Altamir - Registration Document 2016

CORPORATE GOVERNANCE

Report of the Chairman of the Supervisory Board

The Board’s conclusions on the independence of those Board members whose term is to be renewed or whose interim appointment is to be ratified at the next General Meeting, are outlined above. In accordance with the Supervisory Board’s Rules of Procedure, each member holds at least 1,000 shares in the Company.

At their 28April 2017Meeting, shareholderswill be asked to renew the terms of three Supervisory Board members: Marleen Groen Gérard Hascoët Philippe Santini. Each year and every time an appointment or renewal is proposed, the Board examines the independence of the candidates.

As of 31 December 2016, the Board members held, either directly or indirectly, 250,339 shares of the Company.

2016

2015

(number of shares)

Jean Besson

50,749

50,749

2

Sophie Etchandy-Stabile

1,000 1,000

1,000 1,000

Marleen Groen Gérard Hascoët

33,364 162,098

30,364 17,098

Jean-Hugues Loyez

Philippe Santini

2,128

2,128

TOTAL

250,339

102,339

As the Company does not have any employees, there are no employee representatives on the Supervisory Board.

THE ROLE AND OPERATION OF THE SUPERVISORY BOARD

The Board examined the management reports, in particular the information on the valuation of the companies in the portfolio, the quarterly position, half-yearly and annual closings, and analytical cost reporting. The Board also reviewed the investment and cash management strategy and presented its recommendations regarding investment opportunities. In particular, it closely reviewed valuationmethods against the new IPEV (International Private Equity and Venture Capital) Valuation Guidelines applied by the Company. It was therefore able to study and make informed decisions on the financial statements and financial communication. In accordance with the provisions of the Rules of Procedure: the Supervisory Board is regularly informed during meetings of the Company’s financial position, cash position and commitments; themembers of the Supervisory Board receive information any time (including inbetweenBoardmeetings) that its importance or urgency requires it. The SupervisoryBoard regularly conducts a self-assessment, with Board members each answering a questionnaire. The last self- assessment was conducted in 2015, and the next one is planned for 2017.

The Rules of Procedure Please refer to section 2.1.3.

On 2 February 2017, the Supervisory Board amended the Rules of Procedure to include themost recent recommendations of the Afep-Medef Code.

Operations and evaluation of the Supervisory Board The Supervisory Board met seven times in 2016. The attendance

rate was 88%: Jean Besson

100%

Sophie Etchandy-Stabile

57%*

Marleen Groen

86%

Gérard Hascoët

100%

Jean-Hugues Loyez

100%

Philippe Santini 86% * This rate is the result of Ms Etchandy-Stabile’s assumption of new operational duties at AccorHotels after the dates were set for the 2016 Supervisory Board meetings. She was therefore unable to attend all of the meetings scheduled for the year.

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REGISTRATION DOCUMENT 1 ALTAMIR 2016