ALTAMIR_REGISTRATION_DOCUMENT_2017

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FINANCIAL STATEMENTS

STATUTORY AUDITOR’S REPORT ON THE STATUTORY FINANCIAL STATEMENTS

VALUATION OF FIXED ASSETS IN PORTFOLIO ACTIVITY, EQUITY SECURITIES AND RECEIVABLES RELATED TO EQUITY SECURITIES

Risk identified

Our response

As at December 31, 2017, investments portfolio held as non- current assets, equity investments and receivables related to equity investments amounted to M€ 456.6, M€ 136.7 and M€ 24.2, respectively, in net value. They are accounted for at their acquisition value as indicated inNotes 2.1 and2.2 to the financial statements. They may give rise to depreciation but cannot be revalued. When inventory value of the security of the portfolio activity, equity security or related receivable is lower than its acquisition value, a provision for depreciation is recorded at the amount of the difference. As indicated in Note 2.1.3 to the annual financial statements, the inventory value of these securities is based on complex valuation models and requires the exercise of management’s judgment. Given their significant importance in the Company’s financial statements, the complexity of the models used, their sensitivity to data variations, the assumptions onwhich theestimates arebasedand the judgment required to assess their net asset value, we considered the valuation of these assets as a key audit matter.

We obtained an understanding of the procedures implement by the manager for the determination of the inventory value of the investments portfolio. As part of our audit of the annual financial statements, and by including our valuation experts, our work consisted in : „ assessing, on the basis of the information provided to us, that management’s estimate of these values is based on an appropriate application of the valuation method and the quantified data and assumptions used; „ analyzing the specific contractual documentation to each investment; „ performing tests by sampling the arithmetic accuracy of the inventory value calculations used by the Company. We also analyzed the appropriateness of the information presented in Note 2.1.3 to the annual financial statements.

RESPECT OF THE VENTURE CAPITAL COMPANY STATUS

Risk identified

Our response

Your Company has opted for the venture capital companies system which gives it a specific legal and fiscal framework, adapted to its corporate purpose which is the management of securities portfolio. The venture capital company status is only granted to companies that fully meet certain cumulative regulatory conditions. Given the very restrictive conditions of the venture capital company status (inparticular the limitationof indebtedness as indicated inNote 1.1.2 to the annual financial statements), which could in case of non- compliance, remove the tax exemption enjoyed by the Company, we considered compliancewith the regulatory conditions of the venture capital company status regime as a key audit matter.

Based on interviews with management, we have been informed of the procedures put in place by themanager to identify the regulatory changes relating to the venture capital company status and tomonitor the Company’s correct compliance with the conditions. As part of our audit of the annual financial statements, and by includingour tax experts, our work consisted in assessing compliance with the criteria for eligibility for the venture capital company status.

VERIFICATION OF THE MANAGEMENT REPORT AND OF THE OTHER DOCUMENTS PROVIDED TO THE SHAREHOLDERS

Wehave alsoperformed, in accordancewithprofessional standards applicable inFrance, the specific verifications requiredbyFrench law.

INFORMATION PROVIDED IN THE MANAGEMENT REPORT AND IN THE OTHER DOCUMENTS PROVIDED TO THE SHAREHOLDERS WITH RESPECT TO THE FINANCIAL POSITION AND THE FINANCIAL STATEMENTS We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the Manager’s management report and in the other documents provided to the Shareholders with respect to the financial position and the financial statements. We attest that the Supervisory Board’s Report on Corporate Governance sets out the information required by Articles L. 225-37-3 and L. 225-37-4 of the French Commercial Code ( Code de commerce ). Concerning the information given in accordancewith the requirements of Article L. 225-37-3 of the French Commercial Code ( Code de commerce ) relating to remunerations and benefits received by the directors and any other commitments made in their favor, we have verified its consistency with the financial statements, or with the underlying information used to prepare these financial statements and, where applicable, with the information obtained by your Company from controlling and controlled companies. Based on these procedures, we attest the accuracy and fair presentation of this information. REPORT ON CORPORATE GOVERNANCE

148 REGISTRATION DOCUMENT

• ALTAMIR 2017

www.altamir.fr