Altamir’s NAV per share: 21.72 euros as of 31 December 2018 - High portfolio turnover (AcT)

Paris, 13 March 2019 – Net Asset Value per share stood at €21.72 as of 31 December 2018, following distribution of a dividend of €0.65 per share in May 2018.

1. PERFORMANCE

In 2018, NAV per share rose 3.8%, including the dividend of €0.65 per share, after rising 1% during the first half (and 2.6% in 2017). Excluding the dividend, NAV per share rose 0.8% compared with 31 December 2017.

Portfolio companies posted strong growth in 2018. The average EBITDA of the portfolio, weighted by the residual amount invested in each company, rose by 25%. This reflected both robust organic growth of 15%, well in excess of the 7% target set at the start of the year, and acquisitions carried out by portfolio companies, in particular Aricent (acquired by Altran) and Axelliance (acquired by Ciprés Assurances).

The 3.8% increase in NAV does not fully reflect the excellent performance of portfolio companies because:

• stock market multiples moved unfavourably on certain significant portfolio investments, such as Altran and THOM Europe;
• divestments did not generate an overall uplift.

Net Asset Value (shareholders equity, IFRS basis) stood at €792.9m (vs €733.3m as of 30 September 2018 and €786.7m as of 31 December 2017). The change in Net Asset Value over the 2018 financial year resulted from the following principal factors:

2. ACTIVITY

a) €154.3m invested and committed in 2018 (vs €118.2m in 2017)

• €131.5m invested and committed in eight new companies via the Apax France IX and Apax IX LP funds (€95.3m in 11 companies in 2017):

• €103.3m via the Apax France IX fund in three new companies:

• €36.2m[1] in the Italian company AEB Group, a worldwide leader in biotechnological ingredients and related services for the wine, food and beverage industries;

• €36.0m in the Dutch connectivity solutions specialist Expereo, one of the world's largest managed internet network and cloud connectivity solutions providers to international companies and government offices, with more than 11,500 sites under management across more than 190 countries;

• €31.1m in Business Integration Partners (Bip), an Italian firm present in 11 countries and leader in Europe. Bip delivers management consulting, business integration and digital transformation services supporting international companies in their innovation strategies and in the adoption of disruptive technologies;

• €28.2m via the Apax IX LP fund, in five new companies:

• €8.7m in Trade me, a New Zealand operator of leading classified advertising platforms in the automotive, real estate and employment sectors and the leading marketplace for all new and used goods in New Zealand (transaction not finalised as of 31 December 2018).

• €8.4m in Paycor, one of the main US providers of HR and payroll services, with a customer base of over 38,000 SMEs throughout the United States;

• €4.1m in UK company Genius Sports Group, the world's third-largest company providing sports organisations with software solutions for capturing and distributing sports data in real time, as well as services to prevent betting-related corruption;

• €3.8m in US company Authority Brands, a major home services franchising company (with a network of more than 300 franchisees in the United States, Canada and Latin America), which provides residential cleaning services to over 100,000 customers across the United States, as well as at-home care services;

• €3.2m in Healthium MedTech, the leading independent medical devices player in India (wound closure products, minimally invasive surgical supplies, urology products, surgical gloves, etc.).

• €20.6m in follow-on investments in portfolio companies, principally:

• €20.2m in Altran's holding company to finance Altamir's proportional share of the acquisition cost of Aricent;

• €2.7m in Vyaire Medical to finance the acquisition of the portion of the company's share capital not yet held by the Apax VIII LP fund;

• €-2.3m in follow-on investments and various adjustments, mainly relating to Marlink's acquisition of OmniAccess, which ultimately required only €11.3m in equity, out of the estimated commitment of €17.2m at the end of 2017.

• €2.2m invested in the Apax Development and Apax Digital funds:

Following new commitments made to Apax Development and Apax Digital in 2018, Altamir invested €1.4m and €0.8m, respectively, in these two funds.

b) €155.7m in divestment proceeds and revenue in 2018 (vs €98.7m in 2017)

• €105.7m from the full divestment of eight companies:

• €70.4m from the two-stage sale of Altamir's stake in Albioma: private placement to institutional investors in March followed by sale of the remaining holding to the Impala group in December;

• €13.7m from the sale of Altamir's remaining stake in Gfi Informatique, in accordance with the agreements signed with Mannai Corporation in 2017;

• €12.2m from the sale of Azelis;

• €6.4m from the sale of Altamir's remaining stake in GlobalLogic;

• €2.2m following Altamir's exit from Groupe Royer, Nowo/Oni and Full Beauty;

• €0.8m from the sale of Genex Services;

• €50m in partial divestments and other revenue:

• €19.6m from the refinancing of the debt of INSEEC U., which made it possible to return to investors 46% of their initial investment;

• €19.2m from the sale by SK FireSafety of its AeroSafety business (transaction not finalised as of 31 December 2018);

• €4.7m received from THOM Europe after its repurchase of convertible bonds from its shareholders;

• €4.1m in earn-outs on two previous portfolio companies: Buy Way and Equalliance;

• €2.4m in other divestment proceeds and revenue.

3. CASH AND COMMITMENTS

Altamir's net cash position as of 31 December 2018 on a statutory basis was €-13.6m (vs €7.3m as of 31 December 2017).

As of 31 December 2018, Altamir had maximum outstanding commitments of €259.3m, which will be invested over the next 2-3 years:

• €150.2m in the Apax France IX fund;
• €78.0m in the Apax IX LP fund (including €1.8m in recallable distributions);
• €15.0m in the Apax Development fund;
• €6.9m in the Apax France VIII fund;
• €4.8m in distributions recallable by the Apax VIII LP fund;
• €3.8m in the Apax Digital fund,

As a reminder, Altamir has the option of adjusting the level of its commitment to the Apax France IX fund to its available cash every six months. Its initial commitment of €306m can thus be reduced down to €226m. For the period from 1 February 2019 to 31 July 2019, the Management Company has decided to exercise its right not to participate, if applicable, up to the limit of its commitment in the investments made by the Apax France IX fund in the first half of 2019 and which will be called in the first half of 2020.

To handle timing differences between investments and divestments, Altamir has overdraft lines totalling €60m – currently being renegotiated – available in addition to its net cash position.

In addition, capital calls are made 12 months after the transaction closing for investments made through the Apax France IX fund and, from now on, for those made through the Apax IX LP fund. This gives Altamir visibility of several months on its cash needs.

4. SIGNIFICANT EVENTS SINCE 31 DECEMBER 2018

Four transactions finalised after 31 December are expected to generate €184m in divestment proceeds:

• Apax Partners SAS has signed an agreement to sell INSEEC U., held by the Apax France VIII fund, to private equity company Cinven.

• Apax Partners LLP has signed an agreement in principle with KKR with a view to selling Exact Software, held by the Apax VIII LP fund.

• Apax Partners LLP has signed an agreement to sell Assured Partners to a consortium led by US private equity company GTCR. Apax Partners LLP, which held Assured Partners via the Apax VIII LP fund, will remain a minority shareholder of the company, as a co-investor alongside GTCR via the Apax IX LP fund.

• Apax Partners SAS has finalised the refinancing of Marlink, which optimises the company's financing terms and will make it possible to pay dividends to shareholders.

Two transactions totalling an estimated €15m have been announced since 31 December:

• the investment in Assured Partners via the Apax IX LP fund;

• the acquisition by Apax Partners LLP, via the Apax IX LP fund, of a significant stake in Fractal Analytics. Based in Mumbai, India, Fractal provides artificial intelligence and data-based solutions that power human decision-making.

5. PROPOSED DIVIDEND OF €0.66 PER SHARE

In line with Altamir's policy of distributing 2-3% of NAV as of 31 December to limited partners holding ordinary shares, the Supervisory Board of the company will propose a dividend of €0.66 per share at the 29 April 2019 General Meeting, i.e. 3% of NAV as of 31 December 2018. This represents a very slight increase compared to the dividend paid in 2018.

6. 2019 OBJECTIVES

Barring any major external event, the Management Company expects Altamir's NAV to increase again in 2019. Portfolio turnover is projected to be high, with an objective of €100m in investments (6-7 new companies) and €250m in divestments. The companies in the portfolio should continue to perform favourably, with EBITDA growing organically by around 7% on average.

7. GOVERNANCE

Ms Sophie Etchandy-Stabile informed the Supervisory Board that she wished to resign as a member of Altamir's Supervisory Board following the Board meeting of 12 March 2019. At its meeting on that day, the Supervisory Board, meeting as the Nomination and Remuneration Committee decided to co-opt Ms Anne Landon (see biography in the appendix) to replace Ms Etchandy-Stabile for the remainder of her term, i.e. until the General Meeting in 2020. Ms Landon's appointment will be submitted to shareholders for ratification at the 29 April 2019 General Meeting.

At the same Meeting, a change in the composition of the Supervisory Board will be proposed, to reduce the number of members from six to four, while maintaining the possibility of appointing non-voting members.

8. 2019 CALENDAR

FOCUS ON THE PORTFOLIO IN 2018

As of 31 December 2018, Altamir's portfolio was valued, on an IFRS basis, at €998.9m (vs €905.5m as of 30 September 2018 and €894.6m as of 31 December 2017). It was composed of 48 companies (vs 49 as of 31 December 2017), including 40 unlisted companies (more than 94% of portfolio value) and eight listed companies (Altran, Amplitude, EVRY, Guotai, Huarong, Manappuram, Shriram, Zensar).

During 2018, the companies in Altamir's portfolio maintained their growth momentum. The average EBITDA, weighted by the residual amount invested in each company, advanced by 25% overall, driven by robust organic growth and acquisitions made during the year, in particular by Altran and Ciprés Assurances.

The 15 principal investments represented around 82% of the total value of the portfolio as of 31 December 2018. They were as follows, in decreasing order:

*    *    *    *    *    *    *    *    *    *    *    *    *    *    *

About Altamir

Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with an investment portfolio of nearly €1bn. Its objective is to provide shareholders with long term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.

Altamir's investment policy is to invest via and with the funds managed or advised by Apax Partners SAS and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.

In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax's sectors of specialisation (TMT, Consumer, Healthcare, Business & Financial Services) and in complementary market segments (mid-sized companies in continental European countries and larger companies across Europe, North America and key emerging markets).

Altamir derives certain tax benefits from its status as an SCR ("Société de Capital Risque"). As such, Altamir is exempt from corporate tax and the company's investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.

For more information: www.altamir.fr

Contact

Claire Peyssard Moses

Tel.: +33 1 53 65 01 74

E-mail: investors@altamir.fr

APPENDICES

APPENDIX 1: ALTAMIR'S FINANCIAL STATEMENTS

Altamir produces two sets of financial statements: consolidated (IFRS) and statutory, parent-company statements.

In the consolidated statements, the portfolio is valued based on the principles of fair market value, in accordance with the International Private Equity Valuation (IPEV) recommendations.

The main components of the 2018 financial statements (audit being finalised - report to be issued) are as follows:

CONSOLIDATED (IFRS) INCOME STATEMENT

CONSOLIDATED (IFRS) BALANCE SHEET

STATUTORY INCOME STATEMENT

Unrealised capital gains are not recognised in the statutory financial statements; only unrealised capital losses are recognised.

STATUTORY BALANCE SHEET

APPENDIX 2: BIOGRAPHY OF ANNE LANDON

Anne Landon (59), Member of the Management Committee of Banque Transatlantique, Head of the Corporate Advisory and Development Department.

A graduate of Sciences-Po Paris, Anne Landon began her career at Banque Indosuez, where she held several positions, first in the Equity Investments Department, then successively as manager of Origination in Equity Capital Markets, as Head of IPOs, and as the Corporate Finance manager of the Consumer Goods and Leisure sectoral group. She joined Banque Transatlantique in 2005 where she is in charge of supporting corporate executives and of Investment Solutions advisory services, which includes private equity, hedging, structured products and asset allocation.

Ms Landon is a member of the Board of Banque Transatlantique Belgium and of Dubly Transatlantique Gestion.

GLOSSARY

EBITDA: Earnings Before Interest, Depreciation and Amortisation

NAV: Net Asset Value, net of tax, share attributable to the limited partners holding ordinary shares

Organic growth: Growth at constant scope and currencies

Uplift: Difference between the sale price of an asset and its most recent valuation on our books prior to the sale

Net cash position: Cash on hand less short-term financial debt.

[1] Subject to the syndication currently underway