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FINANCIAL AND LEGAL INFORMATION

1

Analysis and comments on the financial year

Commitments

TheApaxFranceVII fund is fully invested. Altamir has anobligation

tomake follow-on investments inportfolio companies of amounts

proportional to its initial commitment. The maximum residual

commitment is estimated at €2m.

Altamir has committed to investing between €200mand€280m

in the Apax France VIII fund. As of the end of December 2016,

€16.9m of capital remained to be called, out of a total maximum

commitment reduced to €276.7m.

Altamir has committed to investing€60m in theApaxVIII LP fund.

In December 2016, the fundmade a capital call for the remainder

of residual commitment. The fund was therefore fully called as

of 31 December 2016.

Altamir has committed to investing between €220mand€300m

in the Apax France IX fund. This amount can be adjusted every

six months based on the Company’s foreseeable cash position.

For the first half of 2017, the Company has decided to maintain

its commitment at the maximum level of €300m. The amount

called as of 31 December 2016 was €4m. The fund has already

made three investments, entirely financed by credit lines, for a

total of €64m.

Altamir has also committed to investing €138m in the Apax IX LP

fund. The fund has not yet issued its first call for capital. However,

it has alreadymade two investments for a total of €11.5m, financed

by credit lines. The Management Company is not able to adjust

this commitment every six months.

Altamir’s maximum remaining commitments therefore total

€450.9m (excluding any follow-on investments in Apax France

VII), of which €75.5m have already been invested.

Portfolio

The portfolio as of 31 December 2016 included 42 equity

holdings, excluding escrow accounts, comprised primarily of

growth companies, distributed among Altamir’s four sectors of

specialisation.

1.4.3

OTHER SIGNIFICANT EVENTS

DURING THE YEAR

The Company paid a dividend of €0.56 per ordinary share to

limited partners on 27 May 2016.

1.4.4

POST-CLOSING EVENTS

In February 2017, Apax Partners and Altamir finalised the sale

of Unilabs. At the same time, Apax Partners LLP announced the

acquisition of Unilabs for the Apax IX LP fund.

Apax Partners LLP also completed the sale of its remaining

investment in Chola for €1.3m and the partial sale of GlobalLogic

for approximately €5m.

The last tranche in escrow in relation to theVizada sale, an amount

of €4.6m, was released in January 2017.

1.4.5

TRENDS

The volume of funds raised in the European private equity sector

rose sharply, with a total of $132bn raised in 2016

vs.

$97bn in 2015

(source: Private Equity Analyst).

During the same period, the market saw a decline in buyout

transactions for the second year in a row, which nevertheless

remained higher than the average for the past ten years (source:

MergerMarket).

61

REGISTRATION DOCUMENT

1

ALTAMIR 2016