EURAZEO_SHAREHOLDERS'_LETTER_2018

From left to right Robert Agostinelli,

new non-voting member Amélie Oudéa-Castera, Patrick Sayer, Emmanuel Russel, new members of the Supervisory Board

Virginie Morgon, Chairwoman of the Executive Board

ANALYSIS… by Philippe Audouin, Directeur Général Finances - CFO, Member of the Executive Board

“

The substantial rise in our revenue (+16%) and the earnings of Eurazeo companies (+34%) demonstrates the merits of our strategy. In 16 years, shareholder value has been multiplied by 4.3x ”.

2017, one of the most active years for investments:

Nine investments totaling €1,354 million,

1

1 Eight partial or total divestments totaling €1,521 million, 1 13 build-ups totaling €479 million, 1 30 external growth transactions including two public offerings for listed companies (carried out by Novacap and Fintrax). Eurazeo’s economic revenue surged by 16% in 2017, to nearly €5 billion, largely outperforming Eurozone GDP growth. Over five cumulative years, the growth differential with the Eurozone is considerable. It is precisely this growth that allows us to create long-term value. For the 7  th year running, the contribution of our investments to Eurazeo’s earnings also rose sharply, at constant Eurazeo scope. Standing at €291 million, it grew by 34%. Capital gains totaled €575 million this year, mainly stemming from the partial divestments of Elis, Moncler, and Europcar and the total divestment of Colisée.

Net income attributable to owners of the Company reached €440.6million, one of the highest figures of the last 10 years. At €78.2, the net asset value (NAV) increased by 15.2%, dividends included. These outstanding results are backed by a very solid financial position , despite the many investments conducted in 2017. We held cash of €379 million at the year-end and currently hold nearly €300 million, pro forma of completed or announced transactions: the acquisition of the C2S network of clinics, the investments in Rhône and Idinvest, the Accor share sale, and the dividend payment.

“ On average, our dividend has risen by 6.2% annually over the last 15 years, with no decreases or interruptions, even during the financial crisis ”. Thanks to these outstanding performances the dividend is raised to €1.25per share , accompanied by a one-for-twenty bonus share grant. Factoring in the impact of the 2017 bonus share grant,

the shareholder dividend roseby9.4%year onyear.

Eurazeo