Eurazeo 2012 Annual Results Presentation

FY 2012 RESULTS Accelerating change

March 20, 2013

Contents

FY 2012 RESULTS 2

03 2012, a dynamic activity New momentum in asset rotation

11 FY 2012 Results Continued increase in Group companies’ contribution

36 Outlook Our ambition: value creation

22 Strategy Detecting, accelerating and providing value to our companies

2012, A DYNAMIC ACTIVITY

New momentum in asset rotation

FY 2012 RESULTS 3

Continued increase in companies’ contribution

FY 2012 RESULTS 4

238

-59

7

2011 PF* 2009 2012 2010

138

CONTRIBUTION OF COMPANIES Net of finance costs (in €m)

(*) Proforma : impact of acquisitions of Eurazeo PME, Foncia, Moncler, and 3SPGroup. €90m as reported

NAV In € per share

Strong NAV growth

FY 2012 RESULTS 5

2011 2012 March 11, 2013

(*) NAV with ANF Immobilier taken at its NAV: €57.6 as of December 31, 2012 and €60.1 as of March 11, 2013

+16%

59.2*

56.8*

48.9

Smartly rotating our assets

FY 2012 RESULTS

AVERAGE WEIGHTED AGE in years

DISPOSALS in % of NAV as of Jan.1

2009 2010 2011 2012 2008 2009 2010 2011 2012 YTD2013

A progressively maturing portfolio Strong acceleration in the asset rotation

6

3.3

4.2 4.3

5.3

6.0%

4.0%

2.0%

13.0% 14.0%

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

FY 2012 RESULTS 7

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 Edenred

2005 2007 2010 2012 YTD 2013

Mors Smitt

0.0

3.5 3.4

0.2 Multiple

<€50m

€50m to €100m

€100m to €150m

>€150m

Investment size:

x

Year of disposal

Weighted average multiple of 2.1x

2.0 2.1 2.0

2.4 2.0

3.5

Dedicated resources to source and develop attractive opportunities

FY 2012 RESULTS 8

• Sectors that benefit from long-term growth prospects

• Companies with strong transformation potential

• European companies with international exposure/potential

Focus on growth

– Alliances with Asian or American investors to get the most relevant expertise and make our offer more attractive

– Additional network for our portfolio companies

▲Development of partnerships to reinforce our expertise in non-European geographies

– Proactive approach of attractive targets (direct sourcing)

– If needed, senior advisors relationships help originate and analyze investment opportunities

▲Strong European network to source deals

▲Opening of an office in China to raise the international business of our companies

– A platform to accelerate the deployment of its investments

– Extension of our network of strategic partners in Asia

– New joint investment opportunities with Asian partners

An organization dedicated to value creation

FY 2012 RESULTS 9

MAIN INVESTMENTS

POSITIONING

SIZE

Mid-to-large companies

> €150/200m EV > €75/100m equity

Accor, APCOA, Elis, Europcar, Foncia, Moncler, Rexel,

Small / midcap

< €150/200m EV €15-75m equity

Dessange, Léon de Bruxelles, The Flexitallic Group (FDS), Gault & Frémont

Growth equity

Equity tickets of €30-70m

ANF Immobilier Colyzeo

Real estate

Fonroche, 3SPGroup, l-PuIse

▲One focus: accelerating change of our companies

▲One firm, 4 investment strategies, 21 portfolio companies

▲Proactive sourcing: investing in growth-potential companies

Strong NAV growth

FY 2012 RESULTS 10

3,231

3,751

+85

+462 -143

+30 +35 -22 +51 +17 +3

+84 -271 +189

NAV12/31/11

NAV12/31/12

+€404m

ANF Rexel Mors Smitt

+€43m

+€68m

-€184m

Cash & others

Investments Change in fair value

Disposals

FY 2012 RESULTS

Continued increase in Group companies’ contribution

FY 2012 RESULTS 11

Eurazeo keeps outperforming the Eurozone

FY 2012 RESULTS 12

4,372 4,421

3,722 3,906

2011(1) 2012

+4.9%

+1.1%

Companies consolidated under equity method

Fully consolidated companies

8,094 8,327

+2.9% ECONOMIC REVENUES In €m

(1) Restated for the sale of Mors Smitt at Eurazeo PME, Motel 6 / Studio 6 at Accor and a portion of ANF Immobilier’s assets and on a pro forma basis adjusted for the acquisitions of Moncler, Foncia, 3SP Group and Eurazeo PME

(2) Source: Eurostat-ECB – Eurozone 17 countries: Belgium, Germany, Estonia, Irland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland

EUROZONE GDP 2012(2)

-0.6%

Continued increase in companies’ contribution

FY 2012 RESULTS 13

(€m) 2009 2010 2011 PF(1) 2012 Change

Adjusted EBIT of Group consolidated companies 485 512 570 608 +7%

Cost of financial debt of Group consolidated companies (net) (463) (476) (521) (475) (9%)

Results for companies consolidated by the equity method, net cost of debt

(80) (30) 88 105 +19%

Contribution of companies’ net cost of debt (59) 7 138 238 +73%

CONTRIBUTION OF COMPANIES Net of finance costs

(1) Proforma = impact from the acquisitions of Moncler, Eurazeo PME, Foncia, 3SP Group and from ANF Immobilier’s assets disposals

Increasing EBITDA despite tough economic conditions

FY 2012 RESULTS 14

51

128

80 102

61

92 87

123

66

119

90

170

2010

2011

2012

CAGR 2010-2012

+4%

+14%

-4% +6%

+29% 347 371 377

x%

(*) Companies EBITDA (portfolio as of 12/31/2012) (**) Adjusted Corporate EBITDA

**

EBITDA in €m

*

+24%

72 50 47

Profit & Loss details

FY 2012 RESULTS 15

(€m) 2011 PF 2012

Contribution of companies’ net cost of debt 138 238

Change in value of real estate properties 41 (16)

Losses and disposal of real estate properties - (54)

Capital gains 36 10

Other(1) (93) (99)

Taxes (2) (50)

Non-recurring items (219) (298)

Net consolidated income (100) (269)

Net consolidated income Group share (112) (198)

(1) Amortization of commercial contracts, net cost of financial debt of holding sector and operating costs

2

50

8

13

11

16

2011 tax Limitation ofdeductibility offinancial costs

Limitation on taxloss carried

forward

3% tax ondividends on ANF

Other 2012 tax

RECURRING TAX in €m

• €21m in costs and €1m in cash

• Plus the one-off 3%-tax on dividends on the pay-out carried out by ANF Immobilier (€11m in cost and in cash)

(*) French tax dedicated to encouraging the competitiveness of companies

The main tax measures of the 2012/2013 Financial Law have a negative impact of:

Positive CICE* impact

• Positive impact of + €15m expected from 2013 at EBIT level

FY 2012 RESULTS 16

Change in tax

One-off items

FY 2012 RESULTS 17

ASSET ROTATION

EUROPCAR REFINANCING

GOODWILLS

OTHER

298

77%

23%

Sale of part of ANF Immobiliers’ portfolio 20

Accor 91 Impact of Motel 6 sale 69 Other products and charges 22

Renegotiation of swaps 35

Depreciation on goodwills 84 Elis, Fraikin & other

Other products & charges 68 Including restructuring costs 39

For Eurazeo: €271m cash impact For ANF: sale of mature assets, enabling further development. IRR of 15.2% on Lyon since 2004, and cap rate close to 4%

For Accor: Net debt reduced to €780m Reduction in capital employed:

2011 ROCE proforma: 13.9% vs. 12.3% 2011 EBIT proforma: 9.2% vs 8.7%

For Europcar: €34m savings in financial costs on a full year basis

Corporate debt maturity postponed from 2013 to 2017

2

1

3

4

TOTAL

BENEFITS:

Net income group share bridge

FY 2012 RESULTS 18

-127

-198

+197 -155

-43

-24 -20

-26

June 30, 2012 net income group share

Dec. 31, 2012 net income group share

Companies’ contribution

Other recurring

items Impairments (Elis, Fraikin,

APCOA, add. Motel 6) Restruct.

Various depreciations

(Accor, Moncler)

Other costs

In €m

Decrease in financial leverage

FY 2012 RESULTS 19

x

2x

4x

6x

8x

10x

12x

14x

201020112012

(1) Europcar: Corporate Net debt / Corporate EBITDA

(1)

Portfolio companies’ debts are non recourse to Eurazeo

CONSOLIDATED NET DEBT In €m

Decrease in consolidated net debt(1)

FY 2012 RESULTS 20

4,434 4,176 3,348

1,209 1,157

1,157

2011 2012 2012PF**

Net debt excl. EC fleet debt*

Europcar fleet debt*

(*) Excluding debt equivalent of fleet operating leases (**) Proforma from the sale of Rexel and Edenred shares

5,643 5,333

4,506

Consolidated leverage as of Dec. 31, 2012(2): 2.1x and 1.9x proforma

Decrease in IFRS consolidated net debt from €6.3 bn to €6.0 bn as of Dec. 31, 2012 and €4.5bn proforma

(1) Excluding Danone exchangeable bonds (2) Consolidated leverage as of December 31, 2012=

(Consolidated net debt – Value of assets which do not contribute to adjusted consolidated EBITDA) / Adjusted consolidated EBITDA

Strengthened cash position

FY 2012 RESULTS 21

138 292

642 436

125 73

169

164

520

170

31-Dec-11 Disposals Dividendsreceived

Dividendspaid

Investments Other 31-Dec-12 Disposals 11-March-13

CASH POSITION In €m

A fully available revolving credit line of €1bn

Debt reimbursement

and other

STRATEGY

Detecting, accelerating and providing value to our companies

FY 2012 RESULTS 22

Detecting growth potential

FY 2012 RESULTS 23

Identifying and selecting key sectors

2 Strategic monitoring of social trends

1 Targeting and pro-actively approaching investment opportunities

Defining target company’s true potential

3

Possible support from partners and senior advisors

• 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

• Health care

• Energy-driven businesses

• Financial services

4

DETECTING TRANSFORMATION 01

GROWTH POTENTIAL DETECTION IN 4 STAGES

Moncler: a true gem detected by Eurazeo

FY 2012 RESULTS 24

2010 Mid-term targets*

75%

25%

Distribution Channel Wholesale

Retail

>50%

<50%

2012

49%

51% 2012 retail sales growth: > 80% 83 stores vs. 55 as of June 2011 +50%)

Geography

43%

57%

Italy

RoW

>70%

<30%

74%

26% Asia is now the 1st geography for retail sales

Collection 77%

Spring-Summer

Fall-Winter

23% Seasonal

rebalancing

(*) Mid-term targets announced on acquisition date (June 2011)


~70%

~30% Co-Branding experiences and marketing initiatives (eyewear, trolleys, etc.)

Moncler: outstanding figures

FY 2012 RESULTS 25

GROUP SALES In €m

GROUP EBITDA In €m

2010 2011 2012

102 123

170

2010 2011 2012

(1) “Like-for-Like” definition: perimeter including only those stores already opened as of January 1 of previous year

• 2012 Moncler brand: sales up +35% and +18% lfl(1) vs. 12% last year • More than x3 sales in Japan and China from 2010

Group sales up 22% compared to 2011 and EBITDA margin up 3pts at 27% of sales


+20%

+39%

432

513

624

Moncler brand

+19%

+28%

+35%

+22%

New projects building the future of Moncler

FY 2012 RESULTS 26

2012 Mid-term targets

Geography

10%

26%

32%

32%

America and RoW

Italy Asia/Japan

Rest of Europe

Further geographical rebalancing Accelerate development in America and ROW, notably the US and Brazil

Collection

Accessories

More creative and balanced line from F/W 2012 Co-Branding experiences and marketing initiatives (eyewear, trolleys, etc.)


Further diversification Development of accessories consistent with brand’s image: a full accessory line from F/W 2013 bags (shoes, eyewear, knitwear, etc.)

Performance of Eurazeo’s investment in Eurazeo PME

FY 2012 RESULTS 27

125,6 153,0

227,4

38,4 +27.4

Eurazeo cost price June 2011

Net additional investments

Eurazeo cost price Cumulative amount

as of Dec. 2012

Contribution to Eurazeo’s NAV

Dec. 2012

18 months

€164m March 2011 OFIPEC portfolio

23% discount

(incl. cash 5m)

IRR of 31%

1.5x


Eurazeo PME, a quality team detected by Eurazeo

FY 2012 RESULTS 28

▲ Dynamic asset rotation both at Eurazeo PME and its portfolio’s levels: – 3 significant acquisitions carried out by The Flexitallic Group (FDS)

and Dessange International in North America

– Outstanding sale of Mors Smitt: multiple of 3.5x

– 14% of Eurazeo’s PME NAV* sold in 2012

▲ Proven ability to help SMEs expand – Financial support of Eurazeo

– International ambitions

▲ Strong 2012 performance – Revenues +18% and +29% adjusted for the sale of Mors Smitt

– Portfolio** EBITDA +29% and +45% adjusted


(*) NAV as of Dec.31, 2011 (**) Majority investments as of December 31, 2012

Strong acceleration in Eurazeo’s asset rotation

29 FY 2012 RESULTS

DISPOSALS (in €m)

180 184

55

436 520

2008 2009 2010 2011 2012 YTD 2013

02 ACTIVATING VALUE

~€1bn

€419m

Exercising tight control of investment timing

FY 2012 RESULTS 30

02 ACTIVATING VALUE

SIGNIFICANT DISPOSALS CARRIED OUT IN 2012 AND EARLY 2013

Full disposal carried out by Eurazo PME

Sale of a significant part of the portfolio

Partial sale

x2 Proceeds of ~€140m

x2 Proceeds of ~€225m

x3.5 Proceeds of €22m

x2.4 Proceeds of €271m

March 2012 June 2012 October 2012

February 2013

Rexel ANF Immobilier Mors Smitt Edenred

Full disposal

March 2013

x2 Proceeds of €295m

Activating all transformation levers

FY 2012 RESULTS 31

External growth

Innovation

Process reinforcement

Implementation of a strong Corporate governance

Evolution of business models

International expansion, particularly in emerging markets

Organic growth

02 ACTIVATING VALUE

Focus on the sale of Edenred

FY 2012 RESULTS 32

March 2013 Change achieved end of 2012

At the time of the investment 2010

Sale of the entire stake at €26.13 per share

02 ACTIVATING VALUE

FINANCIAL

OPERATI

ONAL

• Investment: 2008 (as part of Accor Group)

• 2008 Issue Volume: €12.7bn

• 2008 FFO: €217m

• Limited development of Prepaid Services within the Accor Group

• 30% digital issue volume in 2009

• Exposure to emerging countries: 52% of issue volume

• New management team

• New strategy

• Creation of the corporate brand

• IPO and structuring of financing

• Robust 2012 performance with financial targets met

• Issue volume: €16.7bn

• FFO: €282m

• Stronger foundations to boost growth: new organizations, processes and tools

• Acceleration of new solutions and new country development

• Digital shift well on track: 51% digital issue volume

• Increase of weight of emerging countries: 61% of issue volume

• Transformation objective achieved

• Stock market outperformance since the IPO: market valuation x2

Net proceeds: €295m*

Multiple: x2 our initial investment

(*) After taxes, costs relating to the transaction and reimbursement of the debt

Capital gain: €360m

Activating all transformation levers

FY 2012 RESULTS 33

ACCELERATING TRANSFORMATION 03

External growth

Innovation

Process reinforcement

Implementation of a strong Corporate governance

Evolution of business models

International expansion, particularly in emerging markets

Organic growth

Europcar’s performance: building on solid foundations

FY 2012 RESULTS 34


€50m FASTLANE 2014 PROGRAM – Launching of the Fastlane 2014 program to improve Adj. Corporate EBITDA by at least €50m by 2014 Impact by end 2014

€ 18m ▲TOP LINE INITIATIVES €32m

▲COST INITIATIVES

– New group Revenue and Capacity Management group created, enhancing revenue quality and margins

– Commercial optimization and focus on Corporate Key Accounts

– New website launch and refining of e-commerce strategy

– Restructuring costs both at headquarters level and in the network

– Fleet costs renegociated and going down

– Insurance claims processes redesign

NEW ORGANIZATION IMPLEMENTED February 2012:

– Jean-Charles Pauze, new President

– Roland Keppler, CEO

– Caroline Parot, CFO

End 2012: – New organization completed

with senior profiles with strong background at the Executive Board:

• Marcus Bernhardt as Chief Commercial Officer from the Hotel and Airline industry

• Jacques Brun as Chief Transformation Officer coming from car rental industry

• Involvement of the Country Managers in specific transversal workshop

PRODUCT OFFERING DEPLOYMENT – European launch of new InterRent concept on

March 19 after good adoption in Spain and Portugal • Extension in France, UK and Germany

– First international franchisee conference on March 4 in Berlin:

• 67 countries represented • Appetite for reinforced cross-border strategy and InteRent launch

Fonroche: from a local photovoltaic player to a global developer of renewable energies

2010 2011 2012 Mid-term

France International Biogas

45

8 52

22

Assembly plant and project pipeline in France

3 main activities of the photovoltaic (“PV”) value chain: assembly of PV panels, development and production of elec-tricity from PV plants

OPERATED CAPACITY In MWc

1st buildings in France

1st contracts abroad: • 77MW signed in Porto

Rico and Master Agreement over an additional 100MW

• 22MW awarded in India

1st buildings abroad: • 22MW build in India

New contracts: • 63MW awarded in France

• 24MW signed in Kazakhstan

• First sales of developed farms validating new business model

Development of new energies (biogas and geothermia)

FY 2012 RESULTS


74

35

Continued build-up of assets in France

Solar farms abroad

First biogas facilities

OUTLOOK

Our ambition: value creation

FY 2012 RESULTS 36

Generous return to shareholders since 2002

FY 2012 RESULTS 37

▲ Overall TSR: +98% over 10 years* vs. +38% for the CAC40

▲ Eurazeo has distributed ~80% of its market capitalization since June 30, 2002 • €557m through ordinary dividends

and €357m through special dividends • €606m through share buyback

1,925 2,390 2,390

465 557

357 514

1,428

June 30, 2002Market cap

December 2012Market cap

Ordinarydividend

Special dividend Share buyback December 2012

(*) Between June 30, 2002 and March 11, 2013

In €m

▲ Still, market cap has increased by 24% over the period

Shareholders’ return

Increase in market cap up to Dec. 2012

▲ Overall TSR: +98% over 10 years* vs. +38% for the CAC40

▲ Eurazeo has distributed ~75% of its market capitalization since June 30, 2002 • €557m through ordinary dividends

and €357m through special dividends • €514m through share buyback

Steadily growing return to shareholders

FY 2012 RESULTS 38

38 45 45 57 63 63 64 67 73 79

293 64

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Special dividendOrdinary dividend

Special dividend (cash) Special dividend

(ANF Immobilier shares)

DIVIDEND DISTRIBUTION In €m

FY 2012 Dividend

€1.20/share to be paid on 14 May 2013

Bonus share

1 for 20

Ordinary dividend CAGR: 8.2% over 10 years

2012 figures confirm our mid-term targets

FY 2012 RESULTS 39

2012 EBITDA growth: +9%

Decrease in net debt

Status as of Dec. 31, 2012 Mid-term outlook*

• Annual EBITDA growth of +5-10%

• Excess cash flow generation

Revenues: +3.2% as reported and +1.3% lfl

EBITDA up +1.4%. EBITDA margin at 31.8% vs 32.3% in 2011 (dilutive impact of acquisitions)

• More than 3% revenue growth per year on average

• Continued year on year EBITDA margin improvement

Slight decrease in revenues: -1.7%

Slightly improved Adj. Corp. EBITDA margin

Corporate net debt reduced from €602m to €568m

• Annual revenue growth above 3.0%

• Improved operational margin

• Total net debt stabilization

• Annual EBITDA growth of +5-10%

• Positive net organic client gains

Increase in EBITDA by +3.6% (EBITDA Margin improved by +1.4% vs. 2011A)

“Cap 0” achieved in Lease management, imple-mentation of digitalization and of myfoncia.fr

• Outperforming Luxury market growth

• Stable margins

• Balance retail and wholesale channels (50/50)

Outperforming market growth

EBITDA margin at 27% up 3pts

Retail = now 51% of sales

(*) Mid-term targets announced on March 16, 2012

Transformation, value creation, asset rotation

▲ We have been accelerating the transformation of our companies, this enables us to:

– Achieve higher contribution of companie’s net of financial costs

– Now accelerate our asset rotation

▲ Over €1bn for further investments in growth companies as per our target business segments

FY 2012 RESULTS 40

APPENDICES

Including Group companies’ detailed information

FY 2012 RESULTS 41

Contents

FY 2012 RESULTS 42

43 Financial appendices

49 Group companies’ detailed information

104 Other

Net Asset Value as of December 31, 2012

FY 2012 RESULTS 43

% held Nb shares Price NAV as of Dec. 31, 2012

with ANF at its NAV

€ €M ANF @ €31,0

Eurazeo Capital Listed 1,240.4

Rexel 17.94% 48,790,607 15.15 739.3

Accor 8.84% 20,101,821 26.12 525.1

Edenred 8.90% 20,101,821 23.43 470.9

Accor/Edenred net debt -495.0

Accor/Edenred net* (1) 20,101,821 501.1

Eurazeo Capital Non Listed 1,613.0

Eurazeo Croissance 161.2

Eurazeo PME 227.4

Eurazeo Patrimoine 291.4 355.7

ANF Immobilier 48.93% 8,675,095 23.63 205.0 269.2

Colyzeo and Colyzeo 2 (1) 86.4

Other listed assets -

Danone (pledged EB) 2.56% 16,433,370 42.60 700.0

Danone debt (EB) -700.0

Danone net -

Other assets 14.9

Cash 291.5

Non-affected debt -110.3

Tax on unrealized capital gains -54.0 -66.6

Treasury shares 3.48% 2,298,320 75.2

Total value of assets after tax 3,750.7 3,802.3

NAV per share 56.8 57.6

Number of shares 66,021,415 66,021,415

(1) Net allocated of debt (2) Accor shares held indirectly through Colyzeo funds are included on the line for these funds

Net Asset Value as of March 11, 2013

FY 2012 RESULTS 44 (1) Net allocated of debt (2) Accor shares held indirectly through Colyzeo funds are included on the line for these funds

% held Nb shares Price NAV as of Mar 11, 2013

with ANF at its NAV

€ €M ANF @ €31,0

Eurazeo Capital Listed 916.7

Rexel 12.72% 34,590,607 17.41 602.3

Accor 8.84% 20,101,821 28.28 568.4

Accor net debt -254.0

Accor net* (1) 20,101,821 314.4

Eurazeo Capital Non Listed 1,613.0

Eurazeo Croissance 161.2

Eurazeo PME 227.4

Eurazeo Patrimoine 295.6 370.9

ANF Immobilier 48.93% 8,675,095 22.36 194.0 269.2

Colyzeo and Colyzeo 2 (1) 101.7

Other listed assets -

Danone (pledged EB) 2.56% 16,433,370 42.60 700.0

Danone debt (EB) -700.0

Danone net -

Other assets 16.7

Cash 641.8

Non-affected debt

Tax on unrealized capital gains -51.8 -66.6

Treasury shares 3.47% 2,292,228 86.1

Total value of assets after tax 3,906.5 3,907.0

NAV per share 59.2 60.1

Number of shares 66,021,415 66,021,415

Reconciliation of the income statement (new presentation vs. former presentation)

FY 2012 RESULTS 45

Adjusted EBIT of fully consolidated companies 559,0 - - - 3,3 562,3 570,4 Net finance costs (507,3) - (507,3) (521,1)EBIT adjusted for net finance costs 51,6 - - - 3,3 55,0 49,2

Share of income of associates 73,7 39,0 (0,5) 112,2 124,0 Net finance costs of Accor/Edenred (LH19) (35,7) - (35,7) (35,7)Share of income of associates after net finance costs (*) 38,0 - 39,0 - (0,5) 76,5 88,3

Contribution of companies net of finance costs 89,6 - 39,0 - 2,8 131,5 137,6

Fair value gains (losses) on investment properties 41,0 - - - - 41,0 41,0 Realized capital gains or losses 36,5 - - - - 36,5 36,5 Revenue of the Holding Company business 64,1 - - - - 64,1 72,6 Finance costs, net, of the Holding Company business (53,8) - - - - (53,8) (53,8)Operating costs of the Holding Company business (41,2) - - - - (41,2) (41,2)Changes in derivatives (interest rate and equity) (1,2) 1,2 - - - - -Other income and expenses (45,6) - 45,6 - - - -Amortization of Elis commercial contracts - - - (60,3) - (60,3) (60,3)Amortization of APCOA commercial contracts - - - (7,1) - (7,1) (7,1)Amortization of Eurazeo PME commercial contracts - 0 0 (1,8) - (1,8) (3,4)Income tax expense (29,8) 4,9 - 23,8 - (1,1) (2,3)Net income before impairment, depreciationand amortization

59,5 6,2 84,7 (45,3) 2,8 107,8 119,6

Changes in derivatives (interest rate and equity) - (1,2) - - - (1,2) (1,2)Income tax on changes in derivatives - (4,9) - - - (4,9) (4,9)Impairment of APCOA goodwill (6,2) - - - - (6,2) (6,2)Impairment of Europcar goodwill (40,6) - - - - (40,6) (40,6)Impairment of Elis goodwill (33,0) - - - - (33,0) (33,0)Impairment of Fraikin (5,5) - - - - (5,5) (5,5)Impairment of Colyzeo funds (12,3) - - - - (12,3) (12,3)Share of income from operations not retained (associates) - - (22,4)Other income and expenses - - (45,6) - (3,3) (49,0) (47,2)Non-recurring items of associates - - (39,0) - (18,6) (57,6) (46,0)Amortization of Elis commercial contracts (60,3) - - 60,3 - - -Amortization of APCOA commercial contracts (7,1) - - 7,1 - - -Amortization of Eurazeo PME commercial contracts (1,8) - - 1,8 - - -Income tax expense 23,8 - - (23,8) - - -Non-recurring items (**) (142,9) (6,2) (84,7) 45,3 (21,9) (210,3) (219,4)IFRS consolidated net income (83,5) - - - (19,1) (102,5) (99,8)Attributable to owners of the company (97,5) - - - (13,2) (110,7) (111,5)Attributable to non-controlling interests 14,1 - - - (5,8) 8,2 11,7 (*) Excluding non-recurring items(**) Impairment, depreciation and amortization for the 2011 reported financial statements

2011 RestatedIn millions of euros 2011

Reported Derivatives Non-recurring

Commercial contracts Restatements 2011

Pro Forma

Eurazeo share price performance

FY 2012 RESULTS 46

▲ 2012 TSR: +43.5% vs. 20.4% for the CAC40

20

25

30

35

40

4530

/12/11

13/1/

12

27/1/

12

10/2/

12

24/2/

12

9/3/12

23/3/

12

6/4/12

20/4/

12

4/5/12

18/5/

12

1/6/12

15/6/

12

29/6/

12

13/7/

12

27/7/

12

10/8/

12

24/8/

12

7/9/12

21/9/

12

5/10/1

2

19/10

/12

2/11/1

2

16/11

/12

30/11

/12

14/12

/12

28/12

/12

11/1/

13

25/1/

13

8/2/13

22/2/

13

8/3/13

EURAZEO LPX Europe CAC

A balanced and diversified portfolio (% of NAV)

FY 2012 RESULTS 47

42%

33%

4%

6%

8% 7%

EURAZEO CAPITAL (LISTED)

CASH & OTHER

EURAZEO PATRIMOINE

EURAZEO PME

EURAZEO CROISSANCE

EURAZEO CAPITAL CAPITAL (NON LISTED)

BtoB DISTRIBUTION

REAL ESTATE

LUXURY & PERSONAL CARE

INDUSTRY

OTHERS CASH & TREASURY SHARES

SERVICES

MOBILITY & LEISURE

SERVICES: Elis, Edenred, Foncia MOBILITY & LEISURE: Accor, APCOA, Europcar, Fraikin, Léon de Bruxelles BtoB DISTRIBUTION: Rexel, Fondis REAL ESTATE: ANF Immobilier, Colyzeo LUXURY & PERSONAL CARE: Moncler, Dessange, Intercos INDUSTRY: Fonroche, 3SP Group, The Flexitallic Group, I-Pulse, Gault & Frémont, IMV Technologies

As of December 31, 2012

Breakdown of NAV and contribution of companies

FY 2012 RESULTS 48

42%

33%

4%

6%

8% 7%

EURAZEO CAPITAL (LISTED)

CASH & OTHER

EURAZEO PATRIMOINE

EURAZEO PME

EURAZEO CROISSANCE

EURAZEO CAPITAL CAPITAL (NON LISTED)

NAV In €m

CONTRIBUTION OF COMPANIES Net of finance costs

EURAZEO PATRIMOINE

EURAZEO PME

EURAZEO CROISSANCE

EURAZEO CAPITAL

73%

1%

11%

15%

As of December 31, 2012

DETAILED INFORMATION ON EURAZEO CAPITAL

FY 2012 RESULTS 49

FY 2012 RESULTS 50

8.9%

ECONOMIC INTEREST

EQUITY METHOD

▲A solid full-year 2012: Revenue = €5.6bn, +2.7% like-for-like EBIT = €526m, +3.0% like-for-like

▲ Record expansion with the opening of more than 38,000 rooms, 85% of which under management or franchise agreements

▲Ordinary dividend of €0.76 per share, up 17% compared with 2011 (subject to shareholder approval)

2012 highlights

▲ Sustained revenue growth in every segment, driven by steadily rising room rates – Group’s gross revenue up 11% to more than €11 billion – Contribution from management and franchise fees, up16.5% organic – Q4 revenue up 2.5% like-for-like (5.0% reported): slight improvement in RevPAR led by the

growth in average room rates and the strong increase in management and franchise fees – An improvement in EBIT, to €526m, upper end of the target range announced in August

2012

▲ A sound financial position backed by €1.5bn in unused and confirmed credit lines – Net debt up to €421m from €226m, after €468m in “Acquisitions & Ibis megabrand”

and €269m in dividends – The issue in June of €0,6bn in five-year, 2.875% bond, with a further €100m tranche

successfully added in September – €1,4bn reduction in adjusted net debt thanks to Asset Management (€0,6m) and sale

of Motel 6 (€0,8bn)

▲ Accor opened 38,085 rooms in 2012, 85% under management or franchise – 48% in APAC, 28% in Europe, 14% in LatAm and 10% in Africa/Middle East – As of end 2012, hotel base of more than 450kr, of which 37% in emerging markets

and 57% operated under management or franchise contracts

FY 2012 RESULTS 51

2013-2016 new ambition

▲Confirmed expansion plan of 30,000 rooms per year through organic growth, with an EBIT margin above 15%

▲ €30 million annual investment plan to consolidate the Group distribution systems

▲ Extended Asset Management plan – 800 hotels to be restructured: total negative impact of €2 billion

on the Group’s revenue, and a €2 billion reduction in Adjusted Net Debt

▲Achieving operational excellence and improving organizational efficiency – €100m cost savings plan for the 2013-2014 period – Reorganization of corporate functions around two departments:

(i) the Operations Department; (ii) the Property Management Department (managed by newly hired Gilles Bonnier)

▲A clear improvement in the Group’s economic performance by 2016-end implying a structurally strong cash-flow generation of 48%

FY 2012 RESULTS 52

Financials

▲ 2012 full-year results, in € millions

FY 2012 RESULTS 53

(€m) 2012 2011

adjusted(1) Adjusted Change

Comparable change

Revenue 5,649 5,568 +1.5% +2.7%

EBITDAR

% margin

1,788

31.7%

1,759

31.6%

+1.7%

+1.9%

EBIT

% margin

526

9.3%

515

9.3%

+2.0%

+3.0%

Net debt 421 226 +86.2%

(1) Following signature of the sales agreement with Blackstone, the consolidated income statements for the two periods presented have been adjusted for the reclassification of Motel 6’s income statement items in the loss from discontinued operations

▲ Solid growth: Revenue up 5.4% excluding renegotiated contracts

▲ Strong increase in profitability: EBITDA up 9.2%

▲Continuing improvement in liquidity: decrease in net debt compared to 2011

FY 2012 RESULTS 54

82.1%

ECONOMIC INTEREST

FULLY CONSOLIDATED

2012 highlights

▲ Solid performance with 2012 revenue up 5.4% vs. 2011, excluding renegotiated contracts(1)

– Continued growth of the existing portfolio – Strong commercial performance

▲ 2012 EBITDA of €66.3m, up 9.2% vs. 2011 on a reported basis – Strong commercial performance (+29% vs. 2011) – Successful renegotiation of a few key additional contracts

resulting in a strong uplift in margin – Continued control on costs

▲Net debt of €641m as of December 31, 2012 vs. €648m as of December 31, 2011 at constant exchange rates (-1.2%) – Strict control on capex and net working capital – Reduced interests with the end of the swap contract from July 2012

FY 2012 RESULTS 55

(1) Contracts terminated or changed into management contracts

Financials

FY 2012 RESULTS 56

(€m) 2012 2011 Reported change

Comparable change

Revenue 701 731 -4.2% -6.6%

EBITDA

% margin

66

9.5%

61

8.3%

+9.2%

7.4%

Net debt 641 643 -0.2% -1.2%

FY 2012 RESULTS 57

82.5%

ECONOMIC INTEREST

FULLY CONSOLIDATED

▲ Robust business model supporting continuous growth: +3.2% in reported revenues and +1.3% in like-for-like – Very good performance of the French activities

with about +2.6% in like-for-like sales – International activities suffering from macroeconomic environment

▲Continued acquisition policy: 5 acquisitions in France and abroad (Spain, Switzerland, Portugal) representing about €15m additional sales in pro-forma

2012 highlights

▲Good performance in France, leveraging on Elis strong leadership – Steady growth of Hotels & Restaurants activities (+3.5% like-for-like)

despite challenging conditions in Restaurants – Stability of Industry, Trade & Services with +1.2% (like-for-like) – +5.7% like-for-like in Health market supported both by several large

commercial successes and growing Dependency care activities (AD3)

▲ International activities suffering from current economic context – Decreasing sales in both Spain and Portugal, given very tough

environment – Good performance of Switzerland and particularly Germany,

with double-digit growth – Current downturn offering very attractive acquisition opportunities,

and reinforcing Elis positioning versus weakening local players

FY 2012 RESULTS 58

Financials

▲Change in linen depreciation schedule – From 2 to 3 years, with a €40.2m impact on 2012 figures

FY 2012 RESULTS 59


Comparable change

Revenue 1,185 1,149 3.2% 1.3%

EBITDA

% margin

377

31.8%

371

32.3%

1.4%

0.1%

EBIT

% margin

225

19.0%

193

16.8%

16.7%

Net debt 1,948 1,934 0.7%

▲ Resilience of Europcar’s volumes thanks to InterRent launch and commercial effort in tough competitive and economic environment resulting in limited decrease in revenues by -3.1% at constant exchange rates and perimeter

▲ Stable Adj. EBIT and Adj. Corp. EBITDA margins, protected from decrease in revenues by many actions including the deployment of FastLane 2014 and by effects of the refinancing operations

▲New management team and reorganization of the group to enable future growth and profitability improvement

FY 2012 RESULTS 60

85.4%

ECONOMIC INTEREST

FULLY CONSOLIDATED

2012 highlights

FY 2012 RESULTS 61

▲ Resilience of revenues in current tough market environment – Revenues down by 3.1% vs. 2011at constant exchange rate and perimeter

• Decrease in volumes (rental days down by 1.2% vs. 2011) mainly due to the exit from non-profitable contracts in Italy and to B2B segment slow down but offset by resilient Leisure demand

• RPD down by 2.6% impacted by the effect of the InterRent lower pricing and by strong pressure in the tough competitive environment

▲ Adj. EBIT margin remained stable with revenue decrease thanks to tight control of the operating costs – Improvement of the fleet utilization rate by +40bps (74.4% in 2012 vs. 74.0% in 2011) – Fleet holding cost per unit down by -3.4% over the period

▲ Adj. Corporate EBITDA margin stable despite lower revenues thanks to strong focus in costs structure and refinancing operations – Pro forma full-year impact of the refinancing, 2012A Adj. Corp. EBITDA stands

at €122.6m i.e. 2012PF Adj. Corp. EBITDA at 6.3%

▲ Cash-Flow generation – Corporate Net Debt at €568m at December 2012 and Corporate leverage at 4.6x – Continuous optimization of non fleet working capital

Europcar’s performance: building on solid foundations

FY 2012 RESULTS 62

€50m FASTLANE 2014 PROGRAM – Launching of the Fastlane 2014 program to improve Adj. Corporate EBITDA by at least €50m by 2014 Impact by end 2014

€18m ▲TOP LINE INITIATIVES €32m

▲COST INITIATIVES

– New group Revenue and Capacity Management group created, enhancing revenue quality and margins

– Commercial optimization and focus on Corporate Key Accounts

– New website launch and refining of e-commerce strategy

– Restructuring costs both at headquarters level and in the network

– Fleet costs renegociated and going down

– Insurance claims processes redesign

NEW ORGANIZATION IMPLEMENTED February 2012:

– Jean-Charles Pauze, new President

– Roland Keppler, CEO

– Caroline Parot, CFO

End 2012: – New organization completed

with senior profiles with strong background at the Executive Board:

PRODUCT OFFERING DEPLOYMENT – European launch of new InterRent concept on

March 19 after good adoption in Spain and Portugal • Extension in France, UK and Germany

– First international franchisee conference on March 4 in Berlin:

• 67 countries represented • Appetite for reinforced cross-border strategy and InteRent launch

• Marcus Bernhardt as Chief Commercial Officer from the Hotel and Airline industry

• Jacques Brun as Chief Transformation Officer coming from car rental industry

• Involvement of the Country Managers in specific transversal workshop

Financials

FY 2012 RESULTS 63

(€m) 2012 2011 reported

Reported change

Comparable change

Revenue 1,936 1,969 -1.7% -3.1%

Adj. Corp. EBITDA

% margin

119

6.1%

120(2)

6.1%

-0.9%

n/a

Adj. EBIT

% margin

227

11.7%

235

11.9%

-3.1%

-3.9%

Corp. Net debt 568 602(1) -5.6% n/a

(1) Restated from VAT refund received late 2011 from UK tax authorities paid early 2012 to final beneficiaries (2) Proforma of swap refinancing performed late 2011

FY 2012 RESULTS 64

12.7%*

ECONOMIC INTEREST

EQUITY METHOD

▲ Full-year results in line with targets

▲ Sustained M&A activity

▲ Launch of Energy in Motion plan

▲A dividend of €0.75 per share, payable in cash or shares, subject to approval at the Annual Meeting on May, 22

(*) 18.1% as of December 31, 2012

2012: a significant step forward for Rexel

▲ Full-year results in line with targets – Improved profitability – Strong free cash-flow generation

▲ Sustained M&A activity – Strengthened market share in the US through 2 strategic acquisitions – Tactical acquisitions in Europe and broader footprint in Latin America

▲ Launch of Energy in Motion plan – Focus on promising segments: Energy efficiency, International

customers and projects, Vertical markets – Enhanced operational excellence and active resources management

FY 2012 RESULTS 65

Solid performance in 2012, in line with targets

FY 2012 RESULTS 66

Reported sales up 5.8% to €13.4bn

Full-year results in line with targets

Driven by sustained M&A activity

• 12 acquisitions in 2012, representing c. €830m of sales on an annualized basis

• Contribution to reported sales in 2012 amounted to €544m, representing 4.3 percentage points out of the 5.8% growth

In a challenging environment

Sales % of Group Sales

Europe -3,3% 56% Asia-Pacific -5.5% 10% North America +1.8% 32% Latin America +3.7% 2%

• Sales on a constant and same-day basis: -1.8%

Improved profitability

• Reported EBITA up 6.2% to €767m • Adj. EBITA1 margin up 10bps to 5.7%

- increased gross margin (+20bps) - tight cost control (-10 bps)

Strong free cash-flow generation

• FCF before int. & tax of €627m, up 4.4% vs. FY 2011

• Temporary rise in Net-debt-to-EBITDA ratio to 2.95x at Dec. 31, 2012 due to M&A outflow of c. €620m

Financials

FY 2012 RESULTS 67


Comparable change

Revenue 13,449 12,717 +5.8% -1.8%

EBITDA

% margin

767

5.7%

720

5.7%

+6.2%

-0.3%

Net debt 2,599 2,078 +25.1%

FY 2012 RESULTS 68

33.8%

ECONOMIC INTEREST

EQUITY METHOD

▲ Good resilience of the Joint-Property Management and Lease Management but declining Renting and Brokerage markets environment: Revenue down by 4.7% at constant exchange rate and perimeter mainly due to lower volumes in both Renting and Brokerage businesses

▲ EBITDA up 3.6% and margin improvement of 140bps thanks to tight cost management at both Headquarter and Network levels

▲ Strong deleverage over the year from 4.3x to 3.8x Net Debt / EBITDA ▲ Reinforcement of the top management team with the hiring of François Davy

as CEO and Line Vissot-Weill as Chief Marketing and Operations officer

2012 highlights

FY 2012 RESULTS 69

(€m) 2012A 2011A % var.

RRES France(1) 401.7 407.8 -1.5%

Brokerage 68.0 88.9 -23.5%

Total France 469.8 496.6 -5.4%

International 48.6 49.8 -2.4%

Other and Interco 47,0 48.7 -3.5%

Total 565.4 595.1 -5.0%

Real Estate Services France

Recurring revenue: 88%

Brokerage

Other and interco

71%

12%

87% 9%

International

▲ Decrease of revenues by -5.0% – Resilience of the RRES France(1) thanks

to Lease Management and Joint-Property Management activities and slight decrease of Renting business due to lower mobility rate

– Decrease in the Brokerage business reflecting a strong market decline

▲ Increase in EBITDA by +3.6% – EBITDA Margin improved by +140bps vs.

2011A – Strong focus on costs both at headquarter

and at network levels

▲ Strong deleveraging with net debt at €347m at December 2012 – Net Debt / EBITDA at 3.8x vs. 4.3x

as of December 2011

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

Financials

FY 2012 RESULTS 70

(€m) 2012 2011

Reported Reported change

Comparable change

Revenue 565 595 -5.0% -4.7%

EBITDA

% margin

90

16.0%

87

14.6%

+3.6%

+2.8%

Net debt 347 378 -8.3% -8.3%

FY 2012 RESULTS 71

31.2%

ECONOMIC INTEREST

EQUITY METHOD

▲ Full-year 2012 Net sales = €630m(1) at Group level

▲ Moncler brand sales reached €489m, up 35% compared to 2011

▲ Exceptional growth in Japan (+44%), China (+136%), and the US (65%)

▲ EBITDA margin up 3pts at 27% of sales

▲ Italian exposure much reduced already beyond mid term target (< 1/3)

(1) Including other revenues

Strong International Growth

FY 2012 RESULTS 72

G E O G RA PH I C S A L E S M I X E VO L UT I O N

6%

43%

34%

17%

Rest of Europe

America and RoW

Italy €284m

Asia/Japan

2010

8%

34%

33%

25%

€364m

2011

10%

26%

32%

32%

Rest of Europe

Italy

€489m

Asia/Japan

2012

America and RoW

+35% sales growth for Moncler (vs +28% last year) exceptional growth in Japan (+44%), China (+136%) and the US (+65%)

= More than x3 sales in Japan and China from 2010

Italian exposure much reduced: already beyond mid term target (i.e. less than one third )

FY SALES:

Retail already represents 51% of sales

FY 2012 RESULTS 73

75%

25% Retail

€284m

62%

38%

€364m

49%

51% Retail

€489m

2010 2011 2012 FY SALES:

S A L E S M I X E VO L UT I O N B Y C H A N N E L

2012: 22 stores openings 82% growth of retail business

Wholesale Wholesale

Rebalancing already beyond mid term target

Focus on retail: Asia is now the first geography

FY 2012 RESULTS 74

G E O G RA PH I C S A L E S M I X E VO L UT I O N O F T H E R E T A I L C H A N N E L

9% 19%

31%

41%

Rest of Europe

America and RoW

Italy

€138m Asia/Japan

2011

10% 15%

29% 47%

Rest of Europe

America and RoW

Italy

Asia/Japan

2012

€251m

FY RETAIL SALES

+ 82% in retail sales in 2012 (same growth rate as in 2011)

Strong L-f-L(1) growth : +18%(2) vs 12% last year

Strong performance of Asia (from 28% of retail sales in 2010 to 47%) & in the US

(1) “Like-for-Like” definition: perimeter including only those stores already opened as of January 1 of previous year (2) Reported L-f-L growth

Pursuing expansion of retail network

FY 2012 RESULTS 75

RETAIL NETWORK AS OF DECEMBER 2012: 83 STORES (vs 55 at June 2011)

31

9

ASIA

46

11

EUROPE

6

NORTH AMERICA

2

RETAIL STORES

22 openings both in 2011 & 2012

To date:

2012 openings:

New product exploration: co-branding experiences marketing initiatives

FY 2012 RESULTS 76

The multi-wheel cabin trolley

RIMOWA & MONCLER

Limited collection backpack

SEIL MARSCHAL & MONCLER

Eyeglasses

MYKITA & MONCLER

New projects building the future of Moncler

FY 2012 RESULTS 77

Eyewear

Further diversification upsides

• Launch of a limited edition cobranded with Mykita

• Presentation at Milan’s Mido (eyewear fair) of the new collaboration with the italian producer and distributor Allison

• JV controlled by Moncler (51/49)

2013 2012

Financials

▲ 2012 full-year results, in € millions

FY 2012 RESULTS 78

(€m) 2012 2011 Change

Net sales 630 516 +22%

Moncler 489 364 +35%

Sportswear 135 150 -10%

Other 6 3 +100%

EBITDA 170 123 +38.6%

Marge 27% 24%

FY 2012 RESULTS 79

FY 2012 RESULTS 80

13.2%

ECONOMIC INTEREST

EQUITY METHOD

▲ Long Term rental activity slight decrease versus 2011

▲ Profitability margin maintained

▲ Refinancing of the French, UK and Spanish fleets

2012 highlights

▲ Sales decrease versus 2011 limited to 2% – Of which long term contract hire sales decrease by -1.4% versus 2011

– The Company has launched several commercial initiatives to support growth in the short and medium term

▲ Profitability margin maintained – Decrease in EBITA Rental margin rate mainly from maintenance

and repair costs given the aging of the fleet

– Counterbalanced by a further increase in capital gains on re-sale of trucks

▲ Successful Refinancing – New pan-European Securitization program secured for a maximum

of € 1,011m with a 5-year maturity for the French, UK and Spanish fleets

– Overall reduction of the yearly interest cost of the Group

FY 2012 RESULTS 81

Financials

FY 2012 RESULTS 82

(€m) 2012 2011 Reported

Revenue 671 684 -2.0%

EBITA

% margin

113

16.9%

116

16.9%

-2.2%

Capital Gains 7 5 +49.3%

EBITA Rental

% margin

106

15.8%

111

16.2%

-4.3%

FY 2012 RESULTS 83

33.6%

ECONOMIC INTEREST

EQUITY METHOD

▲ Sales up 13.4% to €307.1m mainly thanks to Europe and Asia

▲ EBITDA up to €45m, historical highest level

▲Roll-out of SAP in the US and strengthening of finance and controlling team

2012 highlights

▲ American business slow-down in 2012 (-2% yoy) – Affected by a couple of extraordinary events:

• shut down of operations caused by storm Sandy at the end of October, followed by a slow restart in November

• Roll-out os SAP in H1

▲ EBITDA margin increased by 0.5pt up to 14.7% – Such improvement compared to last year due to a better fixed costs

▲ Net debt reduction by €16.6m compared to December last year – Improved credit collection, especially in Europe

(current South-European crisis shows no negative effects) and Asia – Capex under control: €16.5m, compared to €19.2m last year – Strengthened finance team launched a new project aiming to increase

the cash flow generation and further better working management

▲ Some administrative delays postponed the opening of the new Brazilian plant, now expected for mid 2013

FY 2012 RESULTS 84

Financials

▲ 2012 full-year results, in € millions (1)

FY 2012 RESULTS 85

(€m) 2012 2011 Change

Net sales 307 272 +13.4%

EBITDA 45 39 +16.8%

Net debt 196 213 -7.8%

(1) Pre-Closing numbers

FY 2012 RESULTS 86

19.3%

ECONOMIC INTEREST

▲ Full-year 2012: Operating results = €29m, +20% compared with 2011 – Strong performance explained by Finance & Treasury division (trading)

and Private Banking – At the end of 2012, assets under management reached about €6 billion

(+21%)

▲Dividend policy €0.12/share (historically between €0.08 and €0.1/share, excluding exceptional dividends and capital reimbursements)

2012 highlights

▲ Solid performance driven by Private Banking and Proprietary Trading – Net revenues of about €147m, in line with 2011 figures, based on a like-for-like

consolidation area – Consolidated operating income of about €29m (about +20%) – Consolidated net profit, including extraordinary items, amounted approximately to €32m

▲ The Wealth Management Division showed sharp growth – Increase in assets under management of over €1bn. At the end of 2012, AuM reached

about €6bn (+21%), of which 87% in Italy – Banca Leonardo is the first independent bank in Italy

▲ The Financial Advisory Division continued to reinforce its competitive positioning at European level – Opening of a new office in Stockholm – Positive performance of the mid-cap sector and growth of the restructuring business

did not offset the decline of the M&A market in Continental Europe

▲ Consolidated equity, net of the €34m planned distribution, was €326m (€336m in 2011, net of distribution) – Core Tier 1 Ratio was approximately 25%, in line with the previous year

FY 2012 RESULTS 87

Financials

FY 2012 RESULTS 88

(€m) 2012 2011 Change

Total net revenue 147 155 -5%

Group net profit 32 71 -55%

Total customer financial assets 5,987 4,951 +21%

Equity, net of distribution 326 336 -3%

DETAILED INFORMATION ON EURAZEO PME

FY 2012 RESULTS 89

Portfolio

FY 2012 RESULTS 90

H I G H L I G H T S

▲ Sale of Mors Smitt for an amount of €22 million, i.e. 41% higher than the NAV applied in the last valuation of portfolio at 31 Dec. 2011. Multiple of 3.5 times the initial investment for an IRR of 27% over a period of 6 years.

▲ Acquisition of Fantastic Sams by the Group Dessange - A leading hair salon franchise network in the

United States with 1,215 salons in Jan. 2012. - Present in 45 countries under the DESSANGE Paris

and Camille Albane brands, the acquisition of Fantastic Sams doubles DESSANGE International’s franchise network.

DESSANGE International now has over 2,000 salons, of which 1,500 are located outside of France.

▲ Acquisitions by The Flexitallic Group (ex FDS Group): - In Jan. 2012 of AGS Group, Inc., a leading

supplier of gaskets, fasteners, pipe supports and instrumentation to the Canadian market.

- In Dec. 2012 of Custom Rubber Products in Houston, Texas

The group has become a global leader in static sealing technology across all segments of the energy industry

As of December

31, 2012

Solid growth across the portfolio

FY 2012 RESULTS 91

73,8

61,1

119,0

172,9

426,8

96,5

53,5

117,7

93,6

361,3

− Opening of 7 restaurants in 2011 and 2 in 2012 (incl. 1 in London in franchise). On a comparable basis, sales incl VAT decreased by 2,3% (like the market).

+14%

+1%

-23%

Change

+85%

− Sale of Mors Smitt mid-June 2012

− Acquisition of Fantastic Sams in January, one of the leading hair franchisors in the USA (1,215 franchises). Decrease of 4% in a l.f.l. basis. New #2 appointed in June.

− Acquisition of AGS (leading supplier of gaskets, fasteners, pipe supports and instrumentation on the Canadian market). On a l.f.l. basis, increase of 21% driven by the strong activity in maintenance programs in France and in USA and additional market shares notably in USA. No impact of Custom Rubber (acquisition end of Dec)

Revenues* (€m)

2011 2012

Other

Group revenues +18%

+5%

+1%

+3%

+21%

+27%

Change in l.f.l. basis **

72,0 50,0

Portfolio* EBITDA (€m)

+29% +45%

(Gault & Frémont, Mors Smitt, Fondis)

− Portfolio EBITDA average margin: 17.6% − Increase on a l.f.l. basis due to sales performance, positive evolution of

product mix, synergies on acquisitions/creations

(*) Majority Investments as of Dec. 31, 2012 (**) Adjusted for Mors Smitt sale at the Group level, with build ups at the Investments level

Financials*

FY 2012 RESULTS 92


Like-for-like change

Revenue 407 317 + 18% + 29%

EBITDA

% margin

72

17.6%

50

15.8%

+ 29%

+ 45%

Net debt

Portfolio leverage

284

3.0x

231

3.4x

(*) Majority Investments as of Dec. 31, 2012

Solid growth across the portfolio

FY 2012 RESULTS 93

73,8

61,1

119,0

172,9

426,8

96,5

53,5

117,7

93,6

361,3

− Opening of 7 restaurants in 2011 and 2 in 2012 (incl. 1 in London in franchise). On a comparable basis, sales incl VAT decreased by 2,3% (like the market).

+14%

+1%

-23%

Change

+85%

− Sale of Mors Smitt mid-June 2012

− Acquisition of Fantastic Sams in January, one of the leading hair franchisors in the USA (1,215 franchises). Decrease of 4% in a l.f.l. basis. New #2 appointed in June.

− Acquisition of AGS (leading supplier of gaskets, fasteners, pipe supports and instrumentation on the Canadian market). On a l.f.l. basis, increase of 21% driven by the strong activity in maintenance programs in France and in USA and additional market shares notably in USA. No impact of Custom Rubber (acquisition end of Dec)

Revenues* (€m)

2011 2012

Other

Group revenues +18%

+5%

+1%

+3%

+21%

+27%

Change in l.f.l. basis **

74,8 57,5

Portfolio* EBITDA (€m)

+30% +42%

(Gault & Frémont, Mors Smitt, Fondis)

− Portfolio EBITDA average margin: 17.6% − Increase on a l.f.l. basis due to sales performance, positive evolution of

product mix, synergies on acquisitions/creations

(*) Majority Investments only (**) Adjusted for Mors Smitt sale at the Group level, with build ups at the Investments level

Financials

FY 2012 RESULTS 94


Like-for-like change

Revenue 426.8 361.3 + 18% + 27%

EBITDA

% margin

70,0

16.4%

54.1

14.9%

+ 30%

+ 42%

Net debt

Portfolio leverage

283.5

3.0x

230,6

3.4x

DETAILED INFORMATION ON EURAZEO CROISSANCE

FY 2012 RESULTS 95

Portfolio

FY 2012 RESULTS 96

H I G H L I G H T S

▲ Investment in l-PuIse, a high tech company developing and commercializing high power electronics solutions that have multi-sector and cross-industry applicability

▲ Promising results, notably in the Oil&Gas (Blue Spark) and manufacturing (B-Max) segments

▲ Acceleration of Fonroche’s international expansion - Construction of a photovoltaic power plant

in India for 22 MWc

- Ongoing development for more than 150 MWc in Puerto Rico and 24 MWc in Kazakhstan

▲ First step towards a multi-energy model - Developments initiated in the biogas

and geothermal energy sectors

▲ Strong growth of 3SP Group’s terrestrial activities - Manlight (design of sub-systems) doubled

its revenue compared to 2011

- Discussions initialed with several partners to increase production capacities for terrestrial components

▲ Submarine production capacity restored - Relocation of the production line in France

following the flood in Thailand

Invested amount as of December 31,

2012

NAV as of December 31, 2012: €161.2m

Fonroche

l-PuIse

3SP Group

Sustained development visible in Q4

FY 2012 RESULTS 97

84,6

Revenues (€m)

2011

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

98,0

46,1 54,2

2012

*

▲ Accelerating development in France and abroad. Sale of several plants in Q4

▲ Decrease in full year revenues due to the progressive switch towards a proprietary development model (intra-group flows cancelled)

▲ Full year revenues affected by the temporary stoppage of the submarine production line of a subcontractor following the flood in Thailand

▲ Strong rally at the end of the year mainly due to the terrestrial telecom and industrial segments

37,1 18,8

55,7 23,7

15,2 9,5

Full Year Q4

104.1

127.1

Financials*

FY 2012 RESULTS 98


Revenue 84.6 104.1 (19%)

EBITDA

% margin

9.5

11.2%

13.5

13.0%

(30%)

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

DETAILED INFORMATION ON EURAZEO PATRIMOINE

FY 2012 RESULTS 99

2012 Significant Return to Shareholders

FY 2012 RESULTS 100

Includes 85% on fiscal result & 50% on capital gain ANF’ SIIC Requirements = €96.0m

Exceptional Distribution Disposals

Regular Distribution

▲ €495m paid in late 2012 = €17.9/share – €6.64 /share in cash - includes €3.58/share (€98.3m)

as interim dividend – €312 m with a buyback public offer

▲ Buyback offers at NAV – 36% of shares cancelled

▲ Proposed Dividend per share= €1.0 – Yield 4.6%*

€17.9/share paid in Nov-Dec 2012 €1.0/share to be paid in May 2013 Total return to shareholder

(*) Based on average share price at 19/03/2013

2012 Key Figures

FY 2012 RESULTS 101

40%

24%

22%

9% 5%

Retail

Residential

Offices

Hotels Others

2012 Pro Forma

Rent Beakdown

m€ 2012

actual 2012

Pro Forma

Rents 71.5 30.6

EBITDA 56.3 18.3

Cash Flow 40.4 12.4

▲ 2012 Rents = €71.5m – 2012 Pro Forma Rents = €30.6m – EBITDA= €56.3m (79% margin) – Recurring cash-flow = €40.4m

▲ Half of portfolio disposed – Mature assets sold for €788.2m – Debt reimbursed for €253m – €496.8m distributed to shareholders

▲ EPRA Triple Net NAV = €30.5/share – 2012 PF Cash Flow= €12.4m

▲ Significant progress into Marseille retail re-letting – Success with Rue de la République – Seg 3:

McDonalds, Monoprix, Casino, Picard

2017 strategy

FY 2012 RESULTS 102

2017 Rents Guidance Portfolio rebalancing

2013–2017 flows

Follow-on assets rotation Marseille €238m disposals

Follow-on identified developments

Marseille Lyon

€170m investments

Acquisitions in top France cities outside Paris

Bordeaux Lyon Marseille

Possible investments up to €240m

30,6

66,8

14,9

21,3

2012PF ExistingHaussmann

Developments Acquisitions 2017

0

▲ANF among the less indebted French listed real estate companies – LTV Ratio= 33% - Cost of Debt= 4.09% – Large room for more debt and balanced position to negotiate

▲ Possible leverage increase: LTV target at 40-45% – Growth financing – Limited use of debt

▲ Initial debt maturing in June 2014 = €250m – €25m already reimbursed in January 2012 – Negotiations launched with banks – Study for source of debt diversification

80%

15%

5%

Marseille

Lyon

58% 26%

16%

Marseille Lyon

Bordeaux

19%

26% 31%

9%

3% 12% Offices

Retail Residential

Hotels properties

Car parks Projects

51%

32%

17% Offices

Retail & hotels properties

Residential

As of 12/31/12 In 2017

In 2017 As of 12/31/12

B&B

Financing

Financials

FY 2012 RESULTS 103

IFRS (€m) FY 2012 2011 ProForma Change FY 2011 FY 2010

Gross Rental Income 71.47 69.98 2.1% 83.58 69.13

EBITDA 56.26 56.08 0.3% 69.56 56.55

% margin 78.7% 80.1% 0.2 83% 82%

Recurring EBITDA 56.26 56.08 0.3% 61.73 56.55

% margin 78.7% 80.1% 0.0 81.5% 81.8%

Cash Flow 40.43 39.29 2.9% 51.77 38.91

Recurring cash flow 40.43 39.29 2.9% 43.94 38.91

RCF per share 1.47 1.60 1.43

In €m 31/12/2012 Reported

31/12/2011 Reported

31/12/2010 Reported

Real Estate portfolio 884 1,650 1,573

Net Debt 292 482 460

NAV per share(1) 31.7 42.2 40.3

Triple Net NAV(1) 30.7 40.8 39.0

LTV 33.0% 29.2% 29.2%

OTHER

FY 2012 RESULTS 104

SHAREHOLDING STRUCTURE as of December 31, 2012

A long-term shareholder base and a strong corporate governance

FY 2012 RESULTS 105

- 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 3.48% of treasury shares (2) Concert as of December 31, 2012

Crédit Agricole 18.01%

Sofina 5.73% 8.82%

22.60%

Founding Families(2)

20.29%

x.x% = voting rights

23.68%

Orpheo 6.54%

5.09%

A strong corporate Governance

Free float(1) 49.43%

Financial Agenda

FY 2012 RESULTS 106

- ANF Investor Day (Marseille) April 18 - 1st Quarter Revenues May 6 - Annual Shareholders’ Meeting May 7 - 1st Half Revenues & Results August 28 - 3 rd Quarter Revenues November 7

About us

FY 2012 RESULTS 107

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

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Research on Eurazeo

• Alpha Value Catherine Radiguer

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Eurazeo 2012 Annual Results Presentation

Investor Relations

Transcript of Eurazeo 2012 Annual Results Presentation