ALTAMIR_REGISTRATION_DOCUMENT_2017

Presentation of the Company PRESENTATION OF THE COMPANY AND ITS ACTIVITIES

1

www.marlink.com

1) Business description Marlink is one of the world’s leading providers of satellite communication services. The company serves the world’s maritime sectors, in addition to thousands of users in the mining, energy and humanitarian sectors who operate in challenging environments and are in need of highly reliable mobile and fixed connectivity services. Operating in 14 countries across Europe, Asia, the Middle East and the Americas, it has a distribution network of approximately 400 re-sellers worldwide. 2) Why did we invest? Marlink is a world leader in commercial satellite communication services. It encompasses the commercial division of Vizada, a former portfolio company of Apax/Altamir sold to Airbus Group in 2011. The company mainly operates in the maritime business sector, where it is a global leader, but it also offers terrestrial solutions. Revenue expansion is expected though increasing exposure to the fast-growing and attractive maritime Ka- and Ku-bandVSATmarket. Marlink iswell positioned tocapturemarket growth through (i) an exhaustive product portfolio, (ii) a global distribution network, and (iii) a large and diversified customer base. 3) How do we intend to create value? Our investment thesis is basedon several drivers of value creation: (i) acceleratingVSATdelivery; (ii) developingvalue-addedservices beyond connectivity to increase ARPU (Average Revenue Per User) and customer retention; (iii) focusing on Land core verticals (onshore Oil & Gas, Mining, Media and Humanitarian); (iv) driving profitability through operational efficiencies and the outsourcing of installation andmaintenance activities; and (v) consolidating a highly fragmented industry. 4) What has been achieved? Six months after it was acquired, Marlink acquired the Italian company Telemar, creating the world’s leading communications,

digital solutions and servicing group in the maritime sector. The new group serves more than one in three vessels operating globally. During 2017, Marlink actively pursued its strategy to grow, both organically and through acquisitions. The company acquired Palantir, theNorwegian specialist in onboard IT solutions, and two serviceproviders: RadioHolland (400VSAT-installedvessels in the shipping segment) and LiveWire (45VSAT-installed vessels in the yachting segment). The company signed an agreement to acquire OmniAccess, the leading provider of broadband connectivity services and solutions to the superyacht and high-end boutique cruise line customers. The transactionwas finalised inMarch 2018, creating the worldwide leader in maritime VSAT services with annual sales of close to $500m, about 1,000 employees and an installed base of more than 4,000 vessels. 5) How is it performing? Marlink continued toaccelerate thedevelopment of higher-margin VSAT services, achieving a 34% increase of its installed base of vessels in 2017, while the legacy, MSS-technology-based business continued to decline. Telemar was successfully integrated and positively contributed to Marlink’s VSAT expansion through the acquisition of new subscribers and the migration of existing subscribers to Marlink’s network. On a pro forma basis including the acquisition of the Italian company Telemar, EBITDA grew by 13% during the year, while revenue declined slightly to $423m. The valuation of the investment inMarlink grewby €16.2mduring the financial year 2017. 6) How will we crystallise value? In the context of ongoing market consolidation, Marlink could be a good candidate for a strategic buyer seeking to reinforce its presence in the maritime sector. Marlink could also be of interest to a financial investor.

SECTOR

COUNTRY

DATE OF INVESTMENT RESIDUAL COST IN €M

FAIR VALUE IN €M

% OF THE PORTFOLIO AT FAIR VALUE

2016

59.0

121.9

13.6

France

25

• ALTAMIR 2017

REGISTRATION DOCUMENT