eurazeo first half 2013

1st HALF 2013 RESULTS

1

August 28, 2013


Good results, as Eurazeo’s efforts bear fruit

Contents

1st HALF 2013 RESULTS 2

03 H1 2013 highlights Good results, as Eurazeo’s efforts bear fruit

08

15

21

29

Value creation

H1 2013 Results Very good results

Accelerating transformation

Appendices

H1 2013 HIGHLIGHTS

Good results, as Eurazeo’s efforts bear fruit

3 1st HALF 2013 RESULTS

Consolidated net

income group share

Strong disposals driving performance


Net proceeds

from disposals

€853m*

(*) Of which €413m for Rexel (€225m in February, €85m in June and €103m in August 2013)

(**) Between June 30, 2012 and June 30, 2013 proforma from the acquisition of Péters Surgical by Eurazeo PME and the sales of the Flexitallic Group and Rexel

(***) Between Dec. 31, 2012 and August 20, 2013

Net cash

€794m €329m

Average multiple

on disposals

2.1x

NAV/share

€59.0

+9%***

Decrease in conso-

lidated net debt**

~-2.1bn

Accelerating our asset rotation


6.0%

4.0%

2.0%

13.0%

23.0%

2008 2009 2010 2011 2012 YTD

DISPOSALS

in % of NAV as of Jan. 1

2012 YTD 2013

+€853m 23% of NAV

+€436m 13% of NAV

(*) Rexel = 3 disposals (February, June & August 2013)

*

8 DISPOSALS IN 2012 & 2013

In €m

▲ 23% of the NAV sold since January 2013

12

14

16

18

20

22

24

26

30/12/11 29/2/12 30/4/12 30/6/12 31/8/12 31/10/12 31/12/12 28/2/13 30/4/13 30/6/13

Accurate market timing


February 14, 2013 Second partial sale

June 4, 2013 Third partial sale

Aug 7, 2013 Fourth partial sale

March 5, 2013 Sale of the entire stake

Share price in €

March 01, 2012 First partial sale

12/30/11 02/29/12 04/30/12 06/30/12 08/31/12 10/31/12 12/31/12 02/28/13 04/30/13 06/30/13

Strengthening of the financial structure both at Eurazeo level and within portfolio companies


Net cash x3 since December 31, 2012

Consolidated net debt 2.1bn* decrease €3,197m

Successful refinancing of Elis Debt maturities

extended to 2017-18

No debt

at company level

Debt

(*) Between June 30, 2012 and June 30, 2013 excluding Europcar fleet debt. Proforma of the sale of Flexitallic Group

and the block of Rexel shares sold in August 2013 and the acquisition of Péters Surgical by Eurazeo PME

VALUE CREATION


A 3-step strategy towards value creation


Value creation

Detect quality

companies and identify strategic sectors

Realize capital gains

when transformation objective achieved

Activate all transformation levers

Eurazeo: well structured and positioned

to create value from growth megatrends

MONETIZATION DETECTION ACCELERATION

Example: The Flexitallic Group


DETECTION MONETIZATION ACCELERATION

7 years holding

Revenue €18m 11% international

EBITDA €6m

EV €37m

Headcount 46

Revenue €210m 90% international

EBITDA €49m

EV €450m

Headcount 1,250

Limited auction Sale to Bridgepoint

2006 2013 Radical transformation of

a French distributor into a global manufacturing leader through:

• Strong corporate governance

• 5 international acquisitions

• Penetration of new markets

• Heavy investment in innovation

and manufacturing

2.9x cash multiple*

performance:

€145m net proceeds 28% IRR*

(*) 2.4x cash multiple and 70% IRR at Eurazeo level, based on the acquisition of OFIPEC in April 2011

Value creation: solid NAV growth

▲ June 30, 2013 NAV/share: +7% versus Dec. 31, 2012

▲ Non-listed companies valuation: +9% versus Dec. 31, 2012


NAV

In € per share

49.2

54.1*

58.0* 59.0*

June 30, 2012 Dec. 31, 2012 June 30, 2013 August 20, 2013

(*) NAV with ANF Immobilier at its NAV: €54.8 as of December 31, 2012, €58.8 as of June 30, 2013, €59.8 as of August 20, 2013

(**) Restated for bonus share allocation

+20%

**

NAV change by division


3,751

3,972

+6

+284 -594

+21 +33 -3 +20 -9 +1 -10

+472

NAV

12/31/12 NAV

06/30/13

Investments Change in

fair value

Disposals

Cash

& other

Rexel,

Edenred Idéal

Résidences

BFR

Groupe

IES and

add-on

In €m

Conservative valuation of non-listed assets


121

15

115

184

22

145

▲ Net proceeds of disposals exceeded the latest valuation in our NAV

B&B Hotels

Sept 10

Mors Smitt

June 2012

The Flexitallic Group

July 2013

NAV

in €m

Last NAV Net proceeds from disposals

+52%

+47%

+26%

A strong track record over the long-term: weighted average cash on cash multiple of 2.1x


0,0x

0,5x

1,0x

1,5x

2,0x

2,5x

3,0x

3,5x

4,0x

Fraikin

Eutelsat

Terreal

Station Casinos

Sirti

B&B Rexel

Rexel (February) Edenred

2005 2007 2010 2012 H1 2013

Mors Smitt*

0.0

3.5 3.4

0.2

Y E A R O F D I S P O S A L

Weighted average multiple of 2.1x

2.1

2.4

3.5

ANF Immobilier 2.9

2.1

2.3

Aug 2013

Multiple

<€50m

€50–100m

€100–150m

>€150m

Investment size:

x

Rexel (June)

Flexitallic Group*

Rexel (Aug)

(*) At Eurazeo PME level

2.0

2.4

2.0 2.0

H1 2013 RESULTS

Very good results


Increase in revenue in Q2


2,093 2,083

1,286 1,285

H1 2012(1) H1 2013

-0.1%

-0.5%

Equity accounted

companies

Fully consolidated

companies

3,379 3,368

-0.3%

ECONOMIC REVENUE

In €m

(1) Restated

▲ Improvement in Q2

Q1: -0.9%

Q2: +1.2% excl. impact

of Danone dividends

Profit & loss details


(in €m) H1 2012 H1 2012 PF(2) H1 2013

Contribution of companies’ net of finance cost 40.8 4.6 4.0

Fair value gains (losses) on investment properties (3.6) (4.8) 3.4

Capital gains 9.6 9.6 580.5

Taxes and other(1) (50.2) (49.4) (60.1)

Non-recurring items (144.2) (138.0) (165)

Net consolidated income (147.4) (177.9) 362.3

Net consolidated income group share (126.6) (146.7) 328.8

(1) Net finance costs of the holding company business (2) Proforma: impact of disposals of a part of ANF Immobilier, Mors Smitt, Edenred, Rexel and deconsolidation of Fraikin

Stable contribution of portfolio companies


H1 2012 H1 2012 PF(1)

H1 2013 Change

Adjusted EBIT of Group consolidated companies

239.1 214.8 215.5 +0.3%

Net finance costs of Group consolidated companies

(240.9) (238.7) (228.0) (4.5%)

Share of net income of associates after net finance costs

42.6 28.6 16.5 -42%

Contribution of companies net of finance costs

40.8 4.6 4.0

CONTRIBUTION OF COMPANIES NET OF FINANCE COSTS (at 100%)

(1) Proforma: impact of disposals of a part of ANF Immobilier, Mors Smitt, Edenred, Rexel and deconsolidation of Fraikin

+ 8% excl. Elis laundry impact

▲ Heavy seasonality of large Eurazeo companies (Moncler, Europcar)

In €m

Capital gains and non-recurring items


4.0

329

0.9

112 -23

381 -19 -53

-74

Contribution

of companies’

net of finance costs*

Capital gains

Danone EB early

redemption

Deconso. and impairment

of Fraikin

H1 2013 net income*

Other recurring

items Impairments

(APCOA +Colyzeo +Banca

Leonardo) Other non-recurring

items

Recurring income €475m (*) Group share

MAIN ITEMS OF H1 2013 NET INCOME GROUP SHARE

In €m

Impact of group share on contribution net

cost of debt

A solid financial structure


CONSOLIDATED NET DEBT

In €m

NET CASH AND CASH EQUIVALENTS

In €m

5,277

3,197

1,508

1,446

H1 2012 PF H1 2013

Consolidated net debt (excl. Europcar fleet debt)

Europcar fleet debt(w/o leasing)

(*) Proforma of the acquisition of Péters Surgical by Eurazeo PME

and the sale of the Flexitallic Group and Rexel

*

▲ A fully available revolving credit line of €1bn

▲ No debt at company level

-39%

138 292

794

Dec. 31, 2011

Dec. 31, 2012

Aug. 20, 2013

ACCELERATING TRANSFORMATION


Transformations under way & next ambitions (1/2)


To date: • Efficient roll-out of Fast Lane transformational Program driving profitability

Next ambitions: • New mobility services, further internal efficiency projects

To date:

• Management team reinforcement

• Kick-off commercial strategy on core business

• New strategy for brokerage business

• Focus on strategic areas

• Relaunch of M&A strategy

Next ambitions:

• Harmonize performance across the network

• Accelerate organic growth in core business

• Drive sector innovation

• Increase accretive acquisitions in strategic areas

To date: • Active portfolio management • Enhanced group structure and operating model concepts

Next ambitions:

• Roll out optimal operational model and local successful products • Enhanced new business • Refinancing

To date:

• Disposal of non core assets and focus on hospitality

• Asset light strategy

• Investment in distribution and digitalization

• Organization by brand in Europe and appointment of the new Head of Property Department

Next ambitions: • Distribution and digitalization

• Opportunistic M&A

Transformations under way & next ambitions (2/2)


To date: • Globalization, development of the distribution network and expansion

of the product range

Next ambitions: • Further geographical rebalancing (North America, etc.)

• Further diversification towards accessories

To date:

• 50MW photovoltaic plants operational in France

• First plant in India (22MW)

• 200MW license obtained in Porto Rico

• Development of biogas projects and license obtained in geothermia

Next ambitions:

• 200MW under development in Porto Rico

• Opening of new countries in photovoltaic

• First biogas facilities

To date: • Strong increase in rents and profitability

Next ambitions: • Increase new investments to rebalance the portfolio

To date:

• Launch of new pest control activity

• Successful refinancing

• Proven M&A and integration know-how

• Continuous performance improvements

Next ambitions:

• Finalize New ERP roll-out

• Accelerate international expansion

• Accelerate products and services innovation

• Increase penetration in strategic segments

Acquisitions in our strategic sectors


Identifying

and selecting

key sectors

2

Strategic

monitoring

of social trends

1

Targeting and pro-actively

approaching investment

opportunities (proprietary deals)

3

Increasing purchasing

power in the emerging

markets

Evolution of purchasing

patterns

Longevity

Health awareness

Environmental concern,

natural resources scarcity,

etc.

Luxury & global brands

Technology & digital

Financial services

Healthcare:

Environment & energy-

driven businesses:

• IES: pioneer in electric vehicle chargers

• Idéal Résidences: group of medical, social and health care facilities

• Péters Surgical: the world's 4th-largest surgical suture specialist

• Groupe Cap Vert Finance: European leader in electronics recycling

4 acquisitions in H1 2013,

amounting to ~€100m

CONCLUSION


Conclusion

▲ Accelerating new investments

▲ Pursuing value creation within portfolio companies

▲ Aiming at a lower discount rate


Active share buyback


865,700 shares

bought in 2013

902,747 shares

cancelled at July 19, 2013

A C T I V E S H A R E B U Y B A C K P R O G R A M

€36m | €41/share i.e. 1.3% of total shares

As of August 20, 2013

In €m

High discount on non-listed assets


56 56

882 882

992 992

2,017

1,370

NAV Market Cap.

4,036

3,299

▲ 19% discount on our NAV as of August 20, 2013

implies a 35% discount on non-listed assets

Implicit value of

non-listed assets

Other

Non listed assets

Listed assets

Cash & treasury shares

35% discount on

non-listed

assets

APPENDICES

Including Group company detailed information


Contents


31 Financial appendices

36 Group company detailed information

75 Other

43%

21%

4%

7%

7%

17%

NAV

in €m

Breakdown of NAV as of June 30, 2013


EURAZEO CAPITAL (LISTED)

CASH & OTHER

EURAZEO PATRIMOINE

EURAZEO PME

EURAZEO CROISSANCE

EURAZEO CAPITAL CAPITAL (NON LISTED)

Net Asset Value as of June 30, 2013


(1) Net of allocated debt

(2) Accor shares held indirectly through Colyzeo funds are included on the line for these funds

Interest Nb shares Price NAV as of June. 30, 2013

with ANF at its NAV

€ €M ANF @ €30.7

Eurazeo Capital Listed 824,6

Rexel 11.08% 31,368,739 17.32 543,2

Accor 8.83% 20,101,821 26.60 534,8

Accor net debt -250,2

Accor net (1) (2) 20,101,821 281,3

Eurazeo Capital Non Listed 1,725,0

Eurazeo Croissance 172,0

Eurazeo PME 278,8

Eurazeo Patrimoine 282,2 353.4

ANF Immobilier 48.93% 8,675,095 22.49 195.1 266.3

Colyzeo and Colyzeo 2 (2) 87.0

Other assets 20.9

Cash 637.2

Tax on unrealized capital gains -51,5 -65.5

Treasury shares 3.39% 2,346,578 82,7

Total value of assets after tax 3,971.9 4,029.1

NAV per share 58.0 58.8

Number of shares 68,502,238 68,502,238

Net Asset Value as of August 20, 2013


Interest Nb shares Price NAV as of August 20, 2013

with ANF at its NAV

€ €M ANF @ €30.7

Eurazeo Capital Listed 797.8

Rexel 9.07% 25,668,739 18.22 467.7

Accor 8.83% 20,101,821 28.98 582.6

Accor net debt -252.6

Accor net(1) (2) 20,101,821 330.1

Eurazeo Capital Non Listed 1,725.0

Eurazeo Croissance 172.0

Eurazeo PME 209.9

Eurazeo Patrimoine 281.0 353.4

ANF Immobilier 48.93% 8,675,095 22.36 194.0 266.3

Colyzeo and Colyzeo 2 (2) 87.0

Other assets 21.1

Cash 793.6

Non-affected debt

Tax on unrealized capital gains -51.8 -66.0

Treasury shares 3.43% 2,346,578 87.9

Total value of assets after tax 4,036.4 4,094.6

NAV per share 59.0 59.8

Number of shares 68,419,738 68,419,738

(1) Net of allocated debt

(2) Accor shares held indirectly through Colyzeo funds are included on the line for these funds

Strengthened cash position


CASH POSITION

In €m

292

637

794

-76 36

-32 -48

-142

248

-15

Net disposals

12/31/2012 06/30/2013 08/20/2013

Dividends received Dividends

paid

605

Shares repurchased

Investments*

Debt reimbursement

and other

Disposals

Other

(*) Mostly investments in Idéal Résidences and IES

(**) Including investment in Cap Vert Finances (€36m), Péters Surgical (€30m) and reinvestment in Flexitallic (€10m)

Investments**

-76

Eurazeo share price performance


20

25

30

35

40

45

50Eurazeo

LPX

CAC 40

▲ YTD 2013 TSR: +45% vs. 17% for the CAC40

▲ TSR: +126% vs. +54% for the CAC40 between July 2002 and August 16, 2013

12/30/11 02/29/12 04/30/12 06/30/12 08/31/12 10/31/12 12/31/12 02/28/13 04/30/13 06/30/13 08/16/13

DETAILED INFORMATION

ON EURAZEO CAPITAL


37

8.9% ECONOMIC INTEREST

EQUITY METHOD

▲ Solid revenues growth in first-half 2013, supported by a favorable calendar of events in the second quarter

• Up 1.8% increase like-for-like, including 3.3% in the second quarter

▲ Robust growth from management and franchise fees

• Up15.9% in first-half revenue, confirming Group transformation

▲ Development in line with the transformation plan of the company: 9,940 rooms

opened, of which 80% asset light

▲ Transforming actions in H1 to sustain future performance of the Group:

• Investments in distribution (€120m over 4 years starting from H1 2013)

• Savings plan (€100m in 2013–2014) with effects in H2 2013

• Reorganization by brand in Europe and appointment of the new Head of Property Department management


1st Half 2013 highlights


In €m H1 2013 H1 2012 Reported change

Comparable change

Revenue 2,694 2,717 -0.9% +1.8%

EBITDAR

% margin

817

30.3%

835

30.7%

-2.2%

-0.4%

EBIT

% margin

198

7.4%

212

7.8% -6.6% -6.4%

Net debt 581 804 -27.7% -



(€m) H1 2013 H1 2012 Var. Var. L-f-L(1)

Hotels 2,628 2,662 -1.3% +1.7%

Upscale & Midscale

Economy

1,680

948

1,710

952

-1.7%

-0.5%

+2.3%

+0.5%

Other businesses 66 55 +19.6%(2) +6.1%

Total 2,694 2,717 -0.9% +1.8%

(1) At comparable scope of consolidation and exchange rates

(2) Strata acquisition (Mirvac)

▲ Highlights: – First-half 2013 performance driven by a very dynamic second quarter

▲ Financial situation:

– Revenue in the Upscale and Midscale segment rose by 3.7% like-for-like in Q2 (+2.3% in H1), led by emerging markets, with double-digit growth in Latin America (up 13.9% in Q2) and Africa-Middle East (up 15.3% in Q2)

– Revenue from Economy hotels increased by 2.4% like-for-like in Q2 (+0.5% in H1), driven by Germany and the UK, benefited from a few signs of improvement in Italy and Portugal. France’s performance improved, compared with the early part of the year

– Asset management on track: €248m Adjusted Net Debt Impact to date from binding agreements

▲ Mid-term targets and outlook:

– First-half 2013 trends confirmed in July and expected to continue in H2, especially in Up & Midscale segment

– The €100m savings plan between 2013 and 2014 has been launched in H1 and will generate effects starting from H2

– 2013 EBIT guidance: €510–530m vs. €526m in 2012

40


FULLY CONSOLIDATED

▲ Stable sales +1.6% excluding impact of renegotiation from 2 airports from lease to management contracts

▲ Slight decrease in EBITDA Difficult weather conditions early 2013 and slightly disappointing performance of Park and Guard in Scandinavia

▲ Stabilized net debt Unfavorable swap rates ended end of H1 2012


Comparable change

Revenue 334.0 340.1 -1.8% -1.6%

EBITDA

% margin

25.5

7.6%

26.8

7.9%

-4.8%

-4.6%

Net debt 641.6 659.3 -2.7% -1.2%



41

▲ Highlights:

• Germany: reorganization & implementation of optimal operational model


• Next debt maturity in April 2014: currently being addressed

▲ Mid-term targets:

• Continuous active portfolio management

• Roll-out of international best-practices

• Focus on new business acquisition



(1) FY impact in 2012 and 2013: €40m and €12m respectively


FULLY CONSOLIDATED

▲ Steady topline performance

• French activities posting a 1.9% organic growth

• International activities suffering from current turmoil, particularly in southern Europe

▲ Improving margins

• +1.5pt increase thanks to tight cost control, accretive acquisitions

and CICE impact (+€4m in H1 2013)

• Temporary impact on EBIT due to change in linen amortization(1)

▲ Successful refinancing

• Amend & Extend of senior facility to October 2017

• Issuance of a €450m High-yield bond as well as a €553m private mezzanine tranche


Comparable change

Revenue 600.0 580.7 +3.3% +1.0%

EBITDA

% margin

190.3

31.7%

175.9

30.3%

+8.2%

EBIT

% margin

100.5

16.8%

105.8

18.2% -4.9%

Net debt 2,003 1,969 +1.7%



▲ Highlights:

• Successful refinancing of Elis in June, leveraging on the attractive profile of the company and the appetite of the market

• Continued M&A strategy with several acquisitions in Europe, o/w Inotex in January, and the disposal of non-core subsidiary Molinel in May


• Continuous growth supported by strong positions in France and increasingly

in other European countries (e.g. Switzerland)


• Sustained attention on cash generation and deleveraging initiatives

• Clear focus on international expansion both through further acquisitions

and organic growth


▲ Amend & Extend of Senior Facility:

pushing first maturity from 2014 to 2017

• 3 year extension of senior tranches

with next maturity in October 2017

• Uplift in margin to 425bp

▲ Issuance of new debt tranches

• €450m issuance of senior bond (B+) at 6%, due 2018

• Private placement of €553m of mezzanine debt,

split between cash (380) and PIK (173) instruments

at an average margin of 8% over euribor, due 2018

▲ Swap renegotiation

• Sharp reduction of average swap rate at 1,4%,

hedging around 80% of current Senior facilities

▲ Controlled financial cash costs

• Estimated normative cash cost around €115m,

in line with average historical figures(1)

• 5 times PF LTM EBITDA of cash-pay debt as of June

▲ Increasing room to focus on Elis’ development

BEFORE (12/31/2012) AFTER (06/30/2013)

Senior facilities 1,258 Senior facilities 895

General facility 86 General facility 110

Other debts 18 Other debts 21

Senior Sec. Bonds 450

Senior debt 1,362 Senior debt 1,476

Junior Mezz. 350 Senior Sub. Bonds 380

Senior Mezz. 270 Senior PIK Notes 173

Accrued interests 20 Accrued interests 15

Cash (54) Cash (41)

Net financial debt 1,948 Net financial debt 2,003


(1) Based on current Euribor forecasts

In €m

R E F I N A N C I N G



FULLY CONSOLIDATED

In €m H1 2013 H1 2012 reported Reported change

Comparable change

Revenue 864 888 -2.7% -1.9%

Adj. Corp. EBITDA

% margin

18.2

2.1%

7.8

0.9%

+133.3%

+137.7%

Adj. EBIT

% margin

68.0

7.9%

58.4

6.6% +16.4% +17.4%

Corp. Net debt 567 567 +0.1% n/a

▲ Resilience of Europcar’s volumes and better quality of business in still tough but slightly recovering leisure market resulting in slight decrease in revenues by -1.9%*

▲ Improved EBIT and Corporate EBITDA thanks to successful execution of new revenue capacity management and continuous deployment of FastLane program measures more than offsetting decrease in revenues

▲ Continuous focus on Cash management

(*) at constant exchange rates and perimeter



▲ Resilient volumes in tough market environment

– Revenues down by -1.9% vs. H1 2012 at constant exchange rate and perimeter

• Limited decrease in volumes (rental days down by -0.3%) despite exit from non profitable business

in Italy thanks to improved market conditions at Q2 2013 in the B2B segment, still resilient Leisure

demand and a strong refocus on Commercial initiatives

• RPD down by -1.6% in a still tough competitive environment but already reflecting better trend

thanks to Revenue and Capacity Management initiatives

– InterRent launch since April / May 2013 in France, UK and Germany

▲ FastLane costs reduction initiatives already resulting in significant margins improvement

– Continuous improvement of the fleet utilization rate by +1.1pt (74.8% vs. 73.7% as of H1 2012)

– Average Fleet holding cost per unit down by –6.4% over the period

– Network and Headquarters optimization

– Decrease in other overhead costs (incl. insurance)

– Significant Corporate EBITDA margin improvement by +1.2pt vs. H1 2012

▲ Improved Cash-flow generation

– Strong improvement of non fleet and fleet working capital

– Corporate Net Debt of €567m as of June 30, 2013, with Corporate leverage at 4.4x



EQUITY METHOD

▲ Resilience of the Residential Real Estate Services Business in tough Brokerage market

environment

▲ Stable EBITDA despite continuous marketing investment linked to the “Foncia’s 40th Birthday” Commercial Action Plan thanks to tight cost management

▲ Re-launch of the acquisition strategy with 7 acquisitions closed since the beginning

of the year

In €m H1 2013 H1 2012 reported Reported change

Comparable change

Revenue 287.6 286.7 +0.3% -0.8%

EBITDA

% margin

44.2

15.4%

44.6

15.6%

-1.0% -2.3%

Net debt 339 359 -5.7% n.a.

72%

12%

7%

9%



▲ Slightly increase in revenues by +0,3%

– Resilience of the RRES activities

– Decrease in the Brokerage business but

better trend observed for the Q2 2013

benefitting from recent investments

▲ Stable EBITDA standing at €44.1m

– Good resilience of the EBITDA margin

(15.4% vs. 15.6% in H1 2012) despite lower

revenues and sales force investment in

Brokerage business and lower interest rates

on Client Accounts

▲ Strong deleveraging, in particular thanks to good management of the Working Capital

– Net debt stands at €339m at June 2013

vs €359m last year despite €14m of

acquisitions outflows as of H1 2013

– Net Debt / EBITDA at 3.8x vs. 4.3x

as of H1 2012

▲ Re-launch of the acquisition strategy

– 7 acquisitions closed since Jan-13 with

a full-year revenue contribution of €12.4m

In €m H1 2013A H1 2012A % var.

RRES France(1) 207.2 204.0 +1.6%

Brokerage 33.3 37.1 -10,2%

Total France 240.6 241.1 -0.2%

International 25.3 24.4 +3.7%

Other and Interco 21.7 21.3 +1.9%

Total 287.6 286.7 +0,3%

Real Estate

Services France

Recurring

revenue: 88%

Brokerage

Other and interco

International

H1 2013A revenue

(1) RRES France: Residential Real Estate Services France including Joint-Property Management and Lease Management businesses

49

(1) Unaudited management reporting


EQUITY METHOD

▲ Solid top line growth mainly driven by pencil business, with sound growth

in the color business and lower growth in Skin Care

▲ EBITDA is down by 21.9% compared to H1 2012 mainly due to higher production costs and overheads, and €1.1m one-off costs in the US

▲ €15.4m deleverage compared to June last year, some improvements in working

capital management

In €m (1) H1 2013 H1 2012 Reported change

Net sales 153.1 138.2 +10.8%

EBITDA

% margin

14.9

9.7%

19.1

13.8%

-21.9%

Net debt 195.5 210.9 -7.3%



50

▲ Highlights:

• Sales up 10.8% in the first semester 2013

• EBITDA margin down by 4.1 pt due to c. €1.1m one-off in the US (0.7% of sales) and higher operational cost: management is working to recover the profitability in the second semester of the year


• Net debt reduction by €15.4m compared to June last year and in line with last December (-0.2%)

• Working capital improvements especially in the payables and receivables

management, with a strong focus on collection and tangible results in overdue reduction


• Order intake has been showing positive trend across all the regions

since beginning of the year

• Focus on cash flows and margins to translate the topline growth into cash


51

(1) Italian Fiduciary business (2) Unaudited management reporting

(3) Distribution of 0.12 €/share dividend in H1 2013, corresponding to a total amount of €34m and a dividend of €6.1m for Eurazeo


▲ Stable Group net revenues in a difficult financial environment Sales negatively impacted from lower Proprietary Trading revenues

▲ The macro-economic environment is mainly affecting the M&A advisory business, slow growth of sales (+3.7%) although the strengthening of the pan-European team

▲ Strong progression of Customer Financial Assest Growth supported by both: (i) Net New Money (including +€0.2bn via COFIB(1) acquisition), and (ii) Market Performance

▲ €34m dividend distribution in 2013 €6.1m paid to Eurazeo

In €m (2) H1 2013 H1 2012 Reported change

Total net revenue 67.4 68.2 -1.2%

Net profit

% margin

7.7

11.4%

7.6

11.2%

+0.7%

Total customer financial assets 6,212 5,355 +16.0%

Total equity(3) 342 338 +0.9%



52

▲ 6 months net revenues at €67.4m, almost stable compared to last last year same period (€68.2m)

• Advisory fees up 3.7% to €27.4m, leveraging on pan-European team which now includes Swiss and Scandinavian offices, along with teams based in Italy, France, Benelux, Germany and Spain

▲ Private banking showing sound growth

• Revenues up 22.9% to €27.3m

• Leveraging on: (i) main Italian business, which is growing organically and through small acquisition such as COFIB (independent fiduciary business)

(ii) French division, (iii) newly built Swiss activity

▲ Net result in line with H1 2012

• GBL is working in two directions: strengthening business teams and leaning corporate and support functions


• Creating: (i) strong independent European plateform for M&A advisory on one side, (ii) strong Private Banking activities on the other side, leveraging on the current leadership position among Italian independent Private Banking networks

• Recurring dividend distribution (double digit yield)


53

(1) Excluding other revenues (€1.9m in H1 2013 and €4.8m in H1 2012)


EQUITY METHOD

▲ Moncler is pursuing its rapid development

+10% growth in sales for the group

+18% growth in sales for the Moncler brand

▲ The Moncler brand continues to develop its retail channel and to diversify geographically its sales

The Moncler brand opened 4 new stores in the first half 2013

In €m H1 2013 H1 2012 Change

Net sales(1) 247 225 +10%

Moncler 183 155 +18%

Sportswear 64 70 -9%

Net Debt 239 295 -19.0%



54

M O N C L E R R E T A I L N E T W O R K A S O F J U N E 2 0 1 2

87 stores | + 4 in H1 2013

Retail stores: 31

ASIA

50

EUROPE

6

NORTH AMERICA

• Retail sales represent in H1 2013 more than half of the brand’s sales versus 44% in H1 2012

• The retail channel continues to enjoy a sustained like for like growth at +16%

(at comparable foreign exchange rates) which compares to +13% in the full year 2012

• Continued geographic expansion, Italy representing around a quarter

of the sales in H1 2013




EQUITY METHOD

▲ Another resilient performance in Q2, despite a challenging environment in Europe and the Pacific

• Q2 sales broadly stable year-on-year on a reported basis ; strong contribution from Platt and Munro, acquired in H2 2012

• Sequential improvement on a constant and same-day basis (-3.3% in Q2 after -3.7% in Q1), mainly driven by the United States, but also by China and Brazil

▲ Resilient profitability in H1 with Adjusted EBITA margin of 5.1% thanks to margin discipline and cost control

• Calendar impact in H1 represented half of the 40bp drop in Adj. EBITA margin

• Distribution and administrative expenses (excl. depreciation) reduced by 2.9% in H1, close to the 3.5% drop in sales on a constant and same-day basis

In €m H1 2013 H1 2012 Change

Reported revenue 6,468.8 6,568.1 -1.5%

Adjusted EBITA

% margin

331.9

5.1%

370.7

5.5%

-10.5%

Reported net debt 2,628.9 2,458.4 6.9%

DETAILED INFORMATION ON EURAZEO PME


Financials


(€m) H1 2013 H1 2012 Reported change

Like-for-like change

Revenue 220.3 218.4 + 1% + 7%

EBITDA*

% margin

34.8

15.8%

37.5

17.2%

- 7%

- 2%

Net debt

Portfolio leverage

163,2**

2.7x

266.7

3.4x

(*) Majority Investments as of June 30, 2013

(**) Net debt out of Flexitallic recorded as Assets for Sale

3 acquisitions in H1 2013

▲Idéal Résidences: group of medical, social and health

care facilities

▲Péters Surgical: the world's 4th-largest surgical suture

specialist

▲Groupe Cap Vert Finance: European leader in electronics

recycling


Investment in Idéal Résidences


Attractive industry with strong resilience brought by longevity, health awareness, numerus clausus and lack of capacities

Quality platform in leading locations for building-up a larger, homogenous and consistent group

Highly skilled management team with demonstrated ability to integrate and transform new acquisitions

Build

a group

of about

20 facilities

1. Numerous French build-ups opportunities

2. Focus on underperforming healthcare facilities, pricing power

3. Rerating of a cohesive group

• Idéal Résidences manages five senior

assisted living facilities and a post-acute care and rehabilitation center, all located in the greater Paris region

and representing a total of 515 beds.

• The group generated €27 million in revenue in 2012.

Direct sourcing March 2013

Investment €21 million

Equity interest 54%

Group of 5 nursing homes and post-acute facilities

Investment in Idéal Résidences


AGING POPULATION IN FRANCE

In million people over 60 years old

NURSING HOME MARKET

In France

23.6

18.9 15.6

2060*2025*2013

New opportunities:

• New consumer expectations

• Investment needs

+21%

+25%

(*) Insee expectation in 2010

13.9

12.0

9.2

9.0

55.9

• 225,000 new dependent

people every year in France

• Expenses for dependency will rise up to €22bn in 2012 (1.1% of the GDP)

• Government's position toward dependency is expected to change and therefore bring opportunities

Orpéa

Domus Vi

Korian

Médica

Others In %

Investment in Péters Surgical


• Founded in 1926, Péters Surgical has three operating locations all maintaining a high standard of service. Its products are

recognized worldwide and distributed in over 75 countries.

• The group generated €37 million in revenue in 2012 (50% outside

France).

4th largest surgical suture specialist

Auction July 2013


Equity interest 90% French specialist in sutures, wall reinforcement and drains

Resilient and duplicable business model internationally

Strong network abroad, 75 countries covered at export, base for further international expansion

Build

an international

leader

1. Room to accelerate

organic growth in France

2. Consolidate business position through the strengthening of R&D

3. Numerous identified international build-ups

The surgical suture market


WORLDWIDE SUTURE MARKET

In €bn

FRENCH SUTURE MARKET

3.2

2.4

2018e2011

+4.4% CAGR

• US, Brazilian and Chinese markets: the most attractive markets in terms of size and growth perspective

• Eastern European and Asian countries: important development potential remaining

• The French sutures market (7% of the worldwide sutures market) is mature and stable, concentrated among 4 players making the arrival of a new challenger very unlikely

• High entry barriers mainly due to regulatory requirements (EC-marking, etc.)

• Sutures have proved to be more resilient to public spending’s higher monitoring than medical equipment

• #4 player worldwide

• #3 in France

Péters Surgical benefits from a strong position:

Investment in Cap Vert Finance


• CVF is specialized in

leasing, recycling and maintaining IT systems through its brands AS

Lease and IB Remarketing.

• The group generated

€59 million in revenue in 2012.

Direct sourcing July 2013


Equity interest 57%

European leader in electronics recycling

through PLC management Sustainable strong growth in maintaining activities

High recurring revenues

Strong profitability notably related to the recycling activity

Efficient operational reporting

Build an

international

leader

1. International business development in emerging

countries and the USA

2. Numerous build-ups opportunities in light of effective economies of scale

3. Business developments beyond telecom industry

Electronics recycling market


FLEET OF SERVERS (WORLDWIDE)

In million units

WORLDWIDE STORAGE MARKET

41 38 35 32

2013201220112010

TCAM: +9% 21

19 17

201120102009

In Mds$

TCAM: +11%

• Increase in demand for IT equipment

• Need for spare parts for maintenance and power increase

• New maintenance needs to increase the IT equipment lifespan

• Exponential increase in power needs and medium-term storage

• Continuous increase worldwide in the volume of data to process (servers), to deliver (network equipment) or to store

• Fleets of servers grow worldwide

Many

opportunities:

Portfolio


As of June 30, 2013

€279m As of July 17, 2013

€210m

Highlights


34.8

24.7

6.5

30.4

55.7

103.0

220.3

37.5

45.0

30.1

58.4

84.8

218.4

Other (Gault & Frémont, Mors Smitt, Fondis)

Portfolio EBITDA**

+1%

+21%

-5%

+1%

na

-7%

• Strong activity in maintenance programs in France & USA

• Decrease on the Canadian activity

• New projects in Asia and Germany

• Opening of 3 restaurants in H1 2013 and one on the new concept “Leon de B”

• On a comparable basis, sales decreased by 5.6% (like the market)

• Launch of the Camille Albane activity in the US

• Acquisition of Idéal Résidences the 26th of March 2013

• New build up projects

• Sale of Mors Smitt to Wabtec mid-June 2012

• Average margin: 15.8%

• Decrease mainly due to Léon de Bruxelles

market conditions

+7%

-2%

Change Change in l.f.l. basis*

H1 2012 H1 2013

R E V E N U E (€m)

(*) Adjusted for Mors Smitt sale and Idéal Résidences acquisition (**) Majority Investments as of june 30,2013


ON EURAZEO CROISSANCE


Financials*


(*) Economic financials: 100% of 3SP Group’s consolidated financials and 39.3% of Fonroche’s consolidated financials

(€m) H1 2013 H1 2012 Reported change

Revenue 29.3 33.7 -13%

EBITDA

% margin

-0.7

NM

6.1

18.1%

nm

Investment in IES


O N B O A R D C H A R G E R S E X T E R N A L C H A R G E R S

Car manufacturers

Tier 1

Electric vehicles manufacturers

Industrial electric vehicles

External chargers for private and professional use

Public charging stations

• IES is specialized in the

design and manufacturing

of charging solutions,

being among the few

companies globally

to manage both of the

existing standards in

electric vehicle chargers,

CHAdeMO and Combo

• IES managed to grow

its revenue from €5m

in 2006 to €14m in 2012

Direct sourcing June 2013

EV €22 million

Equity interest 93%

Pioneer in electric vehicle chargers

Diversified product offering

Strong R&D and technological knowhow

Demonstrated capability to supply the world’s major OEMs

Build a global

leader in electric

vehicle chargers

1. International business

development in Europe, North America and Asia

2. Boost R&D activities

3. External growth opportunities

Wall-box

The electric vehicle market


0

100

200

300

2011 2012 2013 2014 2015 2016 2017 2018

(*) Excluding conventional

hybrids (no recharge)

Source: market surveys

THE EUROPEAN ELECTRIC VEHICLE MARKET*

In k units

Low expansion scenario: Steady growth but limited

to a niche market

Significant expansion scenario: Strong consumer adoption

▲ The electric vehicle addresses several critical challenges of which: • Decreasing CO2 emissions

• Reducing dependence on fossil fuels

• Cutting urban air pollution

▲ The electric vehicle market presents a high growth potential with

all major car manufacturers launching an electric model

2

1

NAV as of June 30, 2013

€179m

Portfolio


Invested amount as of June 30, 2013


ON EURAZEO PATRIMOINE



73

▲ H1 Rents in line with budget

– +8% like-for-like growth

– FY 2013 rents target +14% confirmed

▲ Appraisal and NAV stable

– +€3.4m change in fair value

– Triple Net NAV stable at 30.7 €/share (despite dividend paid of 1€/share)

▲ Follow on projects in Marseille

– Ilot 34 project to be delivered this summer in Marseille fully commercialized

– Desbief site in Marseille available for restructuring

▲ Acquisition in progress

– Bordeaux: two investments secured out of one fully rent to Casino

– Lyon “Carré de Soie”: new investment for 36,000 m² offices building rent

to Alstom Transport

– Bid placed for an asset in Lyon – Rue de la République


Financials

74

IFRS (in €m) H1 2013 H1 2012

ProForma Change H1 2012 H1 2011

Gross Rental Income 17.1 14.5 17.9% 38.5 45.2

EBITDA 11.4 8.4 40.5% 30.6 38.3

% margin 66.7% 57.9% 11.1 79.5% 84.7%

Recurring EBITDA 11.4 8.4 40.5% 30.6 30.5

% margin 66.7% 57.9% 11.1 79,5% 81.5%

Cash Flow 8.3 5.1 70.6% 21.8 29.6

Recurring cash flow 8.3 5.1 70.6% 21.8 21.7

RCF per share 0.5 0.8 0.8

In €m H1 2013

Reported

H1 2012

Reported

H1 2011

Reported

Real Estate portfolio 927 1,685 1,607

Net Debt 357 542 489

NAV per share 31.4 41.2 40.5

Triple Net NAV 30.7 39.7 39.6

LTV 38.7% 32.2% 30.4%


OTHER


A long-term shareholder base and strong corporate governance


SHAREHOLDING STRUCTURE

as of June 30, 2013

- Separation of the roles of Chairman and CEO

- Independence of the Supervisory

Board: 7 independent members out of 12

- Audit Committee, Finance Committee, Compensation and Appointments Committee

- Existence of a shareholder agreement between founding families (former SCHP)

(1) Including 3.39% of treasury shares (2) Concert as of June 13, 2013

Crédit Agricole

18.01%

Sofina

5.73%

8.74%

22.23%

Founding

Families(2)

20.29%

x.x% = voting rights

23.46%

Strong corporate Governance

Free float(1)

55.97%

Financial Agenda


3rd Quarter Revenue November 7, 2013

FY 2013 Revenue & Results March 19, 2014

1st Quarter 2014 Revenue (after market close) May 6, 2014

Shareholders' Meeting May 7, 2014

About us


Eurazeo contacts Investor Relations

Caroline Cohen

• [email protected]

+ 33 (0)1 44 15 16 76

Corporate & Financial Communication

Sandra Cadiou

• [email protected]

+ 33 (0)1 44 15 80 26

Eurazeo shares

• ISIN code : FR0000121121

• Bloomberg/Reuters : RF FP, Eura.pa

• Indices : SBF120, DJ EURO STOXX, DJ STOXX

EUROPE 600, MSCI, NEXT 150, LPX Europe,

CAC MID&SMALL, CAC FINANCIALS

• 68,419,738 shares in circulation

• Statutory threshold declarations 1%

Research on Eurazeo

• Alpha Value Catherine Radiguer

• Exane BNP-Paribas Charles-Henri de Mortemart

• Goldman Sachs Markus Iwar

• HSBC Pierre Bosset

• JP Morgan Cazenove Christopher Brown

• Kepler Cheuvreux Pierre Boucheny & David Cerdan

• Natixis Céline Chérubin

• Oddo Christophe Chaput

• SG Patrick Jousseaume

• UBS Denis Moreau

www.eurazeo.com