Résultats Semestriels 2014 / 1st Half 2014 Results

1st HALF 2014 RESULTS

1

August 26, 2014


Contents

1st HALF 2014 RESULTS 2

03 H1 2014 highlights

11

23

25

H1 2014 Results

Conclusion

Appendices

18 Achieving growth

H1 2014 HIGHLIGHTS

3 1st HALF 2014 RESULTS

H1 2014 Key figures


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


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


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 inter-

national 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


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


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


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


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


Increase in revenue


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


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


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


(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


Outstanding growth in many portfolio companies


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


2014 Outlook

▲ Selective investments in companies benefiting from growth megatrends

▲ Continued transformation of the portfolio

▲ Portfolio valuation / Asset rotation

▲ Value creation through share buyback


APPENDICES

Including Group company detailed information


Contents


27 Financial appendices

30 Group company detailed information

66 Other

Solid cash position


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


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


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


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


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


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


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)


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


FULLY CONSOLIDATED


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


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%


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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. .



▲ 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


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


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

o At least 75% of EBITDA into free cash-flow before interest and tax

o Around 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


▲ 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


Financials


(€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


Investment in Vignal Systems


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


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

R E V E N U E (€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%


ON EURAZEO CROISSANCE


Portfolio

60

H I G H L I G H T S

▲ 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.



ON EURAZEO PATRIMOINE


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%


Financials


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


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

• [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

• 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


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%

Economy & Finance

Résultats Semestriels 2014 / 1st Half 2014 Results