ALTAMIR_REGISTRATION_DOCUMENT_2017

1

PRESENTATION OF THE COMPANY AND ITS ACTIVITIES

Business description

The management fees and carried interest for the Apax France VIII-B, Apax France IX-B, Apax VIII LP and Apax IX LP funds were paid or recognised in 2017 at the rates indicated below.

MANAGEMENT FEES PAID IN 2017

Fund

Management fees

Apax France VIII-B Apax France IX-B

1.53% incl. VAT on capital committed (post-investment period) 2% incl. VAT on capital committed (investment period) 1.12% incl. VAT on net capital invested (post-investment period) 1.375% incl. VAT on capital committed (investment period)

Apax VIII LP Apax IX LP

CARRIED INTEREST RECOGNISED IN 2017

Apax France VIII-B, Apax France IX-B, Apax VIII LP

20% of the realised or unrealised capital gain provided the 8% minimum annual IRR (hurdle rate) is exceeded, net of management fees, calculated from the first euro of capital gain.

As of 31 December 2017, the IRR of the Apax France VIII, Apax France IX and Apax VIII LP funds exceeded the hurdle rate. No carried interest was recognised with respect to Apax IX LP.

Altamir has opted for a conservative accounting policy under which it recognises a provision for carried interest, even if the hurdle rate is not achieved in a given year. 1.3.6 ALTAMIR’S INVESTMENT STRATEGY The Company’s investment strategy is intimately connected with that of Apax Partners SA (now Amboise Partners SA). This is a consequence of the Company’s co-investment in the funds Apax Partners manages, in accordance with the co-investment agreement, and of the Company’s investment in the Apax France VIII-B, Apax France IX-B, Apax VIII LP and Apax IX LP funds. The Apax Partners’ strategy consists in backing companies with high growth potential, primarily through LBOand growth capital transactions. The fundsmanagedbyApax Partners invest ingrowth companies active in their sectors of specialisation, with the objective of making them leading companies in their respective sectors. Investments are acquired with an average holding period of five years. These companies are characterised by sound fundamentals. The principal investment criteria are as follows: „ excellent entrepreneurs, with ambitious growth and value creation objectives; „ competitive advantage (technology, concept, brand etc.) or unique businessmodel (barriers to entry, resilient profile in the event of a cyclical downturn); and „ leader or the potential to become the leader in its sector at the domestic, European or worldwide level. GROWTH COMPANIES

SECTOR SPECIALISATION

Since 1990, the Apax Partners strategy has been to invest in six sectors of specialisation: Technologies, Media, Telecom, Consumer, Healthcare, Business & Financial Services. In 2014, byway of simplification, Apax Partners grouped together its Technology, Media and Telecomunder the heading “TMT” and report henceforth on four, rather than six, sectors. The investment teams are organised around the Apax Partners sectors of specialisation. Apax Partners SAS and Apax Partners LLP have dedicated teams for each sector. With 30 professionals in Paris, and around 120 professionals across the eight Apax LLP offices around theworld, theApax Partners investment teams are among the largest andmost experienced private equity teams in France and worldwide. Each investment is followed by the same team, from acquisition, through development and until divestment. Apax Partners employs experienced specialists in each sector. Owing to thiswell-staffed team, ApaxPartners can simultaneously (i) actively search for opportunities, (ii) conduct in-depth due diligence on various transactions, (iii) provide real assistance to companies in the portfolio and (iv)maintain an ongoing dialogue with investors. The principal competitive advantages arising from this strategy of sectoral specialisation are as follows: „ the sector expertise allows the Company to target the best investment opportunities; „ proprietary deals; „ limited competition for acquisitions, generating better scope for return on investment; „ rigorous investment procedures; and „ value creation, strong commitment from Apax teams.

52 REGISTRATION DOCUMENT

• ALTAMIR 2017

www.altamir.fr