Altamir - Registration Document 2016

FINANCIAL AND LEGAL INFORMATION Analysis and comments on the financial year

1.4.8 VALUATION METHODS

1

VALUATION POLICY AND METHOD

VALUATION METHOD

The portfolio companies, whether held directly or via an Apax fund, are valued by the funds’ management companies, reviewed by the funds’ Statutory Auditors, and finally approved by the funds’ Board of Advisors. Altamir’s policy is to adopt the valuations made by the funds’ management companies. Before valuations are finalised, they are reviewed by Altamir Gérance’s management, Altamir’s Statutory Auditors, the Audit Committee of Altamir’s Supervisory Board and the Supervisory Board in general.

The Apax fund management companies value their portfolios based on the principles of fair value, in accordance with International Private Equity Valuation (IPEV) recommendations. The Apax fund managers have always pursued a conservative valuation policy, as can be seen in the uplift historically generated from divestments (selling price higher than the last valuation made before the divestiture). Unlisted companies are valued every half-year, and listed companies are valued every quarter.

For unlisted investments held for over one year

For unlisted investments held for under one year

For listed companies

Valuations are generally based on a sample of peer-group multiples (listed companies and recent transactions). Apax Partners France may apply a downward adjustment* of up to 30%. In principle, Apax Partners LLP does not make any adjustments, since it invests in larger companies.

Apax Partners France values companies at cost, except under specific circumstances. Apax Partners LLP usually values growth capital investments close to cost; buyout investments may be revalued from the first day that they are held.

Valued at the last listed price of the period, except in the event of restrictions in tradability or other exceptional circumstances.

* This downward adjustment corresponds to a liquidity adjustment of 0-30% based on performance quality, the position of Apax Partners/Altamir in the capital (minority vs. majority, exit rights, etc.), the level of mergers & acquisitions activity in the sector, management influence and weighting at exit, and the liquidity of comparable companies.

1.4.9 THE COMPANY’S FINANCIAL RESOURCES

1.4.10 PAYMENT TERMS

The payment terms given to the Company’s customers and suppliers are presented below. Altamir has no customers.

As of 31 December 2016 Altamir had authorised lines of credit totalling €39m, vs. €47m at year-end 2015. As of 31 December 2016, these lines were undrawn. The reduced credit line amount is due to the expiration of a bilateral line of credit, which was not renewed because the Company was renegotiating with its banking pool at the time.

At the date of the balance sheet, supplier payment terms were as follows:

Payables not yet due

Payables past due (2)

Less than 30 days (1)

30 to 60 days (1)

More than 60 days (1)

As of 31/12/2016

As of 31/12/2015

As of 31/12/2016

As of 31/12/2015

As of 31/12/2016

As of 31/12/2015

As of 31/12/2016

As of 31/12/2015

(in thousands of euros) Total trade payables (2)

0.6

25.8

0

0

0

0

18.6

2.3

(1) Indicated payment terms. (2) Total past due trade payables regardless of the initially indicated payment terms.

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REGISTRATION DOCUMENT 1 ALTAMIR 2016