Altamir - Registration Document 2016

FINANCIAL STATEMENTS

Consolidated financial statements

NOTE 7 Investment portfolio

Changes in the portfolio during the year were as follows:

Portfolio

(in euros)

FAIR VALUE AS OF 31 DECEMBER 2015

686,474,417

Investments

194,035,316 13,821,052 -193,907,477 167,372,425 874,582,756 197,882,083 -23,722,636 6,787,022

Changes in shareholder loans

Divestments

Changes in fair value

Cancellation of other financial assets FAIR VALUE AS OF 31 DECEMBER 2016 Of which positive changes in fair value Of which negative changes in fair value

Changes in the Level 3 investment portfolio during the year were as follows:

Portfolio

(in euros)

FAIR VALUE AS OF 31 DECEMBER 2015

35,007,687

Acquisitions Divestments

3,972,949

3

-

Change of category from Level 3 to Level 2

-11,113,807 5,241,967 33,108,795

Changes in fair value

FAIR VALUE AS OF 31 DECEMBER 2016

Changes in the Level 2 investment portfolio during the year were as follows:

Portfolio

(in euros)

FAIR VALUE AS OF 31 DECEMBER 2015

376,976,478

Acquisitions Divestments

203,352,136 -165,062,345 68,859,464

Change of category from Level 1 to Level 2 Change of category from Level 3 to Level 2

11,113,807

Changes in fair value

149,287,942 644,527,483

FAIR VALUE AS OF 31 DECEMBER 2016

Valuation methods are based on the determination of fair value as described in paragraph 6.4.

31/12/2016

31/12/2015

% of listed instruments in the portfolio

26.0% 28.8%

40.0% 40.4%

% of listed instruments in NAV

Portfolio breakdown according to the degree of maturity of the investments:

31/12/2016

31/12/2015

(in euros)

STAGE OF DEVELOPMENT LBO

751,528,208 123,054,547 874,582,756

583,601,380 102,873,037 686,474,417

Growth capital

PORTFOLIO TOTAL

115

REGISTRATION DOCUMENT 1 ALTAMIR 2016