EURAZEO_SHAREHOLDERS'_LETTER_2018

March 2018

April 2018

NEWS

Investment continues. Eurazeo Patrimoine acquired an 87% stake in the C2S group fromBridgepoint, seeking to develop the group through external growth. C2S is currently the eighth largest private clinic operator in France.

Eurazeo finalized its two strategic investments in Idinvest Partners andRhôneCapital. This dual transaction speeds up the development of Eurazeo’s third-party fundmanagement and supports the drive to become a partner of choice for businesses and entrepreneurs.

BACKSTAGE WITH THE BUSINESSES… Olivier Millet, Chairman of the Eurazeo PME Executive Board, member of the Eurazeo Executive Board Marc Frappier, Managing Partner, Head of Eurazeo Capital, member of the Eurazeo Executive Committee

Howwould you characterize Eurazeo’s investment divisions? Marc Frappier: They have the same purpose, to grow companies; the same identity, proximity to management of the companies they support; and the same resources to serve transformation: the capital used to finance projects, the expertise of teams that fully understand their business and market and a method based on strict discipline. These attributes give us ever-increasing power to develop our companies. What specifically is themethod behind your signature? Olivier Millet: It is founded on three pillars. First, a rigorous selection process allowing us to identify investment opportunities as early as possible. The target: dynamic companies that are ready to roll out responsibly. Then, co-building with the management teams. We look for managers that are passionate and ambitious. Finally, we activate all the transformation levers: international expansion, external growth, innovation, organic growth, industrial development, digital transformation and CSR. Can you give us a representative example of successful transformation? Marc Frappier: Asmodee is a good example. At the outset, it distributed board games and playing cards. We initiated all the growth drivers to transform it into a global amusement leader: external growth,

From left to right Marc frappier Olivier Millet

using a strategic and methodical plan. The results matched the investment with an over-50% surge in the company’s revenue. Another company, another success: Vignal Lighting Group, specializing in industrial vehicle lighting. This European company set out to conquer the world, with the help of our Shanghai office in particular.

with 17 acquisitions in four years, and digital transformation, with the roll-out of on-line and mobile games. This success is reflected in the numbers: EBITDA will soon reach €100 million and profits have increased sixfold in four years! Does transformation similarly produce results for SMEs? Olivier Millet: Yes, of course. I would cite the example of Flash Europe, now Redspher, the European leader in same-day transport, whose digital transformation we supported

The result? Revenue has more than doubled in four years 1