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Valuation policy

Portfolio companies, both directly and indirectly held, are valued by the Funds’ investment managers, reviewed by the Funds’ auditors, and agreed upon by the Board of Advisers of the Funds.

Altamir’s policy is to follow the valuations made by the Funds’ investment managers.

Before their final acceptance, these valuations are reviewed by the management of Altamir Gérance, by Altamir’s auditors, and by the Audit Committee of Altamir’s Supervisory Board and the Supervisory Board in general.

Valuation method

The Apax fund management companies value their portfolios based on the principles of fair value, in accordance with International Private Equity Valuation (IPEV) recommendations.

The Apax fund managers have always pursued a conservative valuation policy, as can be seen in the uplift historically generated from divestments (selling price higher than the last valuation made before the divestiture).

Unlisted companies are valued every half-year, and listed companies are valued every quarter.

For unlisted investee companies held for more than one year: For unlisted invested companies held for less than one year: For listed invested companies:

Valuations generally based on a sample of peer-group multiples (listed companies and recent transactions).

Apax Partners France may apply a downward adjustment* of up to 20%.

In principle, Apax Partners LLP does not make any adjustments, since it invests in larger companies.

Apax Partners France values companies at cost, except under specific circumstances.

Apax Partners LLP usually values growth capital investments close to cost; buyout investments may be revalued from the first day that they are held.

Valued at the last listed price of the period, except in the event of restrictions in tradability or other exceptional circumstances.

* This downward adjustment corresponds to a liquidity adjustment of 0-20% based on performance quality, the position of Apax Partners/Altamir in the capital (minority vs. majority, exit rights, etc.), the level of mergers & acquisitions activity in the sector, Management influence and weight at exit, and the liquidity of comparable companies.

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