Compagnie des Alpes // 2020 Universal Registration Document

3 REPORT ON CORPORATE GOVERNANCE Functioning of executive and management bodies

In accordance with the provisions of Article L. 22-10-12 paragraph 2 of the French Commercial Code as amended by Law No. 2019-486 of 22 May 2019 (the Pacte Law), the Board of Directors, on the recommendation of the Audit and Finance Committee, set up, at its meeting of 25 January 2021, a procedure to regularly assess whether the agreements relating to current transactions and concluded under normal conditions (excluding agreements with wholly-owned subsidiaries) meet these conditions, it being specified that the persons directly or indirectly concerned by these agreements, do not take part in this evaluation. The purpose of this procedure, intended for members of the Board of Directors, is to highlight the criteria for identifying so-called “free” agreements (Article L. 22-10-12 of the French Commercial Code) , dist inguishing them f rom “regulated” agreements (Article L. 225-38 of the French Commercial Code) and “prohibited” agreements (Article L. 225-43 of the French Commercial Code), and to describe the method used to assess the ordinary nature of these agreements. Periodically (at least once a year), the Board of Directors carries out this assessment by examining a report issued by the Company’s internal departments enabling it to assess whether the conditions are met.

The Company’s Legal Department, with the help of the Finance Department, prepares a pre-analysis report on these agreements, which it sends to the Audit and Finance Committee for an initial review prior to that of the Board of Directors. At its meeting of 25 January 2021, the Board of Directors confirmed that the conditions were met for ongoing agreements relating to routine operations concluded under normal conditions. It thus decided not to reclassify these standard agreements as regulated agreements. Attendance rate of Directors at Board and Committee meetings during the 2019/2020 fiscal year During the 2019/2020 fiscal year, the Board of Directors of Compagnie des Alpes met ten times, including four times by videoconference in view of the measures related to Covid-19. The Strategy Committee met once, while the Audit and Finance Committee met four times, and the Appointments and Compensation Committee met twice. The non-voting member and representatives of the Works Council and Statutory Auditors also attended Board meetings. The members’ average attendance rate at Board and Committee meetings was 82.65%.

The table below mentions the individual attendance rate (meetings of the Board of Directors and the Committees held during fiscal year 2019/2020) of Directors and the non-voting member who served in that capacity during the fiscal year:

Rate of attendance

Audit and Finance Committee

Strategy Committee

Appointments and Compensation Committee

Name of Director Dominique Marcel

Board of Directors

100%

100% 100%

CDC, represented by Virginie Fernandes (1) CADS, represented by Emmanuelle Jianoux BPAURA, represented by Maria Paublant

80% 80% 70% 80%

100%

100%

CERA, represented by Bénédicte Davy/Jérôme Ballet (2)

75%

50%

Sofival, represented by Jean-François Blas

0%

0%

Antoine Gosset-Grainville

100% 100%

100% 100%

100% 100%

Giorgio Frasca (3) Carole Montillet Serge Bergamelli

100%

90% 90% 80% 50%

75%

Rachel Picard

0%

Francis Szpiner (3) Clothilde Lauzeral (4) Arnaud Taverne (4)

100% 100%

Sophie Sasinka (Director representing employees)

80% 90%

Jacques Maillot (non-voting member) 100% (1) Carole Abbey replaced Virginie Fernandes as Permanent Representative of Caisse des Dépôts et Consignations on the Board of Directors of Compagnie des Alpes with effect from 28 January 2021. (2) Bénédicte Davy was replaced by Jérôme Ballet as permanent representative of CERA with effect from 3 February 2020. 100%

(3) Until 5 March 2020, the date on which the Director’s term of office was not renewed. (4) From 5 March 2020, date of the appointment of the Director at the Shareholders’ Meeting. Assessment of the Board of Directors and Committees Under the terms of the Charter (Article II.2.6.), the Board recorded in its internal regulations a mechanism for the annual assessment of its operations and a formal assessment to be conducted every three years, as recommended by the AFEP-MEDEF Code of Corporate Governance. The Board conducts an assessment of its capacity to meet shareholder expectations. This evaluation has three objectives: (i) to review the Board’s operating procedures; (ii) to check whether important issues are properly prepared and discussed; (iii) to measure the actual contribution of each Director to the work of the Board and the

committees of which he or she is a member, in view of his or her expertise and involvement in the deliberations. The Board held discussions on its functioning during the 2019/2020 fiscal year. They revealed the general satisfaction of the Directors with respect to the composition, organisation and functioning of the Board of Directors and Committees. In addition, during FY 2020/2021 and in accordance with the AFEP-MEDEF Code, the three-year formal evaluation of the Board, covering both the composition and the functioning of the Board and its committees, was carried out during the meeting of the Board of

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Compagnie des Alpes I 2020 Universal registration document