Altamir - Registration Document 2016

2

CORPORATE GOVERNANCE

Report of the Chairman of the Supervisory Board

2.4.2 INTERNAL CONTROL PROCEDURES IMPLEMENTED BY THE COMPANY

The procedures relating to Altamir are therefore inextricably linked to those of Apax Partners. In the remainder of this document, unless otherwise specified, the term“Company” refers to bothApax Partners and toAltamir. In line with the framework, in 2003, the Company inventoried all existing procedures, updating and adding to them before publishing an initial manual of procedures and internal control. The manual was updated in 2015 and notes on operations intended for internal use were added. It continues to be updated periodically. The Company made progress in several areas: an external team continued to perform periodic internal controls; efforts to combat money-laundering and terrorist financing continued. A. Continued periodic controls of internal control and the correct application of the regulations specific to SCRs (quotas) Controls carried out during the year included the following: ensuring the staff at Apax Partners adhered to the Code of Ethics, especially regarding personal investments; monitoring legal registers; adhering to regulatory ratios applicable to SCRs; adhering to the regulations governing voting at Annual General Meetings; monitoring short-term investments of cash; ensuring compliance in howprocedures for combatingmoney- laundering and terrorist financing are applied; monitoring the corporate officer responsibilities of Apax Partners’ staff; verifying that themethods used toprevent and resolvepotential conflicts of interest are in compliance. No significant anomalies were detected. The procedures will, however, continue to be strengthened in all the areas identified. It should be noted that Article 242 quinquies , paragraph II of the French Tax Code andArticle 171 AS bis of Appendix II introduced, as of 31 December 2006, a detailed statement enabling the tax authority to check that SCRs adhere to the 50% quota imposed on them. The statement was duly filed with the tax authorities and complies with the detailed calculations the Company had already made. MEASURES TAKEN IN 2016

GENERAL FRAMEWORK

Apax Partners and Altamir use the internal control principles described in the COSO (Committee of SponsoringOrganizations of the Treadway Commission) report as a guideline. COSO defines internal control as follows: “Internal control is a process, effected by an entity’s Board of Directors, management andother personnel, designed toprovide reasonable assurance regarding the achievement of objectives in the following categories: effective and efficient operations; accuracy of financial reporting; and compliance with laws and regulations.” The report also details the components of internal control: “control environment; risk assessment; control activities: adopting standards and procedures that contribute to ensuring that management’s priorities are implemented; information and communication: relevant informationmust be identified, capturedandcommunicated ina formand timeframe that enables people to carry out their responsibilities; monitoring: internal control systems must themselves be monitored – a process that assesses the quality of the system’s performance over time.” An internal control system designed to address the objectives described above does not guarantee that the objectives set will be achieved, because any procedure has inherent limits. Concerning effective and efficient operations, Apax Partners and Altamir have a three-part objective: 1) identify and carry out the best investments possible in line with the Group’s strategy, 2) oversee the performance of the companies in the portfolio and adhere to the plan approved with their managers, 3) protect its own assets or assets under management by controlling cash flows, financial instruments and securities in the portfolio. Altamir invests either on a pari passu basis with the funds managed by Apax Partners SA, or as an investor in the Apax France VIII-B and Apax France IX-B funds managed by Apax Partners MidMarket SAS, and in the Apax VIII LP and Apax IX LP funds advised by Apax Partners LLP. Occasionally, Altamir co-invests with the fundsmanaged by Apax Partners MidMarket and Apax Partners LLP.

96 REGISTRATION DOCUMENT 1 ALTAMIR 2016

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