CAPITAL MARKETS DAY - Eurazeo

CAPITALMARKETSDAY TUESDAY

NOVEMBER 17TH

2020

T I M E S U B J E C T S P E A K E R S

S E S S I O N

#1

S E S S I O N

#2

10:15 - 10:30 Fundraising Christophe BAVIÈRE

10:30 - 10:45 Venture & Growth Matthieu BARET

Yann du RUSQUEC

10:45 - 10:55 Live Q&A

9:30 – 10:00 Strategy & Ambition Virginie MORGON

Philippe AUDOUIN

10:00 - 10:15 Live Q&A

Agenda

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10:55 - 11:00 Conclusion Virginie MORGON

Virginie MORGON

STRATEGY& AMBITION

CHAIRWOMAN OF THE EXECUTIVE BOARD

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Philippe AUDOUINEXECUTIVE BOARD MEMBER - CFO

We have delivered on the key priorities we announcedin December 2018

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Develop a successful

3rd party asset

management business

Acceleration of fundraisingFrom €1.7bn to c.€2.4bn / year

Creation of an integrated platform with IdinvestAccelerated acquisition of remaining 30% in Idinvest

Position our business

for future growth:

ready to scale

Larger successor funds of key investment divisions(Growth, Private Debt, Capital)

Creating a successful track-record on new divisions(Real Assets, Brands)

Expand

our global reach

Successful developmentof New York branch(20+ people, €1bn invested)

Expansion of European footprint(Spain, Germany, UK)

First close of ChinaAcceleration Fund with CIC

1 2 3

We have built a responsible and high value-added European Private Markets investment manager

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HIGHLY ENGAGED

ESG STRATEGY

PRIVATE MARKETS

SPECIALIST

GLOBAL

REACH

SKILLED

TEAMS

€19bnassets under

management

3asset classes

>70%private equity

8specialized

investment teams

c.280people

10international

offices

40%international

fundraising (LTM)

UN-PRI score

A+

Included in the

Top 5 ESG indices

O+: climateand inclusionat the core of our ESG strategy

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CLIMATE INCLUSION

Achieve net zero emissions

by 2040

Promoting a more inclusive

economy

2 flagship commitments

to drive positive change in society

A principle of action to progress on all CSR dimensions

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Key success factors to double our AUM

OPTIMIZE

BALANCE SHEET

SCALE UP

INVESTMENT

DIVISIONS

POSITIVE

MARKET OUTLOOK

FOR PRIVATE

CAPITAL

ACCELERATE

FUNDRAISING

202X2020

€19bn

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Key success factors to double our AUM

OPTIMIZE

BALANCE SHEET

SCALE UP

INVESTMENT

DIVISIONS

POSITIVE

MARKET OUTLOOK

FOR PRIVATE

CAPITAL

ACCELERATE

FUNDRAISING

202X2020

€19bn

Higher FRE and PRE Capital Gains

HIGHER SHAREHOLDER REMUNERATION

At the crossroads of companies looking forprivate capital and investors seeking yield

Capital

Superior ROCE

C O M PA N I E S I N V E S T O R S

PE SPONSORED

GROWTH

LISTED SMALLCAPS

FAMILY OWNED

START-UPS

CONSOLIDATORSWEALTH MANAGEMENT

INSURANCE COMPANIES

SOVEREIGN FUNDS

PENSION FUNDS

FAMILY OFFICES

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Private equity: attractive returns in a “zero yield” environment here to stay

1) Europe includes developed economies only; Sources: State Street Private Equity Index; Cambridge Associates Private Investments Database

-2

-1

0

1

2

3

4

5

6

2004 2007 2010 2013 2016 2019

%

Superior returns of PE vs listed market in Europe

12%

17%18%

11%

3%4%

10%

4%

1 year 5 years 10 years 20 years

FTSE 100 PME Buyout Funds

End-to-end pooled net

IRR (as of June 2019)1

Investment horizon (years)

Low yields are here to stay (5Y euro yield)

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Structural growth of fundraisingfor Private Equity

Source : Preqin

1.7

4.4

5.1

5.8

6.9

7.9

9.1

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 e 2021 e 2022 e 2023 e 2024 e 2025 e

Global Assets Under Management (in $trillion)

+16%pa

1.7 1.6

2.4

2017 PF 2018 2019 2020e 2021-22e

Eurazeo’s fundraising momentumset to continue…

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PF: Including fundraising from Idinvest, and Rhône prorata

Private Equity Private Debt Real Assets Amount to be raised

+50%

Amount raised from LPs (in €m)

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… thanks to a structured approach

EURAZEO

KEY IN IT IATIVES

L IMITED PARTNERS

DEVELOPMENT

Local capital raising and LP relations team

Flagship funds at scale

Tailor-made vehicles

Brand name and ESG commitment

Extend our leadership in France

Expand in Europe

Build a North American franchise

Strike key partnerships in Middle East & Asia

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Continuing our fast revenue expansion in AM

144

173

215

>240

FY 2017 PF FY 2018 PF FY 2019 FY 2020 e

c.+20%pa

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Management fees growing fast

(in €M)

1.4% blended management fees

▪ High value-added business

98% of AUM in closed-end funds

▪ No risk of early redemption

6-10 years + potential extensions

▪ Long-term visibility

2017-20e

CAGR

Growing management fees

▪ Strong fundraising momentum& increase in FPAuM

Cost optimization & operating leverage

▪ Common platform & business scale

▪ Revenues growing ahead of average FTE(20% pa vs 10% pa over 2017-2020e)

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Asset Management P&L:an expected leverage on revenue momentum

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36

47

59

>65

25%

26%

27%

>27%

24.0%

26.0%

28.0%

30.0%

32.0%

34.0%

0

20

40

60

80

100

120

2017 PF 2018 PF 2019 2020e 202x

FRE (m€) FRE margin

Improved FRE margin & upside potential

thanks to operating leverage

Benchmark

35-40%

Scaling and accelerating fundraising

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Cash and Asset Management are not included in percentage of AUM

1) Calculated on Fee Paying AUM

€19bnAssets Under

Management

Mid-large buyout

Small buyout

Growth

Brands

Venture

Private Funds

Private Debt (€4bn; 23% AUM)

0.8% average management fee1

10% performance fee

Fee paying on Invested Capital

Private Equity (€12.8bn; 72% AUM)


20% performance fee

Fee paying AUM on commitment

Real Assets (€1bn; 5% AUM)


Private Debt

Real Assets

We have the key success factors to scale our flagship funds (1/2)

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1) Gross IRR for most recent relevant vintage as of June 2020

2) Gross IRR on realized assets, no exits in EC IV

Growth

Small

buyout (PME)

Gross IRR1 Key development Accelerate fundraising pace

24%(EGF II)

19%(PME II)

Outstanding track record

Perfect time-to-market for EGF III

Strong performance of current funds

European reach for successor fund

Transatlantic position confirmed

Crystallization of value creation

expected from 2020-2021 exits

Next vintage in 2021-22

2013 2020-21eVintage

2013 2017 2021eVintage

2014 2019 2021-22eVintage

c x3

> x2

+50%

Permanent capital3rd party capital

€3.5bn

c.€1bn

c.€1bn

Mid-large

buyout (Capital)

13%(EC III2)

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We have the key success factors to scale our flagship funds (2/2)



>€1bn


Venture

Gross IRR1 Key development Accelerate fundraising pace

16%(IDF II)

European leader, capturing early

trends (Smart City, Digital)

2016-18 2021-23eVintage

c.€0.8bn

Private

Funds21%(ISF II)

European sourcing network

GP-led portfolio delivering high IRR


Robust long-term track record

Very resilient portfolio YTD

Attractive yield for LPs

Private

debt9%

(IPD V)

x2

+35%

+50%

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Our seeded strategies will initiate 3rd party fundraising in 2021 and 2022


Real

Assets

Brands

Gross IRR1

13%(ERA I)

n.s(recent vintage)

Strong track record on all

segments (platforms, value add)

European reach (Spain, UK)

First exits in 2019 and 2020

Infrastructure division being

created

Transatlantic team (Paris & NY)

First exits expected in 2021-22

2015-18 2021-22eVintage

30-40%target


30-40%target

c.€1bn

c.€1bn

Key development Initiating 3rd party fundraising


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Investment themes: leaning towards growingand resilient companies

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TECH / TECH-ENABLED SERV ICES C.40%

HEALTHCARE C.8%

NEW L IFESTYLE BRANDS C.3%

DIGITAL ECONOMY & BIG DATA

HEALTH AWARENESS

CHANGING CONSUMER PATTERNS

GROWING MIDDLE CLASS IN ASIA

MEGATRENDS

STILL GOING STRONG

KEY SECTORS

(EST. % PE AUM)

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Our recent deals play to our strengths

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THOUGHT MACHINE

(Growth)

EASYVISTA

(Small buy-out)

QUESTEL

(Mid-Large buyout)

WITHINGS

(Venture)

WATERLOO

(Brands)

AXEL ARIGATO

(Brands)

DEWEY’S BAKERY

(Brands)

Flavored

sparkling water

Clean-label

cookies and

crackers

Health connected

objects

Intelligent

service

automation

software

Intellectual

property

Software

and services

Core banking

SaaS

Premium sneakers,

ready-to-wear

and accessories

TECHNOLOGY AND TECHNOLOGY ENABLED

NEW L IFESTYLEBRANDS

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Stable NAV on 90% of the portfolio in 9M 2020, despite COVID and a cautious methodology

Percentage calculated on Net Asset Value excluding net cash and others

Resilient activities due

to a high level

of recurring income

Net Asset

Value

€5.4bn

54%Category 1

27%Category 2

9%Category 3

10%Category 4

Companies indirectly

impacted by lockdowns

Companies directly impacted

by lockdowns but expected

to recover fairly quickly

Travel & Leisure

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A rapid recovery in revenue for categories 1-3: back to pre-crisis revenues since June

1) Proforma: data from January to June excludes GP, Europcar & Emerige revenues as figures at end of August are not available1

0%

20%

40%

60%

80%

100%

120%

Jan Feb Mar Apr May Jun Q3

Category 2Category 1 Category 3 Category 4

3rd Quarter

Economic revenue (% of previous year)1

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Entering the second wave well prepared

Benefitingfrom measures taken earlier

Adequateliquidity

in companies

Cautious NAVAs of

end-Sept 2020

Group financial support confirmed <2% of NAV in total

Digital pivot+

Cost control+

Cash management

Impacts already well reflected

in NAV

46%

36%

42%

66%

55%

44%

34%

39%42%

46%

71%

31/12/2011 31/12/2012 31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019 30/06/2020 30/06/2021e

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Ripe portfolio should lead to record exits in 2021-2022 …

1) Net Asset Value as at 30 June, 2020

2) Hypothesis: no exit in H1 2021; Net Asset Value is based on figures in June 2020

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% of Net Asset Value1 on portfolio with a duration >3 years

189

197

258

223

2016 2017 2018 2019

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… which should crystallize additional value

1) Sale of private and listed assets, excludes syndications

Use of forward-looking numbers (vs LTM) in exit price

Strategic premium in exit process compared to average multiples

Timing of exits

Value creation crystallized by exit (€m)Year-end valuation before exits1 (€m)

1,058

829

1,302

893

+22%

€2.7/sh

+31%

€2.5/sh

+25%

€3.4/sh

+33%

€2.8/sh

Value crystallized by exits (€m)

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Wrap-up

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Strong asset rotation to crystallize value in portfolio

AUM growth ambition

▪ Growth in fundraising expected in 2020e

▪ Acceleration of fundraising in 2021-22e thanks to scaling of investment divisions

Increasing management fees and FRE margin

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Christophe BAVIÈRE

CAPITAL RAISING

HEAD OF INVESTMENT PARTNERS

2

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LPs’ Virtuous Circle

Products

Performing

& Scaling

LIMITED

PARTNERS

Client

Relationships

Team

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New organizationmeeting the needs of our LPs

Christophe BAVIEREHead of Investment Partners

Member of the Executive

Committee

North America

Asia, Middle East & ROW

Marketing

Being recruited

Europe & Wealth

Wealth

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Attracting more international LPs

1) Excl. Rhône

2) October 2019 – September 2020

16%

31%

13%

10%

AUM from

3rd party as of end-20191

Last Twelve Months

fundraising2

29%

41%

Total International

Europe

(excluding France)

Rest of the world

Organization by geography

International hirings

Scaling of current funds(larger tickets)

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Wealth management: we’re ahead of the competition

Attractive market

accelerating strongly

Highly scalable through partnerships

Legal frameworkopening up in Europe (ELTIF)

Very limited competitionin Europe

Ambitious plan

for coming years

Develop a “Wealth” offer for all our asset classes

Replicate success in Franceacross Europe

Eurazeo is already

the leader in France

Access to 80 000+ private clients through blue-chip partnerships

€1.9bn AUM in wealth management

c.€250m expected in 2020, thanks to 6 fundsand 3 unit linked vehicles

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Corporate partnerships give an edge to our portfolio companies

True partners for our portfolio companies

We have attractive vehicles for ourpartners (examples)

40+corporate blue-chip partners

Insure

Tech

Smart

City

HEC

entrepreneurs

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Diversified and customized products offered to our LPs

Strong ESG commitment on every fund

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At least €1bn potential

Scalable

Wide client appeal, able to attract larger LPs

FLAGSHIP FUNDS: TAILOR-MADE FUNDS:

Small to mid-sized funds: €50m to €1bn

Leaders in their niche markets

Able to answer clients’ specific needs

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Fundraising pipeline (illustrative)

FLAGSHIP

FUNDS

TAILOR-MADE

FUNDS

Eurazeo Growth III

Secondary Fund IV

Private Debt V

Eurazeo Capital V

Eurazeo PME IV

Digital Fund IV

Eurazeo Patrimoine III

Eurazeo Brands II

2020 2021 2022

SMART CITY II PATRIMOINE 2020

IDINVEST SUSTAINABLE MARITIME INFRASTRUCTURE IIDINVEST SME INDUSTRIAL ASSETS II

HEC VENTURES

ETC...

FCPI OBJECTIF INNOVATION PRIVATE VALUE EUROPE 3

STRATEGIC OPPORTUNITIES 2

PRIMOPACTE

Examples: SENIOR DEBT 5

EURAZEO CHINA ACCELERATION FUND

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Conclusion

Our offer

is comprehensive,

through a mix

of flagship funds

and more

specialized funds

Our third-party

funds keep growing

and we have an

ambitious target for

coming years

Our strong

efforts among international

LPs, private clients

and corporate partners

are paying off

We are reinforcing

the team to accelerate

fundraising

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Matthieu BARET

A TECH INVESTOR

MANAGING PARTNER - VENTURE

3PARTNER - GROWTH

Yann du RUSQUEC

A NEW PARADIGMTECH TO REPLACE OLD BUSINESS MODELS WITH NEW ONES

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39

The tech sector has become the main driverof the economy

Note: 2016 is the most recent year for which full NACE breakdowns of European GVA are available. Tech refers to the European software industry, or NACE J62-63. Non-tech is everything else.

Source: Eurostat

80

100

120

140

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Real EstateTech Wholesale Industry

Chain-linked volumes of tech and selected traditional industries gross value added (GVA) (indexed 2007-2016)

Financials Construction Telecommunications

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Venture Capital & Growth stage investments…

Global VC & Growth total investments, $bn

US/CANADA

$40bn(71%)

EU

$7bn(13%) ME

$<1bn(1%)

APAC

$8bn(14%)

2010

LATAM$<1bn

(1%)

Total 2010 investments

$56bn

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… are attracting more and more investors

Global VC & Growth total investments, $bn

2020

US/CANADA

$165bn(51%)

EU

$41bn(13%)

APAC

$108bn(33%)

x4.2 x5.5 x13.5

ME$4.4bn

(1%)

LATAM$5bn(2%)

Total investments (LTM)1

$327bn

x5.9%

1) LTM as of October 2019

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Eurazeo is a major European playerin digital and technology

Note: figures as of September 2020

Leading European Venture & Growth Platform

€3.7bn AUM inVenture Capital & Growth

40% of Group PE AUM in tech

c.20-year presencein Tech & Digital ecosystems

20 investment professionalsacross European tech hubs and Asia

Core Investment Focus

DIG ITAL

Consumer Internet

Fintech

Software

HEALTHCARE

GREEN TECH

Digital Health

Life Sciences

Biotechnology

Smart Mobility

New Energy

Logistics

Industrial Tech

Smart Building

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Strong performance & proven ability to exit

1) Gross IRR on all Venture & Growth exits, as of June 2020

255companies

85exits

Ranks #1

European Venture

and Growth

(2019)

Award Winning Investor

BEST VENTURECAPITAL FUND

2020

22IPOs

2.3xGross Realized MOIC

18%Gross Realized IRR1

BEST VENTURECAPITAL FUND

2019

#1 VC INVESTORIN EUROPEAN SERIES-A DEALS

2018

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A comprehensive range of funds

COMPANY STAGE PRODUCT DEVELOPMENT START-UP SCALE-UP

TECHNOLOGY

STAGE

Rocket science technology

potential

Proven technology (PoC) Established client base (PoW)

Proven product market fit

MARKET

MATURITY

None or low cash generation First clients

Emerging traction

Strong revenue growth

International expansion

Visibility on future profitability

TICKET SIZE €0.1-5m €5-25m €25-60m

ROUNDS Seed Series A, B Series C+

LATEST FUNDS /

VINTAGE

Idinvest HEC

Venture Fund

Digital III

Smart City II

Several Mandates

Co-investment Private Wealth funds

Growth III

REVENUES VENTURE CAP ITALSEED GROWTH EQU ITY

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Supporting category leaders driving wavesof digital disruption

https://www.withings.com/fr/en/

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Strong momentum for our digital & tech portfolio

Note: investor list is not exhaustive

Transactions rounds closed during lockdown

S E C T O R C O M P A N Y R O U N D S I Z E D A T E S A M P L E I N V E S T O R S

BI / Data Analytics $190 m 05/2020

Circular Economy $120 m 05/2020

Market Place €59 m 04/2020

Mobile €35 m 03/2020

Digital Health €30 m 07/2020

Digital Health €27 m 06/2020

Health Technology €7.5 m 04/2020

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FOCUS ONAGRI-FOODTECH

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Engineered food that will provide

the daily intakes of nutrients we

need

Midstream & Logistics

Restaurant & Retail

Delivery

Home Cooking

Drastic change in the supply chain

by buying directly to the producer

and/or handmade products to eat

high-quality and sustainable food

Agri-Biotechnology

Farming & AnimalTech

Innovative Food

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Four areas of focus to reinvent HOW & WHAT we eat

Reducing the carbon footprint of the food industry

Alleviating pressure on natural resources:

▪ Producing food in labs, thus making the use of land unnecessary

Promoting healthier diets:

▪ Eating local and healthy products without GMOsor additives

▪ Inventing healthy, convenient and affordable substitutes to real food

PROSPECTING FOR

SUSTAINABLE PROTEINS

FOSTERING LOCAL AND

HIGH-QUALITY PRODUCTS

LOOKING FOR

ALTERNATIVE FOOD

PERSONALIZING

YOUR OWN MEALS

UPSTREAM DOWNSTREAM

Eurazeo portfolio (examples):

FOCUS ONHEALTHTECH

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FACILITATING ACCESS

TO HEALTHCARE SERVICES

Enabling anyone to access

healthcare from anywhere

through digital and eHealth

SPREADING PREVENTION

AND WELLNESS

Developing materials and tools

for a daily use to foster

self-caring and prevent diseases

CREATING INNOVATIVE

MEDICAL DEVICES

Looking for ever more innovative

and efficient pharmaceuticals,

medical equipment and devices

thanks to new technologies

FINDING NEW

TREATMENTS AND CURES

Enrichment of the medical

treatment specter thanks

to scientific research

and biotechnologies

Digitalizing the access to healthcare:

▪ Reduce the gap between urban and non-urban to access healthcare services

▪ Facilitate communication and data sharing between professionals and patients

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Four areas of focus to shape the future of medicine

Alleviating pressure on health-care providers:

▪ Promoting wellness and prevention as a new way of living through the commercialization of connected devicesand apps

Enabling medical progress through researchand new technologies (biotech, big data…)

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https://www.teleclinic.com/

https://www.withings.com/fr/en/

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Virginie Morgon

CONCLUSION

CHAIRWOMAN OF THE EXECUTIVE BOARD

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Scaling our

investment divisions

Growing our

recurring earnings

Strong investment

portfolio and asset

rotation

M&A

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Key take-aways

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Accelerate pace of fundraising for flagships

First fundraising for seeded strategies (Brands and Real Asset)

New infrastructure team to join in Q1 2021

Expected management fees growth

Operating leverage despite investments in the business

Further fundraising growth

in 2021-2022 Increase shareholder

remuneration / dividendNAV

growth

Resilient, strong, growth-oriented Tech & Healthcare portfolio

Accelerated exit program to crystallise value creation in 2021-2022

Selective M&A

- Cultural fit

- Complementary strategies

- Geographic expansion

OpportunisticGP acquisition

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Financial Agenda

1) Including re-investments and partial exits

28th July, 20211st Half Year 2021 Results

11th March, 20212020 Annual Results

20th May, 20211st Quarter 2021 Revenues

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About us

ISIN code:

Bloomberg/Reuters:

Share capital

as of Dec 31, 2019:

Statutory threshold

declarations

EURAZEO SHARES

FR0000121121

RF FP, Eura.pa

78,645,486

1%

Indices:

SBF120

DJ EURO STOXX

DJ STOXX EUROPE 600

MSCI

NEXT 150

CAC MID&SMALL

CAC FINANCIALS

EURAZEO CONTACTSInvestor Relations

Pierre Bernardin

[email protected]

+33 (0)1 44 15 16 76

Haojing Pan

[email protected]

+33 (0)1 44 15 89 36

ANALYST COVERAGE

CM-CIC Alexandre Gérard

Exane BNP Paribas Mourad Lahmidi

Goldman Sachs Matija Gergolet / Arash Aslfallah

HSBC Pierre Bosset

Jefferies Matthew Hose

JP Morgan Cazenove Christopher Brown

Kepler Cheuvreux David Cerdan

ODDO BHF Geoffroy Michalet

Société Générale Patrick Jousseaume

Bank of America Elizabeth Miliatis

Berenberg Christoph Greulich

www.eurazeo.com

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DisclaimerCONFIDENTIALITY

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CAPITAL MARKETS DAY - Eurazeo

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