Paris, 7 April 2020 – The Covid-19 epidemic is creating a situation of major uncertainty. From today's vantage point, no one can predict how long it will take to emerge from this public health crisis, what the human or economic costs will be, nor how long it will take for the economy to return to normal.

Leveraging the experience gained during the 2008 crisis, the Management Company anticipates that the private equity sector will see an almost total halt to new investments and divestments, coupled with a need to invest additional amounts in their portfolio companies. EBITDA of portfolio companies will decline, as will peer-group multiples, while indebtedness will rise.

With respect to Altamir:

- Given the uncertainty surrounding the length and breadth of the coronavirus epidemic and its impact on the performance of the companies in the portfolio, the Management Company can no longer maintain the 2020 guidance announced when 2019 earnings were published, and it is not in a position to issue new guidance.

- Altamir's portfolio should be resilient for the most part, because it is made up principally of growth companies that are leaders in their sector and are geographically diversified.

- All the companies in the portfolio have taken measures necessary to preserve their business activity and their cash to the greatest extent possible.

Following the high level of divestment activity in 2019, Altamir is entering this difficult period with a sound financial condition. Cash totalled €79m as of 31 December 2019 and the Company is negotiating an increase in its bank lines of credit from €30m as of 31 December 2019 to €70m, or 10% of the shareholders' equity of the parent company as of that date, i.e. the maximum allowed under its status as an SCR (Société de Capital Risque).

Moreover, in order to reflect the impact of the current situation on NAV as of 31 March, the Company has decided to revalue all of its shareholdings, and not only the listed companies as it usually does at the end of the first quarter. Consequently, the Company has postponed publication of NAV as of 31 March from 12 May, as initially planned, to 19 May 2020.

Forthcoming events :

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About Altamir

Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with a NAV of more than €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, Services) and in complementary market segments (mid-sized companies in continental Europe and larger companies in Europe, North America and key emerging markets).

Altamir derives certain tax benefits from its status as a 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

Tél. : +33 1 53 65 01 74 / +33 6 34 32 38 97

E-mail : claire.peyssard-moses@altamir.fr