Altamir - 2018 Registration document

Business description and activities Comments on the financial year

– €3.2m in Healthium MedTech, the leading independent supplier of medical devices in India (suturing thread and needles, catheters, surgical gloves, etc.); 2) €20.6m in follow-on investments in portfolio companies: n €20.2minAltran’sholdingcompanytofinanceitsproportional share of the acquisition of Aricent, n €2.7m in Vyaire Medical to finance the acquisition of the portion of the company’s share capital not yet held by the Apax VIII LP fund, n €-2.3m in various follow-on investments or adjustments, mainly relating toMarlink’s acquisition of OmniAccess, which ultimately requiredonly€11.3m in equity, out of the estimated commitment of €17.2m at the end of 2017; 3) €2.2m(1.4mand0.8m, respectively) in theApaxDevelopment andApax Digital funds, following newcommitmentsmade by the Company in 2018. Divestments Thevolumeof saleproceeds and revenue realisedor signedduring the year amounted to €155.7m (€98.7m in 2017) and comprised sale proceeds of €154.9m(€97.1m in 2017) and revenues of €0.8m (€1.6m in 2017). The €155.7m primarily included: n €70.4m from the sale of Altamir’s stake in Albioma, in two transactions: n a private placement with institutional investors in March, n the sale of the remaining stake to the Impala Group in December; n €19.2mfromthe salebySKFireSafetyof itsAeroSafetybusiness (transaction not finalised as of 31 December 2018); n €19.6mfromthe refinancingof INSEECU., returning to investors 46% of their initial investment; n €13.7m from the sale of Altamir’s remaining stake in Gfi Informatique, in accordance with the agreements signed with Mannai Corporation in 2017; n €12.2m from the sale of Azelis; n €6.4mfromthe saleof Altamir’s remaining stake inGlobalLogic; n €4.7mreceived fromTHOMEurope’s repurchase of convertible bonds from its shareholders; n €2.3m in earn-outs from the sale of Buy Way; and n €2.2m from the sale of Groupe Royer; n €0.8m from the sale of Genex Services; n €4.2m in other divestment proceeds and revenue. The companies Nowo/Oni and Full Beauty were divested for nil. Net cash Altamir’s net cash on a statutory basis was €-13.6m as of 31 December 2018, vs net cash of €7.3m as of 31 December 2017. The Company has short-term credit lines totalling €60m. As of 31 December 2018, €33.3m of the credit was drawn. These lines are currently being renegotiated.

It should be noted that, as an SCR, or “société de capital risque” (special tax status for certain private equity and other investment companies), Altamir may not borrow in excess of 10% of its net book value, i.e. €58m as of 31 December 2018. Commitments TheApaxFranceVII fund is fully invested. Altamir has anobligation tomake follow-on investments inportfolio companies of amounts proportional to its initial commitment. In November 2017, Altran announced the signatureof anagreement toacquireAricent. Apax Partners and Altamir, through their Altrafin holding, confirmed their support for the transaction and their intention to participate pro-rata in the planned €750m rights issue intended to finance part of the transaction. Accordingly, Altamir invested €23.6m during the year, reducing its residual commitment to co-invest with the Apax France VII fund to nil. Altamir has committed to investing between €200mand€280m in the Apax France VIII fund. As of the end of December 2018, €6.9m of capital remained to be called, out of a total maximum commitment reduced to €276.7m. Altamir has committed to investing€60m in theApaxVIII LP fund. The fund was fully called as of 31 December 2018. Altamir has committed to investing between €226mand €306m in the Apax France IX fund. The amount called as of 31 December 2018was €155.7m. The fund has alreadymade seven investments, of which only five have been called. The latest two investments for a total of €72.2m were financed by credit lines. The amount of capital remaining to be called was €150.2m as of 31 December 2018. This amount can be adjusted every six months based on the Company’s foreseeable cash position. The Company has decided to maintain its commitment for the first half of 2019, corresponding to investments made during the first half of 2018, at the maximum level of €306m. In the first half of 2019, the Management Company is exercising its right not to invest, if need be, at the upper limit of its commitment in all investments made by the Apax France IX fund during the first half of 2019, which would be called in the first half of 2020. Altamir has committed to investing €138m in the Apax IX LP fund. The fund has made 17 investments, of which only 12 have been called. The latest five investments for a total of €28.1mwere financed by credit lines. The amount of capital remaining to be called was €76.8m as of 31 December 2018. The Management Company is not able to adjust this commitment every sixmonths. Altamir has committed to investing $5.1m (€4.5m) in the Turing Equity Co fund, a ThoughtWorks co-investment vehicle. As of 31 December 2018, the fund’s share of the investment had been paid, leaving only a residual commitment of $0.6m (€0.5m). During the year, Altamir decided to expand its investment policy by making commitments to two new funds: n €15m to Apax Development, launched by Apax Partners SAS in the small-cap segment in France. The fund has alreadymade one investment, which was financed by credit lines. No capital call had been made as of 31 December 2018;

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ALTAMIR 2018

Registration document