ALTAMIR_REGISTRATION_DOCUMENT_2017

In 2017, Altamir achieved its core acquisition and

divestment targets. Portfolio companies recorded a remarkable 27% increase in average EBITDA while NAV on a total return basis increased only 2.6%, due to adverse valuation multiple and exchange rate movements. The portfolio’s strategic realignment – toward international diversification and sectors subject to benefit from digital innovation – continued, strengthening the foundations for long-term outperformance.

CONVERSATION WITH THE CHAIRMAN AND CEO OF THE MANAGEMENT COMPANY MAURICE TCHENIO

How would you characterise 2017 in terms of activity? It was a good year for investments with 11 companies added to our portfolio from the U.S., the U.K., Asia, Israel and France. Those deals accounted for about €95 million of capital, while €23 million was allocated to build-up acquisitions. The total of €118 million was the second highest sum invested over 12 months by Altamir and was a particularly good result given elevated levels of competition for investments in 2017.

We realised €99 million of asset sales over 2017. That was in line with our objective in a year in which no major disposals were planned. Our biggest divestment was the sale of half our stake in our listed engineering and R&D business Altran. What of the performance of the portfolio companies? Our companies had a very strong 2017, posting average EBITDA growth of 27% on a weighted net asset value

2 REGISTRATION DOCUMENT

• ALTAMIR 2017

www.altamir.fr