Compagnie des Alpes // 2020 Universal Registration Document

5 FINANCIAL INFORMATION

Parent-company financial statements

5.4.3 STATUTORY AUDITORS’ REPORT ON THE ANNUAL FINANCIAL STATEMENTS

(Fiscal year ended 30 September 2020) To the Shareholders’ Meeting of Compagnie des Alpes, Opinion Under the terms of the mission entrusted to us by your Shareholders’ Meeting, we have performed an audit of the annual financial statements of Compagnie des Alpes for the fiscal year ended 30 September 2020, such as they are attached to this report. We certify that, as per French generally accepted accounting principles, the annual financial statements give a true and fair view of the operating performance over the past fiscal year, as well as of the financial position and assets and liabilities of the Company at the end of that fiscal year. The opinion expressed above is consistent with the content of our report to the Audit and Finance Committee. Basis for our opinion Audit guidelines We have carried out our audit in accordance with the professional standards applicable in France. We feel that the audit evidence we collected provides a sufficient and adequate basis for our opinion. The responsibilities assigned to us pursuant to these standards are presented in the section “Responsibilities of the Statutory Auditors regarding the audit of the annual financial statements” in this report. Independence We have carried out our audit in compliance with the independence provided for in the French Commercial Code and the French Code of Ethics for Statutory Auditors, during the period from 1 October 2019 to the date of our report, and in particular we have not provided services prohibited under Article 5, paragraph 1, of regulation (EU) No. 537/2014. Justification of our assessments – Key points of the audit The global crisis in relation to the Covid-19 pandemic creates special conditions for the preparation and auditing of the financial statements for this fiscal year. This crisis and the exceptional measures taken as part of the health emergency are having multiple consequences for companies, particularly as regards their activity and financing, as well as increased uncertainty about their future outlook. Some of these measures, such as travel restrictions and teleworking, have also had an impact on the internal organisation of companies and the way in which audits are carried out. It is in this complex and evolving context that, pursuant to the provisions of Articles L. 823-9 and R. 823-7 of the French Commercial Code relating to the justification of our assessments, we bring to your attention the key points of the audit relating to the risks of material misstatement which, in our professional judgement, were the most important for the audit of the annual financial statements for the year, as well as the responses we have provided to these risks. These assessments were made as part of our audit of the annual financial statements taken as a whole and the formation of our opinion expressed above. We express no opinion on specific elements of the annual financial statements. Valuation of shareholdings Risk identified Most of the Company’s assets are shareholdings that are measured in line with the method indicated in Notes 2.3 and 3.2 to the annual financial statements. The Covid-19 pandemic and the lockdown measures decided by the governments of the countries in which the Group operates, have led to a complete halt in the activity of the Group’s business lines from 14 March 2020. As indicated in Note 1 “Key events during the fiscal year - Consequences of the Covid-19 pandemic”, this pandemic had a very significant negative impact on the Group’s results and consequently led to the recognition of an impairment of financial assets in the amount of €71.1 million at 30 September 2020. We considered the valuation of equity investments to be a key audit matter due to: l on the one hand, the impacts of the Covid-19 pandemic on the activities of the subsidiaries; l on the other hand, their significant importance in the annual financial statements; l and, lastly, because the determination of their recoverable amount, based on multi-criteria valuation methods, requires the use of assumptions, estimates or assessments likely to have a significant impact on the provisions for impairment recognised. Our solution We have reviewed the impairment testing methods applied by the Company. These are notably based on the medium-term business plans prepared for each subsidiary, reviewed and approved by the Company’s governance. We have assessed: l the quality of the process for drawing up and approving the 2020/2021 budget and, more broadly, the medium-term plans for 2020/2025 drawn up by the Group’s Executive Management, presented to the Board of Directors and revised by the latter in November 2020;

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Compagnie des Alpes I 2020 Universal registration document