Altamir - Registration Document 2016

3

FINANCIAL STATEMENTS

Consolidated financial statements

€2.3m inDuck Creek Technologies, a business specialising in innovative software solutions for the insurance industry that ismajority owned by Apax, jointlywith US groupAccenture; €2.1m in VyaireMedical, a respiratory solutions business that is majority owned by Apax, jointly with US group Becton Dickinson; of which €11.5m through the Apax IX LP fund in two new companies: a €9m commitment in Unilabs, European leader in medical diagnostics, followinganagreement signed inDecember 2016 under whichApax IX LPwill purchase 55%of Unilabs’ capital fromexisting shareholders, includingAltamir; the transaction was finalised at the end of January 2017, and €2.5m in theUScompanyDominionMarineMedia, the leading classified marketplace and marketing software provider to recreational marine brokers and dealers worldwide, and 2) €29.3m in follow-on investments andcommitments inportfolio companies: €1.3m of follow-on investments in other portfolio companies, a downward adjustment of €1.5m in Gfi Informatique, and a downward adjustment of €1.9m for the three commitments made at the end of 2015: the amounts investedwere lower than those announced (see next paragraph). The Company finalised three investments to which it had made commitments totalling €106.4m last year. The final amount invested was €104.5m: a €50m investment in Marlink, a company formed by the legal entities comprising the commercial satellite communications business of the Airbus group. This investment was carried out via the Apax France VIII-B and Apax France IX-B funds and via co-investment; an investment of €33.9m in Melita, the leading telecommunications operator in Malta. This investment was carried out via the Apax VIII-B fund; a total investment of €20.6m in Nowo, the second-largest Portuguese cable operator, and ONI, one of Portugal’s leading telecommunications operators. This investment was carried out via the Apax VIII-B fund. The volume of sale proceeds and revenue realised or signed during the year amounted to€215.7m, (€88.2m in 2015), of which €174.5m was realised and comprised sale proceeds of €214.2m (€37.7m in 2015) and revenues of €1.5m (€18.5m in 2015). €11.4m in Groupe INSEEC, €6.9m in THOM Europe, €6.8m in Marlink, €6.3m in Snacks Développement,

The €174.5m primarily included: €93.5m fromthe sale of InfoproDigital, representing amultiple of almost three times the amount originally invested; €39.2mfromthe saleof TEXA, representingamultipleof almost twice the amount invested; €21.4m from the sale of the remaining shares in Capio, generating an overall multiple of 1.6 times the total amount invested; €8.5m inproceeds and revenue receivedonpreference shares in Maisons duMonde, a former portfoliocompany, on theoccasion of its recent IPO; €3.5m from the partial sales of GardaWorld (€2.6m) andChola (€0.9m); €2.4m from the refinancing of the debt of EVRY and Ideal Protein, representing 0.5 times and 0.8 times the amounts invested, respectively; €1.4m from a reclassification among shareholders of Snacks Développement and Groupe INSEEC; €1.3m from the refinancing of GlobalLogic; €0.1m from Albioma’s 2016 dividends distributed in cash and shares; €0.1m from dividends received from Idealista; €0.3m from various portfolio companies; the Company also finalised two sales announced in 2015, for a total of €34.8m, vs. the €32m initially stated: the partial sale of Gfi Informatique to Mannai Corporation for €32.9m. This transaction brings Altamir’s indirect stake in Gfi Informatique to 7.5%, the saleof Rhiagby theApaxVIII LP fund for €1.9m(amultiple of 3.2 times the amount originally invested).

5.2 OTHER EVENTS

During 2016, Altamir committed to invest the following amounts: €138m through the Apax IX LP fund; and between €220m and €300m through the Apax France IX-B fund. These amounts will primarily be called during the next three to four years.

5.3 KEY EVENTS SINCE 31 DECEMBER 2016

Altamir sold its direct stake in Unilabs in early February 2017, receiving €41m from the transaction. A portion of the proceeds from the sale of Mobsat group holding hadbeenplaced inescrowbyChrysaor and themanagers’ holding companies. Altamir recognised €2.4m of this escrow balance as a receivable from Chrysaor. The last instalment of €4.9m was released in December 2016 and paid in January 2017. The Apax VIII LP fund announced two divestments at the beginning of the year, the sale of the full holding of Chola shares on the market and the sale of half of the holding in GlobalLogic, which are expected to generate divestment proceeds of around €5m for Altamir.

110 REGISTRATION DOCUMENT 1 ALTAMIR 2016

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