Compagnie des Alpes // 2020 Universal Registration Document

3 REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers

3.3.2.2 Equity ratio, change in compensation and Company performance (Article L. 22-10-9 par. 6 and 7 of the French Commercial Code)

This presentation is made in accordance with Article L. 22-10-9 par. 6 and 7 of the French Commercial Code as amended by Order No. 2019-1234 of 27 November 2019. The table, in accordance with Article L. 22-10-9 par. 6 of the French Commercial Code, shows, on the one hand, the level of compensation

of the Chairman and Chief Executive Officer of the Company in light of the average compensation of employees (excluding corporate officers) and, on the other, the median of the compensation of employees (excluding corporate officers) of Compagnie des Alpes, as well as changes in this ratio over the five most recent fiscal years.

RATIO OF THE COMPENSATION OF DOMINIQUE MARCEL, CHAIRMAN AND CHIEF EXECUTIVE OFFICER, IN RELATION TO THE COMPENSATION OF COMPANY EMPLOYEES (AVERAGE AND MEDIAN)

Change over five years

2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 €565,289 €588,038 €533,070 €476,558 €472,557

Annual compensation paid to the Chairman and CEO (1) Change in annual compensation paid to the Chairman and CEO

-16%

1%

4%

-9%

-11%

-1%

184,006 207,203 218,344 232,292

93,775

-49%

EBITDA (in thousands of euros)

EBITDA change

7%

13%

5%

6%

-60%

Change in average annual compensation paid to CDA SA employees (2)

4%

-2% 6.08

9%

0%

-4% 4.68

2%

Chairman and CEO to Median Pay ratio

5.70 -4% 6.99 -3%

5.05 -17% 6.41 -11%

4.52 -10%

-18%

Change in RATIO as % of average compensation paid to employees

7%

4%

Chairman and CEO to Average Pay ratio

7.23

5.71

5.67

-19%

Change in RATIO as % of median compensation paid to employees -1% (1) The annual compensation paid to the Chairman and Chief Executive Officer during the fiscal year includes the following items of compensation: fixed compensation, variable compensation, benefits in kind and profit-sharing. (2) The annual compensation paid to Company employees (excluding corporate officers) during the fiscal year on the basis of a full-time equivalent within the Company includes the following items of compensation: fixed compensation, variable compensation, benefits in kind, profit-sharing and free performance shares. In accordance with AFEP recommendations, the methodology for calculating the average and median compensation of employees has been revised to include the allocation of free performance shares (valued at the fair value of the share at the time of the initial allocation), it being recalled that the Chairman and Chief Executive Officer is not eligible for the free performance share scheme. The equity ratios since 2015/16 have therefore been recalculated accordingly to take into account the inclusion of this item of compensation. 3% -11%

The graph below shows the change over the last five fiscal years in the annual compensation paid to the Chairman and Chief Executive Officer, the average annual compensation paid to the Company’s employees, the Group EBITDA performance criterion and the two performance ratios referred to above. The equity ratios represent the differences between the compensation of the Chairman and Chief Executive Officer and the average and median annual compensation paid to CDA SA employees.

The average annual compensation of employees increased by 2% between the 2015/2016 and 2019/2020 fiscal years while the compensation of the Chairman and Chief Executive Officer decreased by 16% and the EBITDA decreased by 49% during the same period. The compensation of CDA SA employees is changing more favourably than the compensation of the Chairman and Chief Executive Officer (having seen a decrease in the latter in March 2017). As a result, the gap between the average compensation of employees and that of the Chairman and Chief Executive Officer has narrowed by 18% in recent years. The compensation of CDA SA employees has also changed in line with the CDA Group’s EBITDA over the last few years (excluding the specific results for 2019/2020 linked to the impact of the exceptional health situation). EBITDA is a performance criterion representative of the evolution of the Group’s results, and determines the achievement of the quantitative objectives of the employees and of the Chairman and Chief Executive Officer, as well as the profit-sharing budget at CDA SA. It should be noted that in 2019/2020, the Group’s EBITDA was lower than in previous years and will impact the compensation of employees and of the Chairman and Chief Executive Officer due in respect of 2019/2020 and paid during the next 2020/2021 fiscal year.

CHANGES IN COMPENSATION, EQUITY RATIOS AND PERFORMANCE OF THE COMPANY

8

700,000

7

600,000

6

500,000

5

400,000

4

300,000

3

Equity ratios

200,000

2

Compensation and EBITDA

100,000

1

0

0

2017/2018

2016/2017

2015/2016

2018/2019

2019/2020

Chairman and CEO Compensation / Average Employee Compensation Ratio Annual compensation paid to the Chairman and CEO Chairman and CEO Compensation / Median Employee Compensation Ratio

Average annual compensation paid to CDA SA employees EBITDA (in thousands of euros)

80

Compagnie des Alpes I 2020 Universal registration document