Eurazeo : 2017 First Half Results

PARIS, JULY 27, 2017

H1 2017: STEPPING-UP THE PACE H1 2017 KEY FIGURES: SOLID RESULTS

> Economic revenue1: €2,410 million, up +13.4% at constant Eurazeo scope2

>Consolidated revenue: €1,569 million, up +15.9%

>+63% increase in the net contribution of companies: €106 million compared to pro forma €65 million in H1 2016

>Net income attributable to owners of the Company: €136 million (pro forma €70 million in H1 2016)

• STRONG INVESTMENT MOMENTUM

  >Eight deals and three capital increase contributions for a total of €1,193 million (Eurazeo share): 5 investments in Iberchem, CPK, Trader Interactive (formerly DWS), Smile and In'Tech Medical; 3 divestments: Colisée and ANF Immobilier Hôtels and exclusive negotiations for the sale of the stake in ANF Immobilier; and 3 capital increase contributions (Elis, Europcar and Novacap) to support their external growth

  >Major acquisitions underway in the portfolio companies: Goldcar at Europcar, Berendsen at Elis, PCAS at Novacap.

  >21 build-ups for an investment of €742 million and 2 new joint ventures to step-up growth in Asia

• STEADY GROWTH OF A UNIQUE MODEL

  >Creation of Eurazeo Brands

  >Ramp-up of Eurazeo in the United States with an initial investment (Trader Interactive) and bolstered teams

  >Increased third-party management: Eurazeo PME III fundraising (€250 million) following the €500 million raised for Eurazeo Capital II in December 2016

• STRENGTHENED SHARE OWNERSHIP

  >Stake acquired by JCDecaux Holding: a family-based and entrepreneurial DNA to support Eurazeo over the long term

• FURTHER NAV PER SHARE GROWTH: +13% to €77.8 as of June 30, 2017 compared to December 31, 20163

>Net cash and cash equivalents of €434 million as of June 30, 2017 and around €320 million pro forma of the latest deals.

Patrick Sayer, CEO, declared:

"The first half of 2017 will remain a high point in our company's development. We continued to accelerate all our vital forces at work for Eurazeo. We rotated our portfolio, continued fundraising with PME III and performed transformational build-ups for our companies, including Elis, Europcar or Novacap. We also completed our first U.S. investment during this period, less than one year after opening our New York office. We expanded our investment opportunities with the creation of Eurazeo Brands, a new investment division dedicated to brands with high global potential. Lastly, major capital movements marked the first half of 2017, including the arrival of a new reference shareholder. Our long-time family shareholders were joined by the Decaux family, with whom we share the same values of long-term investment, entrepreneurship and responsibility."

1 Consolidated revenue + proportionate share of revenue of equity-accounted companies.

2 The constant Eurazeo scope is defined in Appendix 1.

3 Adjusted for the bonus share grant in May 2017

1

I. MORE THAN EVER, OUR DYNAMICS ARE AT WORK

Having gradually enhanced its model in recent years, Eurazeo now relies on five investment strategies, each driven by specific dynamics, and a scope of action reinforced by third party management activity.

Eurazeo actively continued its investment and divestment strategy, with i) 8 deals signed or realised for €1,193 million (Eurazeo share), or 24% of the NAV as of December 31, 2016. Investments totaled nearly €702 million while divestment proceeds amounted to €359 million; ii) contributions totaling €132 million to the Elis, Europcar and Novacap capital increases to finance their transformational acquisitions.

Taking into account third party management, these deals totaled €1,423 million.

• The investment pace remains intense Eight deals (Eurazeo share): five new investments and three divestments: > Eurazeo Capital: i) A carve-out in the confectionery and chocolate sector (CPK - Carambar & Co): Eurazeo invested

  €164 million, i.e. 68% of capital. ii) Trader Interactive (formerly DWS): First investment by Eurazeo Capital in the United States for $226 million (see Section I page 3); iii) On July 24, 2017, Eurazeo realised its investment in Iberchem, a Spanish fragrances and flavours company (see Section IV) for around €270 million, i.e. nearly 70% of capital.

  > Eurazeo PME: i) €33 million investment for Smile, a leading integrator and outsourcer of open source solutions;

  ii) acquisition of In'Tech Medical for €33 million (see Section IV); iii) Sale of Colisée to IK Investment Partners for proceeds of €123 million, an investment multiple of 2.5x and an IRR of 35%.

  >Eurazeo Patrimoine: sale of ANF Immobilier Hôtels (€23 million) and exclusive negotiations for the sale of the stake in

  ANF Immobilier (see Section IV);
• Financial support for transformational projects of three group companies: Eurazeo contributes to capital increases Three transactions: As a long-term investor supporting the development of businesses in value creation projects, Eurazeo participated in the Elis, Europcar and Novacap capital increases to finance major external growth transactions.

  > On February 9, 2017, Eurazeo contributed €46 million to Elis' €325 million capital increase to finance the acquisitions of Indusal and Lavebras, major players in Spain and Brazil.

  > In June 2017, Europcar completed a €175 million capital increase by private placement to finance the acquisition of Goldcar. A shareholder in the company since 2006, Eurazeo continues to support Europcar Group's development drive, contributing €30 million to the transaction. At the deal close, its stake in the Group stood at 39.22%.

  > Eurazeo contributed €56 million to the acquisition of PCAS by Novacap.

• A brisk start to the year for portfolio companies

Activity was brisk for Eurazeo's companies with i) 3 transformational investments by Elis, Europcar and Novacap;

1. 21 build-ups for €742 million and iii) the signing of international joint ventures:

   Three transformational investments for three Eurazeo Capital companies: > Europcar acquired Goldcar, one of the main low-cost players in Europe. With this strategic acquisition, Europcar will stand at the crossroads of three major growth engines - the Mediterranean region, the leisure segment and the low-cost segment The acquisition is subject to completion of standard conditions precedent, including the approval of the antitrust authorities. The deal is expected to be finalized in the second half of 2017. > Elis submitted a friendly takeover bid for Berendsen to create a Pan-European leader in the rental and maintenance of textile and hygiene articles.

   > On June 20, 2017, Novacap announced a merger with PCAS, a Euronext listed company specializing in the development and production of complex molecules for Life Sciences and Fine Chemicals Markets. This deal will create a global leader in the pharmaceutical synthesis and fine specialty chemicals industry. Novacap acquired a 51.8% stake in PCAS and filed

   a simplified takeover bid with the French financial markets regulator (Autorité des marchés financiers) (see section V)). This deal closed on July 19, 2017 and Novacap now holds 76% of PCAS capital.

   Numerous external growth transactions: no less than 21 highly select build-ups (excluding AccorHotels) totaling €742 million. Asmodee expanded its presence in the games publishing sector, Europcar in the low-cost sector, Neovia in the Chinese pet food segment and Les Petits Chaperons Rouges with a nursery network in the UK. Signing of joint ventures, with support from the Eurazeo team in Shanghai, to boost development in Asia:

   >In March 2017, Fintrax entered into a strategic partnership with a Lotte Group subsidiary in Korea and became a joint shareholder of CubeRefund, an active operator in the Korean tax-free shopping market.

   >On January 12, 2017, Europcar and Shouqi Car Rental, one of the leading car rental companies in China (Beijing Tourism Group), announced the signature of a global business partnership to better meet their respective customers' needs.

   • A unique constantly-developing model to create more shareholder value

     Eurazeo's development is part of a long-term strategy that focuses on boosting its assets, expanding its geographic coverage and accelerating its third-party management.

     >Creation of Eurazeo Brands

     In May 2017, Eurazeo launched Eurazeo Brands, a new division to invest in U.S. and European consumer brands with global growth potential, particularly in 6 key sectors: beauty, fashion, home, travel & leisure, wellness and food. Eurazeo plans to inject $600 to $800 million in the next three to five years. Ideal equity investments for Eurazeo Brands are between $10 million and $600 million. Transactions above $100 million will be carried out as co- investments with Eurazeo Capital.

     >Ramp-up of Eurazeo in the United States

     • With Trader Interactive (formerly DWS, Dominion Web Solutions), Eurazeo completed its first investment in the United States less than one year after setting up in North America. Trader Interactive is an integrated market place and digital solutions platform for leisure vehicles, trucks and motorcycles. Eurazeo's total investment was $226 million for a 50% equity stake alongside Goldman Sachs Merchant Banking Division.

     • Opened in the summer of 2016, the New York office now has a total of 8 investment professionals: 3 are French and 5 are American, including the CEO of Eurazeo Brands, Jill Granoff.

     >Steady third party management:

     Following the Eurazeo Capital II fundraising in December 2016 (€500 million), Eurazeo stepped up the development of its third-party management by raising Eurazeo PME III (see Section V).

   • Strengthened share ownership to back its strategy

On June 6, 2017, the Decaux family acquired the entire 15.4% stake in Eurazeo, previously held by Crédit Agricole SA, for around €800 million through its investment vehicle, JCDecaux Holding. This transaction underlines the Eurazeo model's appeal and the quality of its teams and assets. This comes at a time when the company is speeding up its strategic development by undertaking major initiatives.