Altamir - 2018 Registration document

Business description and activities

Risk factors

RISKS RELATED TO KEY PEOPLE

F)

1

Nature of the risk

Risk mitigation

1) Risks related to the management and control of Apax Partners

A succession plan is in place at the organisational level in the event that Maurice Tchenio should die or be incapacitated. The same is true with respect to its shareholdings.

Maurice Tchenio is the founder of Apax Partners, and for more than 40 years he has played a major role in managing this company and the funds created by Apax Partners. He alone has the controlling interest in Amboise Partners SA and Altamir Gérance SA, the Management Company and general partner of the Company. His departure, extended absence or death could therefore have a significant unfavourable effect on the activity and organisation of Amboise Partners, and consequently on the activity of Altamir and its future outlook. Beginning with the Apax France VIII fund, management of the private equity funds has been the responsibility of Apax Partners SAS, headed by Eddie Misrahi. Equity capital is shared between the partners of this company. The operations of the asset management company would obviously be disrupted in the event of an extended absence or the death of Mr Misrahi.

The other partners would be able to implement the business continuity plan without major disruption.

The same applies to Apax Partners LLP.

The structure and size of Apax Partners LLP do not give rise to specific risks as to the smooth operation of this company in the event of the departure or death of its senior executives, of which there are now two (Mr Sillitoe and Mr Truwit), having succeeded Martin Halusa.

2) Risks related to other professionals working for Apax Partners

Altamir has limited the risks mentioned above by diversifying its partnerships with Apax Partners SAS and Apax Partners LLP.

Altamir’s success depends to a large extent on the skills and expertise of the partners and other professionals employed by the Apax management companies, and it cannot be guaranteed that these individuals will continue to be employed by these companies. The size of the team of professionals at the management companies, the reputation of these companies, and the team- based approach to investment decisions, portfolio management and divestments tend to limit the impact for Altamir of isolated departures of one or more of the Group’s employees. However, as the teams are specialised in their operational sectors, the departure of any given professional, and in particular a partner, may have a negative effect on Altamir’s capacity to invest in the sector in which the professional specialised.

Since the sectors are covered by several partners, with support from experienced teams in which future partners have been identified, the risk of disruption due to the potential departure has been minimised.

IT RISKS

G)

Nature of the risk

Risk mitigation

The Company’s IT systemmay be the target of a malicious attack to commit identity theft or steal, destroy or block the use of data.

Nearly all IT systems have been migrated to cloud solutions (hosted outside the Company) to which the Company has secure access. Each cloud host implements its own security protocols and all are leading service providers and benchmark players in their respective markets. A complete audit of the IT system and intrusion tests were performed in 2018. Based on the results, an action plan to improve IT security and meet the highest standards is currently being developed. IT servers are regularly replicated to a remote location in order to withstand physical or software attacks on IT equipment.

The Company reviews risks on a regular basis. The risk map was most recently updated by the Supervisory Board in 2017. The Board made sure that all risks had been identified and that the Company had implemented the necessary measures to eliminate these risks. The Company considers that there are no significant risks other than those presented.

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ALTAMIR 2018

Registration document