ALTAMIR_REGISTRATION_DOCUMENT_2017

FINANCIAL STATEMENTS Consolidated financial statements

3.2.3 Cash equivalents and other short-term investments If the Company has surplus cash, this is generally invested in units of euro money-market funds (SICAVs) and time deposits that meet the definition of cash equivalents under IAS 7 (short-term, highly-liquid investments, readily convertible into known amounts of cash and subject to an insignificant risk of change in value). The Company values this portfolio using the fair value option provided for by IAS 39. The unrealised capital gains or losses at the balance sheet date are thus recognised in profit or loss for the year. Income from time deposits and money-market funds is included in “Income from cash investments”.

3.2.4 Tax treatment The Company opted to become a société de capital risque (SCR) on 1 January 1996. It is exempt from corporation tax. As a result, no deferred tax is recognised in the financial statements. The Company does not recover VAT. Non-deductible VAT is recognised as an expense in the income statement. 3.2.5 Segment information TheCompany carries out only private equity activities and invests primarily in the euro zone.

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NOTE 4 Determination of fair value and valuation methods employed

Altamir uses principles of fair value measurement that are in accordance with IFRS 13:

observabledata. Observabledata arepreparedusingmarket data, such as information published on actual events or transactions, and reflect assumptions that market participants would use to determine the price of an asset or liability. An adjustment to level 2 data that has a significant impact on fair value may cause a reclassification to level 3 if it makes use of unobservable data.

CATEGORY 1 SHARES

4.1

Companieswhose shares are tradedonanactivemarket (“listed”). The shares of listed companies are valued at the last stockmarket price.

CATEGORY 3 SHARES

4.3

CATEGORY 2 SHARES

4.2

Companies whose shares are not traded on an active market (“unlisted”), and are valued based on unobservable data.

Companies whose shares are not traded on an active market (“unlisted”), but are valued based on directly or indirectly

NOTE 5 Significant events during the year

„ €5.3m in Syneron Candela, a leading global non-surgical aesthetic device Company based in Israel and the United States, „ €4.3m in ECi Software Solutions: a US provider of enterprise resource planning (ERP) software solutions to small- and medium-sized businesses (SMB) across the distribution, field services, manufacturing and building and construction industries, „ €3.8m inGuotai JunanSecurities, oneof the leadingsecurities firms in China, listed in Shanghai and Hong Kong, „ €3.2m in Attenti, a global provider of electronic monitoring systems for government correctional and law enforcement agencies, based in Israel and the United States, „ €3m inToscaServices, aUSprovider of supply chain solutions and reusable packaging for perishable products, „ €2.8m in Kepro, a US provider of care coordination and quality assurance services primarily for US state and federal healthcare payers, and „ €1.7m in Manappuram Finance, the second-largest lender against gold in India;

INVESTMENTS MADE IN 2017

5.1

The Company invested and committed €118.2m during 2017, vs €112.3m in 2016, of which: 1) €95.3m (€82.9m in 2016) in 11 new investments: „ of which€47.1m(€37.1mthrough theApaxFrance IX-B fundand €9.9mthrough co-investment) inCIPRÉSAssurances, a French leader in supplemental insurance protection for self-employed persons and SMEs; „ of which €48.2m in ten new companies through and alongside the Apax IX LP fund: „ €11.2m (€6.9m through the fund and €4.3m as a co- investment) in ThoughtWorks, a US-based global software development anddigital transformationconsultingCompany, „ €7.2m in Matchesfashion, a UK-based global leader in online luxury-fashion retailing offering a collection of over 450 designers, „ €5.6m in Safetykleen Europe, a UK-based service provider of surface treatment and chemical application services, with operations in Europe, Brazil, China and Turkey,

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• ALTAMIR 2017

REGISTRATION DOCUMENT