Compagnies des Alpes // 2019 Universal Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

Moreover, under the di ff erent contracts signed by the Group, CDA subsidiaries may enter into agreements on investment budgets. Such agreements are variable and can be reviewed, mainly with regard to their term, amount and nature, depending on the contract and implementation opportunities. In light of certain lease contracts signed by the Leisure parks, these investment budget agreements may concern all of the Group’s subsidiaries. Real estate development concessions l ADS has concessions for real estate development granted by the municipality of Bourg-Saint-Maurice; l through its 99.9%-owned subsidiary, SCIVABEL, SEVABEL also holds the development concession for the Reberty urban development zone (ZAC de Reberty) at Les Ménuires; l GMDS, with its 99.99%-owned subsidiary Société d’Aménagement Arve-Gi ff re (SAG), also owns land in Flaine in the Grand Massif. This real-estate company is managed under a tourism-development arrangement with the Syndicat Intercommunal de Flaine (grouping of several municipalities). The projected development costs are recognised pro rata to the building permits sold, upon signing of the deed of sale. Leisure park concessions l Concession for the highway interchange giving access to Parc Astérix Parc Astérix has a private interchange on the A1 motorway, which provides direct access to the park: this concession was granted by SANEF, the company operating the A1 motorway, for a period of 99 years (from 1987 to 2086). The right to operate this concession is accounted for as an intangible asset of Grévin & Cie (see Note 6.2), which pays a fee to SANEF for the passage of each vehicle through the toll plaza. This fee corresponds to the highway toll that is not paid when vehicles use the Parc Astérix interchange. l Licensing agreement with Editions Albert-René (publisher of the Astérix comic books) In 1986, a licensing agreement was concluded with Editions Albert- René for the legal duration of the copyright, which is 70 years after the death of the last surviving author. This agreement guarantees Grévin & Cie the right to use the comic strip characters and world in its theme parks, in France and abroad. An amendment signed in March 1996 set the licensing fee at 3% of sales excluding VAT of Parc Astérix, with a minimum fee of €1.7 million. l Futuroscope lease To enable the operator to make signi fi cant long-term investments, the Department of Vienne has decided to create a procedure for awarding an administrative long-term lease for a larger area to replace the current lease, which expires in 2026. If no lease is awarded at the end of the procedure, the current lease will continue as-is until expiry. Futuroscope SA, in association with the Vienne SEMPAT and the Caisse des Dépôts et Consignations, is one of the applicants.

Concession granted on 21 September 1993 by the municipality of Saint Christophe-en-Oisans for a 30-year period (until 2023). On 28 November, the delegating municipalities of the Deux Alpes ski area noti fi ed Deux Alpes Loisirs (the delegated company) of their decision to terminate the three existing PSCs conditionally before their expiry date to allow new competition for a single PSC for the whole

area. Deux Alpes Loisirs is one of the applicants. The agreements of equity a ffi liates are as follows: l Compagnie du Mont-Blanc (CMB) – Chamonix:

Concession signed on 5 December 2013 with the municipality of Chamonix for the Chamonix ski areas for a 40-year period ending 5 December 2053. Concession signed on 6 January 1989 with the municipality of Chamonix for Aiguille du Midi for a 40-year period ending 31 December 2028. Concessions for the operation of the Tramway du Mont-Blanc and the Train du Montenvers granted by the department of Haute-Savoie in 1988 and 1998 for 30- and 25-year periods ending, respectively, on 31 December 2018 (extended until 31 May 2020) and on 31 December 2023. Concession for the operation of Les Houches/Saint-Gervais (through its 72.5%-owned subsidiary, LHSG) for a 30-year period from 1 December 2011 to 30 November 2041. l Société des Remontées Mécaniques de Megève (SRMM) – Megève: Concession for the operation of the downstream sector Princesse, signed on 10 December 2002 by the municipality of Demi-Quartier, for a 30-year period ending on 9 December 2032. Concession for the Crêtes du Mont d’Arbois and the upstream sector Princesse, signed on 10 March 1989 by the municipality of Saint- Gervais, for a 30-year period ending on 9 March 2019 and extended by an additional clause until 2023. Concession for Mont d’Arbois, Rocharbois and Rochebrune, signed on 15 April 1993 by the municipality of Megève, for a 30-year period ending on 14 April 2023. l Société d'Exploitation des Remontées Mécaniques de Morzine Avoriaz (SERMA) – Morzine/Avoriaz: The company operates a concession granted by the municipality of Morzine, which runs to 13 June 2032, and a concession granted by the The company operates a concession granted by the Communauté de Communes de la Vallée d’Aigueblanche (grouping of several municipalities), which runs to 30 September 2052. l Domaine Skiable de La Rosière (DSR) – La Rosière: The company operates a concession granted by the Commune de la Rosière, which runs to 30 September 2039. Pursuant to these agreements, and depending on the case, the operating companies either pay a concession fee or a municipal tax and departmental tax (known as the “Mountain Law tax”), or both. These fees and levies are based on sales of ski lift passes and calculated as a contract-speci fi c percentage. By way of exception within the CDA Group, the municipalities of Saint- Martin de Belleville, Val-d’Isère and Tignes retain responsibility for the ski run service, for which SEVABEL, STVI and STGM pay a special fee. municipality of Montriond, which runs to 13 June 2032. l Domaine Skiable de Valmorel (DSV) – Valmorel:

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Compagnie des Alpes I 2019 Universal registration document