Eurazeo SE

Role of administrative, management and supervisory bodies

Reference: page 67.

Eurazeo has an Executive Board and a Supervisory Board (Societas Europaea structure). In 2025, "the Audit Committee and the CSR Committee, meeting in joint session, oversaw sustainability information".

Composition and diversity: "Women represent 44.4% of Board members, accounting for four of the Retained Number. The Supervisory Board has 5 independent members representing 55.5% of the Retained Number. All Supervisory Board members are non-executives." Full composition detail is incorporated by reference to Chapter 5, Sections 5.1 and 5.6 of the Universal Registration Document.

For the iM Global Partner (iMGP) subsidiary, sustainability training is delivered through the Principles for Responsible Investment (PRI) platform for ESG specialists and an annual CPD-certified course (via the LRN platform) for all employees, including new hires, interns and apprentices.

Information provided to and sustainability matters addressed by the administrative, management and supervisory bodies

Reference: pages 67-68.

"The Supervisory Board is regularly informed of sustainability matters by the Executive Board." A dashboard of material issues, covering climate change, talent attraction and retention, sustainability policy compliance and sustainable product development, is "communicated quarterly to the Supervisory Board."

The Sustainability Statement itself, prepared in line with CSRD requirements and reflecting the identified impacts, risks and opportunities (IROs), "was presented to the Audit and CSR Committees in joint session," with a report on their work shared with the full Supervisory Board.

At iMGP, the Supervisory Board and its Audit and Compliance Committees "are informed quarterly of sustainability matters by the Management."

Integration of sustainability-related performance in incentive schemes

Reference: page 69.

"Eurazeo strengthens the alignment of interests between its stakeholders by basing 15% of the annual variable compensation of its executives on the achievement of sustainability objectives." The practice began with Executive Board members in 2014 and was extended to Managing Partners (2019), Article 9 (SFDR) fund investment teams (2022) and all Managing Directors (2023).

Sustainability criteria for Executive Board compensation include a decarbonization criterion and are detailed in the Compensation policy (Chapter 5, Section 5.8). For Article 9 impact-fund teams, a portion of carried interest is tied to achieving sustainability objectives.

At iMGP, the Compensation policy is focused on responsible risk management but "does not explicitly factor sustainability-related performance into its financial incentives."

Statement on due diligence

Reference: pages 69-70.

Eurazeo maps the core elements of due diligence to the relevant sections of its Sustainability Statement:

"Eurazeo and iMGP have implemented due diligence processes throughout their value chain to identify negative impacts on Human Rights, fundamental freedoms, personal health and safety and the environment."

Risk management and internal controls over sustainability reporting

Reference: page 69.

Sustainability risks are integrated into Eurazeo's risk mapping (Chapter 4, Section 4.2), and sustainability reporting risk sits within the overall risk governance and internal control framework.

The control system rests on: a dedicated reporting tool built to CSRD structure (ESRS, Data Requirements and regulatory Datapoints); a data collection framework with named data owners in each team performing consistency checks, reinforced by automated HRIS controls where relevant; and a data validation framework run by the Sustainability & Impact team, which consolidates and checks the data supplied by each team.

"The management and supervisory bodies are informed of the sustainability reporting risk management and internal control framework, as well as the consolidation of the Sustainability Statement," and the system's assessment is overseen by the Executive Board and presented to the Audit and CSR Committees in joint session.

Strategy, business model and value chain

Reference: pages 69, 79-81.

Eurazeo is a listed European investment company (Societas Europaea) operating in alternative asset management, principally private equity, alongside real estate, infrastructure and secondaries/mandates strategies, with a wholly-owned asset management subsidiary, iM Global Partner (iMGP).

As an investor, Eurazeo "has chosen to distinguish between the IROs involving its own operations and value chain, excluding investments, and those specific to its investments." Own-operations impacts, risks and opportunities (own workforce, business conduct, cybersecurity) are assessed separately from those arising through the investment portfolio (climate, biodiversity, workers in the value chain, consumers/end-users).

The overall workforce "comprises 602 employees across 14 countries, including 496 employees in 13 countries for Eurazeo and 106 employees in 9 countries for iMGP" (page 67). Eurazeo's Sustainability and Impact strategy, "O+," is structured around two commitments: safeguarding planetary boundaries ("O") and acting for a fairer society ("+").

Interests and views of stakeholders

Reference: pages 75-77.

"Regular, structured stakeholder engagement enables Eurazeo to proactively identify the issues and expectations that shape its business environment." Main stakeholder groups mapped with dedicated engagement mechanisms include:

• Employees and employee representative bodies - social dialogue with the SEC in France, engagement surveys, internal communication channels.
• Institutional clients (LPs) and retail clients - roadshows, Annual General Meetings, LP Advisory Committees, quarterly earnings webinars, financial and non-financial reporting.
• Shareholders, banks and depositories, distributors - further mapped in the same table (page 77).

At iMGP, a separate stakeholder framework applies, with an Exclusion policy covering controversial weapons, and the company has been a signatory of the UN Principles for Responsible Investment (UNPRI) since 2022. "The insights gained from this dialogue are shared with the governance bodies to support strategic decision-making."

Material impacts, risks and opportunities and their interaction with strategy and business model

Reference: pages 78-81.

"Eurazeo's double materiality assessment identified 30 material IROs for the E1, E4, S1, S2, S4 and G1 thematic standards. Eight material IROs apply to iMGP for the E1, S1 and G1 thematic standards (excluding cybersecurity). Thematic standards E4, S2, and S4 do not apply to iMGP due to the different nature of its activities."

IROs are assessed separately "At Entity Level" (Eurazeo's own operations, e.g. own-workforce social dialogue, whistleblower protection, cybersecurity, client-facing risks) and "At Portfolio Company Level" (impacts arising through investee companies, e.g. financed-emissions climate impact, biodiversity, working conditions in the value chain).

"Risks mainly cover Eurazeo's own operations and its downstream value chain... Given the nature of the material risks and available methodologies, the related financial impacts have not yet been quantified and are being qualitatively assessed." The 2025 review confirmed the validity of the 2024 assessment; "Cybersecurity was consequently added" as a new entity-specific topic.

Description of the processes to identify and assess material impacts, risks and opportunities

Reference: pages 81-83.

Eurazeo distinguishes financial materiality (gross risks and opportunities before action plans, scored 1-4 on financial value and likelihood, using Eurazeo's risk-assessment methodology) from impact materiality (gross positive and negative impacts scored 1-4 on severity - scale, scope, time horizon - and likelihood, with an irremediability criterion for negative impacts).

The process was led by Sophie Flak (Executive Board member, Managing Partner - Sustainability, Impact & Tech), bringing together General Counsel, Finance, HR, Audit and Risk, investment teams, and Operations/Legal/Compliance. Priority issues were drawn from the ESRS 1 AR16 topical list, pre-existing publications and sector benchmarks, then transformed into IROs by internal experts; "external stakeholders were not formally consulted in connection with this analysis," though regular client and portfolio-company exchanges, plus employee and client surveys, fed into the list.

For climate and biodiversity, physical risks (e.g. extreme weather, resource access) and transition risks (regulatory change, client behaviour) are assessed qualitatively; "Eurazeo does not operate any sites that could be directly exposed to biodiversity-related risks," so biodiversity IROs are assessed exclusively at portfolio-company level using the ENCORE database.

Disclosure requirements in ESRS covered by the undertaking's sustainability statement

Reference: page 83; full index at pages 119-121 (Section 3.5.2).

"Following the double materiality assessment, disclosure requirements were listed to identify the datapoints to be published in this report. They are detailed in the Appendix in a summary table that maps them to the cross-cutting and topical standards."

"The results of this analysis concluded that issues related to pollution, water management, marine resources, the circular economy and affected communities are not material. This is due to Eurazeo's own operations and the strong diversification of the investee companies." This maps to ESRS E2 (pollution), E3 (water and marine resources), E5 (circular economy) and S3 (affected communities) all being assessed not material.

The Appendix content index (Section 3.5.2, pages 119-121) lists the disclosure requirements actually covered: ESRS 2 (BP-1, GOV-1 to GOV-5, SBM-1 to SBM-3, IRO-1, IRO-2), E1 (E1-1, E1-2, E1-3, E1-4, E1-6), E4 (E4-1 to E4-4), S1 (S1-1, S1-2, S1-3, S1-4, S1-5, S1-6, S1-8, S1-9, S1-10, S1-13, S1-15, S1-16, S1-17), S2 (S2-1 to S2-4), S4 (S4-1 to S4-5) and G1 (GOV-1, G1-1). A separate Section 3.5.3 cross-references specific SFDR/Pillar 3/Benchmark Regulation/EU Climate Law datapoints, several marked explicitly "Not applicable to Eurazeo."

Transition plan for climate change mitigation

Reference: pages 85-87.

"As early as 2014, Eurazeo defined a strategy to mitigate climate change... reflect[ing] Eurazeo's ambition to reduce its negative impact on climate change both in its own operations and across all its asset classes." The plan targets alignment with restricting warming to 1.5°C.

Own operations: committed to a 55% reduction in Scope 1 and 2 emissions by 2030 (SBTi-validated) and a voluntary 30% reduction in "Corporate" Scope 3 emissions by 2030. Levers include relocation to a high-environmental-standard Paris headquarters, phase-out of gas heating, predominant use of renewable electricity, real-time energy monitoring, and vehicle-fleet optimisation.

Investment portfolio: the plan covers "'Investment' Scope 3" (financed emissions), which represents the large majority of Eurazeo's carbon footprint (99.8% of total CO2 emissions per the basis of preparation). As of December 31, 2025, the SBTi-eligible investment scope represented "c. €10 billion in assets under management, i.e., 45% of Eurazeo's total portfolio, excluding Secondaries & Mandates."

"Eurazeo has not in 2025 allocated significant monetary amounts" is not stated; funding is instead addressed through supplier engagement and portfolio decarbonization support programmes rather than a disclosed capex/opex figure.

Identification of climate-related risks and scenario analysis

Back-filled from ESRS 2 IRO-1 (pages 81-83). This disclosure requirement did not exist under the 2023 ESRS the report was prepared against.

Risk classification (¶15): climate risks are described qualitatively as physical risks ("floods resulting in damage or an activity shutdown... long-term quality access to and supply of critical resources... relocation of the business due to rising sea levels") and transition risks ("the company's ability to adapt... its industrial model... or its business model").

Methodology (¶16): applied to own operations and portfolio companies. Since 2025, for minority and Private Debt investments, "climate risks are now systematically analyzed for all investment targets holding physical assets. The related simulations are performed with a 2035 time horizon, using the IPCC's SSP2-4.5 scenario" (page 90).

Scenario analysis (¶17): no company-wide scenario analysis with a named high-emission/1.5°C-aligned pair or temperature projection is described beyond the single SSP2-4.5 investment-screening use above; this absence is not itself a gap.

Resilience in relation to climate change

Back-filled from the E1 chapter's climate resilience discussion under ESRS 2 SBM-3 (Section 3.2.2.3, pages 87-89). This disclosure requirement did not exist under the 2023 ESRS the report was prepared against.

Results (¶19(a)): "Eurazeo has identified several impacts and opportunities related to climate change for its own operations and within its value chain. To date, Eurazeo has not identified any material physical or transition risks that could have a material financial or reputational impact."

How and when performed: "analyzed annually, and on an ad hoc basis for each investment file", across three horizons: short term (1-3 years: regulatory compliance, insurance, decarbonization pathway), medium term (4-10 years: embedding practices and transition plans into capex/opex) and long term (beyond 10 years: R&D for new requirements).

Uncertainty (¶19(b)-(c)): "Eurazeo did not identify any material climate change risks that could negatively impact its financial performance either for its own operations or its investments. Since the latter are highly diversified with average investment periods of three to ten years... climate change risks are limited." No further quantification is given.

Policies related to climate change mitigation

Reference: page 89.

"Climate issues, particularly climate change mitigation, are addressed in the O+ strategy, which sets ambitious targets, and documented in the Exclusion policy, the Responsible Investment policy and the Sustainability Risk Integration policy. These policies apply to all asset classes." Implementation is overseen by Sophie Flak, Executive Board member and Managing Partner - Sustainability, Impact & Tech.

The report is explicit about scope: "Eurazeo has not formally documented a dedicated climate change mitigation policy" - climate mitigation is addressed through the broader policy suite listed above rather than a single stand-alone policy document.

Actions and resources in relation to climate change policies

Reference: pages 89-91.

At Eurazeo level: decarbonization levers are set per emissions scope - Scope 1 (gradual electrification of the vehicle fleet), Scope 2 (energy-efficiency programme at the new Paris headquarters, renewable electricity purchases/certificates), Scope 3.1 (supplier engagement campaign covering "50% of Eurazeo's annual purchases (2025)"), Scope 3.2 (IT/technology footprint reduction plan) and Scope 3.6 (sustainable business-travel recommendations).

The new "66 Charron" Paris headquarters, fully operational in 2025, achieved NF HQE and BREEAM certification and uses a Peltier-effect heating/cooling system that "reduces greenhouse gas emissions by approximately 30% compared to a traditional solution." Since 2019, sustainability criteria linked to Eurazeo's syndicated credit line have funded carbon-sequestration projects; the 2025 disbursement (based on 2024 performance) funded four Low Carbon Label projects expected to store "3,514 tCO2eq by 2046" and "6,106 tCO2eq" by 2056.

At portfolio company level: Eurazeo measures Scope 1-3 emissions annually for portfolio companies and supports SBTi-aligned decarbonization plans; "100% of ESG ratchets, whose criteria were defined in 2025, included a decarbonization target" and "91% of legal documents contained sustainability clauses" in 2025.

Targets related to climate change mitigation and adaptation

Reference: pages 91-92.

At Eurazeo level (SBTi-validated unless noted): (1) 55% reduction in Scope 1 and 2 GHG emissions in absolute value by 2030 (base year 2017, baseline 173 tCO2eq); (2) 100% annual renewable electricity supply by 2030 (base year 2017, baseline 9%; 2025 actual already at 100%, see E1-6); (3) 30% reduction in Corporate Scope 3 emissions by 2030 (base year 2019, baseline 6,945 tCO2eq) - not SBTi-validated, as "Eurazeo's Scope 3 GHG emissions related to purchased goods and services, IT capital goods, waste generated in operations, business travel and employee commuting are not included in the SBTi scope as they have a reduced materiality in relation to its 'Investment' Scope 3."

At portfolio company level: (1) Real Estate portfolio - 60% reduction in Scope 1 and 2 emissions per square meter by 2030 (base year 2021); (2) eligible Private Equity portfolio - 100% of invested capital with SBTi-validated targets by 2030, with an intermediate target of 25% by 2025.

Gross Scopes 1, 2, 3 and Total GHG emissions

Reference: pages 92-93.

2025 own-operations emissions (Eurazeo + iMGP): Gross Scope 1 = 48 tCO2eq (vs. 45 in 2024); Gross Scope 2 market-based = 376 tCO2eq (vs. 558 in 2024); Total Scope 3 = 3,760,130 tCO2eq (vs. 3,687,006 in 2024), of which Eurazeo's own Scope 3 (excluding financed emissions) was 5,801 tCO2eq. Scope 1 and 2 (market-based) rose 17% year on year to 147 tCO2eq, which the report attributes to newly-captured company cars and continued urban heating at the former Champs-Élysées office - "on a like-for-like basis, Scope 1 emissions would be 30 tCO2eq (-33% vs. 2024)."

"Since 2017, the base year, and excluding the Champs-Elysées office, Eurazeo has reduced its Scope 1 and 2 emissions by 43% in absolute value." Renewable electricity supply reached its 100% target in 2025 (vs. 98%).

Portfolio (financed emissions): of 358 reporting portfolio companies, 49% completed a Scope 1-3 assessment with actual data and 28% of eligible Private Equity capital invested had SBTi-validated decarbonization targets at year-end 2025, securing the 25% interim target.

Transition plan on biodiversity and ecosystems

Reference: pages 95-97.

"As early as 2022, Eurazeo defined a strategy to help protect and restore biodiversity" across all asset classes, complemented by identification of biodiversity-related risks and dependencies. In 2025, Eurazeo deployed "a structured analysis of exposure to biodiversity-related impacts and dependencies, using an environmental risk simulation and analysis tool," run during due diligence for all investment targets (covering their own activities, excluding suppliers).

Each covered company receives a low/medium/high biodiversity exposure rating plus a score built on the Mean Species Abundance (MSA) indicator feeding the Global Biodiversity Score (GBS). Results are aggregated at fund level to give a consolidated portfolio exposure view and to guide corrective measures, overseen by Sophie Flak, Managing Partner - Sustainability, Impact & Tech.

Policies related to biodiversity and ecosystems

Reference: page 97.

"Biodiversity issues are addressed in the Exclusion policy, the Responsible Investment policy, the Sustainability Risk Integration policy and the O+ strategy, which defines ambitious targets. These policies apply to all asset classes." Implementation is overseen by Sophie Flak. The report is explicit that "Eurazeo has no dedicated biodiversity policy" - biodiversity is addressed through the broader policy suite rather than a stand-alone document, and the biodiversity strategy draws on the Science Based Targets for Nature (SBTN) methodology.

Actions and resources related to biodiversity and ecosystems

Reference: pages 97-99.

Excluding harmful sectors: the Exclusion policy bars investment in activities most harmful to biodiversity - "pesticides, palm oil, unsustainable fishing, industrial livestock farming" and related agricultural materials, plus soybeans, intensive livestock farming, GMOs, illegal wildlife trade, and water-intensive or water-stressed activities.

Managing biodiversity risks: at end-2025 Eurazeo extended its due-diligence and monitoring framework - low/medium/high exposure categorisation plus MSA scoring - across "all companies holding physical assets" and "majority-owned portfolio companies (Buyout, Real Estate, Infrastructure)."

Reducing impacts - case examples: a complementary GBS analysis (CDC Biodiversité) at AromaZone identified pressure factors on land-use, water and pollution, prompting agroecological supply-chain initiatives. At Electra (EV fast-charging), a dedicated analysis mapped site proximity to sensitive areas and land-use practices to inform construction-site and site-selection decisions.

Targets related to biodiversity and ecosystems

Reference: pages 97-99.

"Eurazeo has set the target that, by 2030, 100% of its 'SBTi-eligible' investment scope will have a formal action plan in line with the Convention on Biological Diversity and the Kunming-Montreal Global Biodiversity Framework (GBF)."

Policies related to own workforce

Reference: pages 99-101.

Eurazeo has implemented a Diversity and Inclusion (D&I) policy and charter, a Compensation policy and a Human Rights policy; all employees sign a Code of Conduct prohibiting discrimination "based on gender, age, ethnicity, nationality, social origin, marital status, religion, sexual orientation, physical appearance, state of health, disability, state of pregnancy, union membership or political views." Policies apply to all employees in all locations, overseen by the HR Department under Executive Board delegation.

The Human Rights policy, published January 2022, "explicitly prohibits any use of forced labor, child labor and trafficking of human beings" and commits to ILO principles and the UN Guiding Principles on Business and Human Rights. Eurazeo has signed the France Invest Charter for Diversity and the SISTA Charter.

Processes for engaging with own workforce and workers' representatives about impacts

Reference: page 101.

"The Eurazeo SE and Eurazeo Global Investor (EGI) Social and Economic Committees (SECs) in France hold ordinary monthly meetings and quarterly meetings focusing on health and safety and working conditions." Eurazeo consults the SEC on health and safety, strategic direction, financial results, restructuring, company social policy and professional training. Two employee representatives and a SEC representative sit on all Eurazeo Supervisory Board meetings (as members and guest, respectively).

Eurazeo runs regular employee-opinion surveys; a People Survey was conducted in 2024 (next survey in 2026), and in 2025 Eurazeo launched the "New Gen Lab" initiative to give younger employees a voice on strategic topics.

Processes to remediate negative impacts and channels for own workforce to raise concerns

Reference: page 101.

"Note that Eurazeo has an ethics whistleblowing hotline presented in Section 3.4.1.2" (see G1-1), open to all employees for reporting conduct contrary to the Code of Conduct. More generally, the Executive Board communicates regularly on strategy and results, and encourages managers to ensure, through local management, that employees can express their views.

Taking action on material impacts on own workforce

Reference: pages 101-105.

Action #1 - Recruiting and onboarding: HR identifies annual recruitment/expertise needs with managers and Executive Management; all new hires attend an onboarding day with CEO strategy presentations.

Action #2 - Career and development: training covers soft skills (public speaking, feedback) and technical skills (Private Equity fundamentals, fund valuation, investment stages).

Action #5 - Compensation and value-sharing: "Eurazeo guarantees an adequate wage for all its employees in every region to cover their basic needs and those of their families." A Group incentive agreement was set up in France in 2024; employees in France additionally benefit from a common collective agreement (Financial Companies) and a working-time arrangement agreement (page 105).

Actions are monitored via the People HR tool and ad hoc surveys such as Great Place to Work (referenced for iMGP, page 105-106).

Targets related to own workforce

Reference: pages 105-106.

Diversity: targets to grow the share of women in the overall workforce, investment teams and annual recruitment; commitment to limiting the gender pay gap; Supervisory Board gender balance held at "greater than or equal to 40% for the least represented gender"; for France, a Gender Equality Index (Pénicaud-Schiappa) target of 85/100 or above.

Employee engagement: "Eurazeo aims to maintain the People Survey engagement rate above 70%, with a participation rate also above 70%." In 2024 (the last survey year), the engagement rate was 77% and participation 73%.

2025 progress metrics cited alongside these targets: absenteeism rate of 3.9% (vs. 3.1% in 2024, excluding Kurma Partners and iMGP); annual total remuneration ratio of 15.4 (Eurazeo + iMGP weighted total, vs. 14.3 in 2024); gender pay gap of 42.1% total (Eurazeo + iMGP, vs. 42.6% in 2024) - "the gender pay gap for Eurazeo permanent employees is 39.4% in 2025."

Characteristics of the undertaking's employees

Reference: pages 67, 99-101.

"The overall workforce comprises 602 employees across 14 countries, including 496 employees in 13 countries for Eurazeo and 106 employees in 9 countries for iMGP" (page 67). Breakdowns are presented by region, by type of contract and gender, and by age bracket for 2025 (pages 99-101), including permanent/temporary splits by age band (page 101 table: total headcount by age bracket 602, with sub-splits across the under-30, 30-50 and over-50 bands for Eurazeo and iMGP).

Employee turnover rate is reported per entity/region (page 101 footnote methodology: "calculated by dividing the number of permanent employees who left the company by the average number of permanent employees during the year"), with 2025 rates in the 10-15% range across the reported cuts.

Collective bargaining coverage and social dialogue

Reference: pages 101-103.

Collective bargaining coverage and social dialogue rates are tabulated by region for Eurazeo (France, USA, rest of EEA and non-EEA) and for iMGP, with 2025 and 2024 comparatives, footnoted to cover "countries with at least 50 employees representing at least 10% of total employees." Eurazeo describes ongoing social dialogue through the Eurazeo SE and EGI Social and Economic Committees (see S1-2).

Diversity metrics

Reference: page 103.

Gender diversity is tabulated for top management as of December 31, 2025, and by workforce age band. Diversity and inclusion actions in 2025 included: promotion of female applicants (HR ensures balanced candidate slates, particularly at graduate level), engagement with peer/industry bodies (Eurazeo has signed the SISTA and France Invest diversity charters), support for the Florence Foundation (professional integration initiatives), and, for disability inclusion in France, awareness campaigns during the European Week for the Employment of People with Disabilities and the International Day of Persons with Disabilities (December 3, 2025), including invisible-disability screenings and a virtual-reality workshop.

Training and skills development metrics

Reference: page 103.

Average training hours per permanent employee, by gender, are tabulated for 2025 (Eurazeo and iMGP). The training plan is described under S1-1/S1-4 as tailored "to each employee population (role, level) and to individual needs, encompassing both hard and soft skills," covering both technical content (Private Equity fundamentals, fund valuation, investment stages) and soft skills (public speaking, feedback).

Work-life balance metrics

Reference: page 105.

The share of employees who "took family-related leave" (defined in a footnote as "maternity leave, paternity leave, parental leave and carers' leave") is tabulated for 2025, by gender, for Eurazeo and iMGP.

Compensation metrics (pay gap and total compensation)

Reference: page 105.

Gender pay gap: "The gender pay gap for Eurazeo permanent employees is 39.4% in 2025," with a combined Eurazeo + iMGP weighted total of 42.1% (vs. 42.6% in 2024). The methodology "takes into account the annual fixed salary, the target bonus and the free shares awarded in 2025," across all permanent and temporary employees, functions, countries and grades.

Annual total remuneration ratio: 15.4 (Eurazeo + iMGP weighted total in 2025, vs. 14.3 in 2024), comparing the highest-paid individual's compensation with median employee compensation; "the remuneration ratio calculation methodology was reviewed in 2025 to include temporary employees," with 2024 recalculated on the same basis for comparability (originally reported as 14 for 2024).

Incidents, complaints and severe human rights impacts

Reference: page 105.

"Total number of incidents of discrimination, including harassment" is reported as 0 for both Eurazeo and iMGP in 2025 (and 0 in 2024).

Policies related to value chain workers

Reference: page 108.

"Eurazeo has been a signatory of the United Nations Global Compact since 2014 and has committed to upholding its 10 principles," covering Human Rights, international labour standards, the environment and anti-corruption. Eurazeo also aligns with the UN Guiding Principles on Business and Human Rights and the OECD Guiding Principles for Multinational Enterprises, integrated into its Responsible Investment and Human Rights policies.

Processes for engaging with value chain workers about impacts

Reference: page 109.

"Eurazeo maintains a constant dialogue with its portfolio companies that incorporates issues related to working conditions."

Processes to remediate negative impacts and channels for value chain workers to raise concerns

Reference: page 109.

Effective sustainability reporting from portfolio companies "is used to monitor their implementation and take corrective action if necessary," monitored through the People HR tool or ad hoc surveys such as Great Place to Work.

Taking action on material impacts on value chain workers

Reference: page 109.

Action #1 - Identifying and managing material incidents: pre-investment due diligence screens for past or ongoing material sustainability incidents (defined as events with a material, measurable impact on financial or operational performance, e.g. major social conflicts or Human Rights violations); during the holding period, portfolio companies must inform Eurazeo of any material incident. In 2025, "Eurazeo implemented a tool to identify and then closely monitor any potential controversies involving portfolio companies," used from pre-investment through the holding period, triggering dialogue and corrective action if a controversy is identified.

Action #2 - Incentivizing best practices in working conditions: for Eurazeo's own suppliers, a mandatory third-party validation process screens for controversies, prosecutions and convictions (including Human Rights-related), backed by a Code of Conduct for Commercial Relations with audit rights and an escalation channel managed by Eurazeo's Ethics Officer. For portfolio-company employees, Eurazeo encourages adoption of its Code of Conduct, a whistleblowing mechanism, and UN Global Compact/OECD-aligned policies, with objectives including health/life/disability insurance for 100% of employees, a profit-sharing scheme for at least 75% of employees, and an unadjusted gender pay gap below 15%.

Policies related to consumers and end-users

Reference: page 111.

"Eurazeo uses the model due diligence questionnaires provided by ILPA [Institutional Limited Partners Association], the market benchmark standard, which contain a comprehensive section on sustainability matters," included in fundraising datarooms. The Responsible Sales and Marketing Policy covers transparency, fairness and confidentiality, overseen by Christophe Bavière, co-CEO. The Exclusion Policy also addresses client issues: Eurazeo does not accept subscriptions from entities headquartered in FATF high-risk jurisdictions, and undertakes to help non-profits access its products once a fund reaches its subscription limit.

Processes for engaging with consumers and end-users about impacts

Reference: page 111.

During fundraising: the Investor Relations, Marketing & Product Development, and Client Services teams support potential investors; in 2025 the Marketing & Product Development team "processed over 500 due diligence procedures across all Eurazeo's investment strategies, most of which included sustainability questions."

During the investment period: the Client Services team manages investor relationships, processes queries, and keeps investors informed of fund events and performance; "should a material sustainability incident occur, Eurazeo informs its investors as soon as possible." For portfolio-company clients, "Eurazeo maintains a constant dialogue with its portfolio companies that incorporates consumer and/or end-user health and safety issues."

Processes to remediate negative impacts and channels for consumers and end-users to raise concerns

Reference: page 111.

"Through its Client Services team, Eurazeo addresses client concerns via several channels: physical mail, e-mail and telephone," tracked through a dedicated CRM tool. Concerns can also be raised through Fund Annual General Meetings, oversight meetings and Sustainability Committee meetings.

Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions

Reference: pages 111-114.

Action #1 - Transparent communication: disclosure through the URD, O+ Progress Report, SFDR pre-contractual/periodic fund disclosures, and dedicated dialogue (AGMs, LP Advisory Committees, fund Impact Committees); in 2025 Eurazeo's teams "participated in more than 230 investor meetings."

Action #2 - Data quality: an internal-audit review (late 2024-early 2025) assessed sustainability-information controls at product and portfolio-company level; Article 9 fund methodologies undergo external third-party review.

Action #3 - Sustainable products: €2.2 billion in AUM dedicated to environmental-solution investments and €3.9 billion to societal-impact investments (including healthcare) at end-2025, across named Article 8/9 funds; "100% of Eurazeo's funds currently being invested or raised were classified Article 8 or 9" as of December 31, 2025.

Action #4 - Recognized responsible investor: 2025 ratings include PRI's highest rating (5 stars, score of 100), MSCI ESG AA ("leaders" category), and Sustainalytics "Low risk" (score 15.1).

Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

Reference: pages 113-114.

"For these funds, Eurazeo has set a target of 100% of sustainability indicators to be verified by independent third parties annually" for its four Article 9 funds (ETIF, ESMI, Nov Santé, EPBF); performance was 100% in both 2025 and 2024.

Business conduct policies and corporate culture

Reference: pages 113-115.

Business conduct is overseen by the Supervisory Board and its Audit Committee, and by the Executive Board through a Quarterly Committee dedicated to compliance monitoring.

Eurazeo Code of Conduct: the reference framework for ethics, compliance and social-responsibility commitments, applying to officers, employees and other personnel; it "incorporates the Anti-Corruption Code of Conduct in a dedicated section," governs competition-law compliance and conflicts of interest, and requires an annual personal compliance statement, overseen by Gabriel Kunde, General Counsel.

Professional whistleblowing system: under the Sapin II Act and Directive (EU) 2019/1937, employees can report illegal conduct to a superior, compliance officers, or a dedicated hotline; reports are "handled confidentially by an external body," with protection against retaliation for whistleblowers.

Training programme: covers anti-money laundering, anti-corruption, data protection, MiFID II and conflicts of interest. "Eurazeo aims to train 100% of its employees. In 2025, 100% of employees completed the training and Eurazeo identified 138 employees in functions-at-risk."

Targets related to business conduct

Reported under MDR-T (2023 ESRS): the report was prepared under the 2023 ESRS, where business-conduct targets fell under MDR-T rather than a standalone G1-3 targets DR. Section 3.4.1.2 (page 115).

Effectiveness tracked in the absence of a formally stated numeric target: "Eurazeo aims to train 100% of its employees [in business ethics/anti-corruption]. In 2025, 100% of employees completed the training and Eurazeo identified 138 employees in functions-at-risk. To ensure rigorous monitoring, training results are periodically assessed by the Compliance team." iMGP reports the equivalent target and outcome separately: "iMGP aims to train 100% of its employees, including Group management, through its anti-corruption training program. In 2025, 100% of employees completed the anti-corruption training course."