ALTAMIR_REGISTRATION_DOCUMENT_2017

PRESENTATION OF THE COMPANY AND ITS ACTIVITIES

Comments on the financial year

1.4 COMMENTS ON THE FINANCIAL YEAR

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1.4.1 OVERVIEWAND PERFORMANCE

Net Asset Value is the most relevant financial indicator for reviewing the Company’s business activity. It is calculated by valuing the investments based on International Private Equity Valuation (IPEV) guidelines. This organisation includes a large number of professional associations, including Invest Europe (formerly EVCA). NAV per share is stated net of the amount attributable to the general partner and to the holders of Class B shares, as well as the carried interest provisions for the funds in which the Company invests. „ Consolidated net income totalled €20.9m as of 31 December 2017 (vs €129m as of 31 December 2016). It was comprised principally of all changes in the fair value of portfolio companies plus valuation differences on divestments during the period, less management and operating expenses and provisions for carried interest.

2017 provided a good economic backdrop for private equity: global growth, a stock market boom and abundant, inexpensive debt all buoyed performance. In France, the business climate improved significantly with the arrival of President Macron, who is well aware of the reforms needed to maintain the country’s competitiveness in the global market. His employment contract flexibility and tax reforms are helping to make France more attractive to investors. France is also benefiting from doubts about Brexit and the uncertainty surrounding the Trump administration. For the private equity market, it was a record fundraising year, with $453 billion collected worldwide. Funds raised in Europe reached $108bn, a very high figure despite being lower than the landmark $121bn hit in 2016 (source: Preqin). The year saw large sums of capital raised, easy access to debt and new entrants to the market, such as pension funds, family offices and sovereign funds. These combined factors helped to lift valuation multiples and forced investors to show restraint. In this context, Altamir saw healthy business activity in 2017. The company made 11 new investments in Europe, the United States and Asia. It invested a total of €118.2m and completed several divestments for €98.7m. The companies in theportfoliocontinued topost excellent operatingperformances, drivenby the combined effect of organic growth and significant acquisitions carried out in 2016. „ Net Asset Value (NAV), calculated according to IFRS, stood at €21.54per limitedpartners’ ordinary share at 31 December 2017, a slight 0.4%decline from31 December 2016 (€21.62). Including the dividend of €0.65 per share paid in May 2017, Net Asset Valueper share increasedby 2.6% from31 December 2016, after rising more than 19% in 2015 and 2016. The companies in the portfolio once again turned in excellent operating performances during the year; the average EBITDA of the portfolio, weighted by each company’s contribution to NAV, increased by 27%. The NAV as of 31 December did not reflect this performance, owing to the negative impact of other portfolio valuation factors - namely, valuation multiples and exchange rates, with the dollar’s depreciation affecting the valuation of companies whose accounts are denominated in dollars. These two factors had an impact of €0.55 and €0.48, respectively, on NAV per share. PERFORMANCE

1.4.2 THE COMPANY’S ACTIVITIES

CHANGE IN ASSETS DURING FINANCIAL YEAR 2017

The figures below include Apax France VIII-B, Apax France IX-B, Apax VIII LP and Apax IX LP, as well as the four co-investment funds – Phénix, APIA Vista, APIA Ciprés and Turing Equity Co, through which Altamir also invests. Investments The Company invested and committed €118.2m during 2017, vs. €112.3m in 2016. 1) €95.3m (€82.9m in 2016) in 11 new investments: „ €47.1m in CIPRÉS Assurances, of which €37.2m through the Apax France IX-B fund and €9.9m through co-investment, „ €48.2m in ten new companies through and alongside the Apax IX LP fund: – €11.2m, of which €6.9m via the fund and €4.3m as a co- investment, in ThoughtWorks, Inc., a US-based global software development anddigital transformation consulting company, – €7.2m in Matchesfashion.com, a UK-based global leader in online luxury-fashion retailing offering a selection of over 450 designers, – €5.6m in Safetykleen Europe, a UK-based service provider of surface treatment and chemical application services, with operations in Europe, Brazil, China and Turkey,

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• ALTAMIR 2017

REGISTRATION DOCUMENT