ALTAMIR_REGISTRATION_DOCUMENT_2017

1

PRESENTATION OF THE COMPANY AND ITS ACTIVITIES

Comments on the financial year

– €5.3m in Syneron Candela, a leading global non-surgical aesthetic device company based in Israel and the United States, – €4.3m in ECi Software Solutions: a US provider of enterprise resource planning (ERP) software solutions to small- and medium-sized businesses (SMB) across the distribution, field services, manufacturing and building and construction industries, – €3.8m inGuotai JunanSecurities, oneof the leadingsecurities firms in China, listed in Shanghai and Hong Kong, – €3.2m in Attenti, a global developer, manufacturer and provider of remote monitoring systems for government correctional and law enforcement agencies, based in Israel and the United States, – €3m inToscaServices, aUSprovider of supply chain solutions and reusable packaging for perishable products, – €2.8m in Kepro, a US provider of care coordination and quality assurance services primarily for US state and federal healthcare payers, – €1.7m inManappuramFinance, aMumbai-listedcompany and the second-largest lender against gold in India; 2) €22.3m in follow-on investments andcommitments inportfolio companies: „ €17.2m in Marlink, of which €4.3m through co-investment, „ €2.4m in Vocalcom, „ €1.8m in Nowo Oni, and „ €0.9mof follow-on investments in other portfolio companies (€0.3m in Assured Partners, €0.3m in Azelis, €0.1m in Boats Group and €0.1m in InfoVista). The Company also finalised the investment in Unilabs to which it hadmade commitments totalling€9m last year. The final amount investedwas €9.6m, reflecting an upwards adjustment of €0.6m. Divestments Thevolumeof saleproceeds and revenue realisedor signedduring the year amounted to €98.7m (€215.7m in 2016) and comprised sale proceeds of €97.1m(€214.2m in 2016) and revenues of €1.6m (€1.5m in 2016). The €98.7m primarily included: „ €66.1m from the sale of 50% of Altamir’s stake in Altran as part of an accelerated bookbuilding for institutional investors; „ €15.2m from a new sale of Gfi Informatique shares to Mannai Corporation; „ €4.6m from the refinancing and partial sale of GlobalLogic; „ €3.7m fromthe release of the last portion of an escrowaccount related to the 2011 sale of Vizada; „ €2.2mfollowing the listingof EVRYon theOsloStockExchange; „ €1.9m from the sale of a remaining stake in the Canadian Company GardaWorld, bringing total divestment proceeds to 2.3 times the amount invested in 2012; „ €1.3m from the sale of the remaining shares held in the listed Indian Company Chola, bringing total divestment proceeds to 2.7 times the amount invested in 2014;

„ €0.9m received after refinancing the debt of the Indian Company Shriram City Union; „ €0.8m from the refinancing of Exact Software; „ €0.7m from the refinancing of Idealista; „ €0.6m from the refinancing of Safetykleen Europe; „ €0.2m from Royer’s 2017 dividends; „ €0.1m from Albioma’s 2017 dividends distributed; „ €0.3m from various portfolio companies. TwoUScompanies, rue21 andAnswersCorporation, weredivested for nil. In February 2017, the Company finalised the sale of its stake in Unilabs to the Apax IX LP fund, managed by Apax Partners LLP, for €41.1m, vs €41.2m announced at the end of 2016. Net cash holdings Altamir’s cash on a statutory basis, net of credit lines used (€9m as of 31 December 2017), was €7.3m as of 31 December 2017, vs net cash of €67.3m as of 31 December 2016. The Company has short-term credit lines totalling €60m. Its credit lines were renegotiated during the year to increase the total amount from €39m to €60m. It should be noted that, as an SCR, or société de capital risque (special tax status for certain private equity and other investment companies), Altamir may not borrow in excess of 10% of its net book value, i.e . €60m as of 31 December 2017. Commitments TheApaxFranceVII fund is fully invested. Altamir has anobligation tomake follow-on investments inportfolio companies of amounts proportional to its initial commitment. The maximum residual commitment is estimated at €2m. On 30 November 2017, Altran announced the signature of a definitive agreement to acquire Aricent for €1.7bn, creating the undisputed global leader in engineering and R&D services. Apax Partners and Altamir, through their Altrafin holding, confirmed their support for the transaction and their intention to participate pro-rata in the planned €750m rights issue intended to finance part of the transaction. Altamir expects to commit approximately €13m, bringing residual commitments to co-invest with the Apax France VII fund to €15m. Altamir has committed to investing between €200mand€280m in the Apax France VIII fund. As of the end of December 2017, €16.9m of capital remained to be called, out of a total maximum commitment reduced to €276.7m. Altamir has committed to investing€60m in theApaxVIII LP fund. The fund was fully called as of 31 December 2017. Altamir has committed to investing between €226mand €306m in the Apax France IX fund. The amount called as of 31 December 2017 was €77.2m. The fund has already made four investments, of which only three have been called. The latest investment for €37.2m was financed by credit lines. The amount of capital

64 REGISTRATION DOCUMENT

• ALTAMIR 2017

www.altamir.fr