Investor Investor 2018 presentation Investor Day 7th December Eurazeo is ready to grow Virginie Morgon, CEO Agenda 2018 INVESTOR DAY Eurazeo, a large diversified multi-specialist European asset manager p. 8 Solid fundraising capacity ready to grow AuM p. 44 Eurazeo: Idinvest, integrating with Eurazeo p. 54 ready to grow Financial reporting for Eurazeo p. 74 Private debt p. 96 Private funds group p. 112 A deep dive Real assets p. 128 into our asset classes Private equity p. 149 Strong leadership 20+ years in the industry Executive Committee Executive Board Virginie MORGON Marc FRAPPIER PARTNERS CEO Managing Partner – Head of Eurazeo Capital Christophe BAVIERE Benoist GROSSMANN CEO Managing Partner Philippe AUDOUIN Frans TIELEMAN Head of Venture & Growth Directeur Général Managing Partner - Member of the Executive Board Finances - CFO Head of Eurazeo Development Nicolas HUET Renaud HABERKORN General Secretary Managing Partner - Head of Eurazeo Patrimoine Steven LANGMAN Robert AGOSTINELLI Olivier MILLET Caroline HADRBOLEC Co-Founder and Chairman Of the Chief Human Resources Co-Founder and Managing Director Managing Director Executive Board Officer Of Eurazeo PME Eurazeo 2018 Investor Day 4 Our messages Our industry is growing and should continue to do so Our model of balance sheet and third party AuM is uniquely differentiated We are today a large diversified multi-specialist European asset manager Our ambition is global Each of our investment divisions has standalone excellence and ready to grow Eurazeo 2018 Investor Day 5 Global 90+ footprint 380+ 4 230+ investment portfolio asset professionals professionals 9 countries companies classes WE ARE BORN FRENCH OUR SUCCESS IS EUROPEAN OUR AMBITION IS GLOBAL €5bn €17bn €6bn 2x market AuM NAV average CoC capitalisation All partially & fully realised exits since 2002 (…) Nb. Selected portfolio companies Eurazeo 2018 Investor Day 7 Eurazeo, a large diversified multi-specialist European asset manager • How do we see the future of private markets ? • Eurazeo is today well positioned • Our ambition Solid fundraising capacity ready to grow AuM Eurazeo: Idinvest, integrating with Eurazeo ready to grow Financial reporting for Eurazeo Four takeaways on the market environment PE is here to stay Increasing competition • Investors continue to deploy capital in the PE market • Competition for deals growing as prices • PE market continues to outperform other asset increasingly inflated classes, generating continued interest from investors • Trend toward direct investing (e.g., pension funds, searching for yield SWFs), often targeting lower returns as they • Despite some concerns around the economy, can pay higher prices PE fundraising shows little sign of slowing down • As a value driver, multiple expansion will be harder to come by Differentiation is key Headwinds • Attracting top talent is crucial in an increasingly • Tightening global monetary policy crowded PE market • Geopolitical risks • Differentiated ability to source deals is increasingly • Global trade concerns, emerging markets weakness important, requiring firms to develop strong networks in their core markets • Operational value-add Eurazeo, a large diversified multi-specialist European asset manager 9 What makes private markets so attractive? • Increasing allocation to private funds • High resilience and low default rates Private Private equity • Generate superior returns (World, Europe) debt • Regular and stable returns backed by high seniority and strong downside protection • A deep and increasing addressable market to finance • Low volatility • Private equity: a vital contributor to the economy • Floating base rate • Outperformance of secondaries strategies • One of the largest asset class in the world Private Real funds • Huge potential growth for the secondary market assets • More stable and strong downside protection • Construct tailored portfolios to fit investors’ need • Predictable and steady income streams with and constraints defensive qualities • High risk-adjusted returns • Low correlation with private equity / debt Eurazeo, a large diversified multi-specialist European asset manager 10 Private markets have room to grow In US$ ~36x 14x 200 trillion 81 trillion 6 trillion Private markets(1) Stock markets Public debt markets (2) CAGR 2008-2018 (3) Private Equity $3,326 bn +10% (1) Private markets include infrastructure, real estate, natural resources, private debt, private equity, fund of funds Private Debt $728 bn +13% (2) Public debt markets include non-financial corporates, government and financial sector. (3) Data as at March 31st, 2018. Real assets include real estate and infrastructure. Fund of funds include fund of funds private equity, Real Assets $1,386 bn +11% fund of funds hybrid, secondaries. Source: Preqin, Bloomberg, Institute of International Finance Fund of funds $597 bn +7% Eurazeo, a large diversified multi-specialist European asset manager 11 Private equity return: consistent superior returns vs public markets Private equity net IRR as at June 2018(1) Public markets returns(2) 15-year horizon 1-year horizon 1 year 5 years 10 years 15 years 14% S&P 500 13% 10% 14.2% 16.4% 9% US PE funds(3) 1 year 5 years 10 years 20 years MSCI Europe mPME 9% % % 7% Europe PE 15.2 17.4 5% & venture capital 3% funds(4) (1) Net of fees, expenses, and carried interest 1 year 5 years 10 yearsSource: Cambridge20 years Associates (2) Public markets indexes are average annual compounded return calculations which are time weighted measures (3) Horizon calculation based on data compiled from 1,468 US private equity funds (buyout, growth equity, private equity energy and subordinated capital funds), including fully liquidated partnerships, formed between 1986 and 2017. (4) Horizon calculation based on data compiled from 5449 Europe developed private equity funds (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital, including fully liquidated partnerships, formed between 1986 and 2018. Eurazeo, a large diversified multi-specialist European asset manager 12 A deep and growing addressable market funded by private equity investors Number of private equity backed A deep addressable market companies in the world of European private companies Companies with revenues >€100m +43% Listed companies Private companies(1) +21% 37,352 2,500 ~30,000 +18% 30,820 (1) Source: Capital IQ, as at October 4th, 2018 Advantages of Private Equity 26,070 • Expertise • Large amounts of funding • Active involvement; Corporate support 2008 2013 2018 • Accelerating value creation Source: Pitchbook Eurazeo, a large diversified multi-specialist European asset manager 13 The number of listed companies has dropped in Europe and the US over the past 10 years Number of domestic listed companies -15% -28% 6,587 5,109 4,336 4,750 2007 2017 2007 2017 Source: World Federation of Exchange / Worldbank Eurazeo, a large diversified multi-specialist European asset manager 14 Private debt: a growing market AuM in Private Debt - World CAGR More growth to come in $bn +13% 728 +60% 455 Unrealized value +89% 240 Dry powder 2008 2013 2018 (1) For investors: For corporates: • Attractive returns, low volatility • An increasingly attractive financing option as a result of regulatory and strong downside protection restrictions (Basel III) limiting banks’ lending activities • High resilience and low default rates • Flexible financing solutions with a large range of tailor-made instruments • A good asset diversification for institutional investors • A lasting relationship between the lender and the borrowers Source: Preqin (1) Data as at March 31st, 2018 Eurazeo, a large diversified multi-specialist European asset manager 15 Eurazeo, a large diversified multi-specialist European asset manager • How do we see the future of the private markets ? • Eurazeo is today well positioned • Our ambition Solid fundraising capacity ready to grow AuM Eurazeo: Idinvest, integrating with Eurazeo ready to grow Financial reporting for Eurazeo Our core strengths – 1 – – 2 – – 3 – We are growing fast We are a multi- and performing well specialist asset manager We are multi-regional – 4 – – 5 – – 6 – We are a We value people We are digitalizing as our core assets responsible investor Eurazeo, a large diversified multi-specialist European asset manager 17 A decade of transformation: from a pure player to a multi-specialist asset manager Before 2011 2017 2018 As at Sept. 30th, 2018 Asset classes Private equity Private equity Real assets Private equity Real assets % of AuM* 100% 94% 6% 60% 4% Private debt Private funds 20% 16% Investment divisions 1 5 8 (*) Assets under Management, excluding Eurazeo Development, net cash & other items Eurazeo, a large diversified multi-specialist European asset manager 18 Our multi-asset class model creates numerous opportunities Private equity Private Debt Private funds Real assets Others (2) AuM(1) €9.4bn €3.0bn €2.5bn €0.6bn €1.0bn # investment divisions 5 1 1 1 Eurazeo Capital Rhône Idinvest Private Debt Idinvest PrivateFunds group Eurazeo Patrimoine Eurazeo PME Eurazeo Growth Eurazeo Brands Idinvest Venture • Better balance the • Expand our scope of • Attract • Attract the risk-return investment opportunities more investors best talents (1) Assets under Management as at Sept 30th, 2018 (2) Others include Eurazeo Development, net cash & other items Eurazeo, a large diversified multi-specialist European asset manager 19 Multi-regional with a global footprint International 235 people, of whom 94 investment professionals in 9