Altamir - Registration Document 2016

FINANCIAL AND LEGAL INFORMATION

Business description

Owing to the policy change in 2011, Altamir has two layers of costs: direct costs; and indirect costs, i.e. the costs of the Apax France VIII-B, Apax France IX-B, Apax VIII LP and Apax IX LP funds, through which Altamir invests. From an accounting perspective, Altamir has opted for full transparency as described in chapter 1.3.2, unlike almost all other listed companies, which have opted to present the performance of their indirect investments net of management fees and carried interest. Altamir’smanagement costs have beendefined in theCompany’s Articles of Association since the Company was founded. Direct costs for investments carried out before 2011 Management fees are 2% excl. VAT per year (1% per half- year). They are calculatedbasedon statutory net book value, which differs fromNet Asset Value in that it does not include unrealised capital gains. This differs from the base generally used to calculate management fees in the private equity industry, which is committed capital. In accordancewith private equity industry common practice, the management team receives 20% of net gains (carried interest) as per the Articles of Association. This 20% is allocated as follows: 2% is allocated to the general partner, and 18% to the Class B shareholders, who are the members of the management team. SinceAltamir’s inception, carried interest has been calculated based on adjusted statutory net income. This result includes realised capital gains and unrealised capital losses (impairment of securities) but does not include unrealised capital gains, contrary to IFRS income, which is used to determine Net Asset Value (NAV). Restated net statutory income does not include financial income fromcash investments. It does, however, include total adjusted losses fromprevious years if the losses have not yet been offset (high water mark). MANAGEMENT COSTS

There is nohurdle rate condition. Shareholders have not been penalisedby the lack of a hurdle rate as the gross IRRon all of thedivestments of LBOandgrowth capital transactions from Altamir’s inception to 31 December 2016 amounts to 18.8% (1) , which greatly exceeds the standard minimum IRR of 8%. Altamir’s administrative and operating costs not covered by the management fee include accounting, CFO and investor relations fees, which are supplied by Apax group companies and charged to Altamir at cost. Direct costs for investments carried out after 2011 Following the change in strategy to invest through the Apax Funds, theManagement Company has been remunerated on the same basis as pre-2011, with a corrective mechanism to exclude investments made via funds from the basis of calculation. Basis for calculating management fees Despite being complex, this mechanism has proved to be very fair for both the Company’s shareholders and the management company Altamir Gérance. For example, if, inOctober 2006, Altamir had invested the€400m it dedicated to this fund via the Apax France VII fund rather than co-investing alongside it, the management fees, excluding VAT, charged to the fund would have been €7,037,000 (2) in 2014, €7,408,000 (2) in 2015 and €6,676,000 (2) in 2016 respectively, compared to the fees paid by Altamir, totalling €7,024,000, €7,016,000and€5,791,000, which also included the remuneration on the capital invested via the funds. Class B shareholders and the general partner do not receive carried interest on investments made via the Apax Funds. Indirect costs Indirect costs invoiced to theApax Funds inwhichAltamir invests are identical to those paid by all other investors in these funds and are therefore in linewith themarket conditions as of the date the funds were created. The management fees and carried interest for the Apax France VIII-B, Apax France IX-B, Apax VIII LP andApax IX LP funds were paid or recognised in 2016 at the rates indicated below:

1

(1) Figure audited by EY. (2) These amounts correspond to the annualised average fee over the lifespan of the fund.

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REGISTRATION DOCUMENT 1 ALTAMIR 2016