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2021 Shareholders' Meeting 2021 Shareholders’ Meeting APRIL 28, 2021 3 OPENING OF THE SHAREHOLDERS’ MEETING Michel David-Weill Chairman of the Supervisory Board 2021 SHAREHOLDERS’ MEETING 4 LEGAL FORMALITIES Nicolas Huet General Counsel 2021 SHAREHOLDERS’ MEETING PRESENTATION BY THE 1 CHAIRMAN OF THE 2 A NEW IDENTITY SUPERVISORY BOARD FOR A NEW AMBITION Michel David-Weill Virginie Morgon, Chief Executive Officer 3 SOLID PERFORMANCE 4 AN AMBITIOUS STRATEGY: IN 2020 POWER BETTER GROWTH Philippe Audoin, Virginie Morgon, Chief Financial Officer Chief Executive Officer Agenda PRESENTATION OF THE PRESENTATION 6 WORK OF THE CAG FOR THE 5 OF THE SUPERVISORY COMMITTEE BOARD’S WORK Georges Pauget, Chairman of the SHAREHOLDERS’ Nicolas Huet, Compensation, Appointment MEETING General Secretary and Governance Committee PRESENTATION 8 SHAREHOLDERS’ 7 OF THE STATUTORY QUESTIONS AUDITORS’ REPORTS Isabelle Massa Mazars, for the joint auditors PRESENTATION 9 OF THE RESOLUTIONS Nicolas Huet, General Secretary 2021 SHAREHOLDERS’ MEETING 2021 Shareholders’ Meeting APRIL 28, 2021 PRESENTATION BY THE 1 CHAIRMAN OF THE SUPERVISORY BOARD Michel David-Weill 2021 SHAREHOLDERS’ MEETING 9 2 A NEW IDENTITY FOR A NEW AMBITION Virginie Morgon Chief Executive Officer 2021 SHAREHOLDERS’ MEETING A NEW BRAND IDENTITY 10 TO BUILD EURAZEO’S POSITIONING FOR 2030 ? 2001PASSIVE HOLDING 2011FRENCH INVESTMENT 2021EUROPEAN ASSET COMPANY FIRM MANAGER with a minority exposure focused on listed with a diversified mix to listed and unlisted French and unlisted large-cap of investments, backed assets companies by a worldwide network, and an ESG leader 2021 SHAREHOLDERS’ MEETING DIVERSIFICATION IS THE KEY TO OUR TRANSFORMATION11 2011 Assets under BUYOUTS management 100% OF ASSETS International in Private Equity groups €4 Lower mid-cap billion companies 2021 SHAREHOLDERS’ MEETING DIVERSIFICATION IS THE KEY TO OUR TRANSFORMATION12 OF ASSETS UNDER MANAGEMENT 20211235791 73% in Private Equity VENTURE CAPITAL GROWTH CAPITAL BUYOUTS PRIVATE FUNDS GROUP Digital Growth Mid-large Primaries Assets under Smart cities Brands Small-mid Secondaries management Biotech Health care Co-investments €21.8 21% PRIVATE DEBT 6% REAL ASSETS billion Direct Lending Real Estate Asset Finance Infrastructure 2021 SHAREHOLDERS’ MEETING MUCH LARGER EXPOSURE TO THE REAL ECONOMY 13 WITH A FOCUS ON PROMISING SECTORS 2011 A portfolio of 22COMPANIES 100% large caps 2021 SHAREHOLDERS’ MEETING MUCH LARGER EXPOSURE TO THE REAL ECONOMY 14 WITH A FOCUS ON PROMISING SECTORS 2021 FINANCIAL SERVICES CONSUMER GOODS HEALTH CARE DIGITAL A portfolio of 450COMPANIES of all sizes and in all promising sectors SMART CITIES REAL ESTATE BUSINESS SERVICES MANUFACTURING/ INFRASTRUCTURE 2021 SHAREHOLDERS’ MEETING A EUROPEAN LEADER BACKED BY A WORLDWIDE NETWORK15 2011 Paris OFFICES IN PARIS 2 AND LUXEMBOURG % 82OF PORTFOLIO COMPANIES based in France EMPLOYEES 32 All French nationals 2021 SHAREHOLDERS’ MEETING A EUROPEAN LEADER BACKED BY A WORLDWIDE 16 NETWORK Luxembourg Berlin 2021 Frankfurt London OFFICES Paris 11 around the world New York Madrid Seoul Shanghai 300EMPLOYEES Singapore NATIONALITIES 25 in the Group São Paulo OF ECONOMIC REVENUE 53%FOR PORTFOLIO COMPANIES Business development EU Asia generated outside France offices 71% of revenue 6% of revenue Investment offices North and South America Europe outside the EU * Consolidated entities 18% of revenue 4% of revenue 2021 SHAREHOLDERS’ MEETING AN IDENTITY IN STEP WITH A WORLD OF OPPORTUNITIES17 Paving the way Taking part in finding solutions Anticipating areas in a fast-growing industry for today’s major challenges of future value creation Private equity fundraising worldwide (€ billions) Tech champions in Europe Energy transition 4,400 Agro/Agri 3.5x Sustainable infrastructure Smart cities Premium consumer goods 1,700 Digitization and onshoring of health care R&D and supply chains Software Financial services 2011 2020 2021 SHAREHOLDERS’ MEETING BUILDING ON OUR STRENGTHS 18 TO RAMP UP OUR GROWTH DOUBLING A NAME A history going back more than 130 years OF ASSETS UNDER with a proven track A solid and stable family shareholder base MANAGEMENT record A French and international business network in 5-7 years A worldwide ambition A PASSION Close ties with entrepreneurs for entrepreneurship Ability to anticipate sectors with strong potential Diversified, engaged and loyal teams Transparency 2021 A COMMITMENT 2020 to the highest ethical Responsibility standards Exemplary governance 2011 2021 SHAREHOLDERS’ MEETING 2021 Shareholders’ Meeting APRI L 2021 APRIL 28, 2021 Power Better Growth 2021 SHAREHOLDERS’ MEETING 23 3 SOLID PERFORMANCE IN 2020 Philippe AUDOUIN Chief Financial Officer 2021 SHAREHOLDERS’ MEETING Growth OF ASSET MANAGEMENT 2020 Good momentum ON INVESTMENTS Resilience OF THE PORTFOLIO Continued strength OF OUR FINANCIAL STRUCTURE 2021 SHAREHOLDERS’ MEETING STRONG GROWTH IN ASSETS UNDER MANAGEMENT 25 (€ billions) 21.8 +16% 18.8 +16% 16.3 ON TRACK TO DOUBLE IN 5-7 YEARS 2018 2019 2020 2021 SHAREHOLDERS’ MEETING ANOTHER RECORD YEAR FOR FUNDRAISING IN 2020 26 AMOUNTS RAISED FROM INVESTMENT PARTNERS (€ billions) 2.9 2.4 +19% _ IDINVEST PRIVATE DEBT V _ IPD V 1.6 _ EURAZEO GROWTH FUND III _ ISIA _ EURAZEO CHINA ACCELERATION FUND _ NOV SANTÉ _ SMART CITY II _ EURAZEO CAPITAL IV _ PRIVATE FUNDS _ RHÔNE _ MCH V 2018 2019 2020 Private Equity Private Debt 2021 SHAREHOLDERS’ MEETING CONTINUING RAPID GROWTH 27 IN ASSET MANAGEMENT INCOME STRONG GROWTH IMPROVED FRE MARGIN IN MANAGEMENT FEES1 THANKS TO OPERATING LEVERAGE (€ millions) (€ millions) +13% +18% 80 70 34,0% 243 70 216 60 59 186 32,0% 50 47 144 30,0% 40 36 29% 30 28% 28,0% 20 26% 25% 26,0% 10 0 24,0% FY 2017 PF FY 2018 PF FY 2019 PF FY 2020 2017 PF 2018 PF 2019 PF 2020 FRE (€ millions) FRE margin 1. Management fees paid by third parties and calculated as a percentage of total assets on the balance sheet. 2021 SHAREHOLDERS’ MEETING STRONG VALUE CREATION DUE TO PORTFOLIO EXITS 28 PRIVATE EQUITY REAL ASSETS 4.1x 3.2x Gross 2.1x Gross CoC CoC 2.2x Gross Gross IRR 25% 38% IRR 18% 48% (to be completed in H1 2021) BUYOUT ACCELERATION 2021 SHAREHOLDERS’ MEETING PLANNED ACCELERATION OF THE ASSET DIVESTMENT 29 PROGRAM SET TO POSITIVELY IMPACT VALUE CREATION VALUE GENERATED BY DIVESTMENTS PACE OF +31% DIVESTMENTS +25% EXPECTED TO €2.5 per share +33% >+60% SPEED UP IN 2021- +22% €3.4 per share €2.8 per share €4.6 per share 2022 … €2.7 per share … DRIVING NAV GROWTH: Prudent valuation methodology Strategic premium on average multiples at exit Timing of divestments 2016 2017 2018 2019 2020 Last valuation before divestment1 Added value generated by divestment 1. Sales of private and listed assets, excluding syndication. 2021 SHAREHOLDERS’ MEETING SUBSTANTIAL VALUE CREATION 30 FOR NEARLY 90% OF NAV VALUE CREATION IN 2020 (%) ~90% OF NAV1 Category 1 Category 4 Resilient activities due –53% Travel and leisure to a high level of sector recurring income Category 2 NAV Companies indirectly +30% affected by the lockdowns €6.7 billion Category 3 Companies directly affected by the lockdowns, but expected to recover quickly 1. Percentage calculated on the basis of Group NAV at end-2020, excluding net cash and other items. 2021 SHAREHOLDERS’ MEETING A RESILIENT PORTFOLIO: 31 GOOD PERFORMANCE APART FROM THE TRAVEL AND LEISURE SECTOR ECONOMIC EBITDA CATEGORIES 1-31 CATEGORY 4 (Travel and leisure) GROWTH (NON- CONSOLIDATED CONSOLIDATED ENTITIES) ENTITIES 342 +5% AVERAGE REVENUE 575 605 GROWTH ~45% –20 IN 2020 2019 PF 2020 2019 PF 2020 H1 economic EBITDA (€ millions) H2 economic EBITDA (€ millions) 1. Categories defined in relation to the Covid-19 impact (see definitions on previous slide). 2021 SHAREHOLDERS’ MEETING GROWTH IN NET ASSET VALUE 32 COMBINED WITH A REDUCTION IN THE DISCOUNT CAGR +12% dividends incl. +6.3% of which +21% in H2 80.3 85.4 70.9 73.8 59.5 62.5 52.7 54.3 40.4 34.7 Dec. 31, 2011 Dec. 31, 2012 Dec. 31, 2013 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2020 –31% –15% –12% c.-20%1 Three-year average discount Spot discount 1. Spot discount based on share prices as of April 23, 2021. 2021 SHAREHOLDERS’ MEETING STRONG VALUE CREATION BY GROUP ACTIVITIES 33 IN 2020 EURAZEO GROSS VALUE CREATION IN 2020 GROUP (%) +12% +37% +26% at constant +23% excl. exchange +19% rates +18% WorldStrides +17% +8% +5% Total value creation MidCapital-large IIIBuyouts & IV Small-midPMEBuyouts GrowthGrowth BrandsBrands PatrimoineReal Assets AssetAsset Managementmanagement from Group's activities (Eurazeo Capital III & IV) (Eurazeo PME II & III) (Eurazeo Growth) (Eurazeo Brands) (Eurazeo Patrimoine) activity 2021 SHAREHOLDERS’ MEETING INCOME STATEMENT UNDER IFRS 34 € millions 2019 PF 2020 Fee-related earnings (FRE) 59 70 Performance-related earnings (PRE) 65 50 A. Contribution of the asset management activity 125 120 B. Contribution of the investment activity 100 191 C. Contribution of companies, net of finance costs 229 (139) Amortization of assets relating to goodwill allocation (207) (204) Income tax expense (8) (21) Non-recurring items (135) (236) Consolidated net income (loss) 103 (289) Consolidated net income (loss) of which Europcar1: (€237M) 99 (160) of which WorldStrides1 : (€140M) attributable to owners of the Company Non-controlling interests 4 (129) 1. Total impact attributable to owners of the Company, including impairment, share of income (loss) and other items. 2021 SHAREHOLDERS’ MEETING A SOLID FINANCIAL POSITION 35 Net CASH1 €307 million REVOLVING credit facility2 €1.5 billionUNDRAWN DRY powder3 €3.9 billion 1. Pro forma net cash as of March 31, 2021. 2. Syndicated credit facility renewed. 3. Capital subscribed by investment partners but not yet invested. 2021 SHAREHOLDERS’ MEETING EURAZEO ITS SHAREHOLDERS A close and long- standing relationship 2021 SHAREHOLDERS’ MEETING LONG-TERM OUTPERFORMANCE 37 BY THE EURAZEO SHARE EURAZEO SHARE PRICE1 TOTAL SHAREHOLDER (4/23/2011 – 4/23/2021) RETURN €68.9 (4/23/2011 – 4/23/2021) (4/23/2021) +139% +118% €35.8 Since 2020 Shareholders’ Meeting +58% +40% Eurazeo CAC 40 23/04/2011 23/04/2012 23/04/2013 23/04/2014 23/04/2015 23/04/2016 23/04/2017 23/04/2018 23/04/2019 23/04/2020 23/04/2021 Eurazeo CAC 40 1.
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