Altamir - Registration Document 2016

INFORMATION ABOUT THE COMPANY AND ITS CAPITAL

Legal and tax framework of an SCR

4.3 LEGAL AND TAX FRAMEWORK OF AN SCR

When Altamir, a French partnership limited by shares (société en commandite par actions) was created in 1995, it opted for the status of “SCR” (société de capital risque). Under certain conditions, this status offers tax benefits both to shareholders and the Company.

The SCR’s cash borrowingsmay not exceed 10%of its net asset value. No individual may have, together with the individual’s spouse, ascendants and descendants, directly or indirectly, rights to more than 30% of the net income of the SCR.

FLEXIBILITY MEASURES

4.3.1 LEGAL AND TAX FRAMEWORK

The following are also eligible for inclusion in the Quota : shareholder loans, up to 15% of the net book value of the SCR, granted to Quota-Eligible Companies in which the SCR holds at least 5% of the share capital. Shareholder loans to holding companies are excluded; listedsharesor sharesgivingaccess to theequity of companies with a small market capitalisation (less than €150m), up to 20% of the net book value of the SCR; Securities of holding companies established in a European Union Member State or another country or territory having signed a tax treaty with France containing an administrative assistance clause. The holding company must meet all other requirements for Eligible Companies, except the requirement relating to activities, and its purpose must be to hold equity stakes (hereinafter the “Qualified Holding Companies” ); rights representing a financial investment in an entity (including FCPR units) established in a European Union Member State or another country or territory having signed a tax treaty with France containing an administrative assistance clause (hereinafter the “Qualified Entities” ); securities of Qualifying Holding Companies and rights in Qualifying Entities are included in the Quota on a “look- through” basis, i.e. pro rata to the amount of their investment in securities held in Eligible Companies. Special rules for Quota calculation provided for in the regulations Eligible securities sold or exchanged for non-eligible securities are included in the calculation of the Quota for two years following the date of the sale or exchange. Unlisted shares that are admitted for trading on a regulated or organisedmarket for the first timeare included in thecalculation of the Quota for five years following the date of listing.

The rules governing SCRs are defined in Act no. 85-695 of 11 July 1985, as last amendedon 31 July 2014, in the regulatory provisions of the French Tax Code, and in the administrative instructions BOI-IS-CHAMP-30-50-10-20130311 issued on 11 March 2013, and BOI-IS-CHAMP-30-50-20-20130429 issued on 29 April 2013. These regulations and their interpretation are subject to change. The following presentation summarises the main rules and restrictions that apply to SCRs as well as the measures provided for in these regulations. It is not exhaustive. The sole purpose of the SCR, barring exceptions, must be the management of a portfolio of securities. The SCR must have at least 50% (hereinafter the “Quota” ) of its net book value invested at all times in non-voting equity securities, shares or securities giving access to shares issued by companies (hereinafter the “Eligible Companies” ): (i) whose shares are not admitted for trading on a “French or foreign financial market operated by a stock exchange company or investment service provider”, i.e. whose securities are unlisted , barring exceptions; (ii) whose registered office is located in a European Union Member State , Norway, Iceland or Liechtenstein; (iii) engaged in industrial or commercial business activities as described in Article 34 of the French Tax Code, to the exclusion of non-commercial activities; (iv) that are subject to corporation tax or would be subject to the tax if theyengaged in the sameactivities inFrance in the same conditions; newly established companies exempted from corporation tax may also be eligible. The SCRmay not holdmore than 40%of the voting rights in an Eligible Company as a result of its shareholding. An SCR may not invest more than 25% of its net book value in securities issued by any one company. BASIC RULES AND RESTRICTIONS

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REGISTRATION DOCUMENT 1 ALTAMIR 2016