Résultats Semestriels 2014 / 1st Half 2014 Results

1st HALF 2014 RESULTS
1
August 26, 2014

Contents
2
03
H1 2014 highlights
11
23
25
H1 2014 Results
Conclusion
Appendices
18
Achieving growth

H1 2014 HIGHLIGHTS
3

H1 2014 Key figures
4
Investments
€580m(1)
12% of NAV
(1) Investments at Group level, including Colisée Patrimoine(€70m) expected to be closed end-Sept. 2014
(2) Adjusted for the €8.3m impact of the extended textile depreciation period of Elis
(3) Excluding Europcar fleet debt
(4) As of August 18, 2014
Net cash
€363m(4)
NAV/share
€70.0
+27% vs. June 30, 2013
Economic revenues
€2,523m
+4.7%
EBIT of fully consolidated companies
€220m
+21%(2)
Consolidated net debt(3)
€2.8bn
-€0.5bn vs. June 30, 2013

4 ACQUISITIONS BENEFITING FROM GROWTH MEGATRENDS Detecting
5
1
2
3
MONITORING OF SOCIAL TRENDS
SELECTING KEY SECTORS
INVESTING
•Increasing purchasing power in the emerging markets
•Evolution of consumer patterns
•Longevity
•Health awareness
•Environmental concern, natural resources scarcity, etc.
•Luxury & global brands
•Technology & digital
•Financial services
•Healthcare
•Environment & energy-driven businesses
~€490m invested* since Jan.1, 2014
… representing:
2013 cumulated revenue
€1.2bn
2013 cumulated EBITDA
~€300m
(*) Including ANF Immobilier Hotels

SIGNIFICANT BUILD-UPS IN OUR PORTFOLIO COMPANIES Accelerating Transformation
6
2013 cumulated revenue:
~€170m
2013 cumulated EBITDA:
~€30m
~€90m invested since Jan.1, 2014
… representing:
COMPANY
Atmosfera, Brazil’s leading industrial laundry group
Days of Wonder, US publisher of world-class games
Aditia Lease, Digital Computer Services, Phoenix Services, Maintenance companies
Fimed, Vitalitec, surgical product manufacturer and distributor
ABL Lights, European leader of work lights for industrial vehicles
2013 REVENUES
€90m
€14m
€20m
€22m
€27m
BENEFITS OF THE TRANSACTION
Increased international footprint and source future growth
Increased footprint in North America, enlarged publishing portfolio worldwide and top-notch digital team
Broadened offer of services and expansion of international footprint
Boosted commercial presence in France and extension of distribution network abroad
Expand product range and geographical coverage

EUROPCAR: STRONG INCREASE IN PROFITABILITY Accelerating transformation
7
92
101
119
130
157
180
Dec. 2011
June 2012
Dec. 2012
June 2013
Dec. 2013
June 2014
Proforma from the €350m Fleet High Yield refinancing
196
LTM* CORPORATE EBITDA
In €m
X2
(*) Last Twelve Months

ELIS: UNINTERRUPTED PROFITABLE GROWTH Accelerating transformation
8
2011
2012
2013
HISTORICAL NET SALES EVOLUTION (in €m)
0
200
400
600
800
1000
1200
1400
1970s
1980s
1990s
1994
1997
2000
2001
2005
2007
2009
2011
2012
2013
(€m)
1,149
1,185
1,225
H1 2013
H1 2014
€644m
€600m
CONTINUOUS INTERNATIONAL EXPANSION
13%
Dec. 31, 2008
28%
International
Dec. 31, 2013 PF(1)
328
401
31.0%
32.7%
2008
2013
A SUSTAINABLE PROFITABLE GROWTH DYNAMIC
EBITDA (€m)
EBITDA margin (%)
Q1
Q2
+4.0%
+10.5%
(1) Including Atmosfera

Net Asset Value
9
Investment <1 year
Non listed assets
Listed assets
•No reevaluation of recent investments according to methodology
•Use of long term multiples
•Use of LTM* financials
August 18, 2014
June 30, 2014
NAV PER SHARE
In €
NAV BREAKDOWN
In %
€70.0
Other
(*) Last Twelve Months
12%
43%
33%
12%
€67.7

NAV change by division
10
4,616
4,836
+134
+284
+7
-139
+65
+8
-20
+12
-42
+13
+34
-13
-123
Asmodee
Atmosfera
Rexel
Intercos
Vignal
Péters
Colyzeo
ANF Hôtels
NAV 12/31/13
NAV 06/30/14
Investments
Change in fair value
Disposals/ Reimbursements
In €m
Listed
Non listed
Cash & other
3SP Group

H1 2014 RESULTS
11

Increase in revenue
12
1,759
1,854
651
670
H1 2013(1)
H1 2014
+2.8%
+5.4%
Equity accounted companies
Fully consolidated companies
2,410
2,523
+4.7%
ECONOMIC REVENUE
In €m
(1)At constant Eurazeo scope
ECONOMIC REVENUE GROWTH
In %
+1.8%
+7.7%
+0.9%
+0.7%
Q1 2014
Q2 2014
Eurozone(2)
(2) Source: European Union Statistics Office

Strong increase in EBITDA for some portfolio companies
13
176
8
45
190
18
44
36
3
209
42
59
46
7
+9%
CAGR
x%
+15%
+131%
+29%
+100%
EBITDA
in €m
H1 2012
H1 2013
H1 2014
*
(*) Corporate EBITDA

Positive contribution of portfolio companies
14
H1 2013
H1 2013 PF
H1 2014
Change
Adjusted EBIT of Group consolidated companies
215.5
190.4
220.5
15.8%
Net finance costs
(228.0)
(204.2)
(221.0)
(8.2)%
Share of net income of associates after net finance costs
16.5
2.1
13.8
x 6.6
Contribution of companies net of finance costs
4.0
(11.7)
13.2
CONTRIBUTION OF COMPANIES NET OF FINANCE COSTS (at 100%)
In €m
+21%*
(*) Adjusted for the €8.3m impact of the extended textile depreciation period of Elis
€(20)m*

Profit & Loss details
15
(in €m)
H1 2013
H1 2013 PF
H1 2014
Contribution of companies’ net of finance costs
4.0
(11.7)
13.2
Fair value gains (losses) on investment properties
3.4
3.4
(18.5)
Realized capital gains
580.5
580.5
63.8
Other recurring items (taxes, …)
(60.2)
(57.1)
(44.2)
Non-recurring items
(165.4)
(107.2)
(132.5)
Consolidated net income (loss)
362.3
407.9
(118.2)
Attributable to owners of the company
328.8
364.7
(92.8)

Non-recurring items
16
H1 2013 PF
H1 2014
Total non-recurring items (€m)
(107)
(133)
•3SP Group
(40)
•Elis (IT Development)
(36)
•Europcar refinancing (redemption fees)
(17)
•Restructuring
(12)
•Other
(28)

A sound financial structure
17
CONSOLIDATED NET DEBT
In €m
NET CASH AND CASH EQUIVALENTS
In €m
5,277
3,397
2,845
1,508
1,446
1,404
H1 2012
H1 2013
H1 2014
Consolidated net debt (excl. Europcar fleet debt)
Europcar fleet debt (excl. leasing)
▲A fully available and improved revolving credit line of €1bn
▲No debt at company level
292
795
682
363
Dec. 31, 2012
Dec. 31, 2013
Aug. 18, 2014
June 30, 2014

ACHIEVING GROWTH
18

Outstanding growth in many portfolio companies
19 1st HALF 2014 RESULTS
0%
5%
10%
15%
20%
25%
30%
35%
40%
0 0,1 0,2 0,3 0,4
H1 2014 EBITDA
growth
>+100%
H1 2014 Revenue growth
+100%

+7% +10–15% > 20%
+10% +12–35% > +25%
Good operating leverage
Revenue growth
EBIT/EBITDA growth*
~50% of NAV excl. cash
H1 2014
(*) EBIT for Elis; EBITDA for the other companies

Top growth performers
H 1 R e v e n u e G r o w t h
• Strong organic growth in all product
segments and geographies
• M&A to support international strategy
H 1 E B I T D A
6.6m
+100%
• Growth mostly driven by accessories
and women’s clothing segment
• 45 new PoS* openings in H1 2014 to
reach 450 big retail** PoS
• Positive performance in all markets
with double-digit growth in international
markets, driven by Japan, China,
US and France
• Double-digit growth in both distribution
channels, with a particularly strong
performance in retail (+33%)
• Sales of comparable DOS* up +10%
• Thanks to better
cost absorption
and growth from
high margin products
•Margin improvement
in H1 expected to
be re-invested in
the business over H2
• Rising profitability
+23%
+48%
+22%***
-
46.4m
+29%
(*) PoS: Points of Sales; DOS: Direct Operated Stores (**) Big retail includes retail and franchises (***) At constant exchange rates

Total
175
399
•Cap Vert Finance
63
85
•Péters Surgical
37
60
•Vignal Systems
48
75
•Idéal Résidences
27
27
•Colisée
-
152
Significant potential of latest acquisitions
22
2013 Revenues (€m)
Presented in March 2014
Updated proforma as of August 2014
•IES Synergy
11
11
Total revenues
>€300m
€650m
~€1.3bn
(*) Last estimate as of March 2014 (fiscal year end)
(**) Economic revenue at Eurazeo level (10% stake in Desigual)
•Asmodee
140*
154*
•Desigual
-
83**
Total invested to date
~€230m
€650m
~x2.0 +15% CAGR
+ Build-up & new investments
Revenues in 5 years

CONCLUSION
23

2014 Outlook
▲Selective investments in companies benefiting from growth megatrends
▲Continued transformation of the portfolio
▲Portfolio valuation / Asset rotation
▲Value creation through share buyback
24

APPENDICES
Including Group company detailed information
25

Contents
26
27
Financial appendices
30
Group company detailed information
66
Other

Solid cash position
27
CASH POSITION
In €m
795
682
147
26
(43)
(2)
(224)
(16)
Dec.31, 2013
Net disposals
Dividends received
Dividends paid
Share Buyback
Acquisitions
Other
June 30, 2014

Net Asset Value as of June 30, 2014
28
Interest (1)
Nb shares
Price
NAV as of June. 30, 2014
with ANF at its NAV
€
€M
ANF @ €28.9
Eurazeo Capital Listed (2)
1,489.2
Rexel
7.03%
19,968,739
17.24
360.5
Moncler
19.45%
48,613,814
12.42
604.0
Accor
8.60%
19,890,702
38.75
770.7
Accor net debt
-245.9
Accor net* (3)
524.7
Eurazeo Capital Non Listed
1,843.1
Eurazeo Croissance
122.5
Eurazeo PME
271.5
Eurazeo Patrimoine
333.6
379.3
ANF Immobilier
49,67%
9 114 923
23.91
217.9
263.7
Others (3)
115.6
Other assets
67.8
Eurazeo Partners (2)
44.8
Others
23.0
Cash
682.3
Deffered taxes
-81.4
-90.4
Treasury shares
3.69%
2,555,162
107.2
Total value of assets after tax
4,835.7
4,872.5
NAV per share
70.0
70.5
Number of shares
69,117,490
69,117,490
(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
(4) With regard to Rexel, Eurazeo opted for the dividend payment in shares and received 949,084 Rexel shares on July 2, 2014. Considering the ex-dividend date of June 2, 2014, this investment as of June 30, 2014 was calculated based on a number of shares including the shares to be received from the option for dividend payment in shares, i.e. 20,917,823 Rexel shares.
* Net of allocated debt

Net Asset Value as of August 18, 2014
29
Interest (1)
Nb shares
Price
NAV as of August 18, 2014
with ANF at its NAV
€
€M
ANF @ €28.9
Eurazeo Capital Listed (2)
1,338.5
Rexel
7.13%
20,917,823
14.71
307.8
Moncler
19.45%
48,613,814
11.79
573.3
Accor
8.60%
19,890,702
35.32
702.5
Accor net debt
-245.1
Accor net* (3)
457.4
Eurazeo Capital Non Listed
2,149.4
Eurazeo Croissance
122.5
Eurazeo PME
271.5
Eurazeo Patrimoine
339.3
379.3
ANF Immobilier
49.67%
9,114,923
24.53
223.6
263.7
Others (3)
115.6
Other assets
67.8
Eurazeo Partners (2)
44.8
Others
23.0
Cash
362.9
Deffered taxes
-76.5
-84.4
Treasury shares
3.75%
2,592,162
104.9
Total value of assets after tax
4,680.4
4,712.6
NAV per share
67.7
68.2
Number of shares
69,102,490
69,102,490
(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
* Net of allocated debt

DETAILED INFORMATION ON EURAZEO CAPITAL
30

31
8.7%
ECONOMIC INTEREST
EQUITY METHOD
▲Solid growth in First-Half 2014 revenue(1): +2.8% like-for-like (“L/L”)(2) at €2,593m
•Good momentum in the second quarter (Q2 revenue: up 3.3% L/L )
•HotelInvest: 1.6% increase in L/L revenue at €2,286m in H1
•HotelServices: 5.7% increase in comparable(3) revenue at €582m in H1
▲Favorable demand in the majority of the Group’s key markets but France
•Despite improvement in the second quarter, revenue in France down 0.9%, adversely affected by the increase in the VAT rate effective from January 1, 2014, slower demand levels and unfavorable calendar
▲HotelInvest recently acquired 97 hotels in Germany, the Netherlands and Switzerland for a total consideration of c. €0.9bn from Moor Park (86) and AXA (11)
▲Two bonds successfully placed and new €1.8 bn syndicated line of credit
(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

1st Half 2014 highlights
32
In €m
H1 2014
H1 2013
Pro-forma (1)
Reported change(1)
Comparable change
Revenue
2,593
2,640
-1.8%
+2.8%
EBITDAR
% margin
807
31.1%
804
30.4%
+0.4%
+3.8%
EBIT
% margin
219
8.4%
191
7.2%
+14.5%
+17.6%
Net debt
259
569
-54.5%
n.a.
(1) 2013 figures restated from the IFRS 11 impacts

33
▲Solid growth in First-Half 2014, led by a dynamic second quarter Q2 revenues up 3.3% L/L, accelerating from 2.1% in Q1
–Q2 HotelInvest revenue: revenue up 2.0% like-for-like to €1,294 million
•NCEE(1) (43% of HotelInvest’s revenue): continued to improve (up 1.7% like-for-like) mainly due to good trading in the UK and Benelux. Confirmed recovery in Southern Europe, where RevPAR was up for three straight quarters
–Q2 HotelServices: (i) revenues up 6.5% comparable(2) to €320 million and (ii) €3.2 bn in business volume, an increase of 6.2% at constant exchange rates, led by the combined impact of development and growth in RevPAR
–EBITDAR : up 3.8% like-for-like to €807million. Margin is 31.1%, stable on a comparable basis
–Strong increase of EBIT up 17.6% like-for-like to €219 million thanks to both sound activity in all geographies but France and to savings
–Opening of 12,284 rooms (92 hotels) in H1, of which 90% under management and franchise agreements
▲Current trading by geography
–France remains under pressure with multiple trading challenges: RevPAR stable for Q2, following a 2.2% decline in Q1: RevPAR rose by 1.9% in Paris but declined by 1.2% in other French cities
–Continued improvement in NCEE, enhanced by solid performance in UK and Benelux
–Confirmed recovery in Southern Europe, with double-digit growth in Q2
–Solid trends in emerging markets excluding Australia and China
▲Bonds
–On June 12, new 5-year €1.8 bn syndicated line of credit, replacing the previous €1.5 billion undrawn syndicated credit facility
–On June 17, first issue of 8-year, 1.75% bonds of CHF150 million
–On June 23, issue of €900m perpetual hybrid bonds: 4.125% coupon until June 30, 2020. Junior to all senior debt, recognized as equity under IFRS. Assigned as “intermediate” equity content by S&P and Fitch (i.e. 50% of the securities will be recognized as equity).
–Accor’s long-term debt has been rated BBB- by Standard & Poor’s and Fitch Ratings.
▲The Group’s outlook remains favorable, despite the situation in the French market
(1) Northern, Central and Eastern Europe
(2) Comparable (comp.) revenue growth – includes fees linked to expansion, at constant exchange rates

34
83.5%
ECONOMIC INTEREST
FULLY CONSOLIDATED
▲Strong growth pace in H1
•Strong organic growth in all product segments (games, trading cards), activities (distribution, publishing) and geographies
•Pokemon (33% of sales) is still a major contributor with a +54% performance YTD
•Successful launch of Cra-Z-loom (distribution) in 2014 (+€4.9 million in sales)
▲Margin improvements driven by topline growth
•260bp improvement in EBITDA margin thanks to better cost absorption and growth from high margin products
In €m
H1 2014
H1 2013
Reported change
Comparable change
Revenue
66.5
44.9
+48%
n.m.
EBITDA
% margin
6.6
9.9%
3.3
7.3%
+100%
n.m.
Net debt
38.5
n.m.
n.m.
n.m.

35
Half-year highlights
▲Acquisition of Days of Wonder
•Asmodee acquired Days of Wonder (DOW) from its founders on July 25th
•DOW is a publisher of world-class games like Ticket to Ride, SmallWorld or Memoir 44 with both physical and digital sales
•As of FY June 2014, DOW posted a $18 million turnover, increasing by 31% compared to last year, with approximately half the sales from the United States
•Eurazeo injected €16m in equity alongside its minority partners (o/w DOW founders) to fund the transaction, and owns 81.9% of the group post transaction
•This acquisition will increase Asmodee’s footprint in North America, enabling the group to leverage on DOW’s best sellers. It will also provide Asmodee with an enlarged publishing portfolio worldwide
•The acquisition is also an opportunity for Asmodee to benefit from DOW’s proven expertise in the digital gaming area and thus generate new gaming opportunities
▲Next steps in Asmodee’s transformation
•Increasing Intellectual Property content (publishing), increasing exposure to international activities and turning digital are Asmodee’s key drivers for the next few years
•M&A might prove an interesting support for this ambitious strategy
•Asmodee will also focus on upgrading its business organization through more integration and reinforced support functions, to efficiently deliver profitable growth and long-term development

36
▲July 10, 2014: Eurazeo announces the completion of its investment in Desigual
▲Our ambitions for Desigual in the future
•Geographical diversification, accompanying the growth in Spain and France, sustaining geographical development in other European countries and accelerate the reach beyond Europe, with a particular focus on high-potential cities
•Developing new categories leveraging on the multi-channel approach. Shoes, Sportswear, Living, Beauty: new products with a Desigual touch
•... becoming a Global Brand …
▲Strong growth in H1 2014 with sound margins
•+23.1% sales growth on a reported basis
•Accessories and women drive the growth
•Desigual opened 45 new PoS in H1 2014 to have 450 big retail(1) PoS.
•Margin improvement in H1 expected to be re-invested in the business over H2
(1) Big retail includes retail and franchises

37
In €m
H1 2014
H1 2013
Reported change
Revenue
452.9
368.0
+23.1%
Net Profit
% margin
66.4
14.7%
44.9
12.2%
+47.9%
+2.5pt

38
(1)Excluding €8.3m one-off (positive) effect of change in linen amortization schedule over H1 2013, out of €9.7m for FY 2013
85.2%
ECONOMIC INTEREST
FULLY CONSOLIDATED
▲Regular topline growth boosted by M&A strategy
•French business posting a 1.4% growth, driven by Hospitality & Restaurants and Health
•6 acquisitions as of July 2014, including Atmosfera in Brazil
•Sharp topline growth in Southern European countries, benefiting from strong positions built during the crisis and continued bolt-on policy
▲Improving margins regularly
•Margin improvement driven by tight cost control and focus on productivity in France, as well as gradual upgrade of foreign activities towards French level (over 10 point difference)
In €m
H1 2014
H1 2013
Reported change
Comparable change
Revenue
644.3
600.0
+7.4%
+1.1%
EBITDA
% margin
209.1
32.5%
190.3
31.7%
+9.9%
+5.9%
Adj. EBIT(1)
% margin
104.0
16.1%
92.3
15.4%
+12.7%
+8.5%
Net debt
1,996
2,003
(0.3%)
n.a.

39
▲Atmosfera (Brazil) integration on track
•2014 – year 0 with focus on integration & reorganization to be able to seize Brazil potential over the long-run:
−Ongoing integration of Atmosfera with current focus on industrial upgrade, commercial efforts and customer satisfaction
−Linen capex increasing significantly following focus on rental (rather than cleaning)
−Several commercial successes on large accounts in Workwear
▲Continuing acquisition policy
•In addition to Atmosfera, 5 acquisitions achieved as of July: 2 in Brazil to increase Atmosfera geo-graphical footprint, 3 in France of which 2 portfolio of linen contracts and 1 adjacent business (3D)
•High value thanks to reasonable prices, attractive synergies and sound strategic rationale
•Several opportunities under study in France, Europe and Brazil
▲Strong Southern recovery
•Strong restructuring efforts over the last 2-3 years in Southern Europe resulted in lean organizations, with tight cost control and aggressive commercial teams
•Current macro-economic rebound boosting performance of Elis in Spain, Portugal and Italy with aggregate sales up by 11% in H1 2014

40
87.4%
ECONOMIC INTEREST
FULLY CONSOLIDATED
In €m
H1 2014
H1 2013
Reported change
Comparable change
Revenue
869
864
+0.6%
+0.8%
Adj. Corp. EBITDA
% margin
41.5
4.8%
18.2
2.1%
+128.0%
+270bps
+126.8%
+270bps
Adj. EBIT
% margin
89.4
10.3%
68.0
7.9%
+31.5%
+240bps
+31.9%
+240bps
Corp. Net debt
562
567
-0.9%
n.a.
▲Slight increase of Europcar’s revenue by +0.8%* vs. H1 2013 reflecting improving leisure business overcompensating more challenging corporate market
▲Improved EBIT and Corporate EBITDA margins thanks to continuous deployment of FastLane program. LTM Corporate EBITDA reaching €180m as of 30 June 2014
▲Successful refinancing of the €350m Fleet High Yield resulting in a Corp. EBITDA improvement of €16m**
(*) At constant FX rate
(**) Full year impact

41
▲Revenue increase by +0.8% in H1 2014 vs H1 2013 and by +2.4% in Q2 2014 vs Q2 2013 thanks to strong Leisure market compensating more challenging Corporate market
−Volume increase in rental days up by +2.6% in Q2 2014 vs Q2 2013, driven by strong performance especially in the UK, Spain and Portugal
−RPD decline by -0.6% in Q2 2014 vs. Q21 2013 because of still competitive Corporate Business environment
▲FastLane costs reduction initiatives continuing delivering significant margins improvement
–Fleet utilization rate at 75.6% improved by +0.8 % vs. H1 2013
–Average Fleet cost per unit per month down by –6.8% vs. H1 2013
–Network and Headquarters optimization and decrease in other overhead costs
–Significant Corporate EBITDA margin improvement by +2.7pts vs. H1 2013 and LTM Corp. EBITDA at June 2014 reaching €180m
▲Improved cash-flow generation
–Strong improvement of non fleet and fleet working capital
–Corporate Net Debt of €562m as of June 30, 2014 with corporate leverage down to 3.1x (-1.3x vs June 30, 2013)
▲Successful refinancing of the €350m Fleet Senior Secured Notes
–New coupon at 5.125% vs. 9.75% previously, resulting in a €16m Corp. EBITDA improvement on a full year basis
–Maturity at July 2021

42
33.3%
ECONOMIC INTEREST
EQUITY METHOD
▲Strong revenue growth following Tagerim acquisition: +10%
▲Solid EBITDA growth (+34%) thanks to Tagerim integration, improved organizational efficiency and tight cost-management
▲Continuous deleveraging despite on-going external growth strategy
In €m
H1 2014A
H1 2013A
Reported change
Comparable change(1)
Revenue
315.3
287.6
+9.6%
-0.8%
EBITDA
% margin
59.4
18.8%
44.2
15.4%
+34.4%
+3.5%
+14.0%
+2.4%
Net debt
421
339
+24.2%
-9.4%(2)
(1)Constant FX change and constant perimeter (incl. 100% of the acquisitions realized during the last twelve months)
(2)Net debt as of 30 June 2014 vs. Net debt as of 30 June 2013 incl. €114m of external growth capex over the last 12 months

43
▲Revenue increase by c. +10% vs H1 2013
–Slight decrease in revenue by -0.8% at constant FX rate and perimeter
–Resilient French RRES(1) business almost stable at -0.2%(2) in H1 2014 vs. H1 2013
–Good performance of the Brokerage business benefitting from recent investments in sales force on strategic areas and despite temporary market slow down in Q2 due to newly introduced “ALUR” regulation
▲EBITDA margin improved by 350bps
–EBITDA increase (+14.0% vs. H1 2013 at constant FX rate and perimeter) despite commercial investments
▲Continued deleverage
–Net debt stands at €421m at June 2014 i.e. a Net Debt / PF EBITDA at 3.5x vs. 3.7x in June 2013 despite €114m of acquisitions outflows over the last 12 months
–Successful repricing of existing debt terms (–50bps) thanks to strong quality of the asset
▲Active external growth policy: 8 acquisitions since Jan. 2014 with annual revenue contribution of c. €5m
In €m
H1 2014A
H1 2013A
% var.
% comp. var.(2)
RRES France(1)
231
207
+11.2%
-0.2%
Brokerage
36
33
+7.8%
+3.4%
Total France
266
241
+10.7%
+0.2%
International
28
25
+11.1%
-2.3%
Other and Interco
21
22
-4.1%
-10.0%
Total
315
288
+9.6%
-0.8%
Real Estate Services France
Recurring revenue: 89%
Brokerage
Other and interco
International
H1 2014A revenue
(1)RRES France: Residential Real Estate Services France including Joint-Property Management and Lease Management businesses
(2)Variation @ constant FX rate and perimeter
73%
11%
7%
9%

Disclaimer
This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person.
This presentation might contain certain forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Moncler S.p.A.’s current expectations and projections 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 statements due 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 to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.
Any reference to past performance or trends or activities of the Moncler Group shall not be taken as a representation 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, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating 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 applicable exemption 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 accounting information contained herein correspond to document results, books and accounting records.
.
44

▲Consolidated Revenues: €218.3m, +19% YoY growth reported (+22% constant currencies)
▲International markets: €170.8m, 78% of revenues (74% in H1 2013)
▲Retail Revenues: €121.9m, +28% YoY growth reported, 56% of revenues (52% in H1 2013)
▲H1 2014 Comparable Store Sales(1): +10%
▲EBITDA Adjusted(2): €46.4m, with a margin on sales of 21.3% (19.7% in H1 2013)
▲EBIT Adjusted(2): €35.1m, with a margin on sales of 16.1% (14.8% in H1 2013)
▲Net Income: €18.1m, with a margin on sales of 8.3% (4.6% in H1 2013)
▲Net Debt: €206.3m vs. €171.1m as of 31 Dec. 2013 and €244.0m as of 30 June 2013
45
(1) Comparable Store Sales are based on sales growth of DOS (excluding outlet) opened for at least 52 weeks
(2) Before €1.8m of non-cash costs related to the stock options plans

46
(€m)
H1 2014
H1 2013
Change
Net sales
218.3
183.2
+19%
EBITDA Adjusted(1)
46.4
36.0
+29%
Margin on sales
21.3%
19.7%
Net debt
206.3
244.0
19.7%
ECONOMIC INTEREST
EQUITY METHOD
(1) Before €1.8m of non-cash costs related to the stock options plans

Revenues by Region
47
47
47
71
83
48
67
17
22
H1 2013
H 2014
218
183
REVENUES ANALYSIS
(in €m)
▲Strong sales performance continued, 22% YoY growth at constant currencies
▲All markets showed positive performances
▲International markets rose double-digit, driven by Japan, Greater China, US and France
▲Domestic market generated 22% of total revenues vs. 26% in H1 2013
Italy
EMEA
Asia & RoW
Americas
Asia & RoW
EMEA
Italy
Americas
26%
39%
26%
9%
H1 2013
H1 2014
22%
38%
30%
10%
YoY growth
Reported
Const. curr.
+19%
+22%
+28%
+33%
+38%
+48%
+16%
+16%
+1%
+1%

Revenues by Distribution Channel
48
48%
52%
Retail
Wholesale
H1 2013
H1 2014
44%
56%
▲Revenues growth driven by the retail channel (+33% YoY growth at constant currencies), accounting for 56% of H1 2014 revenues (52% in H1 2013)
▲Sales of comparable DOS (Comparable Store Sales) rose by 10% in the first six months
▲Wholesale revenues increased by 10% driven by strong performance in North America and Asia
88
96
95
122
H1 2013
H1 2014
218
183
REVENUES ANALYSIS
(in €m)
Wholesale
Retail
YoY growth
Reported
Const. curr.
+19%
+22%
+28%
+33%
+9%
+10%

49
7.1%
ECONOMIC INTEREST
In €m
H1 2014
H1 2013 reported
Reported change
Revenue
6,287.6
6,468.8
-2.8%
EBITA
% margin
297.9
4.7%
317.4
4.9%
-6.2%
Net debt
2,406.4
2,628.9
-8.5%

50
▲Performance slightly improved in Q2 on a constant and same day basis
•Q2 sales of € 3,220m, down 2.9% on a reported basis
•Q2 organic same-day sales up 0.6%, mainly driven by the strong sequential improvement in North America, with sales up 3% in Q2 (after -2.7% in Q1, impacted by extreme weather conditions).
▲Half-year Adjusted EBITA margin at 4.8% of sales
•Gross margin down 20bps year-on-year, largely impacted by unfavorable geographic mix and the effect of increased project activity
•Distribution and administrative expenses up 5bps, due to higher costs related to the implementation of strategic projects and investments in targeted growth initiatives
▲Full-year 2014 outlook adjusted
•Full-year sales broadly stable year-on-year, on a constant and same-day basis
•Adjusted EBITA margin of at least 5.0% of sales
•Confirmed solid free cash-flow conversion rate
oAt least 75% of EBITDA into free cash-flow before interest and tax
oAround 40% of EBITDA into free cash-flow after interest and tax
•Confirmed cash allocation policy of paying out a dividend of at least 40% of recurring net income
▲Brian McNally appointed as CEO Rexel North America, effective August 1st, 2014
•Brian McNally joins Rexel from Arrow Electronics Inc., to create the leadership conditions to further accelerate the business transformation and to leverage synergy and scale across North America.

51
(1) Unaudited preliminary consolidated figures
(2) As of June 2014:
(i) including c.€0.2bn not consolidated assets, but
(ii) excluding c. €0.4bn assets under custody (vs. €0.2bn as of June 2013)
(3) Net equity after the distribution to shareholders
19.3%
ECONOMIC INTEREST
▲Group net revenue down by €5.1m. Profits negatively impacted by lower revenues and certain extraordinary costs
▲Asset under Management increased by €1.12bn
▲€32m distributed to shareholders in April 2014
In €m (1)
H1 2014
H1 2013
Reported change
Total net revenue
62.4
67.5
-7.5%
Operating profit
% margin
8.2
13.1%
12.9
19.1%
-36.4%
Group net profit
% margin
2.2
3.6%
7.3
10.8%
-69.2%
Total customer financial assets(2)
7,144
6,020
+18.7%
Total equity(3)
314
342
-8.0%

52
▲6 months net revenue at €62.4m, down 7.5% compared to last year same period (€67.5m)
•Mixed performance with advisory fees down compared to last year same period, while private banking and proprietary trading revenues increased in the first semester
▲Private banking: strong progression of Customer Financial Assets
•Growth supported by both Net New Money and Market Performance
•Revenue growth fuelled by Italian and Swiss branches
▲€32m distribution to shareholders in April
•€6.1m paid to Eurazeo, in line with 2013

DETAILED INFORMATION ON EURAZEO PME
53

Financials
54
(€m)
H1 2014
H1 2013 like-for-like
Like-for-like change
H1 2013
Revenue
193.1
179.6
+ 7 %
220.3
EBITDA(1)
% margin
25.9
13.4%
22.6
12.6%
+14%
34.8
15.8%
Net debt(1)
Portfolio leverage senior
191.1
2.8x
110.5
2.7x
110.5
2.7x
(1) Majority Investments as of June 30, 2014

Acquisitions in H1 2014
▲1 acquisition: Vignal Systems, a European leader in signalling lights for industrial and commercial vehicles. Investment: €26m
▲6 build ups:
–Péters: Vitalitec and Fimed. Investment: €22m
–Vignal: ABL Lights. Investment: €17m
–Cap Vert: DCS, Aditia Lease, Phoenix IT Services. No aditionnal investment by Eurazeo PME
–In addition, Dessange USA: 2 master franchises in Fantastic Sams network. No aditionnal investment by Eurazeo PME
▲1 signing for acquisition in Sept.: Colisée, France’s fourth-largest retirement home operator. Investment est.: €70 m
 During the last 18 months, €216m invested in 5 companies and 6 build ups, included Colisée
55

Investment in Vignal Systems
56
Resilient platform, niche and captive market
Embedded organic growth with major technological developments
Strong profitability, particularly in the spare parts segment
Experienced management and excellent production facilities
Build an international leader
1.Commercial developpement outside Europe, notably in the USA and in Brazil
2.Continued technological shift from conventional bulbs to LED
3.Product diversification through access to new market segments
•Vignal Systems designs, manufactures and distributes signaling products, particularly for trucks
•The group generated €48m in revenue in 2013
Investment
€26m
Equity interest
71%
European leader in signalling lights for industrial and commercial vehicles

Portfolio
As of June 30, 2014
€272m
As of December 31, 2013
€218m

Highlights
58
H1 2013
H1 2014
•Flexitallic sale
•Acquisition in July 2013. 2 build ups in H1 (DCS in May, Aditia Lease in June)
•Increase on a comp. basis 17%, on all activities (maintenance, leasing and trade)
•Opening of 6 restaurants in H1 2014. On a comparable basis, sales decreased by 5.2 % (like the market)
•Refinancing of the senior and mezzanine debt by 7 y. unitranche
•Acquisition of master franchises in US and launch of the Camille Albane activity in the US
•Refinancing of the senior and mezzanine debt by a 7 y.
•Acquisition in July 2013. 2 build ups in March 2014 (Vitalitec, Fimed)
•Revenues remain flat excl. build ups and a 2013 one off contract
•Acquisition in Feb 2014, 1 build up in April (ABL Lights)
•Increase on a comp. basis 6%
•High level of activity, new market shares
•Acquisition in March 2013
-0.7
20.7
13.6
19.8
21.0
32.7
30.5
55.4
193.1
108.1
19.5
6.5
30.4
55.7
220.3
REVENUE (€m)
Other
(Flexitallic, Fondis, others)
(*) Adjusted for Flexitallic sale and Vignal, Péters Surgical, Cap Vert Finance and Idéal Résidences acquisition
-12%
-1%
na
+7.5%
Change
Change in l.f.l. basis*
+1%
na
na
na
+6%
+29%
+19%
+17%
na
+4%

DETAILED INFORMATION ON EURAZEO CROISSANCE
59

Portfolio
60
HIGHLIGHTS
▲Strengthening of commercial presence
Sales force recruitement in the petroleum and metallurgy sectors
▲Significant contract signed by Bmax (metallurgy)
Creation of an innovative packaging with a major player in the luxury sector
▲Partnership between Kaizen and the Japanese group Itochu in the mining activity
$ 5m investment by Itochu who will also finance projects: additional $4m project financing signed
▲Continued development in the solar segment
36Wc of solar power plants awarded in France through the 2013 national competitive auctions
Development of photovoltaic projects in Puerto Rico, Mexico, Eastern Europe and Latin America
▲First successes in biogas and geothermal activities
Authorizations for construction of first biogas facility
Permits and subsidies to finance R&D awarded in geothermal energy
▲A sustained commercial effort
Following the opening of international subsidiaries in Germany, the United States, Canada and China
▲Key contracts awarded offering high visibility
Exclusive supplier of fast chargers for Formula E championship
Supplier of chargers to car dealers
Paris city to build EV fast charging stations based on IES modules
▲Bankruptcy filing on July 21
Loss of its main product line following the floodings in Thailand couldn’t be offset by the development of new product lines
Ongoing discussions with potential acquirers

NAV as of June 30, 2014
€123m
Portfolio
61
NAV as of June 30, 2014

Financials*
62
(*) Economic financials: 100% of 3SP Group’s consolidated financials and 39.3% of Fonroche’s consolidated financials for H1 2013 and 100% of 3SP Group’s and IES’ consolidated financials and 39.3% of Fonroche’s consolidated financials for H1 2014
(€m)
H1 2014
H1 2013 PFM
Like-for-like change
H1 2013
Reported change
Revenue
41.2
34.6
+19%
29.3
+41%
EBITDA
% margin
-1.6
n.m.
0.1
n.m.
n.m.
-0.7
n.m.
n.m.

DETAILED INFORMATION ON EURAZEO PATRIMOINE
63

2014 highlights
▲H1 Rents in line with budget
–H1 2014 rents +12% increase compared with H1 2013, and a +14% increase on the scope adjusted for disposals
–FY 2014 rents target +12% confirmed on the scope adjusted for disposals
▲Improved profitability and a resilient recurring cash flow
–EBITDA margin of 67% at end-June 2014, vs. 62% at end-2013
–H1 2014 recurring EBITDA +12% increase compared with H1 2013
–Recurring cash flow of €7.7m at end-June 2014
▲Sharp acceleration in asset rotation program
–111% of €240m investment program secured at end-June 2014
–47% of €238m disposal program secured at end-June 2014
–Asset value of more than €1 billion at end-June 2014
▲Low cost of new debt
–Refinancing of €400m completed with a maturity of 7 years
–Low cost of new debt at 3.1%
64

Financials
65
IFRS (in €m)
H1 2014
Reported
Change
H1 2013 Reported
H1 2012
Reported
Gross Rental Income
19.2
12%
17.1
45.2
EBITDA
12.8
12%
11.4
38.3
% margin
67%
1
66%
85%
Recurring EBITDA
12.8
12%
11.4
30.5
% margin
67%
1
66%
81%
Recurring cash flow
7.7
-7%
8.3
21.7
RCF per share
0.4
0.5
0.8
In €m
H1 2014 Reported
H1 2013 Reported
H1 2012 Reported
Real Estate portfolio
1,004
927
1,685
Net Debt
449
357
542
NAV per share
30.4
31.4
41.2
Triple Net NAV
28.9
30.7
39.7
LTV
42.2%
38.7%
32.2%

OTHER
66

A long-term shareholder base and a strong corporate governance
67
SHAREHOLDING STRUCTURE
as of June 30, 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
Existence of a shareholder agreement between founding families (former SCHP)
(1)Concert as of June 30, 2014
(2)Including 4,421,376 shares related to exchangeable bonds
(3)3.7% of treasury shares
Crédit Agricole(2) 14.10%
Sofina 5.03%
Concert(1) 15.89%
Joliette Matériel 2.02%
Free float(3) 62.96%
A STRONG CORPORATE GOVERNANCE

Financial Agenda
68
- 3rd Quarter 2014 Revenues November 13, 2014
- Investor Day November 17, 2014
- FY 2014 Revenues & Results March 17, 2015
- Annual Shareholder’s Meeting May 6, 2015

About us
69
Eurazeo contacts Investor Relations Caroline Cohen
•ccohen@eurazeo.com + 33 (0)1 44 15 16 76 Corporate & Financial Communication Sandra Cadiou
•scadiou@eurazeo.com + 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
•69,158,550 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

As of August 18, 2014
In €m
High discount on non-listed assets
70
68
68
391
391
1,562
1,562
2,659
1,504
NAV
Market Cap.
4,680
3,526
▲25% discount on our NAV as of August 18, 2014 implies a 43% discount on non-listed assets
Implicit value of non-listed assets
Other
Non listed assets
Listed assets
Cash & treasury shares
43% discount on non-listed assets

NAV / Multiple: Long term vs. Spot
- 71 -
Peer companies
Long term multiple 30/06/14
Spot multiple 30/06/14
Europcar (Corporate EBITDA LTM)
Avis Budget
Hertz
8.7x
7.6x
10.3x
8.4x
Elis (EBIT LTM)
Rentokil
Berendsen
Synergy Health
12.7x
11.3x
14.6x
13.8x
13.4x
15.4x

38
43
48
53
58
63
EURAZEO LPX CAC WENDEL
Evolution boursière d’Eurazeo et comparables
(total return)
LPX
Eurazeo : 60.75€
WENDEL
CAC
Sur 1 an glissant
Le cours d’Eurazeo a surperformé les indices sur 1 an glissant
Depuis le
30/06/2009
Depuis le
30/06/2011
Depuis le
30/06/2012
Depuis le
30/06/2013
Depuis le
30/06/2009
Depuis le
30/06/2011
Depuis le
30/06/2012
Depuis le
30/06/2013
EURAZEO 204,36% 51,96% 132,14% 57,92% 167,41% 39,59% 121,19% 54,96%
CAC 40 70,96% 24,62% 48,32% 22,10% 40,84% 11,06% 38,36% 18,29%
Wendel 407,36% 32,30% 86,24% 34,35% 358,85% 24,47% 79,48% 32,15%
LPX 152,77% 39,04% 59,56% 22,78% 127,87% 29,84% 53,42% 5,47%
Dividende réinvesti Dividende non réinvesti

Evolution boursière d’Eurazeo et comparables
sur le premier semestre 2014 (total return)
48
50
52
54
56
58
60
62
64
66
EURAZEO LPX CAC WENDEL
53.25 €
LPX
Eurazeo : 60.75€
WENDEL
CAC
Depuis le 31/12/2013
Dividende
réinvesti
Dividende non
réinvesti
EURAZEO 14,09% 11,95%
CAC 40 5,50% 2,95%
Wendel 0,37% -1,27%
LPX 7,19% 5,47%

Résultats Semestriels 2014 / 1st Half 2014 Results

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