Altamir - Registration Document 2016

CORPORATE GOVERNANCE Report of the Supervisory Board

2.3 REPORT OF THE SUPERVISORY BOARD

2.3.1 COMPANY SITUATION

This corresponds to 20% of 2016 adjusted net income, as determined in the Articles of Association and presented in the Registration Document. The amount of dividend payable on each Class B share will be allocated among Class B shareholders of record on the ex-dividend date. B. At their General Meeting, shareholders will also be asked to approve the distribution of a dividend of €23,732,996, to ordinary shareholders i.e. a gross dividend of €0.65 per ordinary share. This dividend corresponds to 3% of net asset value, as presented in the consolidated financial statements. In proposing this dividend amount, the Supervisory Board intends to continue implementing the dividend policy Altamir announced in 2013 for the payment of dividends for the 2012 financial year. This policy has been approved by the Supervisory Board and is consistent with the investment strategy adopted by the Management Company and reported on a regular basis to theBoard. This investment strategy is part of an overall growth objective. These dividends are paid from the capital gains realised by the Company on equity investments which have been held for more than two years. For individual shareholders resident in France, these distributed dividends do not qualify for the 40% exclusion provided for in Article 158-3-2 of the French Tax Code. The ex-dividend date for ordinary shares will be 24 May 2017 and thedividendonordinary shareswill bepaid toshareholders on 26 May 2017. In the event that the Company owns some of its own ordinary shares on the ex-dividend date, the amount corresponding to the dividends not paid in respect of these shares will be allocated to retained earnings. C. Lastly, shareholders will be asked to allocate the remainder of net income for the year, i.e. €40,329,768, to reserves. D. In accordance with the provisions of Article 243 bis of the French Tax Code, we inform you that the following dividends and income were distributed in respect of the previous three financial years:

Please refer to sections 1.4.1 and 1.4.2

2

2.3.2 ANNUAL FINANCIAL STATEMENTS

The SupervisoryBoardwas able to perform its supervisory duties in accordance with the law and to examine the documents made available by the Management Company. The Supervisory Board has been informed of all the investment and divestment transactions that occurred during the financial year within the scope of its management control duties. Without playing a role in the operations of the Company, the Supervisory Board has no observations to make with regard to those transactions. The Audit Committee and the Supervisory Board have analysed themanagement fees, and the Statutory Auditors have reviewed them. They are detailed in the Registration Document. It has reviewed thestatutory financial statements, theconsolidated (IFRS) financial statements and the accountingdocuments, noted the opinion of the Statutory Auditors and the Audit Committee, and asked theManagement Company the appropriate questions. The Supervisory Board has no observations to make about the statutory and consolidated financial statements for 2016. The Board has not identified any inaccuracy or irregularity in the financial statements presented by the Management Company. 2.3.3 PROPOSAL FOR THE ALLOCATION OF NET INCOME Statutory net income for the financial year ended 31 December 2016 was €79,331,454. A. In accordance with the Articles of Association, the total dividend tobedistributed to thegeneral partner and toholders of Class B shares is €15,268,690, i.e. €1,526,869 and€13,741,821, respectively.

87

REGISTRATION DOCUMENT 1 ALTAMIR 2016