EURAZEO_REGISTRATION_DOCUMENT_2017

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CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements

12/31/2017

Gross debt

Cash assets

Net debt

Comments/Nature of main covenants

(In thousands of euros)

Maturities: 2021 (bond issue and credit facility), 2018-2023 • ( other borrowings) Covenants: • Net debt/EBITDA (1) • Maturities: 2018 ( credit facility), 2019-2024 ( other • borrowings) Cov-Lite Term Loan B •

Asmodee

243,435

(51,960)

191,475

Carambar & Co

-

(82,365)

(82,365)

Fintrax

401,849

(46,020)

355,829

Maturities: 2024 • Covenants: •

Iberchem

120,679

(17,398)

103,281

Net debt/EBITDA (1) •

Maturities: 2023 ( credit facility), 2025 ( other borrowings) • Cov-Lite Term Loan B •

Novacap

696,879

(54,058)

642,821

Maturities: 2023 Covenants: •

Net debt/EBITDA (1) • Capex (2) • Minimum cash amount •

Sommet Education

141,460

(33,956)

107,504

Maturities: 2024 (credit facility), 2022 (revolver) • Cov-Lite Term Loan •

WorldStrides

427,810

(31,421)

396,389

Other companies

-

(120)

(120)

Total “Eurazeo Capital” net debt

2,032 ,12

(317,298)

1,714,814

Maturity: 2017 to 2031 • Covenants: •

Debt service coverage ratio • Net debt/EBITDA (1) • EBITDA (1) /net interest expense • Capex (2) •

Eurazeo PME

752,183

(111,965)

640,218

Total “Eurazeo PME” net debt

752,183

(111,965)

640,218

Maturities: 2021 (finance leases), 2023 (acquisition debt • and capex) Covenants: • LTV (4) Debt service coverage ratio • Net debt/EBITDAR (2) •

Grape Hospitality

338,269

(71,677)

266,592

Capex (3) • Hedging •

160,590 Maturity: 2027/2029 (finance leases) •

CIFA Assets/CIFA 4 Assets

166,198

(5,608)

Other companies

-

(427)

(427)

Total “Eurazeo Patrimoine” net debt

504,467

(77,712) (384,100)

426,755 (384,100)

Eurazeo

-

Other companies

70,542 70,542

(17,064)

53,478

Total “Holding company” net debt

(401,164) (908,139)

(330,622)

TOTAL NET DEBT 2,451,165 EBITDA: Earnings before interest, taxes, depreciation and amortization; adjusted where applicable in accordance with bank documents. (1) EBITDAR: Earnings before interest, taxes, depreciation, amortization and rent; adjusted where applicable in accordance with bank documents. (2) Capex: Capital Expenditure. (3) LTV: Loan To Value. (4) ICR: Interest Coverage Ratio. (5) 3,359,304

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2017 Registration document

Eurazeo