ALTAMIR_REGISTRATION_DOCUMENT_2017

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CORPORATE GOVERNANCE – REPORT OF THE SUPERVISORY BOARD

Observations of the Supervisory Board at the General Meeting

2.3.3 REPURCHASE OF ORDINARY SHARES

2.3.5 CORPORATE BODIES – LENGTH OF TERMS At the General Meeting of 26 April 2018, shareholders will be asked to approve the renewal for two years of the terms of the following Supervisory Board members: „ Sophie Etchandy-Stabile ; „ Jean-Hugues Loyez However, Jean Besson informed the Board in December 2017 of his desire not to seek reappointment at the next General Meeting, on 26 April 2018. Therefore, at the General Meeting of 26 April, shareholders will be asked to approve the appointment of Jean Estin to join the other members already appointed. Since theGeneral Meetingof 23April 2015, the SupervisoryBoard has been composed of two women and four men, in compliance with legal provisions concerning gender parity.

The Supervisory Board has considered the repurchase of shares by the Company. Froma legal perspective, the SupervisoryBoard is not authorised to approve a share repurchase. That decision is reserved for shareholders, who may grant such an authorisation to the Management Company at their Annual General Meeting. Legal aspects aside, the Supervisory Board’s opinion is that the way tominimise the discount is bymeans of the following: steady, long-term performance; a consistent and attractive dividend; clear and open communication; rigorous valuationmethods; and no leverage at the Company level. The draft resolution related to the share repurchase programme specifies that the sole purpose of the programme is to ensure an active secondary market for the shares through a liquidity agreement. At the General Meeting of 26 April 2018, in accordance with the Audit Committee’s recommendations, the Supervisory Board will propose the renewal of Corevise’s appointment as Statutory Auditor for a period of six financial years, until the end of the Annual Ordinary General Meeting to be held in 2024 to approve the financial statements for the financial year ended 31 December 2023, given their extensive knowledge of the Company and its particular characteristics. However, shareholders will be asked to neither renewnor replace Fidinter as alternate statutory auditor, since the 9December 2016 Sapin II law eliminated the requirement (Article L. 823-1 of the French Commercial Code) to designate an alternate statutory auditorwhen the incumbent StatutoryAuditor is not an individual or single-person company. 2.3.4 STATUTORY AUDITORS

2.3.6 SHARE LIQUIDITY

In 2017, Altamir used its share repurchase programme tomaintain the share’s liquidity and to ensure secondary market activity. A new programme will be proposed at the General Meeting of 26 April 2018. The programme will be intended to fulfil the same purpose.

2.3.7 REGULATED AGREEMENTS

The Supervisory Board has established that the regulated agreement in force since 2006, concerning the investment advisory agreement between Altamir and Amboise Partners SA, remained unchanged during the financial year under review (detailed information about this agreement is provided in the Registration Document). This regulated agreement is also described in the Statutory Auditors’ special report. The Board re-examined this agreement at itsmeeting on 6March 2017, determined that it was in theCompany’s interest tomaintain it, and thus informed the Statutory Auditors. No new agreements will be submitted for shareholder approval at the General Meeting of 26 April 2018. The Board has no knowledge of any conflict of interest between the Company and any Board member or the Management Company.

102 REGISTRATION DOCUMENT

• ALTAMIR 2017

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