Altamir - Registration Document 2016

MESSAGE FROM THE CHAIRMAN AND CEO OF THE MANAGEMENT COMPANY - MAURICE TCHENIO

Dear Shareholders,

NET ASSET VALUE WAS ALMOST €800M AS OF 31 DECEMBER 2016, MEANING WE ARE ON TRACK TO ACHIEVE THE CRITICAL SIZE OF €1BN IN ASSETS UNDER MANAGEMENT.

2016 was another excellent year for private equity in Europe. LBO fund activity remained at a high level, despite falling back for the second year in a row, both for investments, which totalled €119bn vs. €133bn in 2015, and for divestments through mergers/ acquisitions, which were €138.7bn vs. €162.8bn in 2015 (source: MergerMarket). Divestments exceeded investments for the fifth consecutive year, especially if we add exits by stock sales or by dividend recapitalisation to exits by mergers/ acquisitions. Because of this, fund raising has seen robust growth in Europe, with $132bn raised in 2016, vs. only $97bn in 2015, more than two-thirds of which was raisedby LBO funds (Source: Private Equity Analyst). Competition for new investments remains fierce. Large companies have become more aggressive, and readily available, low-cost debt is also helping to maintain high acquisition multiples. Against this backdrop, Altamir had an excellent year in 2016, characterised by significant portfolio turnover, several value-creating build-up transactions and very good performance from co- investments carried out alongside the Apax funds, notably in Marlink and Snacks Développement. NAV per share (including dividend) grew by 19.2%, building on the rise of 19.1% in 2015. The main drivers behind this strong NAV increase were the good operating performance and acquisitions by portfolio companies, whose EBITDA rose on average by 18.6%. Several portfolio companies completed significant acquisitions that enabled them to scale up: Groupe INSEEC (5 new schools), THOM Europe (purchase of a major Italian chain and a German chain), Marlink (purchase of an Italian company), Snacks Développement (purchase of a UK competitor) and InfoVista (purchase of a US company). 2016 was a record year for Altamir in terms of divestments, with €215.7m of transactions performed and signed,

the IX fund, while allocations on the Apax Partners MidMarket funds rose from €280m to €300m; 3. to optimise cash management through the flexibility offered by co- investment. Following the closing of theApax France IX fund at more than €1bn in March 2017, we increased our subscription commitment to the €226-306m range, allowing Altamir to maintain its 30% stake in the fund. Barringanymajor external developments, we expect a strong level of business activity in 2017, with five or six new investments for around €80m and divestments in the region of €100m. The portfolio companies should continue to perform well, with average EBITDA growth of about 7%. Finally, I want to highlight that our performance, especially over the last two years, has driven Net Asset Value to almost €800m as of 31 December 2016, meaning that we are on track to achieve the critical size of €1bn in assets under management. We would like to thank you for your support and for the trust you have placed in us to implement this strategy.

vs. €88.2m in 2015. These divestments related mainly to Infopro Digital, TEXA, Capio and Unilabs. Altamir also invested at a brisk pace during the year. The Company invested and committed €112.3m (vs. €143.2m in 2015, a record year), including €83m in eight new companies in Europe and the United States and €29.3m in follow- on investments in existing portfolio companies, in particular to finance certain of their acquisitions. In light of these strong results, and in accordance with our distribution policy, the Supervisory Boardwill recommend a dividend of €0.65 per share (vs. €0.56 in 2016) at the General Meeting on 28 April 2017. This represents an increase of 16% compared to the dividend paid in 2016, and a return of more than 4.5% based on the price at the beginning of this year (5.2% in 2016). After taking into account divestment possibilities for the period 2016-19 and cash outflows to pay management fees and dividends, your Management Company, after consultation with the Supervisory Board, has decided to invest €500m in the next three to four years, including €300m in the Apax France IX fund and €138m in the Apax IX LP fund, and to reserve around €60m for co- investments. This decision targets three objectives: 1. to continually maintain a ratio of capital invested (at cost)/statutory net book value close to 100%; 2. to increase the international exposure of the portfolio: allocations on the Apax Partners LLP funds rose from €60m for the VIII fund to €138m for

2016 WAS A RECORD YEAR FOR ALTAMIR IN TERMS OF DIVESTMENTS

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REGISTRATION DOCUMENT 1 ALTAMIR 2016