APAX_ANNUAL_REPORT_2017

fund performance

strong outperformance of apax funds

Apax France VII Apax France VII (€900m) closed in 2006 and is fully invested. By the end of 2017, nine investments had been sold (Buy Way Personal Finance, Equalliance, Faceo, Infopro Digital, Maisons du Monde, Prosodie, U10, Unilabs, and Capio) and 129% of drawdown capital has been returned to investors. The fund is still invested in five companies: Altran, Gfi Informatique, AFFLELOU Group, Royer Group and THOM Europe. Performance by fund

Apax France VIII Apax France VIII (€701m)

EPF IV EPF IV (€99m) closed in 2011 and is fully invested. By the end of 2017, six out of the fourteen investments of the fund have been sold (La Maison Bleue, ADC, Findis, AGS, ThermoTechnologies and Globe) and 69% of the drawdown capital has been returned to investors. The fund is still invested in eight companies: Consort NT, Teknimed, Sylpa, Silvya Terrade Group, JVS Group, Nelite, Rautureau Group and Squad.

closed in 2011. By the end of 2017, 97% of the fund was invested and two investments have been sold: Codilink and TEXA. The fund is still invested in eight companies: Amplitude Surgical, Europe Snacks, INSEEC U., Marlink, Melita, Nowo & ONI, SK FireSafety Group and Vocalcom. Apax France IX Apax France IX (€1,030m) started investing in 2016. By the end of 2017, 37% of the fund was invested in four companies: CIPRÉS

Our growth and sector-focused strategy has proven successful across the fully-invested funds managed by Apax Partners.

Global performance The performance is measured as the IRR (internal rate of return) of all investing and divesting cash-flows, using the portfolio value at the end of December 2017 as the terminal value. The IRR is compared to the performance of various indices applying the same stream of cash-flows over time. This allows the performance of Apax Funds to be compared

IRR of 19% (since 2000) and 13.5% (since 2006) shows the strong outperformance of Apax funds compared to stock markets.

to investments in each stock market index, based on the premise that the same amounts had been invested and divested. The chart below presents the performance of Apax funds during two different periods: - 2000–2017, 2000 being the date at which Apax France VI started investing; - 2006–2017, 2006 being the date at which Apax France VII started investing.

Assurances, InfoVista, Marlink and Sandaya.

Launched

Fund size

Net Multiple

Net Distribution

Net IRR

PERFORMANCE OF APAX FUNDS COMPARED TO STOCK MARKETS 2000-2017 (1)

(excluding Apax Partners Development)

€900 m

2006

1.6x 1.4x 1.4x 1.3x

1.3x 1.1x 0.4x 0.3x

7.5% 6.7% 11.9% 10.7%

Apax France VII

19.0%

Benchmark median

13.5%

€701 m

2011

Apax France VIII

2000-2017

Benchmark median

7.0%

5.9%

2006-2017

4.7%

3.2%

2.5%

€99 m

2011

1.2x

0.7x

6.4%

1.9%

EPF IV

1.4%

negative

negative

negative

Apax funds (2)

CAC 40 (1)

MSCI Europe S&P 500 (1)

FTSE 100 MSCI World

Sources Apax France VII and VIII: Apax Partners / Cambridge & Associates, Buyouts - Global ex. US, Q3 2017.

Note: return figures for public indices generated using gross cash flows for Apax funds. The analysis assumes that cumulative drawdowns are invested in and distributions are withdrawn from the index.

(1) Source: Euronext, MSCI, Yahoo! Finance. (2) Gross IRRs do not reflect management fees, carried interest, taxes or transaction costs and other expenses borne by investors that reduce net returns. Excluding Development activities. negative Negative IRR.

20 I APAX PARTNERS I Annual report 2017

Annual report 2017 I APAX PARTNERS I 21