Eurazeo : Early Redemption of Danone Exchangeable Bonds

  Eurazeo : Early Redemption of Danone Exchangeable Bonds

Business Wire

PARIS -- April 25, 2013

Regulatory News :

Having been a Danone shareholder for over 25 years, and with Mr. Michel
David-Weill serving as Danone’s Vice-President from July 1987 to February 2011
^ 1, Eurazeo (Paris:RF) supported the company’s development and the strategy
implemented by Antoine Riboud and subsequently Franck Riboud throughout all
these years. During this period, Danone’s revenue thus increased from

5.7 billion euros to close to 20.0 billion euros. Eurazeo recently
participated in Danone’s last capital increase, thus contributing to the
transaction’s success.

As part of its gradual withdrawal, Eurazeo issued 15,469,613 bonds
exchangeable for Danone shares in June 2009, for an amount of €700 million.
The bonds mature in June 2014.

Over the last few days, Eurazeo has received early conversion requests from
bondholders due to the higher Danone share price covering 12,334,655 bonds.
Given the recent share price trend, Eurazeo will exercise its early redemption
option for those bonds whose conversion has not been requested.

This transaction will have several positive consequences for Eurazeo:

  *The full elimination of the debt relating to this bond in the amount of
    700 million euros;
  *The reversal over 2013 of the financial expenses provided for on a
    time-apportioned basis in 2012, for 24 million euros;
  *The elimination of the corresponding interest expense for 2013 and 2014
    (until June 10, 2014), for 43.8 million euros on a full-year basis;
  *Eurazeo will receive Danone dividends in 2013 in respect of fiscal year
    2012, in the amount of 4.8 million euros;
  *The positive impact of this early redemption on Eurazeo’s consolidated net
    income is estimated at 131 million euros before tax, including the
    reversal of the 24 million euro provision for 2012.

According to Philippe Audouin, CFO and Executive Board member of Eurazeo: “The
exchangeable bond issue made it possible for Eurazeo, a responsible Danone
shareholder for over 25 years, to make an orderly and optimized exit from this
company at conditions that were attractive in the sagging markets of early
2009. Following the redemption of these bonds, the Eurazeo group, no longer
has any company debt, its net cash position exceeds 600 million euros and its
pro forma net consolidated debt stands at 3.3 billion euros^2 as at December
31, 2012.”

About Eurazeo

> With nearly 4 billion euros in diversified assets, Eurazeo is one of the
leading listed investment companies in Europe. Its mission is to identify,
accelerate and enhance the transformation potential of companies in which it
invests. Through its four business divisions - Eurazeo Capital, Eurazeo
Patrimoine, Eurazeo Croissance and Eurazeo PME - the company covers all
segments of private equity. Its solid family shareholder base, its lack of
debt and its flexible investment horizon enable Eurazeo to support its
companies over the long term. Eurazeo is the majority or leading shareholder
in Accor, ANF Immobilier, APCOA, Elis, Europcar, Foncia, Fonroche Énergie,
Moncler, Rexel, 3SPGroup, Léon de Bruxelles and Dessange International.
> Eurazeo’s shares are listed on the Paris Euronext Eurolist.
> ISIN: FR0000121121 - Bloomberg: RF FP - Reuters: EURA.PA

                            May 6, 2013       1^st Quarter 2013 revenue
                             May 7, 2013        Shareholders’ Meeting

Eurazeo financial calendar                    

                             August 28, 2013    1^rs Half 2013 results
                            November 7, 2013  3^rd Quarter revenue

For more information, please visit the Group’s Internet site:

^1 Mr. Michel David-Weill has been honorary Vice-Chairman of the Danone Board
of Directors since April 2011.

^2 Pro forma for sales of Rexel and Edenred shares in Q1 2013 and excluding
the debt of the Europcar fleet (1,157 million euros) and restated for the
bonds exchangeable for Danone shares.


Eurazeo contacts:
Investor Relations :
Caroline Cohen, Tel : + 33 (0)1 44 15 16 76
Corporate & Financial Communications:
Sandra Cadiou, Tel : + 33 (0)1 44 15 80 26
Press contacts:
Havas Worldwide Paris:
Charles Fleming , Tel: +33 (0)1 58 47 94 40
+33 (0)6 14 45 05 22
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