EURAZEO CONFIRMS ITS EXCELLENT GROWTH MOMENTUM IN THE FIRST QUARTER OF 2021: AUM +21% OVER 12 MONTHS AND REVENUES +20% EXCLUDING TRAVEL AND LEISURE

EURAZEO CONFIRMS ITS EXCELLENT GROWTH MOMENTUM IN THE FIRST QUARTER OF 2021: AUM +21% OVER 12 MONTHS AND REVENUES +20% EXCLUDING TRAVEL AND LEISURE

Paris, May 20, 2021

Asset management momentum strengthens at end-March

• Assets Under Management (AUM): €22.7bn, +21% over LTM, of which +27% for third party
• Third-partyfundraising: €785m at end-March and c.€1,200m YTD, versus €283m in Q1 2020
• Management fees: €59m, of which +13% for limited partners (+4% overall1 given balance sheet divestments)
• The Group expects further growth in fundraising in 2021 thanks to the strong market attractiveness of its current funds, particularly for small-mid buyout, growth and private debt funds

Strong growth in portfolio performance

• Portfolio economic revenue2 up +20% in Q1 2021 year-on-year (+15% compared to Q1 2019), excluding the Travel & Leisure segment
• 61% increase in revenues of Growth portfolio companies (non-consolidated)
• Early recovery prospects in Travel & Leisure (10% of NAV)

Sustained investment activity

• €1.1bn invested (€0.5bn in Q1 2020), with business flows in buoyant sectors notably tech (Questel, PPRO, Message Bird), consumer tech (UPD, Aroma-Zone) and financial services (Groupe Premium)
• A high level of asset divestments expected in 2021-2022, as announced

Balance sheet remains robust

• NAV per share of €85.5 (not revalued quarterly)
• Net cash and cash equivalents of €255m at end-March - confirmed RCF of €1.5bn
• Dry powder of €3.7bn

Virginie Morgon, Chairwoman of the Executive Board, stated: "This first quarter of 2021 reflects Eurazeo's growth momentum in all aspects of its business. The growth in our fundraising and assets under management, but also the strong rebound in our portfolio activity, the sustained pace of our investments in growth sectors, value-creatingexits and our ability to support the major shifts towards a more sustainable economy perfectly illustrate our "Power Better Growth" positioning and its attractiveness. In a more favorable economic environment in Europe, the United States and Asia, we are therefore confident that this momentum will continue and accelerate."

1. including management fees calculated on Eurazeo's balance sheet
2. at constant Eurazeo scope

EURAZEO PARIS

1, rue Georges Berger - 75017 Paris www.eurazeo.com

New brand platform: Power Better Growth

During its Shareholders' Meeting, the Group announced its plan to bring all of its private equity, private debt and real estate and infrastructure asset activities, historically carried out by Eurazeo and Idinvest Partners, under the single "Eurazeo" brand.

This new brand architecture is accompanied by a new positioning, Power Better Growth, embodying both the Group's and its teams' business model and ambition.

1. ASSETS UNDER MANAGEMENT AND INVESTMENTS

As of March 31, 2021, Eurazeo Group Assets Under Management (AUM) totaled €22.7bn, up 21% over 12 months and 4% on end-2020.

Eurazeo manages capital on behalf of limited partners for €16.0bn, up 27% on a 12-month rolling basis and 6% over three months, as well as the Group's permanent capital (Net Asset Value, NAV) of €6.8bn. It is recalled that, in line with our methodology, unlisted assets, which currently comprise all assets on the Group's balance sheet, are not revalued quarterly.

	Assets Under Management (€m)		31/12			31/03			% variation			% AUM
		2020			2021			LTM		Last 3M
Private Equity	15,021			15,867		26.3%	5.6%		74%
Private Debt	4,329			4,379		8.7%	1.1%		20%
Real Assets	1,242			1,320		30.2%	6.3%		6%
Total asset management AUM	20,592			21,566		22.5%	4.7%		100%
Value of the asset management activity	1 440			1,440		42.5%	0%
Cash and other items	-271			-274			n.s.			n.s.
	of which cash and cash equivalents	287			255			n.s.			n.s.
Total Group AUM	21,760			22,732		21.1%	4.5%
of which limited partner AUM	15,014			15,973		26.6%	6.4%		70%
of which permanent capital (NAV)	6,746			6,759		9.6%	0.2%		30%
	Fundraising1 (€m)		Q1 2020					Q1 2021			% change
Private Equity					155					644				4x
Private Debt					127					140			+10%
Real Assets					-					-			-
Total					283					785			+177%

1 excluding Eurazeo's commitments in the Group's programs

Fundraising momentum should carry on over the coming quarters, given funds raised to date in 2021 (€1.2bn), the interest demonstrated by client investors in current funds and the planned fundraising program. As such, fundraising is expected to increase in 2021-2022 from the record level of 2020 (€2.9bn).

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	In €m			Investments			Divestments
			Q1 2020			Q1 2021			Q1 2020			Q1 2021
Private Equity	344			661		64			209
Private Debt	67			389		99			75
Real Assets	44			79		57			2
Other	-			-		-			-
Total	455			1,129		220			286
of which balance sheet	147			222		57			2433

During Q1 2021, Group investments increased significantly across all asset categories, totaling €1.1bn compared to €0.5bn in Q1 2020. Eurazeo remains extremely selective in its acquisitions in a context of high prices.

External divestments rose 30%. Divestments are expected to accelerate in the coming quarters as announced.

1. PRIVATE EQUITY

Fundraising

Private Equity fundraising was robust in the first three months:

• Growth: Bolstered by the investment team's excellent track-record, the Eurazeo Growth III fund has raised over €700m to date (including Eurazeo balance sheet commitments of €150m), confirming the fund's attractiveness. The Group sold 32% of its Growth portfolio on the balance sheet for €215m as part of a secondary fund to a group of international investors. These investors also committed €125m in other funds of the strategy, representing a total of €340m.
• Buyout: €165m of co-investments were raised in Q1 2021 as part of portfolio company build-ups.
• Venture: the Group announced the Smart City II fund's first closing. This fund seeks to invest in the most promising innovative digital companies in mobility, energy, proptech and logistics.
• Individual investors: after the quarter-end, Eurazeo announced the final closing at €170m of the Idinvest Strategic Opportunities II (ISO II) secondary fund, the second vehicle in the ISO range for private individuals. The fund helps finance the growth of unlisted European SMEs and intermediate-sized companies. The ISO II fund launched its fundraising in October 2019 and exceeded the initial target by over €30m.

Investments and divestments

The dealflow remained rich over the period:

• Mid-largebuyout (Eurazeo Capital): Questel (intellectual property management solutions in SaaS mode) completed four build-ups to accelerate its development. After the quarter-end, the Group announced it was in discussions for the acquisition of a majority stake in Aroma-Zone, a

3 including €215m from the secondary Growth transaction with partner investors, not included in the Group divestment figures presented above because it is AUM neutral

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pioneering French company making and distributing aromatherapy, natural beauty and wellness products through a direct-to-customer online model. This acquisition will complete Eurazeo Capital IV's investment phase;

• Small-midbuyout (Eurazeo PME): the Group completed the acquisition of Altaïr (premium homecare products) and supported the acquisition by UTAC-CERAM of its competitor Millbrook in the United Kingdom, thereby doubling its revenue. After the period-end, the Group signed exclusive agreements to acquire a majority stake in the Premium Group (personal finance) and in I-TRACING (cyber security);
• Growth: the Group announced an investment in PPRO (infrastructure provider in the cross- border alternative payments space) and reinvested in several of its current investments (Payfit, Vestiaire Collective, BackMarket). After the quarter-end, the Group acquired a stake in MessageBird (the world's leading global omnichannel communication platform) to support the company's development in the United States;
• Venture: the strategy supported the growth of technology companies including investments in Jow and Cubyn;
• Brands: acquisition of a majority stake in Ultra Premium Direct (high-end petfood) announced post-closing.

The Group divested €209m of Private Equity assets in Q1 2021, excluding Growth's secondary balance sheet divestment. After the period-end, the Group announced the sale of 49% of its stake in Trader Interactive (digital marketing platform for the purchase and rental of recreational and commercial vehicles in the United States) for US$280m, based on a total enterprise value of US$1.6bn, i.e. 2.8x its initial investment.

As announced previously, the Group forecasts a significant number of divestments in 2021 and 2022 due to the maturity of its portfolio, the high quality of its assets and the favorable market conditions.

1. PRIVATE DEBT

Fundraising

Fundraising during the first three months totaled €140m, up +10% year-on-year. The rapid roll-out of capital in recent quarters should lead to the forthcoming launch of a Direct Lending successor fund.

After the period-end, the Group launched the ESMI (Eurazeo Sustainable Maritime Infrastructure) fund, with the objective of pursuing sustainable development as defined in Article 9 of Regulation (EU) 2019/2088. This fund will back maritime economy transition projects aiming for carbon neutrality by 2050. Several renowned sovereign and institutional investors have already confirmed their involvement in the fund.

Investments and divestments

Investments during the period totaled €389m, nearly six times the amount invested in the same period in 2020 (€67m). Divestments totaled €75m.

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1. REAL ASSETS

Fundraising

With the arrival mid-January of three reputed sustainable infrastructure investment professionals, a pipeline of opportunities is being developed in the energy transition and digital infrastructure sectors. At the same time, the team is preparing the launch of a fundraising campaign in the second half of 2021.

Investments and divestments

At the beginning of January 2021, the Real Estate team acquired Johnson Estate, an office building complex in London comprising four buildings with a total surface area of 18,000 sq.m., for an equity investment of €79m.

Reden Solar continued its strong growth during the first quarter of 2021, mainly through the acquisition of new power plants in France, therefore increasing its production capacity by 10MW.

The divestment of the C2S clinics group, signed in December 2020, should be completed in H1 2021. This transaction would generate a cash-on-cash multiple of 3.2x and an Internal Rate of Return (IRR) of approximately 48% for Eurazeo.

1. STRATEGIC PARTNERSHIPS

Eurazeo sold 20% of its stake in iM Global Partner, a global network dedicated to asset management with over US$18bn of AUM. The deal generated sales proceeds of around €70m for Eurazeo, i.e. a cash-on-cash multiple of 2.1x and an Internal Rate of Return (IRR) of 22%. Following the transaction, Eurazeo held 52% of the share capital.

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