Eurazeo sfaf march 17 2015_site web_v2

FY 2014 RESULTS

March 17, 2015

ACCELERATING TRANSFORMATION

Contents

FY 2014 RESULTS2

Transformation drive

Business model geared to value creation

Growth momentum

• Well-balanced portfolio

• Strategy at the crossroads of megatrends & transformation levers

• Alpha generation

• Investment strategy

• Two major IPOs

• Transformation levers bearing fruit

• Active and diversified dealflow

• FY 2014 Results

• Strong financial position

• Change in NAV

• Steadily growing return to shareholders

GROWTH MOMENTUM

FY 2014 RESULTS3

Solid revenue growth in 2014

FY 2014 RESULTS4

3,788 4,086

1,2591,322

2013 2014

+5.0%

+7.9%

Companies consolidated

under equity method

Fully consolidated

companies

5,0475,408

ECONOMIC REVENUES

In €mGrowth at constant Eurazeo scope

+7.1%

Q4 2014

growth:

+9.6%

1,06

8

446

1,97

3

580

283

1,14

9

526

1,96

9

595

364

1,18

5

532

1,93

6

565

489

1,22

5

566

1,90

3

595

581

124

828

1,33

1

627

1,97

9

641

694

175

965

Growth momentum across the portfolio

FY 2014 RESULTS5

+6%

+9%

+4%

+0%

2010

2011

2012

2013

2014

+25%

+16%

+7%

+3%

+40%

x%

(*) Eurazeo PME: majority investments (portfolio as of December 31, 2014)

*

SALES

in €m CA

GR

Continued increase in companies’ contribution (1/2)

FY 2014 RESULTS6

154

231+50%

20142013Proforma

7

90

238

183

231

2010 2011 2012 2013 2014

CAGR 2010-2014

reported

+140%

CONTRIBUTION OF COMPANIES NET OF FINANCE COSTS

In €m

Continued increase in companies’ contribution (2/2)

FY 2014 RESULTS7

2014 2013 PF Change

Adjusted EBIT of Group consolidated companies

607 546 +11.3%

Cost of financial debt of Group consolidated companies (net)

(442) (434) -1.7%

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

65 43 +53.2%

Contribution of companies’ net cost of debt 231 154 +49.8%

CONTRIBUTION OF COMPANIES NET OF FINANCE COSTS

In €m

Increasing EBITDA on 96% of the asset value

FY 2014 RESULTS8

(*) Eurazeo PME: majority investments (portfolio as of December 31, 2014)

(**) Europcar: adjusted Corporate EBITDA

(***) Asmodee: comparable change excluding acquisitions

347

59

128

80

91

371

64

92 87

114

377

68

119

90

162

401

78

157

102

192

13

242

429

84

213

125

233

22

261

*

EBITDA

in €m

2010

2011

2012

2013

2014

x%

CA

GR

+5%

+9%

+12%

+26%

+14%

+32%

+62%

+8%

**

***

Profit & Loss details

FY 2014 RESULTS9

(€m) 2014 2013 PF

Contribution of companies’ net cost of debt 231 154

Change in value of real estate properties (29) 15

Capital gains (net) 75 915

Other(1) (67) (48)

Taxes (39) (51)

Non-recurring items (284) (216)

Net consolidated income (113) 769

Net consolidated income Group share (89) 645

(1) Revenue at the holding company, amortization of commercial contracts, net cost of financial debt of holding sector and operating costs

Non-recurring items

10 FY 2014 RESULTS

Total non-recurring items (€m) (284)

• Europcar (141)

• Elis (53)

• Eurazeo Croissance (45)

• Accor (16)

• Others (39)

Derivatives and taxes 10

Strong financial position

FY 2014 RESULTS11

x

1x

2x

3x

4x

5x

6x

48%

40%

33%

(1) Consolidated leverage = (consolidated net debt – value of assets which do not

contribute to adjusted consolidated EBITDA) / adjusted consolidated EBITDA;

Corporate debt and Corporate EBITDA for Europcar – Proforma of Elis IPO

(2) Europcar: corporate Net debt / Corporate EBITDA

(3) Foncia: proforma of acquisitions in 2014

(4) ANF: loan-to-value ratio

(2)

2014PF IPO

2012 2013 2014

REASONABLE LEVERAGE AT PORTFOLIO LEVEL

No debt at company level

Solid cash position: €597mas of Dec. 31, 2014

Portfolio companies’ debts are non recourse to Eurazeo

AT CONSOLIDATED LEVEL

Consolidated

leverage(1): 1.9x

AT EURAZEO LEVEL

SOUND FINANCIAL

STRUCTURE

<3x

(3) (4)

Change in NAV

4,6164,751

5,108

+36 -80

+580

+298 -698

+397 -41

Non Listed

+€878m

Listed

-€44mListed

+€397m

NAV

12/31/2013

NAV

12/31/2014

NAV

03/11/2015

FY 2014 RESULTS12

€69.2/share

€74.6/share

€67.3/share*

Change in value

Acquisitions Disposals, dividends,cash and others

(*) Adjusted for bonus share allocation

We have delivered a solid return to shareholders

13 FY 2014 RESULTS

1,925

4,615

2,690

708

357

745

1,810

June 30, 2002 March 11, 2015 Ordinary dividend Special dividend Share buyback Shareholder value,

March 11, 2015

Shareholders’ return

Increase in

market cap up

to March 11, 2015(1)

Market cap

1,925

6,425

TSR CAGR

Eurazeo +237% +10%

CAC 40 +93% +5%

Eurazeo outperformed the index over a long period of 12 years(2):

Active share buyback policy and regular dividend distribution:

Eurazeo has distributed ~94% of its market capitalization since June 30, 2002 (appointment of current management team)

(1) Including capital increases. Source: Bloomberg

(2) Between July 1st, 2002 and March 11, 2015

DIVIDEND DISTRIBUTION In €m

We are steadily increasing our dividend distribution

14 FY 2014 RESULTS

38 45 4557 63 63 64 67 74 76 75 79

29364

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013* 2014 2015

Special dividend

Ordinary dividend

Special dividend

(cash)Special dividend

(ANF Immobilier shares)

DIVIDEND DISTRIBUTION

In €m

FY 2014 Dividend

€1.20/share

Bonus share

1 for 20

Ordinary dividend CAGR:

+7% over 11 years

* Purchase and cancellation at 5.8% of total shares in 2013

TRANSFORMATION DRIVE

FY 2014 RESULTS15

Investment strategy implemented over our 4 divisions

FY 2014 RESULTS

Primarily growth investments while keeping a resilient investment base

Extended investment capacity through a dedicated co-investment fund

Smaller minorityinvestments

CIO appointedStrategy validated

by the Board

Mid to large companies

Smallmidcaps

Growthequity

Realestate

Strategy

Equity

investments >€75–100m €15–75m €15–20m -

16

International: central to our strategy

FY 2014 RESULTS17

SHANGHAI OFFICE

• Assistance to portfolio

companies to develop

their footprint in China

• Partnership IES / Wanma

• JV Colisée / China

Merchant

2014 achievements

• Desigual

2014 achievements

DIRECT INVESTMENTS

in global companies

PARTNERS

• Shareholders, investors, LPs,

advisors, etc.

BUILD-UPS

• Atmosfera by Elis

• Days of Wonder and

FFG by Asmodee

abroad

2014 achievements

• Ongoing dealflow

2014 achievements

FY 2014 RESULTS18

Truly defining

IPOs

• Success

of Elis’ IPO

• Europcar is next

Transformation

levers bearing fruit

• Moncler and

Accor: significant

upside on both

companies

Active and

diversified dealflow

• InVivo NSA and

more to come

Elis: successful transformation and IPO, room for further upside

HISTORICAL NET SALES EVOLUTION (in €m)

1,068 1,149 1,185 1,2251,331

2010 2011 2012 2013 2014

+6%

A SUSTAINABLE PROFITABLE GROWTH (EBITDA, €m)

347

429

2010 2014

EBITDA margin 32.2%32.5%

+5%

CAGR

CAGR

• Room for further re-rating on good prospects not yet discounted in the share price

OVERVIEW OF THE OPERATION

Issue of new shares €700m

@€/share 13.00

Shares sold after exercise

of the over-allotment option 11.7m

Economic holding 35.1%

11-Feb-15 17-Feb-15 23-Feb-15 1-Mar-15 7-Mar-15

+13.6%

SHARE PRICE (in € as of March 11, 2015)

13.0

14.77

11-Mar-15

INVESTOR PRESENTATION19

Europcar: confirmation of an outstanding recovery

FY 2014 RESULTS20

92119

157

213

4.7%6.1%

8.2%

10.8%

Dec. 2011 Dec. 2012 Dec. 2013 Dec. 2014

>x2

Margin

TURNAROUND IN REVENUE

REGULAR INCREASE IN CORPORATE EBITDA

Adjusted Corporate EBITDA

in €m

STRONG HISTORY OF DELEVERAGING

Net corporate debt / Adj. Corp. LTM EBITDA

6.5x

4.8x

3.4x2.7x

2011 2012 2013 2014

• More upside to come:Europcar at the mid-point of its transformation

-1.2%

+2.4%

+4.3%

+7.1%

Q1 2014 Q2 2014 Q3 2014 Q4 2014

+3.4%(+4.0% as reported)

(Growth at constant exchange rates)

+3.4%(+4.0% as reported)

FY 2014 RESULTS21

Truly defining

IPOs

• Success

of Elis’ IPO


Transformation


• Moncler and

Accor: significant

upside on both

companies

Active and


• InVivo NSA and

more to come

Potential upside from increased presence on the US market

Moncler: successful transformation, plenty of growth opportunities still to be tapped

FY 2014 RESULTS22

43%

57%

RoW

Italy

19%

33%34%

14%

Italy EMEA

Asia & ROW Americas

20142010

Wholesale

Retail

75%

25%38%

62%

38 DOS 134 DOS

CONTINUED INTERNATIONAL EXPANSION CONTROL OF OPERATIONS IN ALL MARKETS

283364

489581

694

2010 2011 2012 2013 2014

OUTSTANDING REVENUE GROWTH (in €m)SHARE PRICE (in € as of March 11, 2015)

+25%CAGR

March 11

2014

June 11

2014

Sept. 11

2014

Dec. 11

2014

March 11

2015

14.97

13.14

20142010

Potential upside from retail expansion

Accor: in-depth transformation paying off

FY 2014 RESULTS23

340 341394

488 475

235

450515 526 521

602

6.9% 6.9%7.5%

8.4% 8.6%

4.7%

8.4%

9.3% 9.3% 9.6%

11.0%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

EBIT (in €m) Margin

Accor figures, restated from Edenred / Motel 6 / Red Roof Inn / GLB

RECORD PERFORMANCE

35

199

150

243

304

2010 2011 2012 2013 2014

CAGR

Recurring free cash flow

(in €m)

+72%

+25%

Entire reorganization of the

Group around the HotelServices

and HotelInvest businesses

Recruitment of talented

staff bringing new skills

to the organization

Strong team dedication

Partnership with Huazhu

to accelerate expansion

in China

Clear strategy defined

& fast implementation

Launch of

the Digital Plan

IN-DEPTH TRANSFORMATION

= ~x2cash on cash multiple

on total investment

Accor: value creation since the demerger

FY 2014 RESULTS24

POTENTIAL UPSIDE FROM:

• Asset restructuring

program at Hotelinvest

• Food & Beverage

optimization

• Significant upbeat

potential for the

European hotel cycle 5

15

25

35

45

55

65

75

April 29, 2014 October 29, 2014

SHARE PRICE

In € €76.7

March 6

2013

Sale of stake

in Edenred

Sale price of

stake in Edenred

@€26.1/share

50.45

March 12

2015

FY 2014 RESULTS25

Truly defining

IPOs

• Success

of Elis’ IPO


Transformation


• Moncler and

Accor: significant

upside on both

companies

Active and


• InVivo NSA and

more to come

Active and diversified dealflow

FY 2014 RESULTS26

24%

16%

13%8%

8%

6%

6%

11%6%

Industrials

Other

Healthcare

Energy& environment

DEAL FLOW EURAZEO CAPITAL YTD 2015: Jan.–Feb. 2015

Brands

Business ServicesIT

FinancialServices

Food & Beverages

62Opportunities

High priorities 18

Offer submitted

Exclusive discussions

6

1

InVivo NSA capital increase will fuel its ambitious growth plan

FY 2014 RESULTS27

INVESTMENT CASE

• Well diversified business: multi-regions, multi-products and multi-species

• Strong exposure to emerging markets (>60% of revenues)

• Recognized expertise and know-how

• Ongoing transformation of the company

• Fragmented markets offering numerous build-up opportunities

• Conservative financial structure

KEY CONSIDERATIONS

• LTM EBITDA Dec. 2014: €83.4m

• To be invested by Eurazeo: €114m(out of €215m capital increase)

• Shareholding post-transaction:Union InVivo 67%Eurazeo 17%Other investors 15%

• Closing expected beginning Q2 2015

Multi-products

Multi-regionsA strong focuson innovation

Multi-species

A solidbusinessmodel

Feed (excl. aqua & pet food)

Premix &

additives37%

17%8%

34%

2% 1% 1%

Pet FoodAqua

Animal Health

Labs

Holding

• 140+ species specialists

• Strong R&D investments

• 15 research centers

• Construction of a global innovation center

• Numerous partnerships and JVs with research facilities and industry leaders

France

Mexico

BrazilAsia

EMEA

26%

22%21%

17%

14%

Revenue split*

Revenue split*

(*) 2014/2015e pro forma for Pancosma and Total Alimentos

BUSINESS MODEL GEARED

TO VALUE CREATION

FY 2014 RESULTS28

FY 2014 RESULTS29

Eurazeo is able to deliver

an average annual NAV growth close to15%

8

6

6

We have balanced our portfolio

FY 2014 RESULTS30

COMPANY BREAKDOWN BY HOLDING PERIODas of December 31, 2014

In nb of companies

17%

25%58%

In %of NAV

< 2 years > 5 years2-5 years

Average

holding

period

6 years

23%

36%7%

9%

We’ve been exploring new growth sectors

FY 2014 RESULTS31

43%

35%

15%

7%

December 31, 2010

Services

Mobility & leisure

Real estate

Other

Services

Real estate

Luxury &

Global brands

Other

Health

December 31, 2014

22%

3%

Mobility & leisure

NAV BREAKDOWN BY SECTORIn % - excl. cash

We have stepped up the momentum of asset rotation

FY 2014 RESULTS32

4%2%

13%

30%

11%1%

16%

16%

3%

13%

2010 2011 2012 2013 2014

In % of NAV

as of Jan. 1Investments

€610m incl. build-ups

Net proceeds

€500m

Acquisitions Disposals

We have been activating new transformation levers at all stages of maturity

FY 2014 RESULTS33

Stage III

Stage I

Stage II

Stage IV

NAV BREAKDOWN BY STAGE OF MATURITY

In %

Specific and structuring

transformation process

Integration

Beginning transformation

process

Activation of Eurazeo’s

transformation levers

End of Eurazeo’s

transformation process ;

ready for a new stage

of development

End oftransformation

process

Recentinvestments

DEAL FLOWEXIT

Transformation process

III

II

IIV

We’ve built a sourcing strategy based on megatrends and our ability to activate transformation levers

FY 2014 RESULTS34

MEGATRENDS:

TRANSFORMATION LEVERS:

Longevity/

Health

awareness

Growing

Middle Class

in emerging

markets

Natural

resources

scarcity

Change in

consumer

patterns

Others

Colisée Patrimoine Group

Péters Surgical

Accor

Desigual

Moncler

Cap Vert Finance

IES

Fonroche

Asmodée

Elis

Europcar

Foncia

Vignal Systems

Build-up International Digital

As a result we are recording outstanding growth in many portfolio companies

FY 2014 RESULTS35

1%

4%

16%

64%

1% 4% 16% 64%

2014 EBITDA growth

2014 Revenue growth

Minimum = 7%

Minimum = 4%

Our NAV is steadily growing

FY 2014 RESULTS36

NAV as of Dec. 31*

In € per share

44.4

51.5

67.369.2

74.6

2011 2012 2013 2014 March 11, 2015

+18%

CAGR

(*) Adjusted for bonus share allocation

(**) €76.5: NAV as of March 11, 2015 with listed assets valued at their spot price (VWAP valuation in our methodology)

76.5**

APPENDICES

Including Group companies’ detailed information

FY 2014 RESULTS37

Contents

38

39 Financial appendices

42 Group companies’ detailed information

84 Other

FY 2014 RESULTS

Net Asset Value as of December 31, 2014

39 FY 2014 RESULTS

% held(1) Nb shares Price NAV as of Dec. 31, 2014 with ANF at its NAV

€ €M ANF @ €31.6

Eurazeo Capital Listed (2) 1,022.6

Moncler 19.45% 48,613,814 11.02 535.8

Accor 8.58% 19,890,702 36.72 730.5

Accor net debt -243.6

Accor net* (3) 486.8

Eurazeo Capital Non Listed (2) 2,280.3

Eurazeo Croissance 113.0

Eurazeo PME 350.1

Eurazeo Patrimoine 290.3 357.2

ANF Immobilier 49.67% 9,114,923 20.69 188.6 255.5

Colyzeo and Colyzeo 2 (3) 101.7

Other assets 68.7

Eurazeo Partners (2) 43.3

Others 25.3

Cash 596.8

Tax on unrealized capital gains -72.4 -85.5

Treasury shares 3.54% 2,446,914 101.8

Total value of assets after tax 4,751.2 4,805.0

NAV per share 69.2 70.0

Number of shares 68,615,490 68,615,490

(*) Net allocated of debt

(1) The % interest is equal to Eurazeo’s direct interest, with any interest held through Eurazeo Partners now included in the Eurazeo Partners line

(2) Eurazeo’s investments in Eurazeo Partners are included in the line Eurazeo Partners

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

Strong NAV growth

FY 2014 RESULTS40

4,616

4,751

+469

+225 -437

+130+33 -31 +13 -52

+14 +6 -29 -206

Disposals & dividends

Change in value

Acquisitions

Cash

& other

-€9m-€39m+€132m+€257m

NAV

12/31/2013

NAV

12/31/2014

Strong cash position

FY 2014 RESULTS41

CASH POSITION

In €m

795

597

502 30 (43)(29) (627)

(31)

12/31/2013 12/31/2014

Netdisposals

Dividends received

Dividends paid

Shares

repurchased

InvestmentsDebt

reimbursement

and other

GROUP COMPANIES’

DETAILED INFORMATION

FY 2014 RESULTS42

FY 2014 RESULTS43


ON EURAZEO CAPITAL

FY 2014 RESULTS44

8.7%ECONOMIC INTEREST

EQUITY METHOD

▲ Record results in 2014 reflecting strong momentum in key markets and the pertinence of the new strategy

• Growth in 2014 revenue(1): +3.8% like-for-like (“L/L”)(2) at €5,454m

• HotelInvest: 3.0% increase in L/L revenue at €4,794m

• HotelServices: 5.5% increase in comparable(3) revenue at €1,248m

• Improved EBIT, up 11.7% like-for-like to €602m

▲ In 2014, highest ever consolidated recurring cash flow at €304 million

▲ Operating profit before tax and non-recurring item up 22.1% like-for-like at €578m

▲ Dividend of €0.95 per share(4): +19%

▲ Recently announced the sale and management-back of the Zurich MGalleryto a private investor for a total of €55m

(1) 2013 Figures are restated from the IFRS 11 impacts

(2) At comparable scope of consolidation and exchange rates

(3) Comparable (comp.) revenue growth – includes fees linked to expansion, at constant exchange rates

(4) Dividend payable entirely cash, or half in cash and half in stock at a 5% discount, subject to shareholder approval at the Annual Meeting

FY 2014 RESULTS45

2014 Key Financials

In €m 2014

2013

Pro-forma (1)Reported

change(1)Comparable

change(2)

Revenue 5,454 5,425 +0.5% +3.8%

EBITDAR

% margin

1,772

32.5%

1,731

31.9%

+2.4% +3.8%

EBIT

% margin

602

11.0%

521

9.6%+15.6% +11.7%

Net debt 159 226 -29.6% n.a.

(1) 2013 figures restated from the IFRS 11 impacts

(2) Comparable: at constant scope of consolidation and exchange rates

FY 2014 RESULTS46

2014 highlights

▲ Financial performance:

– Robust growth thanks to a good level of demand in most of the Group’s key markets:• Mediterranean, Middle-East and Africaup 9.8%

• Americas up 7.2%

• NCEE up 4.7%

• Asia-Pacific up 1.9%

• France up 0.4% France saw its performance improve in the second half thanks to the Paris Motor Show and various trade fairs

– EBITDAR: €1,772m in 2014, up 3.8% L-f-L, and 2.4% as reported. Margin was stable on a L-f-L basis, at 32.5%

– Record EBIT (€602m) and EBIT margin (11.0%) in 2014 due to the positive effects of the transformation of Accor and operating momentum

• Strong EBIT margin for HotelInvest, 6.1%, up 200bps compared to 2013

– In 2014, consolidated recurring free cash flow was a record €304 million (up 25% vs. 2013): • Funds from operations rose to €769m (from €703m in 2013)

• Recurring development expenditure amounted to €203m, while maintenance and renovation expenditure totaled €262m

– Net Profit: €227m in 2014, up 77% vs. 2013

– Consolidated net debt reduced by €67m to €159m

FY 2014 RESULTS47

2014 highlights

▲ 2014 achievements

– Entire reorganization of the company completed by Q1 2014 and launch of the Digital Plan of €225m in October

– Orbis deal for Central and Eastern Europe and Partnership with Huazhu to accelerate the expansion in China

– €1bn invested in Real Estate Portfolios

– 36.6% stake in Mama Shelter

▲ Priorities for 2015

– Execute the Asset Restructuring Program at HotelInvest, accelerating the pace

– Succeed in implementing key Digital plan initiatives

– Prioritize expansion and further strengthen the brands

– Key global projects to lift performance & profits: food & beverage procurement

– Revamp Accor managerial culture

FY 2014 RESULTS48


FULLY CONSOLIDATED

In €m 2014 2013Reportedchange

Comparablechange

Revenue 175 125 +40.0% +34.3%*

EBITDA

% margin

22

12.3%

13

10.7%

+62.0% +35.0%*

Net debt 91.2 n.m. n.m. n.m.

* Like for like change excluding acquisitions (Days of Wonder and Fantasy Flight Games)** Business sales before end of year rebates

▲ Outstanding organic topline growth at +40.0%, supported by all product lines

• Games segment (Party, Family, Action, Core) – representing 55% of sales** – posting a +32% growth y-o-y

• Pokémon at a record high level at 43.4 million euros in 2014, after a 22.7% increase. More cautious

approach for 2015

• 15 million euros contributed by newly launched Kanaï Kids, with highly popular Cra-Z-loom

▲ Strong contribution to topline and margin expected from Days of Wonder and Fantasy Flight Games

• Pro-forma of these two acquisitions, sales and EBITDA respectively at 212.0 and 31.5 million euros,

meaning Group EBITDA multiplied by 2.4x over 2014

• High-margin businesses (publishing only) with accretive impact on the Group (14.9% pro-forma)

FY 2014 RESULTS49

2014 highlights

▲ Growing international, with approx. 1/3 of sales still realized in France

– International representing 63% of sales, pro-forma of Days of Wonder (DOW) and Fantasy Flight Games (FFG)

– Steady growth from international subsidiaries, United Kingdom, Benelux and the United States in particular

– Entry into a new European country with the acquisition of Asmodee’s Italian distribution partner: Asterion (closing in Feb-15)

▲ More and more publishing, with around 2/3 of sales in the Game segment

– Higher value, better control and additional optionality in Games published

– Strong dynamism of in-house publishing studios like Space Cowboys, Ystariand Pearl Games

– Integration of DOW and FFG’s publishing teams. Strong commercial synergies with Asmodee’s catalogue

▲ Increasingly diversified, thanks to M&A and innovation

– Several new games in all categories launched both in publishing and distribution

– New opportunistic product lines with Kanaï Kids (Cra-Z-loom in 2014, Little Live Pets

in 2015)

– Opportunistic entry into the Arts & Crafts segment through a partnership with Canal Toys

– Pokémon now representing less than 30% of sales, pro-forma of DOW and FFG

FY 2014 RESULTS50


EQUITY METHOD

In €m (1) FY 2014 FY 2013Reportedchange

Revenue 963.5 828.4 +16.2%

EBITDA

% margin

261.5

27.1%

242.2

29.2%+8.0%

Net Profit

% margin

134.8

14%

130.6

15.8%+3.2%

▲ Solid growth in 2014 revenue : +16.2% at €964m

▲ Geographically, Western Europe five main markets (Spain, France, Italy, Germany and Belgium) drive the growth

▲ EBITDA margin for 2014 at 27.1%, best in class despite investment in retail openings and marketing

▲ New focus on supply chain: go-live of the new Distribution Center in H2 2015 and increased level of partnership with suppliers to increase cash flows and optimize the support of retail

(1) Preliminary unaudited figures

FY 2014 RESULTS51

2014 highlights

▲ Strong sales growth up 16,2% notwithstanding difficult retail environment in major European countries

– Second semester showing lower sales growth compared to the first one as a result of high comps

in H2 2013 difficult weather (warm Q4) and small exchange rate impacts in Asia

– Acceleration of retail openings, beyond 100 stores compared to December last year, mainly

concentrated in H2 and especially in Q4. In 2015, the opening pace will be back to historical

lower levels, coupled with a dynamic review of the network

– Wholesale and digital confirming strong growth driven by Dshops and dynamic on-line channels

– New categories growing fast, but still small in size (2.7% of total)

– Higher growth in geographies outside Europe with future potential: Asia +24% and Latam +30%.

▲ Sound margins, slightly down compared to last year in line with the anticipated re-investment of the significant 2013 profits for brand and promotional support in the 4th quarter:

− Marketing spend increased to sustain the brand (ie. TV in new countries, trade marketing, etc.)

− Investments in the retail channel: impact of new openings, concentrated in the last quarter

− Increase of promotional activity in AW 14 season to activate consumption due to warm weather

(ie. First time Black Friday promotion).

▲ €223m Net Cash as of December 2014

− Despite €93m capex effort in 2014 (+€33m vs LY) linked to retail new openings and building

of the new Distribution Center in Barcelona

− €35m dividend in December, 10% paid to Eurazeo investment vehicle

FY 2014 RESULTS52

84.07%*ECONOMIC INTEREST

FULLY CONSOLIDATED


Revenue 1,331 1,225 +8.6%

EBITDA

% margin

429

32.2%

401

32.7%

+7.0%

Adj. EBIT(1)

% margin

210

15.8%

203

16.5%+3.5%

Net debt 2,019 1,992 +2.2%

▲ Robust growth posted in 2014

• Perimeter impact in Brazil through integration of Atmosfera (11 months) : +€85m

• +5,5% growth in Europe (outside France), with significant rebound in Southern Europe

• +1,3% in France with strong contribution from Healthcare and Hospitality and despite weaker

business lines in Industry and Trade & Services

▲ Continuous margin improvement

• Margin improvements both in Europe and France despite Sale & Lease impact

• Dilutive effect of Atmosfera (at 20.4%) in 2014

(*) As of December 31, 2014(1) Adjusted for change in linen amortization (-9,7m€). Additional adjustment for Sale & Lease (-6,3m€), would result in a +6,9% growth in 2014

FY 2014 RESULTS53

2014 highlights

▲ Strong M&A dynamism in 2014 and going forward

– Over €100 millions of revenues acquired through 7 acquisitions (of which Atmosfera)

– Successful integration of Atmosfera, and further consolidation of the market through small

accretive bolt-ons

– 2015: already 3 acquisitions in Europe, either closed or signed as of end February

▲ Commercial dynamism paving the way to future growth

– Roll-over of pest control in France with attractive growth rates and prospects

– Reinforcement of French salesforce to further boost organic performance

– Several large accounts signed in 2014 with expected revenues in 2015

▲ Successful IPO of Elis in February 2015 and positive aftermarket

– Positive interest from investors during pre-marketing and roadshow

– €152 million euros of shares sold by Eurazeo, mostly through the exercise of the over-allotment option

– LH27, Eurazeo and ECIP at 42% of the share capital (and voting rights). EZ economic interest

at 35.1%

– Concomitant refinancing of Elis’ financial structure (see next slide)

FY 2014 RESULTS54

A sound financial structure post IPO

In €mBefore

(12/31/2014)

After

(12/31/2014 PF)

Senior facility & RCF 1,013 650

Other debts 15 15

Senior Sec. bonds 450 450

Senior debt 1,478 1,115

Senior Sub. Bonds 380 228

PIK Proceed Notes 193 -

Accrued interests 28 n.s.

Gross financial debt 2,078 1,343

New & cheaper Senior Credit Facility

• Reduced margin from 425bp to 225bp

• Due 2020

• €200m RCF available for general purposes

Claw-back on existing Senior Sub. Notes

• 40% of Sub Notes reimbursed at IPO

• Senior Sub Notes at 7% margin, due 2018

No PIK Proceed Notes anymore

• 60% of PIK Proceed Notes capitalized

by Parent Company LH27 prior to IPO

• 40% reimbursed at IPO

Reduced run-rate financial expenses

• Average interest rate expected at 5%

in 2016 and 4% from 2017 onwards

FY 2014 RESULTS55


FULLY CONSOLIDATED


Comparablechange

Revenue 1,979 1,903 +4,0% +3,4%

Adj. Corp. EBITDA

% margin

213

10,8%

157

8.2%

+36,0% +35,3%

Adj. EBIT

% margin

308

15,5%

260

13.6%+18,3% +17,6%

Corp. Net debt 581 525 +10,7% n/a

▲ Back to growth trend confirmed in the second half of 2014• Revenues increased by +3,4% at constant exchange rate

• Growth observed in all countries and both in Leisure and Corporate segments

▲ Fast Lane results exceeded initial objectives with a Corporate EBITDA at €213m improved by +35,3% at constant exchange rate• Corp. EBITDA margin improved by +2,5% thanks to continuous focus on operational excellence

▲ Strong deleveraging below 3,0x Corporate EBITDA as of December 31, 2014

▲ Strong Management team strengthened to support Europcar revenue growth

FY 2014 RESULTS56

2014 highlights▲ Back to growth trend confirmed in the second half of 2014

– Revenues increased by +3,4% in 2014 at constant exchange rate• Increase in volumes, in all countries, by +4,1% not only in the Leisure segment but also in the Corporate segment• Lower RPD by -0,8% at constant exchange rate as a result of strong growth in the Southern countries

– Strong growth by +5.2% in H2 2014 rental revenue with +4.4% in Q3 2014 and 6.5% in Q4 2014

– Good performance of the Corporate Segment reflecting recent efforts to strengthen sales force organization

▲ Fast Lane results exceeded initial objectives with a Corporate EBITDA at €213m in 2014 improved by +35,3% at constant exchange rate, more costs savings to come in 2015

– Corp. EBITDA margin increased by +260bps thanks to continuous focus on operational excellence and strong revenue performance

– Continuous reduction of variable costs:

• Fleet cost / unit / month reduced by -5.5% in 2014

• Utilization rate improved by +0,8% vs 2013 at 76,4%

• Operational variable costs and back office processes under control

• Fixed costs ongoing optimization with the implementation of the Finance Shared Sevices Center located in Portugal

▲ Strong deleveraging at 2,7x as of 31st, December 2014 vs 3,4x as of 31st, December 2013

– Corporate Net Debt impacted by one-off items including refinancing, acquisitions and other transformation costs

– Successful refinancing of the €350m fleet bond in July 2014 due 2021 with a 5,125% coupon (vs 9,75% previously) and of the £425m UK fleet financing in October 2014 due 2017

▲ Pursued Fast Lane development going forward including both revenue and costs initiatives

▲ Strong track record of current management team strengthened with Philippe Germond, CEO to support future growth

– 2 acquisitions finalized:

• Europ Hall, French franchisee acquisition in November 2014, creating strong synergies in logistics

• Ubeeqo, B2B car sharing platform, first investment in the new mobility ventures

– Cyrille Giraudat, Europcar’s Marketing and Clients Director, will focus specifically on Europcar’s offer and customer experience supported by the implementation of CRM tool

FY 2014 RESULTS57


EQUITY METHOD

In €m 2014 2013

Reportedchange

Comparablechange(1)

Revenue 641 595 +7.7% +1.2%

EBITDA

% margin

125

19.5%

102

17.2%

+22.0% +10.9%

Net debt 420 432 -2.7%

▲ “Cap zero” objective fulfilled, supporting a +7.7% revenue growth vs 2013 on a reported basis and a +1.2% growth at constant perimeter

• 2014 revenues at €641m increasing by +7.7% vs 2013 and by +1.2% at constant perimeter(1)

• Cap zero objective fulfilled for the first year: organic growth in the number of dwelling under

management both in the Joint-Property Management and in the Lease Management activities

▲ EBITDA margin improvement by +230bps thanks to tight cost management

▲ Continuous deleveraging at 3.4x as of December 31, 2014 vs 3.8x in 2013

(1) Excl. Tagerim and Trevi (Belgium) acquisitions impact

FY 2014 RESULTS58

72%

11%

8%

9%

2014 highlights

▲ Strong revenue growth by +7.7% in 2014 despite difficult market conditions– Tagerim acquisition fully integrated in 2014 supporting

2014 growth. At constant perimeter, revenue growing at +1.2% vs 2013

– Good RRES(1) performance both in Joint-Property and in Lease Management businesses fulfilling the initial objective of organic growth in the number of dwelling managed

– Resilient Brokerage activity impacted by the ALUR law implementation

▲ Continuous improvement of EBITDA by +10.9% at constant perimeter vs 2013– Margin increased by 230bps at 19.5%

– Tight cost management and network optimization to improve both operational performance and customer experience

▲ Still strong deleveraging by -0.5x over the year despite active external growth strategy– As of 31 December 2014, net debt at €420m

vs €432m in 2013 despite several acquisitions finalized over the period and the repurchase of BPCE’s 1.89% stake in Foncia Groupe

– 17 acquisitions signed in 2014 with an annual revenue contribution of €16m

In €m 2014A 2013A % var.

% comp. var.(2)

RRES France(1) 460 423 +8.9% +1.4%

Brokerage 71 69 +1.6% -0.3%

Total France 530 492 +7.8% +1.1%

International 58 53 +8.4% +1.8%

Other and Interco 53 50 +5.4% +1.5%

Total 641 595 +7.7% +1.2%

Real Estate

Services France

Recurring

revenue: 89%

Brokerage

Other and interco

International

2014Arevenue

(1) RRES France: Residential Real Estate Services France including

Joint-Property Management and Lease Management businesses

(2) Excl. Tagerim and Trevi (Belgium) acquisitions impact

FY 2014 RESULTS59

A well-diversified business positioned

on growing markets

A solidbusinessmodel

Feed

(excl. aqua

& pet food)

Premix &

additives

Multi-products (revenue split*)

37%

17%8%

34%

2% 1% 1%

Pet FoodAqua

Animal Health

Labs

Holding

France

Mexico

BrazilAsia

EMEA

Multi-countries(revenue split*)

26%

22%21%

17%

14%

A strong focuson innovation

• 140+ species specialists

• Strong R&D investments

• 15 research centers

• Construction of a global innovation center

• Numerous partnerships and JVs with

research facilities and industry leaders

• Based in Vannes (France)

• Present in 28 countries

• 6,830 employees

• CEO: Hubert de Roquefeuil

• >€1.4bn revenues

Multi-species

(*) 2014/2015e pro forma for Pancosma and Total Alimentos

FY 2014 RESULTS60

Transaction overview

Context

InVivo NSA (Nutrition et Santé Animales), a subsidiary of Union Invivo

(the #1 French agricultural cooperative group), performed two large

acquisitions in 2014 (Total Alimentos and Pancosma) and sought capital

to further fuel its growth

Description€215m capital increase by Invivo NSA to fund growth, of which €114m

invested by Eurazeo and €101m invested by three other investors

Valuation €729m enterprise value (8,7x LTM EBITDA)

Amount to be invested

by Eurazeo€114m

Shareholding

post transaction

Union InVivo 67.5%

Eurazeo 17.3%

Other investors 15.2%

Pro forma leveragec. €65m net debt as of 31 Dec. 2014 proforma for the capital increase

(<1x LTM EBITDA)

Closing Expected beginning of Q2 2015

FY 2014 RESULTS61

Investment case

▲ A strong exposure to emerging regions with growing underlying markets

– c. 2/3 of revenues to come from emerging markets (Brazil, Mexico, Asia) within 18 months

– A growing consumption of animal protein in emerging regions

▲ A diversified species portfolio to capture growth on all segments and provide resilience

▲ A recognized expertise in the higher valued-added premix and additives activities, for increasingly professional clients

▲ An ongoing transformation of the company with important optimization levers

– InVivo NSA is a recent company created in 2010 through the merger of Evialis and Union InVivo’s

nutrition and health business

– Under the leadership of Hubert de Roquefeuil, since 2010 InVivo NSA was repositioned to take

advantage of its know-how and capture growth on the most promising markets (by regions,

products and species) e.g. in France progressive exit of the complete feed market and focus

on premix and additives

– Strong reinforcement of the management team over the last years

▲ Potential to accelerate the development of the company on growth activities following the acquisition of the 3rd player in the Brazilian petfood market (Total Alimentos) and of Pancosma in the additives space

– Petfood and premix/additives offer attractive prospects

▲ Highly fragmented markets offering numerous build-up opportunities by product and country

▲ A conservative financial structure (<1x opening leverage)

A diversified investment opportunity, exposed to the growth of emerging marketsand offering multiple value creation options as well as build-ups

FY 2014 RESULTS62

InVivo NSA is to follow a three-pronged

strategy in the years to come

Business

Means and

organization

BALANCE OUT

1 2

DEVELOP

3

OPTIMIZE

• Revenues by geography

• Revenues by products

• Revenues by species

• Invest in countercyclical businesses/species and/or with strong potential e.g. petfood and aquaculture

• Invest in businesses/ activities which will drive future growth such as premix and additives

• Continuously invest in talent and skills

• Strategic alliances

• Continue to adapt the organization to the strategy at a global level

• Accelerate the optimization of key positions (e.g. purchasing, IT)

• Put innovation at the heart of the products,

services, and solutions development

Resilience

and growth

Operational excellence

and performance

FY 2014 RESULTS63

A complementary product range

COMPOUND FEEDPREMIX LABS

ADDITIVES ANIMAL HEALTH

Type of product • Compound Feed:

- Agricultural raw material (e.g. corn, wheat)

- Foodstuff industry residue (e.g. soybean meal)

- Premix: vitamins, mineral nutrients…

• Pet food (cats & dogs)

• Aquaculture (fish & shrimps)

• Niche markets (e.g. horses)

• Premix:

- Vitamins

- Mineral nutrients

- Amino acids

- Zootechnical additives

• Usage:

- Included in Animal Feed

up to 0.5-1%

• Animal health products:

- Animal and facilities

hygiene products

- Animal diet specialties

- Veterinary drugs

Associated

services

• Technical advice

to breeders and distributors

• Decision-support tools and

high value added consulting:

nutritional, zootechnical…

• Trading: micro-ingredients

• Quality control and food safety

analyses

• Consulting related to hygiene

conditions of livestock enterprises

Clients • Breeders, feed producers

and distributors

• Breeders, animal feed producers

and distributors

• Breeders

• Feed and food industry

• Petfood industry

• Consumer goods

• Distributors

FY 2014 RESULTS64

Historical performance

Fiscal Year End June

In €mYear to June

2013/14Year to June

2012/13Reportedchange

LTM Dec-2014 Pro Forma for

Total Alimentosand Pancosma

Revenue 1,264 1,384 -8.7% 1,443

EBITDA

% margin

59.7

4.7%

42.2

3.0%

+41.5% 83.4

5.8%

• Ongoing exit of complete feed activity in France (focus on premix/additives)

• Acquisition of Total Alimentos and Pancosma late 2014:– Total Alimentos: #3 player of

the Brazilian pet food market

– Pancosma: a worldwide leading player

in flavoring and sweetening palatants,

bioactives and organic trace minerals

FY 2014 RESULTS65

Disclaimer

This presentation is being furnished to you solely for your information and may not be reproduced or redistributedto any other person.

This presentation might contain certain forward-looking statements that reflect the Company’s management’scurrent views with respect to future events and financial and operational performance of the Company and itssubsidiaries. These forward-looking statements are based on Moncler S.p.A.’s current expectations andprojections about future events. Because these forward looking statements are subject to risks and uncertainties,actual future results or performance may differ materially from those expressed in or implied by these statementsdue to any number of different factors, many of which are beyond the ability of Moncler S.p.A. to control or

estimate. You are cautioned not to place undue reliance on the forward-looking statements contained herein,which are made only as of the date of this presentation. Moncler S.p.A. does not undertake any obligation topublicly release any updates or revisions to any forward-looking statements to reflect events or circumstancesafter the date of this presentation.

Any reference to past performance or trends or activities of the Moncler Group shall not be taken as arepresentation or indication that such performance, trends or activities will continue in the future.

This presentation does not constitute an offer to sell or the solicitation of an offer to buy Moncler’s securities, norshall the document form the basis of or be relied on in connection with any contract or investment decisionrelating thereto, or constitute a recommendation regarding the securities of Moncler.

Moncler’s securities referred to in this document have not been and will not be registered under the U.S.Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicableexemption from registration requirements.

Luciano Santel, the Manager in charge of preparing the corporate accounting documents, declares that,pursuant to art. 154-bis, paragraph 2, of the Legislative Decree no. 58 of February 24, 1998, the accountinginformation contained herein correspond to document results, books and accounting records..

FY 2014 RESULTS66

Financials

(€m) 2014 2013 Change

Net sales 694 581 +20%

EBITDA* 233 192 +21%

Margin 34% 33% +1pt

Net debt 111 171


EQUITY METHOD

(*) Before €5.0m of non-cash costs mainly related to stock option plans in FY 2014, €6.1m of IPO costs in FY 2013

FY 2014 RESULTS67

2014 Results’ Key Highlights

▲ Consolidated Revenues: €694m, +20% YoY growth reported (+21% constant currencies)

▲ International markets: €564m, 81% of total revenues (77% in FY 2013)

▲ Retail Revenues: €431m (+29% YoY growth), 62% of total revenues (57% in FY 2013)

▲ FY2014 Like-for-Like growth: +8%

▲ EBITDA*: €232.9m with a margin on sales of 33.5% (33.0% in FY 2013)

▲ EBIT*: €206.6m, with a margin on sales of 29.8% (29.7% in FY 2013)

▲ Net Income: €130.3m with a margin on sales of 18.8% (15.9% in FY 2013**)

▲ Net Debt: €111.2m vs. €171.1m as of December 2013

(*) Before €5.0m of non-cash costs mainly related to stock option plans in FY 2014, €6.1m of IPO costs in FY 2013

(**) FY 2013 carve-out net income margin. FY 2013 reported net income margin equal to 13.1%

FY 2014 RESULTS68

Revenues by Region

131 131

200 233

182

235

68

96

FY 2013 FY 2014

694

581

REVENUES ANALYSIS

(in €m)

▲ Strong sales performance continued,

21% YoY growth at constant currencies

▲ All International markets showed solid double-digit performances

▲ Q4 growth acceleration driven by North America, Japan and China

▲ Domestic market revenues in line with FY 2013 notwithstanding

wholesale doors reduction

23%

34%

31%

12%

Italy

EMEA

Asia & RoW

Americas

Asia & RoW

Italy EMEA

Americas

FY 2013

FY 2014

19%

33%34%

14%

YoY growth

Reported Const. curr.

+20% +21%

+42% +42%

+29% +35%

+16% +16%

+0% +0%

FY 2014 RESULTS69

Revenues by Distribution Channel

43%

57%

Retail Wholesale

FY 2013

FY 2014

38%

62%

▲Revenues growth driven by the retail channel (+31% YoY growth at constant currencies), accounting for 62% of FY 2014 revenues (57% in 2013)

▲Sales of comparable DOS (Comp-Store Sales) rose by 8% in FY 2014, in acceleration in Q4, with solid performances in all regions

▲Wholesale revenues increased by 7% at constant currencies, driven by North America and Korea

247 264

334

431

FY 2013 FY 2014

694

581

REVENUES ANALYSIS

(in €m)

Wholesale

Retail

YoY growth

Reported Const. curr.

+20% +21%

+29% +31%

+7% +7%

FY 2014 RESULTS70

(1) Unaudited preliminary consolidated figures


▲ Net revenues down 13%, in a difficult financial environment, due to the Financial Advisory Division

▲ Customer financial assets grew by 12% to reach €7,665m

▲ Expected distribution almost in line with last year (ie. €32m distribution occurred in 2013). Net profit impacted by certain extraordinary items

In €m (1) 2014 2013Reportedchange

Total net revenue 131 151 -13%

Operating result

% margin

22

16.5%

34

22.5%

-36%

Group net profit

% margin

-48

n.m.

10

6.6%

n.m.

Total customer financial assets 7,665 6,854 +12%

Total equity 290 344 -16%

FY 2014 RESULTS71

2014 highlights

▲ Solid performance of Wealth Management Division,

which increased sales by 6% to €57m

– Both Italian (+4%) and French (+15%) businesses showed sustained growth in 2014

– Financial assets increased to €7.7bn (+12%), thanks to both Net New Money

and Market Performance.

▲ Financial Advisory Division focused on the reorganization and rationalization

of its activities, to concentrate its efforts on more profitable areas

– Advisory fees down 28% to €52m, partly due to the discontinued operations in Switzerland and Sweden

– These areas will be covered by the network of existing offices in Italy, France, Germany, Netherlands, Belgium and Spain

– Starting from the beginning of 2015, the Financial Advisory Area will be led by Matteo Manfredi, previously in charge of the Italian business, replacing Mark Pensaert

▲ 2014 net profit was impacted by certain extraordinary items

– Adjusted for those, it would be €9.4m


ON EURAZEO PME

FY 2014 RESULTS72

Financials

FY 2014 RESULTS73

(€m) 2014 2013 PF(1)

Like-for-like change 2013

Reportedchange

Revenue 482 432 +11.7% 404 +19.5%

EBITDA(2)

% margin

68

14.1%

62

14.5%+8.8%

66

16.5%

+2.6%

Net debt

Portfolio leverage

267

2.4x

110

1.7x

(1) Constant Eurazeo Scope

(2) Majority investment as of December 31

Portfolio

FY 2014 RESULTS74

As of December 31, 2014

€350mAs of December 31, 2013

€218m

http://www.colisee-patrimoine.com/


2014 highlights

FY 2014 RESULTS75

1.3

43.6

27.4

79.8

60.1

46.7

116.3

62.7

44.3

482.1

1.5

41.2

26.8

63.2

41.9

37.0

116.0

61.4

42.7

431.7

Change in l.f.l. basis*

+3.6%

+2.0%

+0.3%

+26.3%

+11.7%

+43.6%

+26.2%

+5.8%

+2.1%

• Opening of 7 restaurants in 2014 , to reach a total of 77 restaurants

• On a comparable basis, sales decreased by 2.6 % (market – 3.4 %)

• Refinancing of the senior and mezzanine debt by 7 y. unitranche

• Acquisition of 4 master franchises in the US and first opening of the Camille Albane activity in the US

• Launch abroad of the Dessange mass market product licenced to l’Oréal

• Acquisition in February 2014, 1 build up in April (ABL Lights)• Implementation of industrial and commercial synergies • New developments on foreign markets.

• Acquisition of 2 build ups in March 2014 (Vitalitec, Fimed): integration well underway

• 1 build up signing in November 2014 with an Indian manufacturer of sutures (Stericat)

• Sale in February 2015

• Acquisition in September 2014

• 1 build up (Asclepios) in October 2014

• 1Joint Venture signed with China Merchants Group

• Acquisition of 3 build ups (DCS, Additia and Phoenix)

• Sharp increase in international development. High level of maintenance activity

2013 PF 2014REVENUE (€m)

Other

(*) Adjusted for Flexitallic sale and Vignal, Péters Surgical, Cap Vert Finance and Idéal Résidences acquisition




ON EURAZEO CROISSANCE

FY 2014 RESULTS76

Financials

FY 2014 RESULTS77

(€m)

Pro forma*

2014Pro forma*

2013Publié

2013Reported

change

Revenue 43 30 65 +46%

EBITDA

% margin

13

30%

11

36%

2

3%

+19%

(*) Pro forma: 39.3% Fonroche, 100% IES

NAV as of December 31, 2014

€113m

Portfolio

FY 2014 RESULTS78

NAV as of December 31, 2014

Portfolio

FY 2014 RESULTS79

H I G H L I G H T S

▲ An intense activity in the solar segment

- 36MWc of solar power plants awarded through the 2014 national competitive auctions and construction and connection of 22MWc photovoltaic greenhouses in France

- Development of photovoltaic projects in Puerto Rico, Mexico, Eastern Europe, India and Latin America

▲ Continued development in biogas and geothermy

- Beginning of construction of first biogas facility

- Industrial partnership with Air Liquide who takes an equity stake in Fonroche Biogas

▲ A strong international ambition

- Successful opening of international presence in Germany, the United States, Canada and China

▲ Significant R&D and commercial contracts

with major clients

- Supplier of fast chargers for Formula E championship

- Supplier of fast charging stations for VW and also BMW together with Bosch

- Partnership agreement with Wanma, a major infrastructure player in China

▲ Acceleration of development in 2014

- A large contract in the packaging industry

- Increasing number of prospects

- Promising new mining projects

▲ Partnership between Kaizen and the Japanese

group Itochu in the mining activity

- Investment by Itochu to finance mining projects


ON EURAZEO PATRIMOINE

FY 2014 RESULTS80

Eurazeo Patrimoine’s Strategy

E u r a z e o P a t r i m o i n e D i r e c t

Commercial

properties in Paris

region

• Value added and

Cash-Flows strategies

• Paris and Ile de

France excl. CBD

French operating

real estate platforms

(OpCo – PropCo)

• Private equity asset

heavy strategies

• Combine operations

and real estate

• Various sectors

including hospitality,

senior housing, etc

Selected Eurozone

niche markets

• Markets recovering

following correction

• Products undergoing

significant

transformation

• Combine local staff

and / or local

partnerships with

niche investment

programs

Commercial

properties in French

regions (excl. Paris)

• Value added

strategy

• Listed on the NYSE

Euronext and 50%

owned by Eurazeo

Three pillars of Eurazeo Patrimoine’s strategy are run separately and without conflict with ANF Immobilier

FY 2014 RESULTS81

2014 highlights

▲ Rents exceeding target

– 2014 rents +15% increase compared with 2013, and a +18% increase on the scope adjusted for disposals

– FY 2015 rents target +12% confirmed

▲ Improved profitability and a resilient recurring cash flow

– Recurring EBITDA margin of 67% at end-2014, vs. 61% at end-2013

– 2014 recurring EBITDA +25% increase compared with 2013

– Recurring cash flow of €14.8 million at end-2014

▲ Sharp increase in volume of investments

– c.€460 million investment program committed (ANF Group Share c.€280 million)

– 80% of pipeline pre let at end-December 2014

– Asset value of €1.1 billion at end-June 2014

▲ Debt maturity of 7 years

– Refinancing of €400 million completed with a maturity of 7 years

FY 2014 RESULTS82

Financials

IFRS (in €m) 2014 Reported Change 2013 Reported 2012 Reported*

Gross Rental Income 40.1 15% 34.9 30.6

EBITDA 24.4 21.6 18.3

% margin 61% 62% 60%

Recurring EBITDA 27.0 25% 21.2 18.3

% margin 67% 600 bps 61% 60%

Recurring cash flow 14.8 4% 14.1 12.4

RCF per share 0.82 0.80

(In €m) 2014 Reported 2013 Reported 2012 Reported

Real Estate portfolio 1,107 970 884

Net Debt 526 392 292

NAV per share 29.7 32.5 31.7

Triple Net NAV 28.0 31.6 30.5

LTV 47.50% 40.40% 33.00%

(*) Pro Forma

FY 2014 RESULTS83

FY 2014 RESULTS84

OTHER

A long-term shareholder base and a strong corporate governance

FY 2014 RESULTS85

SHAREHOLDING STRUCTURE

as of December 31, 2014(1)

• Separation of the roles of Chairman and CEO

• Independence of the Supervisory Board: 7 independent members out of 11

• Audit Committee, Finance Committee, Compensation and Appointments Committee, CSR Committee

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

(1) Concert as of December 31, 2014

(2) Including 4,421,376 shares related to exchangeable bonds

(3) 3.5% of treasury shares

Crédit Agricole(2)

14%

Sofina

6%

Concert(1)

16%

Joliette Matériel

2% Free float(3)

62%

A STRONG CORPORATE GOVERNANCE

Financial Agenda

FY 2014 RESULTS86

- Annual Shareholders’ Meeting May 6

- 1st Quarter 2015 Revenues May 13

- 1st Half 2015 Revenues & Results July 30

- 3rd Quarter 2015 Revenues November 12

About us

FY 2014 RESULTS87

Eurazeo contactsInvestor 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

• 68,615,490 shares in circulation

• Statutory threshold declarations 1%

Research on Eurazeo

• Exane BNP-Paribas Charles-Henri de Mortemart

• Goldman Sachs Markus Iwar

• HSBC Pierre Bosset

• JP Morgan Cazenove Christopher Brown

• Kepler David Cerdan

• Natixis Céline Chérubin

• Oddo Christophe Chaput

• SG Patrick Jousseaume

• UBS Denis Moreau

www.eurazeo.com

Breakdown of NAV

FY 2014 RESULTS88

NAV*

% of total

MONCLER

CASH & OTHER

EURAZEO PATRIMOINE

EURAZEO PME

EURAZEO CROISSANCE

48%

10%

11%

3%

7%

6%

13%2%

OTHERS

Total NAV =

€4,751m

(*) Split after tax

34%

14%

9%

13%

2%

7%

6%

14%1%

Total NAV =

€5,108m

As of Dec. 31, 2014 As of March 11, 2015

Invested

in 2014

Divested

in 2014

€ 610m

€ 500m

ACCOR

EURAZEO CAPITAL(NON LISTED)

ELIS

Share price and performance

89 FY 2014 RESULTS

Return TSR

Eurazeo +24.2% +26.6%

CAC 40 +16.3% +20.0%

LPX Europe +27.0% +29.4%

Performance

60

70

80

90

100

110

120

130

140

01/01/2014 01/03/2014 01/05/2014 01/07/2014 01/09/2014 01/11/2014 01/01/2015 01/03/2015

Eurazeo Base 100

CAC 40 Base 100

LPX Europe Base 100

Jan. 1, 2014 – March 11, 2015

Eurazeo sfaf march 17 2015_site web_v2

Economy & Finance

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