2017 RESULTS 9 March 2018 MAURICE TCHENIO CHAIRMAN & CEO OF ALTAMIR GERANCE ERIC SABIA CFO ----------------------------------- ACCESSING APAX PARTNERS INVESTMENTS THROUGH THE STOCK MARKET
AGENDA Presentation of Altamir The private equity market 2017 operating highlights A quality portfolio NAV and share price performance Objectives Conclusion 2017 RESULTS 9 MARCH 2018 p.2
PROFILE Euronext Paris-listed private equity company, created in 1995 as a means to access ▪ Apax Partners ’ investments through the stock market €787m in net assets and 49 portfolio companies as of 31 December 2017 ▪ Legal structure: French Société en Commandite par Actions (SCA) ▪ Limited partners (ordinary shareholders) - General partner (Altamir Gérance) - Tax regime: French Société de Capital Risque (SCR) ▪ Favourable for Altamir and its shareholders - No structural debt (maximum set at 10% of statutory shareholders ’ equity) - Minimum of 50% of net book value invested in unlisted companies located in the EU - 2017 RESULTS 9 MARCH 2018 p.3
OBJECTIVES Providing shareholders with long term capital appreciation and regular dividends Grow NAV per share and outperform the most relevant indices ▪ Performance (LPX Europe and CAC Mid & Small) Shareholder Maintain a sustainable and attractive dividend policy ▪ return (2-3% of year-end NAV) Reach a critical mass of €1bn in assets under management ▪ Critical mass in order to: Be an essential partner to Apax Partners SAS and Apax Partners LLP - Increase the liquidity of Altamir shares, thus attracting a broader universe - of investors with a view to minimising the discount to NAV 2017 RESULTS 9 MARCH 2018 p.4
ALTAMIR INVESTS WITH APAX PARTNERS Nearing the end of the transition period: as of 31 December 2017, only 6 companies out of 49 remained from the legacy portfolio Since 2011 and going forward Prior to 2011 In the funds managed by Apax Partners SAS Co-investments alongside the funds ▪ ▪ managed by Apax Partners SA €277m committed to the Apax France VIII fund - (renamed Amboise Partners SA) €306m committed to the Apax France IX fund - (with an €80m opt -out clause) In the funds advised by Apax Partners LLP ▪ €60m committed to Apax VIII LP - €138m committed to Apax IX LP - Occasionally in co-investment with the funds ▪ managed or advised by Apax Partners SAS and Apax Partners LLP 2017 RESULTS 9 MARCH 2018 p.5
ALTAMIR INVESTS WITH APAX PARTNERS Altamir is an investor in Apax’s core funds Following their successful fundraising in 2016 Apax Partners LLP has raised a $1bn Digital fund ▪ Targeting digital companies only • Smaller size investments • Dedicated team: newly hired professionals + Apax alumni • Apax Partners SAS is in the process of raising a €225m small cap fund ▪ Same investment strategy • Smaller companies • Dedicated team: Apax Partners Development (formerly EPF Partners acquired in 2017) • Altamir Gérance has decided not to commit to these funds • Just as it did not commit to the Apax Israeli fund in 2015 • Altamir’s vocation is to remain positioned as a direct fund (as opposed to a fund of funds) with a limited number of investments (50 maximum) and a €10m minimum size as an objective for each of them 2017 RESULTS 9 MARCH 2018 p.6
APAX PARTNERS 2 40+ Track record private equity firms, years of experience of performance leaders in their respective markets Apax Partners SAS Apax Partners LLP 120 investment professionals 30 investment professionals; Paris-based London-based across 8 offices worldwide, sector specialisation company company specialised by sector Investments in Europe (other than Mid-sized companies, with Companies with enterprise Investments in French- French-speaking countries), in North enterprise value of €100m value between €1bn and speaking European countries America and in key emerging to €1bn €5bn markets ( China , India , Brazil ) More than €3bn under More than $48bn under Equity tickets: Equity tickets: management management €50 -150m $360-420m Apax France VIII: Apax France IX: Apax VIII LP: Apax IX LP: €704m (2011) €1bn (2016) $7.5bn (2013) $9bn (2016) 2017 RESULTS 9 MARCH 2018 p.7
INVESTMENT STRATEGY Growth- and sector-focused strategy Market leaders with strong growth prospects Growth - companies Visionary entrepreneurs and management - teams Differentiated business models - Sectors of TMT - specialisation Consumer - Healthcare - Services - Leveraged Buyouts and growth capital investments - investments Majority or lead positions - Control Diversified by Mid-market companies in French-speaking - geography and European countries (France, Benelux, Switzerland) size Larger companies in Europe, North America and - key emerging markets (China, India and Brazil) TARGET: ACHIEVE 2-3X THE AMOUNT INVESTED 2017 RESULTS 9 MARCH 2018 p.8
APAX’S COMPETITIVE ADVANTAGES Shared by Apax Partners SAS & Apax Partners LLP Clear differentiating factor to identify the best SECTOR EXPERTISE investment opportunities, win deals and create value Hands-on involvement by Apax teams to create value through operational excellence, internationalisation, VALUE CREATION consolidation/acquisitions and digital transformation Environment, social & governance, due diligence and RESPONSIBLE INVESTMENTS monitoring of each investment Investment process: for investment, value creation, exit • RIGOROUS PROCESSES Firm development process: HR, IT, ESG, etc. • 2017 RESULTS 9 MARCH 2018 p.9
AGENDA Presentation of Altamir The private equity market 2017 operating highlights A quality portfolio NAV and share price performance Objectives Conclusion 2017 RESULTS 9 MARCH 2018 p.10
EUROPEAN PRIVATE EQUITY MARKET Very active market Buyout value (in $bn) 308.4 158.4 143.8 136.8 130.9 125.8 115.3 97.3 96.2 93.4 43.4 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: MergerMarket 2017 RESULTS 9 MARCH 2018 p.11
EUROPEAN PRIVATE EQUITY MARKET Very active market Exit value (in $bn) 187.7 180.9 177.4 165.8 148 131.9 113.3 94.6 94 91.1 34.2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source : MergerMarket 2017 RESULTS 9 MARCH 2018 p.12
AGENDA Presentation of Altamir The private equity market 2017 operating highlights A quality portfolio NAV and share price performance Objectives Conclusion 2017 RESULTS 9 MARCH 2018 p.13
2017 HIGHLIGHTS Portfolio turnover and increased international footprint +2.6% +27% € 98.7m Average NAV Divestments EBITDA growth dividend included (vs +33% in 2016) (vs €215.7m in 2016) growth* (vs +19.2% in 2016) 11 € 118.2m € 7.3m Statutory New Investments net cash investments & & Position (vs 8 in 2016) (vs €112.3m in 2016) (vs €67.3m commitments commitments at end-2016) (at 31/12/2017) * Average EBITDA growth of portfolio companies, weighted by each company’s contribution to NAV 2017 RESULTS 9 MARCH 2018 p.14
DIVESTMENTS €98.7m of divestment proceeds and revenue in 2017 (in € million) 215.7 188.7 117.3 115.2 98.7 88.2 69.1 63.9 38.5 7.2 4.3 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2017 RESULTS 9 MARCH 2018 p.15
DIVESTMENTS €98.7m of divestment proceeds and revenue in 2017 €15.2m €4.6m €66.1m from the sale of the first from the refinancing and from the sale of 50% of block of Altamir’s remaining partial sale of GlobalLogic Altamir's stake in Altran via an shares in Gfi Informatique ABB at €15.0 per share €3.7m €3.1m €2.2m from the release of the last from the debt refinancing of from the partial sale of portion of an escrow Shriram , Exact Software , EVRY on the occasion of its account related to former Idealista and Safetykleen IPO portfolio company Vizada €1.9m €1.3m €0.6m from the sale of Altamir’s from the sale of the from other portfolio remaining stake in remaining shares held in the companies GardaWorld listed company Chola 2017 RESULTS 9 MARCH 2018 p.16
INVESTMENTS AND COMMITMENTS €118.2m invested and committed in 2017 (in € million) Titre du graphique 143.2 12.9 118.2 130.3 112.3 108.0 22.9 96.4 12.1 92.2 29.3 95.9 18.8 95.3 17.7 71.8 83.0 77.6 63.0 74.5 21.3 17.4 47.1 43.4 6.0 50.5 3.8 45.6 41.1 39.6 8.6 8.6 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 5 2 0 2 3 2 7 7 12 8 11 New investments & commitments Follow-on investments Number of new portfolio companies 2017 RESULTS 9 MARCH 2018 p.17
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