ALTAMIR_REGISTRATION_DOCUMENT_2017

CORPORATE GOVERNANCE – REPORT OF THE SUPERVISORY BOARD Observations of the Supervisory Board at the General Meeting

2.3.8 SAY ON PAY

As a Frenchpartnership limitedby shares, Altamir is not subject to the new provision established by the Sapin II law of 9 December 2016, which requires a vote on the determination of remuneration policy. Shareholderswill therefore be asked to approve the remuneration payable or attributed to Maurice Tchenio, legal representative of Altamir Gérance, to the Management Company, and to Jean- Hugues Loyez, Chairman of the Supervisory Board, for the financial year ended 31 December 2017. In application of theAfep-Medef Code recommendations, details of the remuneration payable or attributed to each executive officer of the Company for the 2017 financial year are as follows:

In accordance with the Afep-Medef Code recommendations, and in application of the provisions of Articles L. 225-37-4 and L. 226-10-1 of the French Commercial Code, the opinion of shareholders must be solicited concerning the remuneration payable or attributed to each executive officer of the Company for the previous financial year. The SupervisoryBoardmet as theNomination andRemuneration Committee on several occasions in 2017 and 2018. The Board reviewed recommendations 24 et seq . of the Afep-Medef Code of November 2016, as well as the AMF’s recommendations in its Position-Recommendation 2014-14 concerning the preparation of registration documents. The Board also reviewed the December 2016 Afep-Medef Code Application Guide issued by the French High Commission on Corporate Governance.

2

1) MAURICE TCHENIO

Remuneration payable or attributed for the most recent financial year

Amounts or book value submitted to vote

Presentation

€292,704 (amount paid by Amboise SAS, which holds 28.79% of Altamir, 99.9% of Altamir Gérance and 99.9% of Amboise Partners SA)

Mr Tchenio receives no remuneration from Altamir, Altamir Gérance or Amboise Partners SA. The amount of his fixed remuneration has remained unchanged since 2011.

Fixed remuneration

Mr Tchenio receives no long-term variable remuneration from the Company. Mr Tchenio receives no long-term variable remuneration Maurice Tchenio receives no special remuneration Mr Tchenio receives no stock options, performance-based shares or other long-term remuneration

Annual variable remuneration

N/A

Long-term variable cash remuneration

N/A

Special remuneration

N/A

Stock options, performance-based shares and other long-term remuneration

N/A

Mr Tchenio receives no attendance fees

Attendance fees

N/A

Maurice Tchenio receives, as a benefit in kind, the use of a company vehicle from Amboise SAS

Valuation of benefits in kind

€11,280

Remuneration payable or attributed for the most recent financial year that is or has been subject to a shareholder vote at the General Meeting pursuant to the procedure for regulated agreements and commitments

Amounts submitted to vote

Presentation

Mr Tchenio has no commitment from the Company with regard to the termination of his duties Mr Tchenio is not entitled to a a non-competition payment Mr Tchenio is not entitled to a supplemental retirement regime

Severance pay

N/A

Non-competition payment

N/A

Supplemental retirement regime

N/A

103

• ALTAMIR 2017

REGISTRATION DOCUMENT