Altamir - 2018 Registration document

CONVERSATIONWITH MAURICE TCHENIO, CHAIRMAN AND CEO OF THE MANAGEMENT COMPANY

57% the share of the international portfolio at the end of 2018 on a residual cost basis, compared to 18% at the end of 2011

46% the share of the TMT and digital portfolio at the end of 2018 on a fair market value basis, compared to 28% at the end of 2011

finally, I want Altamir to enjoy the freedom to hold some of its investments for longer to secure maximum value, which means looking beyond the typical five-year investment horizon via an increased allocation to direct investment. I made those strategic shifts clear at the time of the tender offer. This meant that investors who didn’t agree with the changes had the opportunity to exit. Furthermore, with an offer at a 20% discount to NAV, compared to the typical 30- 40% discount over the past 10 years, I wanted to show I am confident of where the valuation should be and will be in the future. I have committed to keeping the free-float at or above 35%, so there is still a considerable pool of tradeable shares, and the value of that pool will grow as Altamir’s value increases. There are two elements of liquidity to consider, and they are shared by all listed private equity firms: namely the effect of liquidity on the NAV discount and the ability of investors to execute block trades, whether as buyers or sellers. We are working on those issues at Altamir. In terms of trading we are launching a new initiative to facilitate block trade matchmaking. At the same time, I am looking at a mechanism that should sharply What are the implications of the reduced free-float on Altamir’s liquidity?

reduce the fluctuation in the discount, allowing investors to focus on Altamir’s asset growth without worrying about the discount. And, obviously, wewill maintain our dividend policy. Looking at the events since the end of 2018, how is the current year progressing? We are very happy with the way 2019 has started. We have made three full divestments, all three at more than three times our cost, the largest being education provider INSEEC U., while the other two are companies of the Apax VIII LP fund, namely insurance broker Assured Partners and accountancy software provider Exact Software. Adding a dividend recap at communications group Marlink, we generated almost €184m of proceeds in the first quarter of 2019, a higher amount than in all of 2018. Our 2019 target for divestments is €250m, which will be an all-time record. On the acquisitions front, I am aiming for five or six new investments for a total of €100m, while our target organic portfolio EBITDA growth is 7%. We are still very much fully invested, and will remain so. Our cash position, which was negative at the end of 2018, will return to positive territory, where I expect it to remain through the end of 2019.

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ALTAMIR 2018

Registration document