2023 – ALTUR INVESTISSEMENT (formerly TURENNE INVESTISSEMENT): NAV AS OF SEPTEMBER 30, 2023

• NAV of 44.55 million euros as of September 30, 2023, down 3.53% compared to the NAV as of June 30, 2023 which amounted to 46.18 million euros;

• The NAV as of September 30, 2023 thus shows a share per listed sponsor share of €10.85 compared to €11.26 as of June 30, 2023.

  
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  ;

• 2.65 million euros in cash at the end of September compared to cash of 5.2 million euros at June 30, 2023.

Paris, October 23, 2023 –
ALTUR INVESTISSEMENT (Euronext – FR0010395681 – ALTUR) publishes its Net Asset Value (NAV) as of September 30, 2023, which amounts to 44.55 million euros, down 3.53% over the quarter.

François Lombard, manager of ALTUR INVESTISSEMENT comments:

“During the 3

^th

quarter 2023, Altur Investissement continued to develop its investment strategy, namely supporting companies in the Climate Tech & Proptech (Saqara) and Education & Training (Eleas) sectors while continuing to support portfolio companies.

We are entering a much more difficult economic context for investment capital: more business failures, difficulties for companies supported by venture capital to raise funds for subsequent rounds, rising rates which make operations leverage. more difficulty to set up, fewer sales, more difficulty in raising funds from institutional investors and family offices. Clearly, we are experiencing a real market turnaround and we do not anticipate any significant disposals in 2023 while seeing an increase in our provisions. »

Two investments made in 3

^th

quarter and a subscription to a fund

Altur Investissement has invested in the capital of the company Eléas, a consulting firm and training organization for Human Relations professions with strong expertise in Quality of Life and Working Conditions (“QVCT”) and the prevention of psychosocial risks in business.

Altur Investissement also invested in the capital of the company Saqara. The latter provides digital solutions to connect construction industry players.

Finally, Altur Investissement subscribed to the FPCI Turenne Hôtellerie III, an FPCI managed by Turenne Capital and investing in the hotel sector.

In order to take into account the deterioration of the economic climate on the value of portfolio holdings, Altur Investissement recorded provisions during the 3

^th

quarter 2023.

NAV as of September 30, 2023

As of September 30, 2023, the Net Asset Value (NAV), ie the present value of the portfolio and balance sheet items (cash and debt), amounts to 44.55 million euros (€11.35 per share) compared to 46.18 million euros as of June 30, 2023 (€11.76 per share), a decrease of 3.53%.

The share per share calculated taking into account the share of the distributable profits of Altur Investissement increasing statutorily to the general partners and limited partners, thus comes to €10.85 per listed limited partner share compared to €11.26 as of June 30 2023.

As of September 30, 2023, the assets of ALTUR INVESTISSEMENT are composed of:

• A portfolio of 20 companies, 4 FPCIs and 2 SLPs valued at 41.27 million euros;

• Cash of 3.28 million euros (corresponding to cash of 2.65 million euros supplemented by the liquidity contract plus treasury shares).

The company has no financial debt.

Strategy and outlook for 2023

Given the macroeconomic uncertainties, the Altur Investissement management team wishes to continue its development strategy with caution in the sectors of expertise which are Climate Tech & PropTech and Education & Training while continuing to support their growth portfolio companies.

Next meeting:

January 25, 2024
: NAV as of December 31, 2023

Portfolio composition

To date, ALTUR INVESTISSEMENT’s financial assets are distributed among 20 companies, 4 FPCIs and 2 portfolios invested in strategic sectors:

Health
:

• Menix,

  
  French leader in orthopedic prostheses and dental implants;

• BIOBank,

  
  French leader in the allograft sector;

• Cousin Surgery,

  
  designer and manufacturer of implantable medical devices in technical textile;

• Naogen Pharma

  
  innovative pharmaceutical radio products for non-invasive molecular imaging;

• FPCI Capital Santé I

  
  FPCI managed by Turenne Capital and investing in the health sector;

• FPCI Capital Santé II

  
  FPCI managed by Turenne Capital and investing in the health sector;

• SLP Extens III

  
  managed by Extens and investing in e-health;

• Adagia Capital Europe

  
  a co-investment vehicle in the capital of Minlay, a dental prosthesis laboratory group in Europe.

Generational Services
:

• Funeral Homes of France

  
  network of franchisees of funeral agencies and own agencies.

Energy transition
:

• Sermeta,

  
  world leader in stainless steel heat exchangers for gas condensing boilers;

• Countum

  
  French leader in industrial and transactional metering of petroleum products;

• EMP Rotomolding

  
  develops and produces custom rotomolded parts that are 100% recyclable.

Specialized distribution
:

• Demarne

  
  specialist in the import and wholesale of seafood products;

Hotel
:

• Mercure Nice Notre Dame

  
  establishment with 198 rooms;

• Mercure Lyon Center Château Perrache

  
  establishment with 120 rooms;

• FPCI Turenne Hôtellerie II

  
  FPCI managed by Turenne Capital and investing in the hotel sector;

• FPCI Turenne Hôtellerie III

  
  FPCI managed by Turenne Capital and investing in the hotel sector.

Education and training:

• Eleas,

  
  consulting firm and training organization for HR professions with strong expertise in Quality of Life and Working Conditions (“QVCT”) and the prevention of psychosocial risks in business.

ClimateTech and PropTech:

• Flexliving

  
  operator of flexible, part-time accommodation, in subscription format for regular business travel;

• Saqara

  
  digital solutions to connect construction industry players;

• Wall’up

  
  prefabricated construction panels in hemp concrete and wooden frame;

• Vestalis

  
  turnkey furnishing service;

• Sezame,

  
  real estate leasing.

Miscellaneous:

• Camel,

  
  specialist in sending greeting cards on the Internet;

• Trophy

  
  portfolio holding equity securities of three French SMEs;

• SerVme

  
  CRM for catering.

Contacts

This press release may not be published, transmitted or distributed, directly or indirectly, in the United States, Canada, Japan or Australia. This press release, and the information it contains, do not constitute an offer to sell or subscribe, nor a solicitation of a purchase or subscription order, for transferable securities in any country other than France.

This document (including any reproduction) must not be distributed or transmitted within the United States of America, including any branch or agency of a non-American person resident in the United States of America or any other American person. Any failure to comply with these restrictions could constitute a violation of the United States of America Financial Instruments Regulations (

United States Securities Laws

).

In the United Kingdom, this document is intended only for (i) persons who have professional experience in relation to investments referred to in section 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the “Order” ), (ii) to persons referred to in Article 49(1) (high net worth entities) of the Order, or (iii) to persons who are qualified as intermediary clients within the meaning of chapter 4 of the Code of good conduct of the FSA (all of these persons being hereinafter referred to as “qualified persons”). This document is only intended for these categories of people. Persons who do not meet the definition of qualified persons should not consider or rely on this document or its contents. The distribution of this document in any other country may be subject to legal restrictions and persons into whose possession this document comes should be aware of and comply with such restrictions. By taking possession of this document you are deemed to agree to be bound by the limitations.

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It is recalled that article 12.2 of the statutes of the partnership limited by shares Altur Investissement provides that 80% of the profits are allocated to the limited partners (“the investors”), the balance returning to the general partners (“the managers”)

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