expectations steady vs 2017

• Paris Fashion Shops platform continues to show a very strong revenue growth

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

• 3 build-ups : 2 clinics (Auxerre and Vesoul) and 1 ophthalmologic center in Lyon

• New capex and modernization of the existing clinics plan in place

• Good performance due to (i) topline growth, (ii) renovated hotels from phase 1 of the capex plan.

• Capex: Phase 1 completed (in line with budget and calendar); Phase 2 ongoing (28 hotels, 79% funded to date)

• 2 acquisitions signed: one in Rome and one in Berlin (closed in Jan. 2019)

119

18

23

232

133

18

29

**

(*) Eurazeo Share

(**) Consolidated since April 1, 2019

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

• 40% of rents secured by a lease signed with Kaufman & Broad for their future HQ

• Eurazeo equity investment of €59m alongside Decaux family’s minority interest: 10% of the acquisition costs funded to date (next funding in February 2019)

• 3-year equity investment program of €70m (targeted allocation) dedicated to renovation and selling

of residential real estate programs in Spain major cities

• 3 projects already funded for €20m (Eurazeo share), in Madrid and on the Costa del Sol

• 2 additional projects already secured for €6m

Investment in construction phase

no revenue generated yet

Investment in construction phase

no revenue generated yet

n.a.

n.a.

*

224

(1) Eurazeo constant scope and exchange rates

(2) FY2017 Eurazeo constant scope


65

Eurazeo Growth: active on all fronts


• Final close of Idinvest Growth Fund II at a size of €340m, with Eurazeo commitment of €35m

• With acquisition of Mondocteur in July

2018, Doctolib consolidates its position

as the largest ehealth company in Europe.

• Successful exit of PeopleDoc (SaaS

company) for a net proceed of €43m.

• CoC: 2.5x and IRR of 36%.

• IPO of Farfetch in September 2018.

The investment was valued at €67m

as at Dec. 31st, 2018, 3x initial investment.

• Strong fundraising, successful exits and active portfolio creating value


Our strategy

• Invest in companies’ late stages, with proven product and strong revenue growth

• Support and accelerate the development fast-growing European companies (high-tech or disruptive business model)

(*) Including Eurazeo’s commitment in 2018

AuM growth: +40% | €981m*

Eurazeo Croissance €380m

Idinvest Growth €601m

Financials in 2018

Eurazeo Croissance

Value creation+36%

• Crossing the €10m off ARR due to signature with blue chips clients (suchas Airbus)




2 investment realized in 2018:

€34m raised in January 2018

Cloud-based software to improve web

and mobile customer experience and conversion

€41m raised in June 2018;

Marketplace dedicated to refurbished electronic products

Reinvestment in 4 portfolio companies

Structural build-up in Doctolib: Acquisition of MonDocteur, Doctolib’s main competitor in France

Sale of PeopleDoc to Ultimate Software: EV of c.$300m; 2.5x CoC and 36% IRR

Successful IPO of Farfetch in September 2018 on the New York Stock Exchange

Investments & re-investments*

€101m

Divestments

€43m

CoC

2.5x | IRR 36%

Build-up 1


Investments & re-investments

€161m

• A great first fundraising for the Growth Capital strategy: €172m raised

• 24 investments realized (incl. 9 new investments) for €161m invested

• The Growth Capital portfolio now comprises of 14 foreign companies (30% of the portfolio)

• In 2018, Idinvest invested in 3 foreign companies (i.e. 45% of new investments)




NAV

In €m

101 -4385

237

Dec. 31st, 2017 Investments Value creation

+36%

Value creation:

380

Dec. 31st, 2018Proceeds

• Significant value creation coming from the sale of PeopleDoc and the IPO of Farfetch

• 3 new investments in 2018 (ContentSquare, Backmarket, 1 new investment) and

reinvestments in 3 portfolio companies

• Very good performance of the digital portfolio in 2018: +46% value creation

compared to December 2017

NAV – Digital portfolio

In €m

97 -4380

173

Dec. 31st, 2017 Investments Value creation

+46%

Value creation:

307

Dec. 31st, 2018Proceeds

COMMENTS

FY 2018 Highlights


• Eurazeo participated in the €41m Series B in June 2018

• Goal to create the global leader in refurbished device sales

• Revenue more than doubled in 2018

• Eurazeo participated in the €34m Series B in January 2018 and in the €50m Series C in January 2019

• Revenue doubled in 2018

• Acquisition of its main competitor in the French market, MonDocteur

• Revenue more than doubled in 2018

• Successful IPO in September 2018

• Sold to Ultimate Software in July 2018

• Cash-on-Cash multiple of 2.5x

• IRR of 36%

• Recruitment of Maximilian Bittner as new CEO

• Strong effort to improve customer experience and accelerate growth through innovation

• 40% of business coming from international operations

• Dual B2C and B2B2C model prospering with signature of new partnerships: e.g. ConTe, Free and BPI

• Solid growth in 2018 vs. 2017

• Continued product diversification and international expansion

• Continued development of all business units

• Significant growth in revenue vs. 2018

Eurazeo Brands: building a transatlantic team and making its first investments


Our strategy

• Be the investment partner of choice for aspirational, consumer-driven brands and high-growth companies

• Leverage extensive network in the US and Europe to identity compelling opportunities

• Deploy $800m of permanent capital in high potential US and European consumer companies

with differentiated brands

• Build a diversified portfolio through targeted sectors: beauty, fashion, home, wellness, leisure and food

Significant events

Financials in 2018

•1 new investment in North America and a strengthened team in 2018

•1 investment announced in 2019

NAV €112m

• Reinforcement of the

team with 3 professionals

in the US

• A new team of 2 professionals

established in Paris to lead

the investment strategy in

Europe

• Acquisition of a luxury,

multi-brand activewear

retailer.

• $25m invested in 2019

• Acquisition of the iconic

makeup brand created

by Pat McGrath.

• $60m invested in 2018



9

Offers submitted

29

High priorities

1

Deals signed

274

Opportunities

2018 highlights 2018 highlightsInvestment

$60m*

(*) Converted to €52m

Sourcing:

• Screened 274 opportunities by networking with entrepreneurs, brands, VC firms, private equity firms, and investment banks

• Drove awareness of Eurazeo Brands across the consumer and retail landscape and presented at numerous industry conferences

Team:

• Hired 4 new investment professionals to establish a deal team in Paris and complete a second deal team in New York to deliver on our mandate of making 2/3 of our investments in North America and 1/3 in Europe

• Expanded Investment Committee to include two well-respected industry veterans

NAV:

• NAV stands at €112m as of Dec 31, 2018, +€52m vs 2017 due to the investment on Pat McGrath

Nest Fragrances:

• Partnered with management to achieve +12% net sales growth, including +43% growth in DTC e-commerce, and +15% total EBITDA growth

• Hired new CEO with experience from Lancôme, Clarins, and John Frieda

• Successfully opened NEST’s first retail store in New York City as a holiday pop-up in Q4 2018, re-opened as a permanent store in Q1 2019

• Prepared for Q1 2019 launch of new Lifestyle Bodycare collection, with new retail partner ULTA Cosmetics in over 150 US doors

Pat McGrath Labs:

• Completed a $60m minority investment in Pat McGrath Labs, the iconic makeup brand, in June 2018; Pat McGrath is the number one makeup artist in the world

• Exceptional triple-digit sales growth across existing distribution of Sephora and PatMcGrath.com

• Negotiated exclusive shop-in-shop at Bergdorf Goodman in New York that opened in Q1 2019 and with prestige UK retailer opening in London in Q2 2019


73

Idinvest Venture, Debt and Private funds - Highlights in 2018


AuM growth +21% to €2.0bn€* +8% to €2.9bn€ +16% to €2.4bn

Fundraising €636m | +43% vs. 2017 c.€500m in line with 2017 €241m | -36% vs. 2017

Full Exits #26 | IRR 11.5% #27 | IRR 7.6% #10 | IRR 7.5%

New investments #35 | €117m #32 | €512m #27 | €366m

Private funds groupVenture Private debt

Our strategyInvesting in European start-ups with strong

growth potential and disruptive technology

Digital, Smart City, Healthcare

2018 Highlights: active on all fronts

• First investment in China (We ride)

and Israel (Breezo meter)

• Funds raised: digital, smart city

• Partnership with corporate:

JC Decaux, SNCF, Total, Malakoff Médéric,

Cisco, Orange, Lagardère, Allianz, Michelin…

• A well adapted offer to the increased

demand of flexible & tailor-made solutions

• A defensive and selective business

2018 Highlights: Top ranking in the industry

• Idinvest’s first-time funds “Idinvest SME

Industrial Assets” (ISIA) has been warmly

welcomed by the market

• International reach: Idinvest has

strengthened its presence in Germany,

dedicating new resources

• Idinvest has been highly rewarded

for its Private Debt activity:

• 3 complementary strategies to build bespoke portfolios

• Ambition is to grow AuM by double digit on next vintages

2018 Highlights: Best French LP

• A strong screening of the market:

180+ investment opportunities have been

analyzed

• Awarded as “Best French LP” in Regional

strategy category by Private Equity Exchange


Achievements

Key metrics reflecting our dual-funded model


In m€ 31/12/2017** 31/12/2017**PF Idinvest & Rhône

31/12/201831/12/2018

PF Eurazeo Capital IV

(1st closing)

Eurazeo Capital 4,058 4,058 3,287 3,287

Eurazeo PME 382 382 379 379

Eurazeo Patrimoine 320 320 481 481

Eurazeo Croissance 237 237 380 380

Eurazeo Brands 60 60 112 112

Eurazeo Development 240 704 874 874

Net cash & Others 300 -15 396 396

TOTAL NAV 5,597 5,746 5,907 5,907

NAV per share (€) 74.5 74.4 77.5 77.5

Eurazeo Capital * 730 730 505 998

Eurazeo PME * 396 396 362 362

Eurazeo Patrimoine 45 45 63 63

Eurazeo investment partners 1,171 1,171 931 1,423

Idinvest * @100% - 6,924 7,945 7,945

Rhône * @30% - 1,389 1,477 1,477

Total assets managed by investment partners 1,171 9,484 10,353 10,845

TOTAL AuM 6,768 15,230 16,260 16,753Assets under management (AuM): The sum of fair value of invested portfolio companies, valuation of Eurazeo’s management for investment partners, uncalled capital of

funds managed for investment partners, proportional AuM managed by Idinvest (100%) and Rhône (30%), net cash and cash equivalent.

(*) Including all uncalled commitments. Eurazeo’s commitments in Idinvest funds are excluded from Idinvest AuM (ie. allocated accordingly) for a total amount of €69m.

(**) For 2017, NAV per share is adjusted for the 2018 bonus share grant

A long-term shareholder base and a strong corporate governance


Richardson family

3.3%

Michel David Weill Concert

16.5%

JC Decaux Holding

17.5%

Rhône Partners

2.7%

Treasury Stock

3.1%

Free float

55.1%

• Separation 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 a shareholder agreement

between founding families (“Concert”,

former SCHP)

(1) Including 9.4% of Tikehau

(2) Excluding the member of the Supervisory Board representing employees,

honorary chairman and 2 non-voting members

SHAREHOLDING STRUCTURE

As of December 31, 2018

A STRONG CORPORATE GOVERNANCE

(1)

Other members of Supervisory Board and employees

1.8%

Financial Agenda


April 25, 2019 General Assembly

May 16, 2019 1st Quarter 2019 revenues

• ISIN code: FR0000121121

• Bloomberg/Reuters: RF FP, Eura.pa

• Share capital

as of Dec. 31, 2018: 76,542,849

• Statutory threshold

declarations 1%

EURAZEO SHARES

• Indices:

SBF120

DJ EURO STOXX

DJ STOXX EUROPE 600

MSCI

NEXT 150

CAC MID&SMALL

CAC FINANCIALS

EURAZEO CONTACTS

INVESTOR RELATIONS

Caroline COHEN

[email protected]

+33 (0)1 44 15 16 76

Haojing PAN

[email protected]

+33 (0)1 44 15 89 36

www.eurazeo.com

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

SG Patrick Jousseaume

About us


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.

th march 2019 - eurazeo · major (and ongoing) reinforcements of already talented management team...

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