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partner as dividends, at such times and places designated by the Management Company and no later than nine months after the balance sheet date, an amount equal to
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designated by the Management Company and no later than nine months after the balance sheet date, an amount HTXDOWRRIWKHDGMXVWHGQHWLQFRPHIRUWKDW\HDU
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of the balance of distributable earnings to shareholders at WKHLU2UGLQDU\*HQHUDO0HHWLQJ
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6WDWXWRU\ QHW LQFRPH IRU WKH ´QDQFLDO \HDU HQGHGDecember 2013 was €
As earnings were distributed in previous years, the amount DYDLODEOH IRU WKH ´QDQFLDO \HDU LV HTXDO WR WKH QHW
income of that year, without taking any retained earnings LQWRDFFRXQW
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,Q DFFRUGDQFH ZLWK WKH $UWLFOHV RI $VVRFLDWLRQ WKHdividend to be distributed to the general partner and to KROGHUVRI&ODVV%VKDUHVLV€7,931,110, composed of €793,111 and € €SHU&ODVV%VKDUH UHVSHFWLYHO\
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At their General Meeting, shareholders will also be asked to approve the distribution of a dividend of €LHa gross amount of €SHURUGLQDU\VKDUHEDVHGRQRI
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These dividends are paid from the capital gains realised by the Company on equity investments held for more than WZR \HDUV )RU LQGLYLGXDO VKDUHKROGHUV UHVLGHQW LQ )UDQFHthese distributed dividends do not qualify for the 40%
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Shareholders will also be asked to allocate € WRWKHOHJDOUHVHUYH
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to the dividends not paid in respect of these shares will be DOORFDWHGWRUHWDLQHGHDUQLQJV
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Financial year Income not eligible for exclusion Income eligible
for exclusion Dividends
Other income distributed to the general partners
2010 - -
-2011
€10,140,548* i.e. €0.20 per ordinary share and €152.73
per Class B preferred share €315,343
-2012
€24,019,548** i.e. €0.41 per ordinary share and €487
per Class B preferred share €1,005,501
-* comprising dividends of €IRUKROGHUVRI&ODVV%SUHIHUUHGVKDUHVDQG€IRURUGLQDU\VKDUHKROGHUVQRWLQJWKDWWKHODWWHU
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** comprising dividends of € IRUKROGHUVRI&ODVV%SUHIHUUHGVKDUHVDQG€ IRURUGLQDU\VKDUHKROGHUVQRWLQJWKDWWKHODWWHU
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VI. ALLOCATION OF ATTENDANCE FEES TO MEMBERS OF THE SUPERVISORY BOARD
At the Annual General Meeting of 24 April 2014, it will be proposed that the sum of € EH DOORFDWHG DV
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VII. REGULATED AGREEMENTS
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VIII. THE COMPANY’S GOVERNING BODIES
At the Combined General Meeting of 29 March 2012, shareholders amended Article 18 of the Articles of Association so as to stagger the terms of the members of WKH6XSHUYLVRU\%RDUG
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order to pursue a new role at %133DULEDV
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appointed Marleen Groen as an interim member to replace 0V -DYDU\ IRU WKH UHPDLQGHU RI KHU WHUP LH XQWLO WKH HQG
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Groen could be considered independent according to the
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services industry, Marleen has spent 18 years in the global SULYDWHHTXLW\VHFRQGDULHVPDUNHW3ULRUWREHFRPLQJ6HQLRU
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will be asked to appoint Sophie Stabile, residing at 74, rue GX )DXERXUJ 3RLVVRQQLqUH 3DULV )UDQFH WR WKH
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will enable the Company to meet its obligations in the area of balanced representation of men and women on the 6XSHUYLVRU\%RDUG
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Sophie Stabile is a graduate of the Ecole Supérieure de Gestion et Finances 6KH EHJDQ KHU FDUHHU ZLWK
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promotion of women, and since December 2013, Chairman
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found under “Corporate Governance” in the “Supplementary ,QIRUPDWLRQ«VHFWLRQRIWKLV5HJLVWUDWLRQ'RFXPHQW
IX. THE COMPANY’S FINANCIAL RESOURCES
As of 31 December 2013, Altamir had authorised lines of credit totalling €PWKHVDPHDPRXQWLWKDGDVRI'HFHPEHU
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X. LIQUIDITY OF ALTAMIR SHARES
Description of the share buyback programme
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buyback programme at the General Meeting of 24 April
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- Programme authorisation: General Meeting of 24 April
- Securities included in the programme:RUGLQDU\VKDUHV
- Maximum percentage of capital that may be repurchased:
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that this limit is calculated as of the date of the buybacks so that any increases or decreases in capital that might take place during the course of the programme will EH WDNHQ LQWR DFFRXQW 7KH QXPEHU RI VKDUHV XVHG WR
calculate compliance with the limit is the number of shares purchased less the number of shares resold during the SURJUDPPHIRUWKHSXUSRVHRIPDLQWDLQLQJOLTXLGLW\
- Maximum purchase price: €
- Maximum amount of programme: €N
- Procedures: purchases, sales and transfers by any means, RQ WKH PDUNHW RU RYHU WKH FRXQWHU LQFOXGLQJ EORFN WUDGHV
The resolution proposed to shareholders does not place a limit on the portion of the programme that can be carried RXWE\SXUFKDVLQJEORFNVRIVKDUHV
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The Company does not intend to use derivative products in FRQQHFWLRQZLWKWKLVFRQWUDFW
- Objectives: ensure secondary market activity and liquidity in Altamir shares via a liquidity contract with an investment VHUYLFHV SURYLGHU VWRFNEURNHU WKDW FRPSOLHV ZLWK WKH
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- Programme duration: 18 months, starting from the General 0HHWLQJRI$SULOLHXQWLO2FWREHU
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The Management Company’s authorisation regarding share buybacks
At their 18 April 2013 General Meeting, shareholders authorised the Management Company to repurchase shares UHSUHVHQWLQJXSWR DGMXVWHGLIDSSOLFDEOH RIWKHVKDUH
capital of the Company so as to ensure an active and liquid PDUNHWIRUWKHVKDUHVXQGHUWKH$0$),FRPSOLDQWOLTXLGLW\
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price for the shares is set at €DQGWKHPD[LPXPDPRXQW
of the programme at €7KHVHWUDQVDFWLRQVPD\
not take place during a tender offer, and the Company does QRWLQWHQGWRXVHGHULYDWLYHSURGXFWV
Results of the share buyback programme
The results of the programme for 2013 were as follows, keeping in mind that all of these transactions were carried RXWXQGHUWKHOLTXLGLW\FRQWUDFW
Quantity Amount (€) Average price (€)
Purchases 953,518 7,674,086.24 8.05
Sales 985,954 7,917,997.48 8.03
These transactions resulted in a gain for Altamir, net of additions to and reversals of provisions, of €
The number of shares held in treasury at 31 December 2013 ZDVRURIWKHVKDUHFDSLWDO$OORIWKHVKDUHV
were allocated to maintaining a secondary market via the OLTXLGLW\FRQWUDFW
Their value at the closing price on 31 December 2013 was
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Their weighted average cost was €
The overall par value was €
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Shares held in treasury were not used in any way, nor reallo-FDWHGGXULQJWKH´QDQFLDO\HDU
As of 31 December 2013, the liquidity account was composed RI
- 18,777 shares,
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Quantity Amount (€) Average price (€)
Purchases 403,138 2,697,571 6.69
Sales 421,351 2,811,546 6.67
These transactions had resulted in a gain for Altamir, net of provision reversals, of €