ALTAMIR_REGISTRATION_DOCUMENT_2017

1

PRESENTATION OF THE COMPANY AND ITS ACTIVITIES Description of risk factors and their management

Nature of the risk

Risk mitigation

2) Risks related to the legal and tax treatment of SCRs

Altamir opted for the status of SCR (société de capital risque) with the sole purpose of managing a portfolio of marketable securities and unlisted shares. In this respect, it benefits from a favourable tax status. In return, it commits to abiding by certain terms, in particular the quotas of eligible securities defined in the amendment to Article 1-1 of law no. 85-695 of 11 July 1985. Although the majority of investments carried out by funds managed by Apax Partners SAS and Altamir respond to the eligibility criteria set forth in these provisions, Altamir cannot guarantee that it will not be required to pass up an investment opportunity, or sell one or more investments earlier than planned, in order to continue to benefit from this tax treatment. Moreover, a significant portion of the investments made by Apax Partners LLP are not eligible for this quota since they are outside Europe. An SCR can only borrow up to 10% of its statutory net assets, which prevents Altamir from having financing in reserve that it could call upon if necessary. Altamir may therefore not be in a position to participate in an investment if it does not have sufficient resources to finance it. In opting for this tax regime, Altamir vigilantly adheres to the limits imposed on it. Nevertheless, failure to comply with certain conditions could lead to the loss of SCR status, and consequently, the retroactive loss of tax benefits which have been passed on to shareholders. Furthermore, in the past, the legal and tax regime of SCRs and private equity funds has often been changed. Altamir therefore cannot guarantee that it will not be subject to restrictions in addition to those currently in place, that the tax regime applicable to its shareholders will not change, or that it will be able to continue to enjoy the benefits of the favourable tax regime. Legal, tax and regulatory changes may arise and may have an unfavourable effect on Altamir, the companies in its portfolio and its shareholders. As an example, the range of transactions to which private equity firms have access has in the past been affected by a lack of senior and subordinated credit facilities, given the regulatory pressure on banks to reduce their risk on this type of transaction. Furthermore, Altamir may invest in other countries that may themselves change their tax legislation, potentially with retroactive application. 3) Other legal and tax risks

Altamir takes this factor into account when defining its commitments to the funds managed by Apax Partners SAS and Apax Partners LLP.

Altamir can reduce the maximum level of commitments in the Apax France IX-B fund by €80m. Maximum commitments are reviewed semi-annually. This mechanism gives Altamir the flexibility to significantly lower its commitments to funds for each six-month period.

Altamir has a representative on the Tax Committee of France Invest (ex-AFIC) and makes every effort to preserve the benefits of this tax regime.

Thanks to its diversification via the Apax VIII LP the Apax IX LP funds, Altamir’s scope is global, which minimises the impact of a legislative change in any particular region.

INDUSTRIAL AND ENVIRONMENTAL RISKS

D)

N/A

INSURANCE

E)

The activity of Altamir does not justify industrial-type insurance cover. Altamir has taken out third-party and D&O cover of €3m.

80 REGISTRATION DOCUMENT

• ALTAMIR 2017

www.altamir.fr