ALTAMIR_REGISTRATION_DOCUMENT_2017

FINANCIAL STATEMENTS Consolidated financial statements

As of 31 December 2017, direct fees represented 1.27%of average NAV, and total fees represented 2.70%of average committed and invested capital. The management fees of €7.6m (including VAT) invoiced by the Management Companywere calculated pursuant toArticle 17.1 of theCompany’sArticles of Association. This amount has remained stable over the last two years. The other fees and expenses of €2.4m (including VAT) included: „ €0.7m (including VAT) for accounting, financial, and investor relations services provided to theCompanybyAltamir Gérance in accordance with a services agreement dated 9 July 2013;

„ fees of €0.6m relating to credit lines (structuring costs and non-use fees); and „ external consultancy fees of €1.1m. These fees were stable compared to 2016, with the exception of the fees relating to the overdraft lines, which increased because the credit lines were renegotiated during the year. Indirect fees rose from €11.8m to €15.1m as a result of the subscription to the two new funds, Apax France IX-B andApax IX LP. The period ended on 31 December 2016 only included nine months of fees for the Apax France IX-B fund and seven months for the Apax IX LP fund, versus 12 months of fees for each of the two funds during the period ended on 31 December 2017.

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NOTE 18 Taxes, fees and similar payments

The balance of €1.2m corresponded to the 3% tax on dividends distributed in 2017 with respect to the 2016 financial year.

NOTE 19 Other income

As of 31 December 2017, this line item primarily comprised accrued income relating to the 3% tax on dividends. As this tax has been invalidated by the French Constitutional Council, Altamir requested the reimbursement of the amounts paid for the previous three years, amounting to €2.8m, plus the related interest as damages of €190k.

NOTE 20 Other expenses

Other expenses relate to attendance fees paid in 2017.

NOTE 21 Income from cash investments

This item related to interest earned in 2017 on time deposit account investments and money-market mutual funds (SICAVs). The return on these investments in 2017 was 0.45%.

NOTE 22 Financial income

Financial income corresponded primarily to a €245k change in the unrealised gain on the Allianz tax-efficient capitalisation fund.

NOTE 23 Interest and similar expenses

This item primarily corresponded to interest paid on the drawn credit lines and on the bank overdraft.

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• ALTAMIR 2017

REGISTRATION DOCUMENT