Compagnies des Alpes // 2019 Universal Registration Document

5 FINANCIAL INFORMATION

Parent company financial statements

Severance pay may therefore be awarded to Mr Dominique Marcel by the Company under the following conditions: (a) compensation may be paid in the event of forced departure from the Company, regardless of the form of such departure and in particular following the revocation or non-renewal of his position as Chairman and Chief Executive O ffi cer, except in case of serious misconduct or gross negligence (as de fi ned by the French Labour Code). No compensation will be paid to Mr Dominique Marcel if he leaves the Company on his own initiative to perform new duties or changes position within the Group, or if he has the option to claim his pension rights at full rate, or in the case of serious misconduct or gross negligence; (b) severance pay is subject to individual and Group performance criteria. These performance criteria shall be assessed on the date the tenure of corporate o ffi ce is terminated: l individual performance criteria: shall be met if, averaged over the previous three full fi scal years, the average bonus awarded by the Board to Mr Marcel exceeds 30% of the maximum bonus, l group performance criteria: shall be met if, averaged over the previous three full fi scal years, and on the basis of the consolidated fi nancial statements, the EBITDA margin is at least 20% like for like. The Board may revise these performance criteria whenever a mandate is renewed; (c) the amount of this severance pay shall be twice Mr Dominique Marcel’s “basic annual salary”. The “basic annual salary” shall be his last gross basic annual salary, including the gross amount of the bonus paid to him for the most recent full fi scal year, and excluding the amount of bene fi ts in kind, reimbursements for professional expenses and any fi nancial instruments and stock options granted during that period. Severance pay shall only be due after the CDA Board of Directors has ascertained that the above criteria have been met. It shall be deemed to include any compensation for unfair dismissal. Agency agreement between Compagnie du Mont-Blanc SA (CMB) and Compagnie des Alpes (CDA) including CMB in the Group liability and property damage and business interruption insurance programme On 19 October 2017, the Board of Directors of Compagnie des Alpes (CDA) granted authority to CDA to negotiate and take out liability and property damage and business interruption insurance in the name and on behalf of CMB and CMBR. Including CMB in the Group insurance programmes leads to an economy of scale due to higher insurable volume (CMB accounts for around 10% of the total), in terms of capital for the property damage and business interruption insurance and in terms of revenue for the Group liability insurance. CDA is not compensated for performing the mandate .

Neuilly-sur-Seine and Courbevoie, 29 January 2020 The Statutory Auditors

PRICEWATERHOUSECOOPERS AUDIT

MAZARS

Françoise Garnier-Bel

Gilles Rainaut

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Compagnie des Alpes I 2019 Universal registration document