EURAZEO_SHAREHOLDERS'_LETTER_2018

Nicolas Huet General Secretary Member of the Executive Board

VIEWPOINT… by Michel David-Weill, Chairman of the Supervisory Board

The businessworld is doingwell. In 2017, all indicators were green for go and this trend will continue in 2018. In the U.S., China, India, Brazil and even Europe, despite Brexit, there are clear signs of recovery. As for France, the new cycle that began in 2017 has already engendered an economic renewal that has broadened our country’s appeal. There is still uncertainty of course, with new technologies that are disrupting the business model and the emergence of protectionist headwinds. In a challenging environment, Eurazeo has successfully charted its course. With its trademark vitality, the company has continued its asset rotation, the core of its business model. It has also accelerated its transformation to meet future challenges. u The partnership with Rhône and the alliance with Idinvest have provided Eurazeo with new business segments and talent. u The increase in funds managed for partner investors generates additional revenues that help boost stock market performance as they contribute to risk diversification and improved earnings forecasts. This is demonstrated

by the virtual disappearance of a discount between the Eurazeo share price and the net asset value per share. u The year was also marked by the Decaux family’s investment in Eurazeo. The family shares our vision of what it means to be a long-term investor and, like all shareholders, is keen to see our company succeed. 2017 ultimatelymarks a new chapter in theGroup’s governance. I would like to pay tribute to Patrick Sayer who served the interests of our shareholders for 16 years. And I am delighted to welcome Virginie Morgon as Chairwoman of Eurazeo. I have known her for over 25 years and she has contributed so much to the Group’s development these past years. Virginie’s talent, experience, personality and reputation reflect the kind of Chairwoman Eurazeo needs to further its ambition 1

Eurazeo draws its strength from the relevance of its business model, the acceleration of its strategy, and the robustness of its share ownership. I am fully confident in the future ”.

TAKEAWAYS FROM THE SM

Adoptionofallresolutions: Further details on our website. See “2018 ASMvote results” Ordinarydividendof€1.25 pershare

Threenewappointments totheSupervisoryBoard • Amélie Oudéa-Castera, co-founder and chair of

• Robert Agostinelli, as non-voting member, co-founder and Managing Director of Rhône. • In addition, the Shareholders' Meeting ratified the appointment of Jean-Charles Decaux and JC Decaux Holding, represented by Emmanuel Russel .

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the “Rénovons le sport français” association and digital expert.

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Acknowledgments: A stirring tribute was paid to Patrick Sayer whose termof office as CEOwas not renewed inMarch 2018.

• Patrick Sayer, former CEO of Eurazeo, corporate director, investor.

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EN ACTION - May 2018

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