To meet today’s major challenges, bu- sinesses must embrace change, grow, innovate, expand worldwide, and look beyond their core business. To support them, they need a robust, bold, visio- nary, exemplary and engaged partner. is that partner.

From startups to SMEs, mid-caps and in- ternational groups, we identify, finance, accelerate and support companies that invent and reinvent themselves, innova- tive entrepreneurs, and emerging talent.

Power Better

We turn constraints into opportunities, Growth challenges into ways to create value, and bold ideas into real successes.

We stand alongside creative innovators. We support senior managers and .

We provide expert support at the right time. And we invest for the long term. COUNTRIES

NATIONALITIES

ASSET CLASSES

Power Better With its 10 countries, 25 nationalities, a diversified offering that creates sustainable Growth value, and its firm belief in responsible growth, Eurazeo is the ideal pathway to capital and expertise for entrepreneurs, a trusted portal to the French and European markets for inter- national investors, and provides direct access to the real economy for individual investors. Championing meaningful growth is what we are all about. PARIS

urazeo is a leading global investment group, with a Ediversified portfolio of over €20 billion in assets un- NEW YORK der management, including €15 billion managed on be- half of third parties, invested in some 450 companies.

With our considerable , real estate and private expertise, we support companies of all S Ã O PAULO sizes, helping them develop through the commitment and skills of our nearly 300 professionals, our in-depth sector expertise, the privileged access we provide to global markets, and our identity as a responsible and SEOUL sustainable . SHANGHAI

PORTFOLIO SINGAPORE COMPANIES 3

LONDON Our institutional and family shareholder base, and in particular the long-standing support of the David-Weill and Decaux families, our solid financial position with no structural debt on the balance sheet, and our flexible investment horizon enable us to support LUXEMBOURG companies over the long term.

To help our portfolio companies with their interna- tional expansion and to be as close as possible to FRANKFURT our investment partners, we have offices in Paris, New York, Berlin, Frankfurt, London, Luxembourg, Madrid, São Paulo, Seoul, Shanghai and Singapore. BERLIN The Group is listed on Paris.

MADRID Power Better Growth Eurazeo focuses on three asset classes – Private Equity (which YEARS accounts for two- OF HISTORY thirds of our ), Private Debt and Real Luxembourg

Berlin Frankfurt Assets – to support and fund businesses. London

Paris SLOVAKIA Madrid 4 Virginie Morgon, 5 New York Présidente du Directoire Seoul

CUBA Shanghai With steady growth in both as- with their international expansion projects and As a listed investment company with a history give them access to our business network, but sets under management and going back more than 130 years, the Group has we can also forge close ties with international COLOMBIA Singapore portfolio value, strong fundrai- a long-standing presence in France, with a broad private investors in North America, Europe and sing momentum, and conti- footprint in Europe. We are also pursuing our Asia. nued asset rotation into promi- global ambitions, having expanded into North America and Asia in the last 10 years. Our third main distinguishing feature is that, São Paulo sing sectors, Eurazeo is moving among global players, we have an unusually forward on its growth trajectory large amount of our own money to invest, as focused on value creation for What makes you different in well as the funds we raise from third-party in- the industry? vestors. We use our balance sheet to support its shareholders and investors. the creation, development and acceleration of businesses that we believe to have major long- V.M. : We have a number of strengths, such as How would you describe term potential. Our balance sheet also ensures the exceptional quality of our people, our digital that the interests of Eurazeo, our shareholders Eurazeo today? expertise, and our exemplary governance. But and our private investors are perfectly aligned, I would highlight four things that set us apart. since we invest in all of the funds we manage. Virginie Morgon : With over €20 billion in assets under management invested on our own behalf Firstly, diversification. We are one of very few The final competitive advantage I would men- NEARLY and on behalf of institutional investors, Eurazeo firms in the sector having put in place dedi- tion, and an important one at that, is our status is one of the most diversified investment and cated teams with expertise in all phases of a as an innovative leader in terms of social and asset management groups, and we apply our company’s development – startups, unicorns, environmental responsibility. We started down expertise in all promising sectors. SMEs, mid-caps, multinationals – as well as in COUNTRIES that path 20 years ago, before the rest of our real estate. We can offer all types of funding industry, and we are still out in front today. EMPLOYEES NATIONALITIES With 450 portfolio companies in which we have solutions: equity, quasi-equity and private debt.

invested or to which we have provided funding, we contribute to development, responsible Secondly, our international presence. We have growth, and job creation in all geographies in local teams in 10 countries across four conti- Offices dedicated to investment Offices dedicated to development which we operate. nents. Not only can we support our companies

Power Better Growth Power Better Growth In the current circumstances, Which three features sum up how do you identify attractive Power Better Growth means anticipating Eurazeo’s investment investment areas? What types and activating the right levers at the right activities today? of companies are you looking at? times to create value for all. V.M. : Dynamic capabilities, tech and value crea- V.M. : Today’s markets are even more pola- tion! We continue to strengthen our position rized than before. At Eurazeo, we anticipated as a major player in the tech sector. In 2020, Power Better Growth is about identifying, this trend several years ago, when we began almost 50% of our private equity investments targeting and investing in promising shifting our investment strategy towards the were in this sector. Our expertise in selecting, sectors and companies best positioned to meet sectors to create a more circular and targeting and completing investments has made tomorrow’s challenges. sustainable future. us one of the leading providers of funding to European tech players. Tech represents almost Naturally, technology companies form part two-thirds of our assets under management, of that. Overall, we have invested €5 billion in Power Better Growth means mobilizing and we support more than half of the French In 2021, 220 tech companies, and the sector currently resources and energies to help meet the tech companies included in the Next40 index. accounts for almost 40% of the opportunities significant challenges of our time. we are studying. The Covid-19 crisis has given We made the strategic decision to take greater we will a further boost to e-commerce, the adoption advantage of value creation opportunities via of digital tools by consumers, the internet of an asset divestment program, which will be THREE WORDS THAT FUEL OUR ACTIONS things, robotics, software development, and accelerated in 2021 and 2022. FOR MEANINGFUL GROWTH continue electronic payments. 6 7 The same has happened in health care, with fas- Will the market continue to invest ter progress in the fields of biotech, diagnostics, to be as buoyant as it used onshoring of production, accelerated digitization of processes through remote medicine, and to be? ted such ambitious targets. The O+ program to come. We expect that our continued growth in clinical trials. This has created a number of ESG and sustainability issues establishes some very practical objectives, such trajectory will allow us to double our assets new opportunities for an experienced group V.M. : The private equity market has shown are increasingly front and as making further improvements in terms of under management in the next five to seven like ours, which has invested €1.2 billion in 50 its ability to navigate a volatile and complex center around the world, and gender balance and inclusion, and sharing a years, driven by ongoing growth across all our promising companies in the last 15 years. And it is also environment. The market still has good mo- greater proportion of the value we create. We divisions, a buoyant market, and our proven why Caisse des Dépôts and a group of French Eurazeo recently unveiled mentum today. have also made a commitment that is unique ability to raise funds. insurers selected Eurazeo, from a field of around its new strategy in this area. sectors. in our industry: we are aiming to cut net carbon 15 competitors, to manage a fund worth almost There is strong demand for capital among com- What does it involve and why emissions across the entire Group to zero by We have broadened the scope of our invest- €420 million dedicated to developing a hub of panies of all types and all sizes that want to grow. is this important for Eurazeo? 2040 through a very demanding protocol ap- ments, with the arrival of a new team focusing excellence for the French health care sector. To meet this demand, we are seeing growing proved by the Science Based Targets initiative. on infrastructure to support the ecological tran- Our teams are also closely monitoring other inflows of capital from institutional investors V.M. : Eurazeo is reaping the rewards of the sition. We have also bolstered our position in promising sectors: financial services, asset looking for strong returns of the kind that the commitments we made to ESG over 20 years health care with our Nov Santé fund. management, education, premium consumer private equity industry has been delivering for ago. We are now included in the five leading ESG goods, and manufacturing. And what about right 20 years now. indexes and we received the maximum score now? What are your short And we will keep up the pace in terms of value of A+ in the 2020 UN PRI assessment. creation in our portfolio. After some good exits In this buoyant market, Eurazeo has learned a lot to medium term objectives? in 2020, the pace of divestments is likely to in the last 10 years and we have made our model I’m proud to say that O+, our new ESG program remain high in the near future. This will allow even more solid, less risky and more dynamic: for the next 20 years, is one of a kind in our V.M. : We intend to continue investing in the real us to realize the hidden value in our portfolio focusing on diversification, reducing leverage, industry. We are still at the forefront of our economy. Our strategy has proven its resilience and thus support growth in net asset value. and achieving a balance between investments industry in this area, as no other firm has adop- and we plan to strengthen it further in the years in high-growth and more resilient sectors.

Power Better Growth Power Better Growth ASSETS UNDER MANAGEMENT :

More €20than billion

A WORLD LEADER SPECIALIZING IN HIGH-POTENTIAL PRIVATE MARKETS :

DIVERSIFICATION

Real Assets AS A GROWTH

8 STRATEGY 119

Private Debt An undisputed leader in asset mana- HIGH-GROWTH SECTORS gement for private markets, Eurazeo adopts bold investment strategies The growth of our portfolio is driven by (1) to identify and nurture tomorrow’s a fully integrated organization. We focus Nearly 10% champions and support their trans- on promising sectors such as technology, formation. health care and financial services. Private Equity Our business model, together with ASSET Nearly half of the investments by our

(1) the diversification of our activities, CLASSES Private Equity teams are in technology More than geographies and investments, makes companies: e-commerce, the internet of 20% us a European leader with a global things, robotics, software development, footprint. and electronic payments.

Eurazeo is recognized as one of the In the health care sector, we are accele- (1) leading European players in private rating our investments in biotechnology, More than 70% equity, which accounts for 73% of its diagnostics, devices, remote medicine, business. With its two other asset and clinical trials. Our teams are also clo- classes, private debt (21%) and real sely monitoring other promising sectors, assets (6%), the Group funds com- including financial services, asset ma-

panies across the entire investment AREAS OF nagement, education, and premium spectrum. EXPERTISE consumer goods.

(1) Percentage of assets under management.

Power Better Growth Power Better Growth To identify the best investment opportunities, we are backed by our international teams of experienced professionals with a strong passion for entrepreneurship. The diversification Our investors rely on the support of our Investment PRIVATE DEBT Partners and Corporate teams, all genuine experts Mid-caps look for customized and inno- of our activities, in their fields. We leverage their complementary vative financing arrangements. We offer skills to fuel innovation, help companies set them bold solutions in areas such as geographies themselves apart in their sectors, and create value. direct lending and asset-based finance.

Direct Lending and investments

Lower middle-market companies take advantage of our direct lending solutions to succeed while our leveraged makes us loan funds accelerate expansion and phases for mid-caps. a European leader Our solutions help French majority family-owned or PRIVATE EQUITY management-owned companies committed to social responsibility as they continue their growth and trans- with a global Disruptive startups, visionary brands, internatio- formation journey. Spotlight nal groups – private equity unleashes their full potential. Asset-based finance footprint. THE As part of our active role in the ecological transition, we offer alternative financing for European SMEs and mid- INVESTMENT 10 Buy-out caps in the manufacturing sector. 11 We invest our own capital in the Today’s disruptors are tomorrow’s PARTNERS small to mid-cap and mid-cap to leaders. From the initial stages to large buyout segments to sup- Series C funding, we invest in digital TEAM port the transformation efforts of services and technologies, smart ci- high-potential companies and step ties, and the health care sector. More The mission of the In- up their international expansion. than just a shareholder, we are a pre- vestment Partners team We work alongside managers, hel- ferred, reliable and engaged partner: ping our investees to strengthen we bet on people and exceptional is to build long-term rela- and grow in three main ways: teams and we have been paving the tionships with institutional through international expansion, way for venture capital in Europe for REAL ASSETS investors or family offices. digital transformation, and acqui- more than 20 years. We assist and Specialized by geography sitions. support the most ambitious foun- ders so that together we can build For projects at the intersection of real and investment type, the tomorrow’s champions. estate and private equity, such as in Investment Partners team the area of transition infrastructure, has two main activities, From digital startups and fast- Private Funds Group growing players to widely reco- our expertise always creates value. fundraising and marketing. gnized brands and businesses Through our customized and di- working to build a hub of excellence versified portfolios and dedicated Real Estate in the French health care sector, secondary funds, we offer investors we work alongside the most pro- privileged access to the best Euro- Our experts successfully carry out direct acquisitions of mising companies to bring their pean mid-market private equity real estate assets as well as investments in high-potential ambitious projects to fruition. Our opportunities. We are also known companies with real estate holdings. Growth Capital, Brands and Health as a provider of a range of liquidity Care teams work with these digital solutions to many limited and ge- Infrastructure entrepreneurs and high-potential neral partners. firms, providing the 360° support In the digital, energy and transportation infrastructure they need to realize their vision. sectors, we invest in European companies that support the transition to a sustainable economy.

Power Better Growth Power Better Growth 12

Power Better Growth Power Better Growth THE POWER OF TEAMWORK

MATTHIEU CAROLINE BARET HADRBOLEC

Managing Partner Managing Partner Venture Capital Human Resources

SOPHIE FRANÇOIS FLAK LACOSTE

Managing Partner Managing Partner ESG and Digital Private Debt

14 JILL CHRISTOPHE 15 GRANOFF SIMON

Managing Partner Managing Partner CEO, Brands Private Funds Group

BENOIST GROSSMANN FRANS TIELEMAN Senior Managing Partner Managing Partner Venture and Growth Investment Partners CEO, EIM Europe

RENAUD HABERKORN

Managing Partner Real Assets

EXECUTIVE BOARD (from left to right) MEMBERS

CHRISTOPHE BAVIÈRE PHILIPPE AUDOUIN NICOLAS HUET VIRGINIE MORGON MARC FRAPPIER OLIVIER MILLET Investment Partners Chief Financial Officer General Secretary Chief Executive Officer Mid‑large buyout Small-mid buyout Chairman of the Executive Board of EMC

Power Better Growth Power Better Growth Creating sustainable value

Eurazeo was one of the first French investment firms to integrate ESG factors into its processes. For us, this means driving sustainable value creation throughout the investment cycle, and particularly at three key stages: the pre-investment phase, the holding period, and the exit phase. Our ESG criteria have been applied in determining the variable component of compen- sation paid to Executive Board members since 2014 TOWARD and to Partners Committee members since 2019. Measuring our impact

To evaluate its success in meeting its social commit- SUSTAINABLE ments each year, Eurazeo carries out impact assess- AN ENDOWMENT FUND FOR ments. Since 2015, our ESG programs have generated YOUNG PEOPLE more than €260 million in cost savings, while reducing

our GHG emissions by 1.5 million metric tons of CO2 AND SHARED equivalent. In 2004, Eurazeo put in place a proactive sponsorship policy. GROWTH Reaching carbon neutrality Since 2015, we have focused in particular on lending our sup- Eurazeo reaffirms its status as an ESG leader in its In 2020, we stepped up our measures to address port to a range of projects to climate change and help build a low-carbon economy. markets and seeks to generate returns in a way We are aligning our activities with the scenario to promote education and pro- that supports sustainable and inclusive growth. keep the increase in the global average temperature tect young people. In 2020, to Reaching below the threshold of 2°C, have set a target to achieve ramp up its equal opportunity carbon neutrality by 2040 at the latest, and follow initiatives, the recommendations of the Intergovernmental Panel the Group created carbon 17 on Climate Change (IPCC). To reach our goals, we a philanthropic endowment will be reducing emissions across Eurazeo’s entire fund whose top priorities are value chain. With respect to our investments, we neutrality and aim to select companies offering significant potential to protect young people and

to reduce CO2 emissions and those associated with improve their access to edu- limited risk and exposure to rising carbon prices, cation and training. while excluding investments in assets connected with promoting high-carbon activities. This investment strategy also involves integrating the carbon factor across the entire investment cycle and the ongoing assessment of our inclusion carbon performance.

Toward a more inclusive society

Businesses can have a positive impact on progress NONPROFITS in society. It is with this aim in mind that Eurazeo supported since 2004 RECOGNIZED COMMITMENTS provides support to its portfolio companies to ensure that they offer better social protection, more equal Our ESG commitments and performance have been opportunities, and more equitable sharing of the recognized by leading international non-financial ra- tings agencies. Today, Eurazeo is the only listed value created. CHILDREN AND YOUNG PEOPLE aided by the Group’s program since 2015 investment company having been selected as a With O+ : With respect to gender balance, we encourage our member of five highly regarded ESG index fami- (1) portfolio companies to have women holding at least lies , alongside other companies setting the standard Eurazeo aims to achieve carbon neu- As part of its commitments to 40% of board seats and senior management positions. for responsible business practices worldwide. In addi- trality by 2040, in line with the Science society, Eurazeo acts to reduce To improve the sharing of value created and social tion, Eurazeo has signed on to the most demanding and Based Targets initiative (SBTi). The inequality and fights for inclusion protection, we work to ensure the widespread adop- internationally renowned voluntary commitments and SBTi provides clear criteria and a through initiatives to promote de- tion of systems to distribute the value created among assessments relating to non-financial performance. ALLOCATED TO step-by-step process for private cent work, social protection, gender all those who help create it as well as the worldwide NONPROFITS sector companies to achieve ambi- equality, and respect for diversity availability of health, life and disability . €9M (1) Ethibel Sustainability Index (ESI), Euronext Vigeo, FTSE4Good, MSCI ESG and Low tious emissions reduction targets. and solidarity. Carbon Leaders, and STOXX Sustainability, Low Carbon and ESG Leaders.

Power Better Growth Power Better Growth PARIS NEW YORK S Ã O PAULO SEOUL SHANGHAI SINGAPORE LONDON LUXEMBOURG EURAZEO, POWER BETTER GROWTH ― Eurazeo, 1 rue Georges Berger 75017 Paris FRANKFURT eurazeo.com ― Design & Production Agence Carré Noir Photo credits Peter Allan, BERLIN Stéphane de Bourgies, Audoin Desforges, Getty images MADRID eurazeo.com Content

— P.03 Edito — P.04 Eurazeo at a glance — P.05-07 Interview with Virginie Morgon, Chief Executive Officer — P.08-11 Our business model — P.12 Power Better Growth — P.14 Our management team — P.18 Environment, eurazeo.com Social and Governance