Compagnies des Alpes // 2019 Universal Registration Document

6 SHARE CAPITAL AND SHAREHOLDING Stock-market information

The following disclosures concerning crossed thresholds were submitted to the Company and the AMF in the 2018/2019 fi scal year: l on 27 November 2018, the stake directly held by Caisse de Crédit Agricole des Savoie fell below the regulatory threshold of 5% of the Company’s share capital and voting rights; l on 27 November 2018, the stake directly held by Crédit Agricole des Savoie Capital, a subsidiary of Caisse de Crédit Agricole des Savoie,

and serious cause, or if their employment is terminated following a takeover bid: Chapter 3, section 3.3.1.1; l concerning agreements reached by the Company that may be amended or terminated in the event of a change in control of the Company, three contracts or types of contracts that include an ownership clause have been identi fi ed: l the credit agreements renegotiated in 2017 include an ownership clause detailed (Chapter 5, Note 6.1. to the Consolidated Financial Statements), as well as certain bilateral credit lines, l the licensing agreement for use of the corporate names “Caisse des Dépôts et Consignations” and “Groupe Caisse des Dépôts”, which CDC has the right to terminate in the event that Compagnie des Alpes ceases to be a part of Groupe CDC, l certain concession agreements providing various types of clauses for change in proxy control (mainly related to the shareholding of Groupe Caisse des Dépôts), which require the prior approval of the authority granting the concession. exceeded the regulatory threshold of 5% of the Company’s share capital and voting rights. Thus, on 27 November 2018, Crédit Agricole des Savoie directly held 1,681,985 shares and as many voting rights, representing 6.89% of the Company’s share capital and voting rights. It should be noted that these transactions were conducted within the framework of the reallocation of Crédit Agricole des Savoie shareholdings within the Credit Agricole des Savoie Group.

6.2.8 POTENTIALLY KEY FACTORS IN THE EVENT OF A TAKEOVER BID Potentially key factors in the event of a takeover bid for the Company’s shares as referred to in Article L. 225-37-5 of the French Commercial Code are set out in this document as indicated below: l Company’s shareholder structure: Chapter 6, section 6.2.1;

l restrictions under the Company’s by-laws on the use of voting rights and on share transfers or contractual clauses of which the Company is made aware in accordance with Article L. 233-11: Chapter 3, section 3.1.3.2 and Chapter 6, section 6.2.3; l direct or indirect shareholdings in Company capital of which the Company is aware pursuant to Articles L. 233-7 and L. 233-12: Chapter 6, section 6.2.1; l rules applicable to the appointment and replacement of Directors and to changes in Company by-laws: Chapter 3, section 3.1.1.2; l powers of the Board of Directors, in particular for the issue and buyback of stock: Chapter 6, sections 6.1.2 and 6.1.3; l agreements providing for severance pay for members of the Board of Directors and employees if they resign or are dismissed without valid

6.3 Stock-market information

6.3.1 CONTEXT The Compagnie des Alpes IPO took place on 18 November 1994 with the share priced at €11.90 (adjusted for the 2: 1 stock split in 2007 and various trading transactions). Compagnie des Alpes’ stock is listed in Segment B (Mid-caps) of Euronext. It is listed on the CAC All-Tradable (formerly SBF 250), CAC Mid & Small (formerly CAC Mid & Small 190), and CAC Small (formerly CAC Small 90). The former CAC Mid 100, an index which included CDA, was replaced by the CAC Mid 60 which no longer included CDA.

Since 26 May 2010, CDA stock bene fi ts from the “long-only” Deferred Settlement Service ( Service de Règlement Différé – SRD), meaning shares are SRD-eligible upon purchase only. This change in the SRD will increase the list of SRD-eligible stocks within speci fi c technical parameters. This new arrangement allows investors to leverage their CDA shares.

6.3.2 PERFORMANCE OF THE COMPANY’S STOCK DURING FY 2018/2019 After a 10.9% rise in FY 2017/2018 and a 58.5% rise in FY 2016/2017, the stock price fell by 12.6% in 2018/2019. It slid from €29.30 on 1 October 2018 to €25.60 on 30 September 2019. It recorded its year high on 1 October and its year low of €21.60 on 20 December 2018. Since that low, it steadily rose by more than 18% until the end of the fi scal year.

been taken into account, the average trading volume would have been 16,019 shares. It should be recalled that it was 10,877 in 2017/2018, 13,150 in 2016/2017, 13,260 in 2015/2016, 16,160 in 2014/2015, de 14,000 in 2013/2014 and 8,000 in 2012/2013. At the end of the fi scal year, on 30 September 2019, the Group’s stock market capitalisation amounted to €626 million, compared to €712 million the previous year.

The average daily trading volume came to 9,423 shares per trading session. This volume excludes the transaction concerning the internal reclassi fi cation of the holding of Crédit Agricole des Savoie (1,682 million shares) on 27 November 2018. If that transaction had

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Compagnie des Alpes I 2019 Universal registration document