Compagnie des Alpes // 2021 Universal Registration Document

1 INTRODUCTION TO COMPAGNIE DES ALPES AND ITS ACTIVITIES Activities, markets and competition

After financial year 2019/2020, which was significantly marked by the Covid-19 pandemic and the lockdown measures, financial year 2020/2021 was even more impacted by long periods of closures, which the governments of the countries in which Compagnie des Alpes operates its sites imposed as a result of the crisis. However, the 4 th quarter was marked by the dynamic recovery of the Leisure parks business. This financial year breaks down into three distinct periods: • a 1 st half-year during which all Leisure parks and Ski areas could only open a few days in October and were still closed at the end of the period; • a 3 rd quarter during which the sites gradually reopened, staggered between early May and early June, but with health restrictions in place; • then a 4 th quarter during which activity was particularly dynamic. It is for this reason that any comparison, in terms of activity or attendance, with financial year 2018/19 is made difficult . However, the 2018/19 financial year (the last financial year not impacted by the consequences of the health crisis) remains the benchmark.

1.1 Activities, markets and competition

With more than five million visits received in 2020/2021 at its 23 (1) sites, Compagnie des Alpes is a major player in the leisure sector in Europe. One of the world leaders in ski area operations (2) , it manages 10 of the most important areas in France. It is also a major European player in leisure parks with 13 sites: 5 in France, 4 in Belgium, 1 in the Netherlands, 1 in Switzerland, 1 in Austria and 1 in Canada (3) .

1.1.1 SKI AREAS (4.8% OF GROUP CONSOLIDATED REVENUE IN 2020/2021)

As a secondary activity, the Group sells land to real-estate developers. At present, this activity has not exceeded 5% of total Ski areas revenue and has been limited to two ski areas – Les Arcs and Flaine. This business is conducted under the development concessions that are also described in the above-mentioned Note 1.14. As the land is held for sale, its net book value is recorded under inventories on the balance sheet (Chapter 5). 1.1.1.1 The global ski market (4) The global ski market is made up of close to 2,000 resorts in around 67 countries. Before the Covid-19 crisis, it totalled nearly 400 million skier-days (including indoor ski resorts) and offered six million commercial beds, mainly concentrated in industrialised countries. In the 2019/2020 season (5) , the three countries that registered the highest number of skier-days were the United States (51.1 million), Austria (47.5 million) and France (44.9 million). Even if the practice of skiing is widespread, there are few “large” resorts (a resort is qualified as “large” when it exceeds one million skier-days per season). 83% of them are located in the Alps.

The Group’s ski lift companies equip, maintain and operate ski areas. Their main task is to develop and manage natural areas in order to be able to offer their customers alpine skiing activities and high-altitude recreational activities in a way that respects the environment and offers optimal safety. The resorts where Compagnie des Alpes operates are all located in France, where the business model is based on very long-term concession agreements. The characteristics and durations of these agreements are described in Chapter 5 (Note 1.14 to the Consolidated Financial Statements). Compagnie des Alpes is thus one of the key contributors to the local economy, alongside accommodation providers, local authorities and French ski schools. Their revenues are drawn from entrance fees for ski lifts. Expenses are related to the financing of facilities, personnel costs, taxes and local fees, and normal operating costs (maintenance, energy, insurance, etc.). In addition to its portfolio of 10 ski areas, Compagnie des Alpes holds minority interests in 4 French companies that operate the ski areas in Chamonix (37.5%), Avoriaz (20%), Valmorel (20%), and La Rosière (20%).

(1) The Les 2 Alpes ski area was removed from the scope of Compagnie des Alpes on 1 December 2020, and on 16 September 2021, the Group announced the closure of its Grévin Montreal site in Canada.

(2) There is only one other group operating ski lifts with the same number of skier-days as the Group. (3) On 16 September 2021, the Group announced the closure of its Grévin Montreal site in Canada. (4) Source: Laurent Vanat, “2019 International Report on Snow & Mountain Tourism”. (5) Source: Domaines Skiables de France – 2020 Indicators and Analysis.

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Compagnie des Alpes I 2021 Universal registration document