Altamir - Registration Document 2016

FINANCIAL AND LEGAL INFORMATION

Risk factors

Nature of the risk

Risk mitigation

An SCR can only borrow up to 10% of its statutory net assets, which prevents Altamir from having financing in reserve that it could call upon if necessary. Altamir may therefore not be in a position to participate in an investment if it does not have sufficient resources to finance it. In opting for this tax regime, Altamir vigilantly adheres to the limits imposed on it. Nevertheless, failure to comply with certain conditions could lead to the loss of SCR status, and consequently, the retroactive loss of tax benefits which have been passed on to shareholders. Furthermore, in the past, the legal and tax regime of SCRs and private equity funds has often been changed. Altamir therefore cannot guarantee that it will not be subject to restrictions in addition to those currently in place, that the tax regime applicable to its shareholders will not change, or that it will be able to continue to enjoy the benefits of the favourable tax regime. Legal, tax and regulatory changes may arise and may have an unfavourable effect on Altamir, the companies in its portfolio and its shareholders. As an example, the range of transactions to which private equity firms have access has in the past been affected by a lack of senior and subordinated credit facilities, given the regulatory pressure on banks to reduce their risk on this type of transaction. Furthermore, Altamir may invest in other countries that may themselves change their tax legislation, potentially with retroactive application. 3) Other legal and tax risks

Altamir can reduce the maximum level of commitments in the Apax France VIII-B and Apax France IX-B funds by € 80m. Maximum commitments are reviewed semi-annually. This mechanism gives Altamir the flexibility to significantly lower its commitments to the fund for each six-month period.

1

Altamir has a representative on the Tax Committee of the French Association of Growth Investors (AFIC) and makes every effort to preserve the benefits of this tax regime.

Thanks to its diversification via the Apax VIII LP the Apax IX LP funds, Altamir’s scope is global, which minimises the impact of a legislative change in any particular region.

D) INDUSTRIAL AND ENVIRONMENTAL RISKS

N/A

E) INSURANCE

The activity of Altamir does not justify industrial-type insurance cover. Altamir has taken out third-party and D&O cover of €3m.

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REGISTRATION DOCUMENT 1 ALTAMIR 2016