2019 RESULTS 12 March 2020 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 2019 operating highlights A quality portfolio NAV and share price performance Objectives Conclusion 2019 RESULTS – 12 MARCH 2020 p.2
PROFILE Euronext Paris-listed private equity company, created in 1995 as a means to access Apax ▪ Partners ’ investments through the stock market Offers a unique exposure to a diversified portfolio of private equity investments managed ▪ by leading private equity firms Apax Partners SAS (Paris) and Apax Partners LLP (London) € 1,0130m in net assets and 51 portfolio companies as of 31 December 2019 ▪ 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 - 2019 RESULTS – 12 MARCH 2020 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 €1.5bn in NAV by 2024, albeit a major financial crisis ▪ Critical mass 2019 RESULTS – 12 MARCH 2020 p.4
ALTAMIR INVESTS WITH APAX PARTNERS In the funds managed by Apax Partners SAS ▪ In co-investments : ▪ €277m committed to the Apax France VIII fund - Alongside the funds managed by Apax €306m committed to the Apax France IX fund (with ▪ - an €80m opt -out clause) Partners SA (renamed Amboise €350m to Apax France X Partners SA): 2 companies in the - €15m committed to the Apax Development fund - portfolio With the funds managed or advised by ▪ In the funds advised by Apax Partners LLP ▪ Apax Partners SAS and Apax Partners €60m committed to Apax VIII LP - LLP €138m committed to Apax IX LP - €180m to Apax X LP - $5m committed to the Apax Digital fund - 2019 RESULTS – 12 MARCH 2020 p.5
ALTAMIR INVESTS WITH APAX PARTNERS 2 Over 45+ Track record private equity firms, years of experience of performance leaders in their respective markets Apax Partners SAS Apax Partners LLP Over 120 investment professionals 30 investment professionals; Paris-based London-based across 7 offices worldwide, sector specialisation company company specialised by sector Small and mid-sized Investments in Europe, North Companies with enterprise Investments in Continental companies, with enterprise America and in key emerging value between €1bn and Europe countries markets ( China , India , Brazil ) value of €100m to €1bn €5bn Equity tickets: Equity tickets: >$50bn of total funds raised ~ €4bn of total funds raised €50 -150m $200-420m Apax France VIII: Apax VIII LP: Apax IX LP: Apax Digital : Apax France IX: Apax Development: €704m (2011) $7.5bn (2013) $9bn (2016) $1.1bn (2017) €1bn (2016) €255m (2019) Apax France X: Apax X LP: Target size: €1.2bn (2020) Target size: $10.5bn (2020) 2019 RESULTS – 12 MARCH 2020 p.6
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 2019 RESULTS – 12 MARCH 2020 p.7
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. • 2019 RESULTS – 12 MARCH 2020 p.8
AGENDA Presentation of Altamir The private equity market 2019 operating highlights A quality portfolio NAV and share price performance Objectives Conclusion 2019 RESULTS – 12 MARCH 2020 p.9
EUROPEAN PRIVATE EQUITY MARKET Another active year Buyout value (in € bn) 171.6 152.6 148.9 124.1 121.7 110.9 89.4 73.7 71.8 69.9 30.1 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Buyout Value 2019 RESULTS – 12 MARCH 2020 p.10 Source: MergerMarket, historical data (2009-2013) in USD, converted at end of year x-rate
EUROPEAN PRIVATE EQUITY MARKET Another active year Exit value - M&A only (in € bn) 164.4 150.1 141.6 137.1 133.5 102.2 91.2 85.8 70.2 66.1 23.4 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 RESULTS – 12 MARCH 2020 p.11 Source: MergerMarket, historical data (2009-2013) in USD, converted at end of year x-rate
AGENDA Presentation of Altamir The private equity market 2019 operating highlights A quality portfolio NAV and share price performance Objectives Conclusion 2019 RESULTS – 12 MARCH 2020 p.12
2019 HIGHLIGHTS Record year on all indicators +30.8% €377.9m +17.2% Average NAV Divestments EBITDA growth dividend included (vs €155.7m in 2018) (vs +25.0% in 2018) growth* (vs +3.8% in 2018) 12 €198.5m €79.1m Statutory New Investments net cash investments & & position (vs 8 in 2018) ( vs €154.3m in 2018) (vs - €13.6m at end -2018) commitments commitments (at 31/12/2019) * Average EBITDA LTM growth of 37 portfolio companies, weighted by each company’s 2019 RESULTS – 12 MARCH 2020 p.13 residual cost
DIVESTMENTS €377.9m of divestment proceeds and revenue in 2019 377.9 215.7 188.7 155.7 117.3 115.2 98.7 88.2 63.9 38.5 7.2 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Divestments (en €m) 2019 RESULTS – 12 MARCH 2020 p.14
DIVESTMENTS €377.9m of divestment proceeds and revenue in 2019 Full exits (6 companies – €341.7m) Partial exits / other – €36.2m €134.4m €23.9m from the sale of INSEEC U. from the dividend recapitalization of Marlink (3.6x the amount invested in 2013 ) €98.7m €3.9m from the sale of Melita from the divestiture of a Vocalcom subsidiary (2.9x the amount invested in 2016) €3.8m €83.2m of dividends from ThoughtWorks from the sale of Altran (3.0x the amount invested in 2008) €2.5m €13.5m of dividends from Alain Afflelou from the sale of Assured Partners (2.9x the amount invested in 2015) €2.1m €11.9m of other proceeds and revenue from, amongs others, Evry, from the sale of Exact Software Idealista, Attenti, Entoria and Manappuram (4.0x the amount invested in 2015) One Call / Align divested for nil 2019 RESULTS – 12 MARCH 2020 p.15
2019 Investments and Commitments €198.5m of new and follow -on investments (in € million) 198.5 154.3 143.2 83.5 20.6 12.9 118.2 112.3 9.0 22.9 92.2 * 29.3 71.8 17.7 63.0 133.7 130.3 47.1 21.3 43.2 17.4 106.0 95.3 6.0 3.8 83.0 74.5 50.5 8.6 45.6 41.1 39.6 8.6 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 0 2 3 2 7 7 12 8 11 8 12 New investments & commitments Follow-on investments Secondaries Number of new portfolio companies 2019 RESULTS – 12 MARCH 2020 p.16
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