ALTAMIR_REGISTRATION_DOCUMENT_2017

PRESENTATION OF THE COMPANY AND ITS ACTIVITIES

Comments on the financial year

Apax Partners SAS has signed an agreement to acquire Business Integration Partners (Bip), a leading European consulting company headquartered in Italy. In March 2018, Altran finalised the acquisition of Aricent and launched a €750m rights issue. Altamir committed to participate for €13m.

remaining to be called was €228.7m as of 31 December 2017. This amount can be adjusted every six months based on the Company’s foreseeable cash position. In the first half of 2018, the Management Company has decided to exercise its right not to invest, if need be, at the upper limit of its commitment in all investmentsmade by theApax France IX fundduring the first half of 2018, which would be called in the first half of 2019. Altamir has committed to investing€138m in theApax IXLP fund. The fund has made 12 investments; capital calls were issued for all. The amount of capital remaining to be called was €74.2m as of 31 December 2017. The Management Company is not able to adjust this commitment every six months. Altamir has also committed to investing $5.1m (€4.5m) in the Turing Equity Co fund, a ThoughtWorks co-investment vehicle. As of 31 December 2017, the fund’s share of the investment had been paid, leavingonly a residual commitment of $0.6m(€0.5m). Altamir’s maximum remaining commitments therefore total €320.3m (excluding any follow-on investments alongside Apax France VII), of which €37.2m have already been invested. Portfolio The portfolio as of 31 December 2017 included 49 equity holdings, excluding escrow accounts, comprised primarily of growth companies, distributed among Altamir’s four sectors of specialisation.

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1.4.5 TRENDS

The private equity market has experienced strong growth in recent years. 2017was a recordyear for private equity fundraising, with $453bn collectedworldwide. In Europe, fundraising reached $108bn, a very high figure despite being lower than the landmark $121bn hit in 2016 (source: Preqin). European LBO funds were very active, both for investments, which totalled $158.4bn vs. $125.8bn in 2016, and for divestments through mergers/acquisitions, which were $180.9bn vs. $148bn in 2016 (source: MergerMarket).

1.4.6 PROFIT FORECASTS AND ESTIMATES

Because of the nature of its activities, and because its results are highly dependent on the performance of the companies in its portfolio aswell as on the amount andpace of its investments, the Company does not expect to announce any earnings forecasts or estimates. It has, however, communicated its objectives for the current year. Barring anymajor external developments, theManagement Companyexpects agood level of activity in2018. New investments could number six or seven, for around €100m, and divestments couldbe around€150m. Theportfolio companies shouldcontinue to perform well, with average EBITDA growth of about 7%.

1.4.3 OTHER SIGNIFICANT EVENTS DURING THE YEAR

The Company paid a dividend of €0.65 per ordinary share to limited partners on 26 May 2017.

1.4.4 POST-CLOSING EVENTS

On 1 January 2018, Apax Partners SAchanged its corporate name to Amboise Partners SA. The Apax IX LP fund returned €2.6mof uninvested called capital at theendof January2018. At the same time, it distributed revenue from the refinancing of Safetykleen in 2017, of which €0.6m was received by the Company. Marlink finalised its acquisition of OmniAccess. Apax Partners LLP sold its stake in Genex in early February, representing divestment proceeds of €0.8m for Altamir. The legal expert appointed on 16 March 2016 by the President of the Paris Commercial Court in connection with the dispute between Altamir and Moneta Asset Management filed his report on9February 2018. Information relating to this dispute is available on the Company's website www.altamir.fr (News section). In March 2018, Altamir sold 54% of its stake in Albioma under an accelerated bookbuilding and received approximately €37.4m excluding transaction-related costs. Altamir nowholds a residual stake of around 5.5% of the share capital, via Financière Hélios.

1.4.7 FINANCIAL INFORMATION

The most relevant financial information is the Net Asset Value (NAV) per share, which is obtained from the consolidated (IFRS) balance sheet. Net Asset Value (NAV), calculated according to IFRS, stood at €21.54 per limited partners' ordinary share at 31 December 2017, a slight 0.4% decline from 31 December 2016 (€21.62). Including the dividend of €0.65 per share paid inMay 2017, Net Asset Value per share increased by 2.6% from 31 December 2016, after rising more than 19% in 2015 and 2016. The main components of the consolidated (IFRS) and statutory financial statements are presented below.

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• ALTAMIR 2017

REGISTRATION DOCUMENT