ALTAMIR_REGISTRATION_DOCUMENT_2017

FINANCIAL STATEMENTS Consolidated financial statements

NOTE 7 Investment portfolio

Changes in the portfolio during the year were as follows:

Portfolio

(in euros)

FAIR VALUE AS OF 31 DECEMBER 2016

874,582,756

Investments

121,533,030 -11,903,337 -135,635,898

Changes in shareholder loans

Divestments

Changes in fair value

45,997,712

FAIR VALUE AS OF 31 DECEMBER 2017 Of which positive changes in fair value Of which negative changes in fair value

894,574,264 102,309,048

3

-56,311,336

Changes in the Level 3 investment portfolio during the year were as follows:

31/12/2017 33,108,795

31/12/2016 35,007,687

(in euros)

FAIR VALUE AT START OF YEAR

Acquisitions Divestments

- -

3,972,949

-

Change of category from Level 3 to Level 2

-11,113,807 5,241,967 33,108,795

Changes in fair value

6,106,727

FAIR VALUE AT END OF YEAR

39,215,523

Changes in the Level 2 investment portfolio during the year were as follows:

31/12/2017 644,527,483 103,951,109 - 70,719,791

31/12/2016 376,976,478 203,352,136 - 165,062,345 68,859,464

(in euros)

FAIR VALUE AT START OF YEAR

Acquisitions Divestments

Change of category from Level 1 to Level 2 Change of category from Level 3 to Level 2 Change of category from Level 2 to Level 1

1,113,807

- 8,140,000 24,279,990 693,898,791

-

Changes in fair value

149,287,942 644,527,483

FAIR VALUE AT END OF YEAR

Changes in the Level 1 investment portfolio during the year were as follows:

31/12/2017 196,946,477 5,678,585 -64,916,107

31/12/2016 274,490,252

(in euros)

FAIR VALUE AT START OF YEAR

Acquisitions Divestments

531,282

-28,845,132 -79,973,272

Change of category from Level 1 to Level 2 Change of category from Level 1 to Level 3 Change of category from Level 2 to Level 1

11,113,808

8,140,000 15,610,995

Changes in fair value

19,629,539

FAIR VALUE AT END OF YEAR

161,459,950

196,946,477

Valuation methods are based on the determination of fair value as described in note 4.

31 December 2017

31 December 2016

% of listed instruments in the portfolio

18.0% 20.5%

26.0% 28.8%

% of listed instruments in NAV

119

• ALTAMIR 2017

REGISTRATION DOCUMENT