Altamir - Registration Document 2016

1

FINANCIAL AND LEGAL INFORMATION

Risk factors

F) RISKS RELATED TO KEY PEOPLE

Nature of the risk

Risk mitigation

1) Risks related to the management and control of Apax Partners

Maurice Tchenio is the founder of Apax Partners, and for more than 30 years he has played a major role in managing this company and the funds created by Apax Partners. He alone has the controlling interest in Apax Partners SA and Altamir Gérance SA, the Management Company and general partner of the Company. His departure, extended absence or death could therefore have a significant unfavourable effect on the activity and organisation of Apax Partners, and consequently on the activity of Altamir and its future outlook. Beginning with the Apax France VIII fund, management of the private equity funds has been the responsibility of Apax Partners MidMarket SAS, headed by Eddie Misrahi. Equity capital is shared between seven partners of this company. The operations of the asset management company would obviously be disrupted in the event of an extended absence or the death of Mr. Misrahi.

A succession plan is in place for two types of situations: 1) in the event of Maurice Tchenio’s inability to fulfill his duties, arrangements have been made with respect to the Company’s management and ownership structure, so as to ensure business continuity and the Company’s long-term survival; 2) in view of a planned transition, Maurice Tchenio is dialoguing with a number of potential successors.

The other partners would be able to implement the business continuity plan without major disruption.

The same applies to Apax Partners LLP.

The structure and size of Apax Partners LLP do not give rise to specific risks as to the smooth operation of this company in the event of the departure or death of its senior executives, of which there are now two (Mr. Sillitoe and Mr. Truwit), having succeeded Martin Halusa.

2) Risks related to other professionals working for apax partners

Altamir’s success depends to a large extent on the skills and expertise of the partners and other professionals employed by the Apax management companies, and it cannot be guaranteed that these individuals will continue to be employed by these companies. The size of the team of professionals at the management companies, the reputation of these companies, and the team- based approach to investment decisions, portfolio management and divestments tend to limit the impact for Altamir of isolated departures of one or more of the Group’s employees. However, as the teams are specialised in their operational sectors, the departure of any given professional, and in particular a partner, may have a negative effect on Altamir’s capacity to invest in the sector in which the professional specialised.

Altamir has limited the risks mentioned above by diversifying its partnerships with Apax Partners MidMarket and Apax Partners LLP.

Since the sectors are covered by several partners, with support from experienced teams in which future partners have been identified, the risk of disruption due to the potential departure has been minimised.

The Company regularly reviews risks (risk map). It considers that there are no significant risks other than those presented.

74 REGISTRATION DOCUMENT 1 ALTAMIR 2016

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