Altamir - Registration Document 2016

FINANCIAL STATEMENTS Statutory financial statements

NOTE 2 Accounting rules and methods

CATEGORY 2 SHARES Companies whose shares are not traded on an active market (“unlisted”), but are valued based on directly or indirectly 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. CATEGORY 3 SHARES Companies whose shares are not traded on an active market (“unlisted”), and are valued based on unobservable data.

The statutory financial statements are presented in compliance with the legal and regulatory provisions currently in force in France and recommended in the French chart of accounts. The presentation of the income statement is based on Opinion No. 30 of 13 February 1987 of the National Accounting Board, which proposes a structure for the accounts that is better suited to the nature of the Company’s activities.

2.1

NON-CURRENT FINANCIAL ASSETS (PORTFOLIO INVESTMENTS HELD AS NON-CURRENT ASSETS AND EQUITY INVESTMENTS)

2.1.1 Portfolio investments held as non-current assets Portfolio investments held as non-current assets are the investmentsheld in theApaxFranceVIII-B, ApaxVIII LP, ApiaVista, Phénix and Apax France IX-B funds. A provision for impairment was recognised as of 31 December 2016 for theApia Vista private equity fund (€7k) and for Apax France IX-B (€4,050k). and writing down equity investments According to the accounting regulations for commercial companies, equity investments are recognised at their acquisition cost. Theymay give rise to impairment, but not to revaluation. The manager conducts a reviewof the listed and unlisted securities at the end of each half-yearly and annual accounting period. When the estimated value is less than the cost, a provision is recognised in the amount of the difference. The provision for impairment of equity investments and related receivables amounted to €21.9m as of 31 December 2016. Exits are calculated on a “first-in, first-out” basis. Receivables in foreign currencies on foreign companies are valued at the exchange rate on the balance sheet date. A provision for risks and contingencies is recognised in the event of any decline in the currency concerned in relation to the euro. This rule is applied to both the book value and the estimated value. 2.1.2 Accounting method for tracking

2.2 OTHER RECEIVABLES

This account corresponds to interest accrued on equity investments. The Company has determined that accrued interest is generally included in the acquisition price paid by third parties and is not paid by the debtor company. Consequently, it will henceforth be included in the valuation of the companies. For this reason, it is initially recognised as accrued income, then fully written down.

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2.3 OTHER NON-CURRENT FINANCIAL ASSETS

The Company has given a mandate to Oddo to trade shares on its behalf on the Paris market (Eurolist B by Euronext) in order to ensure secondary market activity and liquidity in Altamir shares. As of 31 December 2016, the non-current financial assets account included 16,632 shares with a value of €205k and €514k in cash and cash equivalents. No provision was recognised as of 31 December 2016. The account also included 12,164 Class B shares repurchased by Altamir in 2015 for €122k (par value of €10 per share). In addition, the account included a €63k provision paid in relation to an ongoing legal proceeding.

2.1.3 Calculation method for estimated value

CATEGORY 1 SHARES Companieswhose shares are tradedonanactivemarket (“listed”). The shares of listed companies are valued at the last stockmarket price.

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REGISTRATION DOCUMENT 1 ALTAMIR 2016