EURAZEO_REGISTRATION_DOCUMENT_2017

CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements

Assumptions 5.2.1 The actuarial assumptions underlying the valuation are as follows:

Obligation discount rate

Rate of pay increase

12/31/2017

12/31/2016

12/31/2017

12/31/2016

France

1.18% to 2.00% 0.50% to 0.75%

1.07% to 2.00% 0.50% to 0.75%

1.00% to 3.00% 1.75% to 2.00%

1.50% to 3.00% 1.75% to 2.00%

Switzerland

Rate of pension increase

Expected return on plan assets

12/31/2017

12/31/2016

12/31/2017

12/31/2016

France

1.00% to 2.00%

0.25% to 2.00% 0.80% to 1.75%

1.18% to 2.00% 0.50% to 0.75%

1.07% to 2.00% 0.50% to 0.75%

Switzerland

0.80%

The discount rate represents the yield, at the year-end, of bonds with a minimum AA rating and maturities similar to those of Group obligations. The expected return on plan assets was determined based on long-term bond interest rates.

Valuation and change in Group obligations 5.2.2 Group obligations are measured using the projected unit credit method. Group obligations are partially funded by outside funds, with the balance covered by provisions recognized in the balance sheet. The following table shows changes in the liability net of plan assets recognized in the Eurazeo group balance sheet:

Fair value of plan assets Net obligation

Obligation

Liability 57,584

Assets 1,790

(In thousands of euros) As of December 31, 2016

145,585

(89,791)

55,794

Current service cost

11,137 1,247

-

11,137 (226) (1,361)

11,137 (226) (1,361)

Net interest cost

(1,472) 5,452 (2,215) (6,755)

Benefits paid

(6,813)

Contributions from plan participants Contributions from the employer

2,215

-

-

4

-

(6,755)

(6,755)

Past service cost

765

- - -

765

765

Impact of plan curtailments

- - -

- -

- -

Settlements

Return on plan assets

(1,358)

(1,358)

(1,358)

Actuarial gains and losses demographic assumptions •

13,381

- -

13,381

13,381

financial assumptions •

462

462

462

Changes in consolidation scope/Reclassifications

19,582 (5,380) 182,180

283

19,865 (1,474) 90,229

19,582 (1,474) 91,736

(283)

Foreign currency translation As of December 31, 2017 Due in less than one year Due in more than one year

3,906

(91,951)

1,507

1,072

90,664

With the exception of actuarial gains and losses, the expense relating Financial expenses (i.e. income of €0.2 million in net financial to post-employment benefits (€11.7 million in 2017, compared with expenses in 2017 and an expense of €0.6 million in 2016). €8.0 million in 2016) is split between Employee benefits expense and

221

Eurazeo

2017 Registration document