Altamir - Registration Document 2016

FINANCIAL AND LEGAL INFORMATION Analysis and comments on the financial year

1.4

ANALYSIS AND COMMENTS ON THE FINANCIAL YEAR

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1.4.1 OVERVIEWAND PERFORMANCE

as the carried interest provisions for the funds in which the Company invests. Consolidated net income totalled €129m ( vs. €111.8m in 2015). It was comprised principally of all changes in the fair value of portfolio companies plus valuation differences on divestments during the period, less management and operating expenses and provisions for carried interest.

2016 was another excellent year for private equity in Europe. Buyout fund activity remained at a high level, despite falling back for the second year in a row, both for investments, which totalled €119bn vs. €133bn in 2015, and for divestments throughmergers/ acquisitions, which were €138.7bn vs. €162.8bn in 2015 (source: MergerMarket). For the fifth consecutive year, divestments exceeded investments, especially when accounting for exits through stock market flotation and dividend recapitalisations, in addition to those through mergers and acquisitions. Because of this, fund raising sawrobust growth inEurope, with€100bn raised by funds having closed in 2016 vs. only €67bn in 2015, two-thirds of which was for LBO funds (source: Preqin). Competition for newassets inwhich to invest remains fierce. Large organisations have become more aggressive, and an abundance of low-cost debt is contributing to keeping acquisition multiples high. Against this backdrop, Altamir had an excellent year in 2016, characterised by significant portfolio turnover, several value- creating build-up transactions and very good performance from co-investments carried out alongside the Apax Funds, notably in Marlink and Snacks Développement. Net Asset Value (NAV), calculated according to IFRS, stood at €21.62 per limited partners’ ordinary share, representing an increase of 16.4% year-on-year (€18.60 as of 31 December 2015). The increase was 19.2% including the dividend of €0.56 per share paid in 2016. The year-on-year NAV increase can be attributed principally to the growth in EBITDA of the portfolio companies (up 18.6% for theApax France VIII andApax France IX fundportfolioandup7.2%for theApaxVIII LPandApax IXLP fundportfolio). Theweighted averagemultiple decreased from 10.66x (in December 2015) to 10.46x for the French portfolio and held steady at 11.9x for the portfolio of companies held via Apax VIII LP. Net Asset Value is the most relevant financial indicator for reviewing the Company’s business activity. It is calculated by valuing the investments based on International Private Equity Valuation (IPEV) guidelines. This organisation includes a large number of professional associations, including Invest Europe. NAV per share is stated net of the amount attributable to the general partner and to the holders of Class B shares, as well PERFORMANCE

1.4.2 ACTIVITIES OF THE COMPANY

CHANGE IN ASSETS DURING FINANCIAL YEAR 2016

The figures below include the following funds through which Altamir invests: Apax France VIII-B, Apax France IX–B, Apax VIII LP, Apax IX LP, and the two co-investment funds, Phénix and APIA Vista. Investments The Company invested and committed €112.3m during 2016, vs. €143.2m in 2015. This amount included: 1) €82.9m (€130.3m in 2015) in eight new investments: €9.9m through the Apax VIII LP fund in four newcompanies; – €2.9m in Invent Neurax, a pharmaceutical group resulting fromthemergerofNeuraxpharmArzneimittelinGermanyand Invent Farma in Spain, two leading generics pharmaceutical companies in their respective markets, – €2.6m in Engineering Ingegneria Informatica SpA, an Italian IT services company, – €2.1m in VyaireMedical, a respiratory solutions business that is majority owned by Apax, jointly with US group Becton Dickinson, and – €2.3m inDuck Creek Technologies, a business specialising in innovative software solutions for the insurance industry that ismajority owned by Apax, jointlywith US groupAccenture; €61.6m in two new investments through and with the Apax France IX-B fund; – €39.1m, including €26.6m via the fund and €12.5m via co- investment, in InfoVista, leading global provider of network performance software solutions, and

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REGISTRATION DOCUMENT 1 ALTAMIR 2016