EURAZEO_REGISTRATION_DOCUMENT_2017

CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements

Eurazeo Patrimoine: Fonroche/Reden Solar

Eurazeo Brands On November 29, 2017, Eurazeo invested approximately US$70 million in NEST Fragrances. Revenue and EBITDA 12-month estimates for 2017 are US$39 million and US$5 million, respectively. Given the proximity of the transaction closing date to the period end, the NEST Fragrances group will be fully consolidated from January 1, 2018. The impact on the 2017 is not considered material.

On February 2, 2017, Fonroche spun-off its businesses into two separate groups: geothermal and biogas activities (retained by the company’s founders) and solar activities. Eurazeo (47%) and InfraVia (53%) took over the solar activities, renaming them Reden Solar. The new group is equity-accounted, as was the Fonroche group. Sale of ANF Immobilier On October 24, 2017, Eurazeo sold its investment in ANF Immobilier for a price of €22.15 per share, representing disposal proceeds of €212.3 million. The ANF Immobilier securities were deconsolidated based on reserves as of September 30, 2017.

SEGMENT REPORTING NOTE 3

Eurazeo Brands : focuses on the development of European and • American brands with international growth potential, making individual investments of US$10 million to US$600 million; As of December 31, 2017, the Eurazeo Croissance and Eurazeo Brands divisions do not include any fully-consolidated companies. The contribution of equity-accounted groups to consolidated net income is presented in Note 8.1. Depending on the operating segment, the main performance indicators are as follows: adjusted EBIT (earnings before interest and taxes); • adjusted EBITDA (earnings before interest, taxes, depreciation and • amortization); IFRS net debt. • Adjustments between operating income before other income and expenses and the various income statement performance indicators mainly concern: adjustments for non-recurring items: restructuring costs, • acquisition costs, amortization of assets recognized on the allocation of the purchase price; fair value gains and losses on investment properties (Eurazeo • Patrimoine). These adjustments were calculated directly based on the IFRS contributions of each operating segment and can be reconciled directly with the published consolidated financial statements.

Pursuant to IFRS 8, Operating Segments, segment reporting is presented in line with internal reporting and information presented to the chief operating decision maker (Eurazeo’s Executive Board) for the purposes of allocating resources to the segment and assessing its performance. Due to the growing number of Eurazeo group companies, internal reporting is now analyzed at division level and no longer for each individual investment. Eurazeo group operating segments correspond to the following divisions: Holding companies : encompasses investments in non- • consolidated investments and the co-investment fund business; Eurazeo Capital : invests in market leaders with an enterprise value • of over €200 million and supports them with their extensive transformations; Eurazeo PME : invests in French SMEs with an enterprise value of • between €50 million and €200 million and supports their transformation to international companies; Eurazeo Croissance : supports, as a minority shareholder, • fast-growing companies with an innovative business model, investing successive tranches of €15 million to €20 million; Eurazeo Patrimoine : specializes in management and investment • activities for physical assets and particularly real estate;

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2017 Registration document