Compagnies des Alpes // 2019 Universal Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

years up to 31 May 2021, then on 29 March 2016 for 10 years up to 31 May 2031. l Méribel Alpina: Concessions respectively granted by the municipality of Les Allues for the period from 18 December 1989 to 17 December 2019 (30 years) and extended until 31 May 2034, and by the municipality of Brides-les- Bains for the period from 30 June 1992 to 17 December 2019 (27 years), including the extension which is being renegotiated. l Grand Massif Domaines Skiables (GMDS): Concession granted by the department of Haute-Savoie, amended by an additional clause, for the period from 9 January 1989 to 8 January 2019 (30 years), subsequently renegotiated for fi ve years up to 2024. Concession for the operation of new ski lifts and ski runs granted by the municipality of Magland for the period from 4 July 2000 to 30 April 2025 (25 years). Concession for the operation of new ski lifts and ski runs granted by the municipality of Arâches-la-Frasse in the part of its territory falling within the Flaine ski area for the period from 9 July 2004 to 30 April 2029 (25 years). Concession for the operation of new ski lifts and ski runs granted by the municipality of Morillon for the period from 8 July 2016 to 31 May 2047 (31 years). Concession granted by the municipalities of Morillon and Arâches-La- Frasse for the operation of the Perce-Neige Arête area for the period from 17 July 2008 to 15 December 2022. Concession for the operation of new ski lifts and ski runs granted by the municipality of Samoëns for the period from 1 September 2000 to 30 April 2030 (30 years). Concession signed on 28 January 2013 with the municipality of Sixt- Fer-à-Cheval for a 40-year period ending 30 September 2053. l SCV Domaine Skiable – Serre Chevalier: Concession granted by the municipality of Saint-Cha ff rey for the management and operation of the new ski lifts and the ski area for the period from 1 December 2004 to 30 August 2034 (30 years). Concession granted by the Syndicat Intercommunal de Gestion et d’Exploitation des Domaines d’Hiver et d’Été de Serre Chevalier 1400- 1500 (SIGED, grouping of several municipalities) for the operation of ski lifts and ski runs for the period from 1 November 1998 to 31 October 2018 and replaced by a new concession on 14 December 2017 for the period from 1 November 2017 to 31 October 2047 (30 years). Concession granted by the Syndicat Intercommunal à Vocation Unique du Prorel (single-purpose grouping of municipalities) for operation and management of the Massif du Prorel facilities for the period from 15 December 2006 to 31 October 2034. l Société de Téléphérique de Val-d'Isère (STVI) – Val-d'Isère: Concession granted in May 1982 by the municipality of Val-d’Isère initially for a 30-year period (expiring in 2012) and extended in 1991 for 8 years (until July 2020), and again in 2014 for 12 years (until July 2032). Concession granted in September 1970 by the municipality of Bonneval s/Arc initially for a 30-year period and extended in 1994 for an additional 18 years to 9 April 2019. An amendment was signed on 5 April 2019, bringing the end of this concession to 30 November 2019. A new amendment was signed in November 2019, bringing the end of the concession to 30 November 2020. l Deux Alpes Loisirs (DAL) – Les Deux Alpes: Concession granted on 21 June 1993 by the municipality of Mont-de- Lans for a 30-year period (until 2023). Concession granted on 14 January 1994 by the municipality of Venosc for a 30-year period (until 2024).

Assets classi fi ed as held in concession are: l assets supplied by the granting authority which are to be returned at the end of the concession; l assets supplied by the operator which are to be placed at the granting authority’s disposal at the end of the concession (typically in exchange for payment to the operator). Transfers for no consideration from the granting authority and assets under leasing contracts are not recognised in the Group’s balance sheet. A provision is funded on the liability side of the balance sheet (major repair provisions) for periodic maintenance of these facilities. The Company’s other assets, which are not connected with the concession and which don’t meet these criteria, are classified as directly-owned assets. Conditions governing return to granting authorities When concession agreements expire, it is generally expected that the concession assets acquired by the operator will be recovered by the granting authority in return for a payment. This payment is based on various calculation methods set out in the contracts. It is at least equal to their net book value. Main concession agreements Concessions granted by municipalities, municipalities groups and associations The main concession agreements of consolidated Group companies are as follows: l Société des Téléphériques de la Grande Motte (STGM) – Tignes: concession granted by the municipality of Tignes initially for the period from 5 September 1988 to 30 September 2016 (28 years) and extended in 1998/1999 for an additional ten years to 31 May 2026; l Société d'Aménagement de la Station de La Plagne (SAP) – La Plagne: concession granted by the Syndicat Intercommunal de la Grande Plagne (SIGP, grouping of several municipalities) initially for the period from 15 December 1987 to 10 June 2017 (30 years) and extended in 1998/1999 for an additional 10 years to 10 June 2027; l ADS – Les Arcs-Peisey-Vallandry: Concession granted by the municipality of Bourg-Saint-Maurice for the period from 1 June 1990 to 31 May 2020 (30 years) and extended for 10 years in January 2015 until 31 May 2030. Concession granted by the municipality of Villaroger for the period from 1 June 1998 to 31 May 2020. Concession granted by the municipality of Peisey-Nancroix for the period from 1 January 1997 to 31 May 2020. Concession granted by the Syndicat Intercommunal à Vocation Multiple (SIVOM, a grouping of several municipalities) of Landry- Peisey-Nancroix for the period from 18 October 1989 to 30 October 2019 (30 years). This concession was renewed for 30 years until July 2049. l Société d'Exploitation de la Vallée des Belleville (SEVABEL) – Les Ménuires: Concession for the operation of the Saint-Martin-de-Belleville ski area, granted by the municipality of Les Belleville initially for the period from 1 December 1990 to 31 May 2017 (27 years) and extended on 16 May 2001 for four years to 31 May 2021, then on 29 March 2016 for ten years to 31 May 2031. Concession for the operation of the Ménuires ski area granted by the Syndicat Mixte pour l’Aménagement de Belleville (SYMAB, grouping of several municipalities) initially for the period from 1 December 1990 to 31 May 2017 (27 years) and extended on 11 August 2000 for four

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Compagnie des Alpes I 2019 Universal registration document