ALTAMIR_REGISTRATION_DOCUMENT_2017

CORPORATE GOVERNANCE – REPORT OF THE SUPERVISORY BOARD Management and supervisory bodies

as defined by the Afep-Medef Code (see table below), the Board concluded that he qualified as an independent candidate.

Outlined beloware the Board’s conclusions on the independence of current Board members whose term is to be renewed at the next General Meeting. In accordance with the Supervisory Board’s Rules of Procedure, each member holds at least 1,000 shares in the Company.

As of 31 December 2017, the Board members held, either directly or indirectly, 250,469 shares of the Company.

2

2017

2016

(number of shares)

Jean Besson

50,749

50,749

Sophie Etchandy-Stabile

1,000 1,000

1,000 1,000

Marleen Groen Gérard Hascoët

33,494 162,098

33,364 162,098

Jean-Hugues Loyez

Philippe Santini

2,128

2,128

TOTAL

250,469

250,339

As previously mentioned, the number of shares held by the members of the Board had not changed as of the date of this report. As the Company does not have any employees, there are no employee representatives on the Supervisory Board. For the purpose of their appointment, the members of the Supervisory Board are domiciled at the Company’s principal office: 1, rue Paul Cézanne, 75008 Paris (France).

SUPERVISORY BOARD RULES OF PROCEDURE

THE WORK OF THE SUPERVISORY BOARD

A newprocedure incorporating the newprovisions applicable as a result of the market abuse and audit reforms, and of the most recent Afep-Medef Code guidelines, was submitted to the Board on 2 February 2017 and approved by the Board at their meeting of 6 March 2017. The changes concern: „ the Audit Committee’s new powers to appoint Statutory Auditors and approve services other than the certification of financial statements; „ the definition of independence with regard to Supervisory Board members; „ the change in rules related to the possession of privileged information and to the disclosure of securities transactions. It covers the following areas: „ the role, composition and operating procedures of the Supervisory Board and Audit Committee; „ evaluation of the Supervisory Board and Audit Committee; „ remuneration; „ obligations of Supervisory Board members; „ adaptation, modification, review and publication of the Rules of Procedure. The Rules of Procedure are available on the Company’s website.

The Supervisory Board met seven times in 2017. The attendance rate was 98%: Jean Besson 100% Sophie Etchandy-Stabile 86% Marleen Groen 100% Gérard Hascoët 100% Jean-Hugues Loyez 100% Philippe Santini 100% The Board examined the management reports, in particular information on valuation of companies in the portfolio, quarterly positions, half-year and annual closings, and analytical cost reporting. The Board also reviewed the investment and cash management strategy In particular, it closely reviewed valuation methods against the new IPEV (International Private Equity and Venture Capital) Valuation Guidelines applied by the Company. It was therefore able to study and make informed decisions on the financial statements and financial communication.

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• ALTAMIR 2017

REGISTRATION DOCUMENT