Altamir - Registration Document 2016

FINANCIAL AND LEGAL INFORMATION

Risk factors

1.5 RISK FACTORS

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1.5.1 INTRODUCTION − PRINCIPLES

information be privileged, however, as defined by applicable regulations, these investors must not carry out transactions on the shares of Altamir.

Investors are asked to consider all the information provided in the present Registration Document before acquiring or subscribing to the Company’s marketable securities. As of the date this Registration Document was filed, these risks, were they to materialise, could have a significant unfavourable impact on the Company, its business activities, its financial position, its results or its growth. TheCompany considers that, at the time this Registration Document was filed, there were no significant risks other than those presented. Investors should be aware that the list of risks below is not exhaustive, and that theremay have been other unidentifiedor unforeseen risks at the date this Registration Document was filed, which may have a significant adverse risk on the Company, its business activities, financial position, results and growth. The unitholders in the private equity funds managed by Apax Partners SA, ApaxPartnersMidMarket SASandApaxPartners LLP are professionals investing significant amounts with a long-term investment horizon. They have more detailed information about the investments acquired (as co-investments alongside Altamir) than the other shareholders of the Company. This information is communicated to them in line with the rules of the funds and with common practice in the private equity industry. Should this

1.5.2 DESCRIPTION OF RISKS AND UNCERTAINTIES AND THEIR MANAGEMENT

A) RISKS INHERENT IN PRIVATE EQUITY

Investment in a company whose objective is to acquire private equity interests is intrinsically high-risk, greater than that associated with investing in listed major industrial, property or financial companies. There is no guarantee that the investments will achieve Altamir’s objectives, or even return the capital invested in the Company, and thepast performanceof the fundsmanagedbyApaxPartners for this type of investment offers no guarantee of the future performance of the Company.

In particular, private equity investments present the following risks:

Nature of the risk

Risk mitigation

1) Risks relating to capital calls (liquidity risks)

The Company has commitments to the funds in which it invests (Apax France VIII-B, Apax France IX-B, Apax VIII LP and Apax IX LP). These commitments are significant and could be called at any time with a notice period of around 10 days. The resources for meeting these commitments are held in available cash, proceeds from divestments and possibly temporary lines of credit. The Company’s status as a French société de capital risque (SCR) prohibits it from borrowing in excess of 10% of statutory net assets.

The Company’s commitments to the Apax France and Apax Partners LLP funds have been set within a range enabling it to respond to capital calls based on expected cash positions. The Company has carried out a specific review of its liquidity risk and believes it can meet its forthcoming obligations. Every fund in which Altamir invests has access to credit lines and is thus not required to make capital calls in real time for each investment. This enables the Company to increase its visibility on future capital calls. As of 31 December 2016, the Company’s net cash position was € 67.4m and its authorised lines of credit ( € 39m) had not been drawn down. The Company is currently renegotiating with its banking pool to increase the amount of its credit lines. In June 2015, Altamir ceased to be tied to Apax Partners for managing its investment in Albioma and may now freely manage its shares in this listed company. Furthermore, Altamir has the option to reduce the maximum level of its commitment to the Apax France IX-B fund by up to € 80m. Maximum commitments are reviewed semi-annually. This mechanism gives Altamir the flexibility to significantly lower its commitments for each six-month period.

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REGISTRATION DOCUMENT 1 ALTAMIR 2016