Compagnie des Alpes - 2017 Registration Document

5 FINANCIAL INFORMATION

Parent-company financial statements

At 30 September 2017, income stemming from the agreement amounted to €900,000.

Implementation of the Foncière Rénovation Montagne project On 12 April 2013, the Board of Directors of Compagnie des Alpes (CDA) decided to authorise the implementation of the Foncière Rénovation Montagne (Mountain Real Estate Refurbishment) project and the signing of the related contracts. Thus, in April 2013, Caisse des Dépôts, Banque Populaire des Alpes (BPA), Caisse d’Épargne Rhône Alpes (CERA), Crédit Agricole des Savoie (CAS) and CDA jointly established Foncière Rénovation Montagne, a company dedicated to the financing and refurbishment of mountain tourism accommodation. On that date, the share capital of Foncière Rénovation Montagne was 48.8% held by Caisse des Dépôts, 16% held by BPA, 16% held by CERA, 9.6% held by CAS and 9.6% held by CDA. In this context, local real estate companies were established. They are owned by Foncière Rénovation Montagne (the majority shareholder) as well as by local public and private stakeholders (resorts/valleys) such as the ski lift companies and local authorities, via relevant Mixed Economy Companies. As at 30 September 2017: z CDA holds a 9.6% stake in Foncière Rénovation Montagne, representing an investment of €786 thousand; z CDA’s investments in the equity of the four local real estate companies amount to €281 thousand (unchanged from 30 September 2016): z Foncière des Ecrins: €111 thousand, or 3.1% of the share capital, z Foncière les Arcs: €59 thousand, or 4.5% of the share capital, z Foncière les Menuires: €56 thousand or 7.7% of the share capital, z Foncière la Plagne: €55 thousand or 3.0% of the share capital; z The current account advances granted to Foncière Rénovation Montagne and the local real estate companies amount to €1,071 thousand and €434 thousand, respectively. Licensing agreement with Caisse des Dépôts et Consignations On 28 June 2005, the Supervisory Board approved the signing of a license agreement for the use of the names “Caisse des Dépôts et Consignations” and “Groupe Caisse des Dépôts”. In consideration, Compagnie des Alpes pays an annual fee of 0.2% of consolidated annual sales (net of VAT), weighted according to the percentage of share capital held by Caisse des Dépôts et Consignations in Compagnie des Alpes at 1 st January of each fiscal year. At 30 September 2017, expense stemming from the agreement amounted to €551 thousand. Inclusion of Agnès Pannier-Runacher, Deputy Chief Executive Officer, in a pension plan combining defined contributions and defined benefits On 18 December 2012, the Board of Directors authorised the inclusion of Agnès Pannier-Runacher in a pension plan combining defined contributions and defined benefits. As Deputy Chief Executive Officer, Agnès Pannier-Runacher is covered by a Group supplemental pension plan for Group Executive Management. This comprises a defined-benefit plan and a defined-contribution plan. The actuarial obligation at 30 September 2017 was €184 thousand. b) not performed during the past fiscal years Furthermore, we were informed of the continued existence of the following agreements and commitments, already approved by the Shareholders’ Meeting in prior fiscal year, that were not performed during the past fiscal year. Severance package due or likely to be paid to Agnès Pannier-Runacher in the event of the termination of her tenure as Deputy Chief Executive Officer of Compagnie des Alpes On 18 December 2012, the Board of Directors of Compagnie des Alpes (CDA) decided to appoint Agnès Pannier-Runacher as Deputy Chief Executive Officer of the Group, effective from 28 January 2013. In case of permanent departure from the company, severance pay basically comprising two years of her salary will be paid to Agnès Pannier- Runacher. This payment will be conditional on the following: z an individual performance criterion: it will be met if, averaged over the previous three full fiscal years, the average portion of the variable compensation granted by the Board to Agnès Pannier-Runacher exceeds 30% of the maximum variable portion that can be awarded; z a Group performance criterion: shall be met if, averaged over the previous three full fiscal years, and on the basis of the consolidated accounts, the EBITDA margin is at least 20% like for like. No severance payment was made in respect of the period ended 30 September 2017.

Neuilly-sur-Seine and Courbevoie, 23 January 2018 Statutory auditors

PRICEWATERHOUSECOOPERS AUDIT

MAZARS

Françoise Garnier-Bel

Gilles Rainaut

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Compagnie des Alpes I 2017 Registration Document