Altamir - Registration Document 2016

1

FINANCIAL AND LEGAL INFORMATION

Business description

b) Denominator for the direct cost approach

madedirectlyor via funds), the respectiveweightings of these two investment types, if both are used, the legal form of the entities and the accounting methods used. Assuming that investors have been able to calculate the overall or direct costs of the companies theywish to compare, one question still remains: WHICH DENOMINATOR SHOULD BE USED TO COMPARE THE EXPENSES OF ONE ENTITY WITH THOSE OF ANOTHER? a) Denominator for the overall cost approach if the management fees paid by underlying funds are included in total costs, since the management fees are calculated based on the capital committed to the funds. There is a long lead time, generally three to four years, before this capital is put to work and a period of at least two years before an investment begins to appreciate in value. Consequently, costs increase, whereas for two or three years the NAV does not due to these investments (the J-curve effect). For this reason, we recommend the ratio used to compare the expenses of private equity funds that invest directly: The ratio: Total costs is not appropriate Net Asset Value To use this ratio for a listed private equity company, two adjustments are necessary: a) interest and taxes (specific to private equity companies, see above)must bededucted fromoverall costs. This adjustment is not necessarywhen comparing listedprivate equity companies with each other ; b) to calculate the denominator, the total of direct investments at cost must be added to the capital committed to the funds. Note that committed capital may change during the year. In such cases, an average of starting and ending balances should be used. The ratio: Total costs Committed and invested capital

Total direct costs Average NAV

The following ratio is best suited:

where the average NAV is the average of the opening NAV and closing NAV.

1.3.3 ALTAMIR’S INVESTMENT POLICY

FROM FOUNDING UNTIL 2011

Co-investment with the funds managed by Apax Partners SA up to the Apax France VII fund. From December 1995, when it was listed on the stock exchange under thenameAltamir &Cie, theCompanyco-invested pari passu with the funds managed by Apax Partners SA, based on their respective amounts of assets under management. On 31 March 2006, a newcompany, Amboise Investissement, was created and listed on the stock exchange. Also advised by Apax Partners SA, Amboise Investissement co-invested pari passu with the Apax France funds and Altamir, based on the amount of assets under management. Altamir and Amboise Investissement merged on 4 June 2007, and the new company took on the name of Altamir Amboise. Altamir Amboise continued to co-invest according to the same terms and based on assets under management in every transaction in which the private equity funds managed by Apax Partners SA invested. InApril 2007, the Company andApax Partners SA signed an agreement setting out the rules of co- investment (“co-investment agreement”). Since its creation, the Company has been able make use of an adjustment facility to adjust its co-investment rate at the beginning of each calendar half-year for the six months to come based on its cash flow forecast. In the event of a follow-on investment, the percentages invested by theCompany and the fundwere the same as those of the initial investment (and not that in effect as of the date of the follow-on investment, if different).

The co-investment percentages evolved as follows:

Investment percentage

Amboise Invest

Altamir Amboise

Fund

Date

FPCI Fund Altamir & Cie

Total 100% 100%

Apax France VII

01/07/2006 01/07/2007 (1)

50% 57%

25%

25%

-

-

-

43%

(1) Merger of Altamir and Amboise Investissement.

44 REGISTRATION DOCUMENT 1 ALTAMIR 2016

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