EURAZEO_REGISTRATION_DOCUMENT_2017

4

CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements

Impairment tests on investments in associates 8.1.1 With the exception of its investments in Desigual and Europcar, Eurazeo did not test any of its investments in associates for impairment as it did not identify any indication of loss in value. Indications of loss in value include an actual or expected decline in EBITDA or an unfavorable change in one or more market data potentially impacting the value of an investment. Europcar securities were adjusted as of December 31, 2016 based on a value of €10 per share. After taking account of net income for the year

and other reserve movements and with the impairment recorded in 2016 maintained, the cost price is €10.57 per share. An impairment of €34.4 million was recognized on Desigual shares to take account of performance levels in 2017 and the outlook for 2018. In the interests of prudence, the valuation does not take account of the expected positive mid-term results of actions implemented by the management team to stimulate growth and the strengthening of the management team. Similarly, this valuation does not take account of accretion mechanisms that may be implemented on exit under the shareholders’ agreement.

As of December 29, 2017, the stock market price of listed associated was as follows:

Number of shares held

Stock market price as of 12/29/2017

Total

(In thousands of euros)

Elis (shares held by Legendre Holding 27)

13,825,204 55,978,453

23.02 € 10.25 €

318,187 573,779

Europcar (shares held by Eurazeo and Ecip Europcar)

Summary financial information on material associates 8.1.2 Information on the listed associates (Elis and Europcar) is available in the financial statements of these companies on their websites.

Related-party disclosures 8.1.3 Eurazeo has no financial commitments on behalf of related companies other than those disclosed in this Note. As of December 31, 2017, the balances recorded in the Company balance sheet and income statement in respect of related undertakings (associates only) are as follows:

Holding company

Income Expenses

Assets Net liabilities

(In thousands of euros)

Associates Desigual Investment

Legendre Holding 29 Legendre Holding 29

289,582

Income from investment

712

Elis Investment

Legendre Holding 27

177,908

Income from investment Income from investment Income from investment

Eurazeo Ecip Elis

412

70

Legendre Holding 27

8,333

Europcar Investment Investment

Eurazeo

450,518

Ecip Europcar

60,161

Income from investment Income from investment

Eurazeo

24,714 3,689

Ecip Europcar

LPCR Investment

Legendre Holding 47 Legendre Holding 47

94,391

Income from investment

1,536

Neovia Investment

Legendre Holding 35 Legendre Holding 35

117,307

Income from investment

636

Trader Interactive Investment

LH Open Road

202,138

Reden Solar Investment

Legendre Holding 25 Legendre Holding 25

78,710

Income from investment

1,649

228

2017 Registration document

Eurazeo