EURAZEO_REGISTRATION_DOCUMENT_2017

4

CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements

Consolidation method

% control

% interest 74.93% 74.93% 74.93% 74.93% 74.93% 88.66% 88.66% 88.66% 88.66% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 79.88% 37.47%

Change in consolidation scope

Company

Country

Escuela Superior de alta gestion de hotel Sommet Education Services Spain

Spain Spain

FC FC FC FC FC

Acquisition

Sommet Europe Online

Netherlands

Sommet EC France

France

Hospitality Education PTE.

Singapore

Acquisition

Les Roches Jin Jiang International Hotel Management College WorldStrides sub-group (from December 31, 2017) WS Holdings, Inc.

China

EA

USA USA USA USA USA USA USA USA USA USA USA USA

FC 100.00%

Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition

WS Purchaser, Inc. WH Blocker, Inc.

FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC FC

WorldStrides Holdings, LLC Lakeland Holdings, LLC Lakeland Seller Finance, LLC

Lakeland Finance, LLC Lakeland Tours, LLC

Heritage Education and Festivals, LLC Oxbridge Academic Resources, LLC

WorldStrides International, LLC

Explorica, Inc.

Explorica Canada, Inc. Explorica Travel, Inc.

Canada

USA

Explorica U.K., Ltd.

UK

Explorica S. de R.L. de C.V.

Mexico Sweden

Explorica Europe AB

Explorica Merida Holdings, LLC Casterbridge Tours Limited

USA

UK UK UK

Rhapsody Tours Limited Rhapsody Travel Limited

WorldStrides Travel Information Consulting (Shanghai) Co., Ltd.

China

National Educational Travel Council, LLC

USA USA

Fawkes Travel, Inc.

CBL International Management Limited

Hong Kong British Virgin Islands Hong Kong

Global Education Group Holding, Inc. CBL International Academic Education Ltd. CBL International Oxbridge Programmes, Ltd.

UK

WorldStrides PTY LTD

Australia Australia Australia

Snowman Property Management PTY LTD

Tinogra PTY LTD

International Studies Abroad, LLC

USA USA Peru USA USA Chile

AGU, LLC

Asociacion Educativa Y Cultural ISA – Peru

GlobaLinks – Canada, LLC

GlobaLinks, LLC

Gustavo Jose Artaza Programa de Estudios Internacionales International Studies Abroad (ISA) Belgium sprl International Studies Abroad (ISA) England Limited

Belgium

UK

FC = Full consolidation. EA = Equity accounted.

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2017 Registration document

Eurazeo