ALTAMIR_REGISTRATION_DOCUMENT_2017

PRESENTATION OF THE COMPANY AND ITS ACTIVITIES

Description of risk factors and their management

Nature of the risk Risk mitigation 8) Risks related to the departure of executives in the portfolio companies

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The companies in which Altamir invests may be dependent on the presence of one or more key people, whose departure or unavailability would have a significant adverse effect. Because of this, Altamir may need to postpone the sale of the investment in question or to sell it on unfavourable terms.

Evaluating the senior management (motivation, commitments, performance, etc.) is a critical factor in the investment process. Private equity at its core depends on the interests of the managers and investors being perfectly aligned. As a general rule, it is thus in the managers’ interest to collaborate with the investor until the investment is exited. One of Apax Partners’ essential contributions is to constantly strengthen the management teams of its portfolio companies.

9) Risks related to valuation of investments

The unlisted investments that Altamir holds or will hold are periodically valued by the Company using the fair value method explained in the notes to the financial statements. These periodic valuations of Altamir’s investment portfolio are carried out to determine Altamir’s net asset value per share, which is published every quarter. Despite the care taken in performing these valuations, no guarantee can be given that each of Altamir’s investments could be sold for an amount at least equal to the value determined by Altamir in this valuation. Only equity investments held directly by Altamir are valued by the Company. Valuation of the investments held via the funds managed or advised by Apax Partners SAS and Apax Partners LLP is the responsibility of those companies.

Altamir and the Apax funds apply the IPEV-recommended (International Private Equity Valuation) valuation rules, which harmonises the approach across all valuations. The valuations are reviewed by the Apax funds’ Statutory Auditors and by Altamir’s Statutory Auditors. Altamir may, via its Management Company and Supervisory Board, challenge the valuations that have been submitted to it, or modify them if it deems necessary (this has so far never occurred). For over 10 years, Altamir has monitored and published an “Uplift” indicator, which measures the spread between the price at which it sold its investments and their values used to calculate NAV in the preceding period. This indicator has always been positive, demonstrating the Company’s conservative valuation approach.

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• ALTAMIR 2017

REGISTRATION DOCUMENT