Altamir - Registration Document 2016

FINANCIAL STATEMENTS

Consolidated financial statements

The Company values this portfolio using the fair value option provided for by IAS 39. The unrealised capital gains or losses at the balance sheet date are thus recognised in profit or loss for the year. Income from time deposits and money-market funds is included in “Income from cash investments”. 3.2.4 Tax treatment The Company opted to become a société de capital risque (SCR) on 1 January 1996. It is exempt from corporation tax. As a result, no deferred tax is recognised in the financial statements. The Company does not recover VAT. Non-deductible VAT is recognised as an expense in the income statement. 3.2.5 Segment information TheCompany carries out only private equity activities and invests primarily in the euro zone.

at a subscription price of €10. These Class B warrants allowed the manager, the sole holder, to change how Class B shares are distributed among members of the management teams. From the point of view of the issuer, Altamir, the value of the Class B warrants was therefore not dependent on the value of Class B shares and under IFRS they were required to be maintained at their subscription price. As they have expired, the Class B warrants are no longer recorded on the balance sheet as non- current liabilities, and a gain of €3,724 has been recognised in the income statement. Finally, in accordance with IAS 32, treasury shares are deducted from shareholders’ equity. 3.2.3 Cash equivalents and other short-term investments If the Company has surplus cash, this is generally invested in units of euro money-market funds (SICAVs) and time deposits that meet the definition of cash equivalents under IAS 7 (short-term, highly-liquid investments, readily convertible into known amounts of cash and subject to an insignificant risk of change in value).

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NOTE 4 Determination of fair value

Altamir uses principles of fair value measurement that are in accordance with IFRS 13:

observabledata. Observabledata arepreparedusingmarket data, such as information published on actual events or transactions, and reflect assumptions that market participants would use to determine the price of an asset or liability. An adjustment to level 2 data that has a significant impact on fair value may cause a reclassification to level 3 if it makes use of unobservable data.

4.1

CATEGORY 1 SHARES

Companieswhose shares are tradedonanactivemarket (“listed”). The shares of listed companies are valued at the last stockmarket price.

4.3 CATEGORY 3 SHARES

4.2 CATEGORY 2 SHARES

Companies whose shares are not traded on an active market (“unlisted”), and are valued based on unobservable data.

Companies whose shares are not traded on an active market (“unlisted”), but are valued based on directly or indirectly

NOTE 5 Significant events during the year

5.1

INVESTMENTS AND DIVESTMENTS

€22.5m inSandaya, a Frenchoutdoor accommodationgroup with four- and five-star campsites in France and Spain. This amount was not fully disbursed as of 31 December 2016; of which €9.9m through the Apax VIII LP fund in four new companies: €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,

The Company invested and committed €112.3m during 2016, vs. €143.2m in 2015, of which: 1) €82.9m (€130.3m in 2015) in eight new investments: of which €61.6m in two new investments through and with the Apax France IX-B fund: €39.1m, including €26.6m via the fund and €12.4m via co- investment, in InfoVista, leading global provider of network performance software solutions, and

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REGISTRATION DOCUMENT 1 ALTAMIR 2016