APAX_ANNUAL_REPORT_2017

esg strategy

funds under management

The fundraising of Apax France IX was achieved thanks to renewed confidence from a vast majority of historical investors and more than 20 new institutional investors. over €3BN under management

Responsible investment process and monitoring.

Governance The company is managed by committees at the strategic and investment levels. Compliance Apax Partners is a portfolio management company regulated by France's financial regulatory authority ( Autorité des Marchés Financiers, AMF). The firm manages regulated funds ( Fonds Professionnels de Capital Investissement - FPCI) and complies with the EU’s Alternative Investment Fund Managers Directive (AIFMD). Apax Partners is also a member of France Invest, the French private equity association. Transparency The company continuously provides detailed reporting to its investors on the performance of investment funds and portfolio companies. A voluntary ESG approach Apax Partners decided, in 2011, to embrace a comprehensive environmental, social, and governance (ESG) strategy and joined the PRI, the world's leading proponent of responsible investment. ESG Team Apax Partners decided to allocate dedicated resources: a partner and an ESG Director to coordinate the ESG policy. For each company, Apax Partners’ ESG team provides concrete support to implement and follow through its tailor-made action plan.

A contribution at every stage of the investment process Prior to an acquisition, we: - conduct ESG due diligence; - integrate ESG principles into offers and shareholder agreements. During the holding period, we: - define a specific roadmap with management; - encourage the appointment of a company project leader; - support implementation of the action plan; - follow through the implementation and results via appropriate governance. At exit, we: - provide ESG vendor due diligence. ESG initiatives - In 2016, Apax Partners completed two pilot projects to measure ESG contribution to value creation. Both pilots confirmed a positive impact and led us to extend the initiative to other portfolio companies. - In 2015, Apax Partners launched Initiative Climate 2020 with 4 other Private Equity firms. This initiative is the first private equity commitment to manage and reduce greenhouse gas emissions in portfolio companies and comprises 17 signatories to date. Apax Partners contributes also to the PRI guide “Integrating ESG in private equity” with a dedicated Apax Partners case study. - Apax Partners is an active member of France Invest's ESG commission.

FUNDS UNDER MANAGEMENT AS OF 31 DECEMBER 2017 (in €m)

1,030

900

701

Total investments

Raised

Invested

380

99

Apax France VII 2006

EPF IV 2011

Apax France VIII 2011

Apax France IX 2016

Co-investment funds 2011-2017

BREAKDOWN OF LPS – APAX FRANCE IX

Pension funds 32% Listed PE 30% Funds of funds 16% Family offices 14%

France 49% Rest of Europe 31% North America 20%

By type

By geography

Insurers 8% Banks 0.5%

In 2017, Apax Partners was assessed by the PRI A+ in “Strategy & Governance” and A in “Private Equity”. In 2016, Apax Partners won the ESG Prize awarded by Private Equity Magazine. In 2012, Apax Partners was awarded from Pantheon the “GP Responsible Investing Award”.

8 I APAX PARTNERS I Annual report 2017

Annual report 2017 I APAX PARTNERS I 9