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PRIVATE EQUITY: ATTRACTIVE RETURNS IN A "ZERO YIELD" ENVIRONMENT HERE TO STAY Low yields are here to stay (5Y euro yield¹) Superior returns of PE vs listed market in Europe 6 6% 5 4 3 2 1 0 -1 -2 2005 2007 2009 2011 2013 2015 2017 2019 2021 EURAZEO (as of December 2020) 23% 19% 17% 15% 7% 4% 5% -1% 1 year 3 years 5 years 10 years Investment horizon (years) PE Fund² (Horizon IRR) Stoxx Europe 600 Index³ (annualized TSR) 1 Source: European Central Bank (5-year maturity yield curve spot rate on AAA rated Euro aera government bond) 2 Source: Preqin; 3 Source: Bloomberg INVESTOR PRESENTATION

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