ALTAMIR_REGISTRATION_DOCUMENT_2017

Presentation of the Company PRESENTATION OF THE COMPANY AND ITS ACTIVITIES

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www.albioma.com

1) Business description Albioma is a publicly listed company on Euronext Paris. Altamir held 12% of the company’s shares, both directly and through Financière Hélios, until the end of 2017. In March 2018, Altamir sold a portion of its investment to institutional investors via a private placement and now holds 5.5% of the company’s share capital through Financière Hélios. Albioma is a leading independent energy producer with a strong focus on renewable energy. The company has world-class expertise inbiomass and significant operations in solar energy. The total installed capacity of its plants is 753 MW. In 2014, leveraging its presence in France, its overseas territories and Mauritius, the company began operating in Brazil, the world’s leading sugar cane producer. 2) Why did we invest? The company pioneered the biomass energy market in the mid- 1990swith the introduction of mixed fuel-fired power plants (coal andbagasse, a residue of sugar cane) andhas since demonstrated the clear cost advantage of this technology compared to other island-based energy sources. Owing to its solid industrial base, the C ompany has developed a particularly attractive business model characterised by (i) 25- to 35-year contracts with incumbent national electricity producers, (ii) margins on a cost-plus basis, and (iii) a high ROE due to the energy efficiency of its plants and availability of project financing. 3) How do we intend to create value? Renewable energy (solar, cogeneration and biomass) has significant growth potential. Demand is growing in the company’s historical territories and there is opportunity to expand to new territories. 4) What has been achieved? Since investment, governance has been strengthened at the management level (CEO, CFO, legal director, HRDirector and two finance controllers recruited) and on the Board of Directors (new independent directors). Jacques Petry, former CEO of SITA and Suez Environment, was appointed CEO in 2011. Frédéric Moyne,

with the company for 15 years, was appointed CEO in 2016, with Jacques Petry as Chairman of the Board of Directors. Albioma started its international expansion by enteringBrazil, the world’s largest sugar caneandbagasseproductionmarket. In2014, thecompanyacquired the60MWRioPardobagassecogeneration plant in the state of São Paulo, and in 2015, it acquired a 65% stake in the 48MW Codora Energia bagasse cogeneration plant in the state of Goiás. In 2016, it entered into a joint-venture agreement with Vale do Paraná, a mill in the state of São Paulo with the capacity to crush 2 million metric tonnes of sugar cane, with the aimof operating its cogeneration plant and building an extension, increasing the generating capacity from 16MW to 48MW, 30MW of which will be exported to the power grid from 2021. In 2017, Albioma announced the signature of a fourth investment inBrazil, with the acquisition of 60% of a bagasse cogeneration unit in the state of Goiás. In France, Albioma signed two contracts with EDF: Galion 2 in Martinique, the largest 100% biomass plant in the French overseas territory (40 MW, operational in 2018), and Saint-Pierre de la Réunion, the first French peak production plant operating essentially on bioethanol derived from the distillation of sugar cane molasses (40 MW, operational in 2018). 5) How is it performing? In 2017, Albioma’s results exceeded its objectives due to the increase in fixed premiums related to contract indexation and recent riders to the contracts with EDF, as well as the very strong operating performance of the thermal biomass plants in France and Brazil. Sales were up 10% to €403.2m and EBITA rose 5% to €138.3m compared to 2016. Owing to the increase in its share price, the valuation of the investment in Albioma gained €18.2m during the 2017 financial year. 6) How will we crystallise value? Because of the strong resilience of its business model and the quality of its management team, Albioma should attract the interest of financial buyers.

SECTOR

COUNTRY

DATE OF INVESTMENT RESIDUAL COST IN €M

FAIR VALUE IN €M

% OF THE PORTFOLIO AT FAIR VALUE

2005

59.0

78.9

8.8

France

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• ALTAMIR 2017

REGISTRATION DOCUMENT