ALTAMIR_REGISTRATION_DOCUMENT_2017

CONVERSATIONWITH THE CHAIRMAN AND CEO OF THE MANAGEMENT COMPANY, MAURICE TCHENIO

24 % Total shareholder return over 2017

Turning towards the future, what are your targets for the coming year and beyond? Over 2018, we expect to secure six to eight acquisitions for a minimum total of €100million. In terms of divestments we are targeting at least €150 million. Our organic EBITDA growth target is 7%, a kwey performance indicator which should allow us to make a multiple of two times equity at exit over a typical five-year horizon. And, as always, our wider objectives are to continue to outperform our benchmarksintermsofNAVgrowthand shareholder returns. On bothmeasures we remain significantly ahead of the average of our peers over themedium– and long term, which is testament to the strength of Apax’s investment teams, investment processes and our ability to consistently deliver superior returns over all economic cycles.

The combination of stellar capital raising, readily available debt and new private equity entrants - such as pension funds, familyoffices and sovereign funds – combined to push valuation multiples for deals higher over 2017 and tested some investors’ discipline. In this environment it is incumbent on private equity houses to have a clear strategy for value creation. We see two key drivers toward that goal. The first is the build-up model, which involves buying a solid base then securing multiple add-ons to create a larger and more international business that merits higher valuation multiples. The second, is the more complex and less practiced digital transformation route, through which companies can realise significant cost savings, revenue increases and create barriers to entry for potential disruptors. Both Apax LLP and Apax France have dedicated digital teams that are expert in identifying digital opportunities in acquisition targets and implementing digital strategies. These are early days for this strategy but I am convinced that in five years we will be talking about its success.

46 % The share of the international portfolio at the end of 2017 on a cost basis,

compared to 18% at the end of 2011

41 % The share of the TMT and digital portfolio at the end of 2017 on a fair market value basis

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• ALTAMIR 2017

REGISTRATION DOCUMENT