Compagnies des Alpes // 2019 Universal Registration Document

1 INTRODUCTION TO COMPAGNIE DES ALPES AND ITS ACTIVITIES History

OUTLOOK For the Ski Areas, since the business outlook concerns the entire season, the prospects o f fered by the calendar of school holidays (including the dates of European school holidays) are generally comparable to the previous year. With the very favourable weather conditions and the snowfalls at the beginning of the season, the resorts have been able to o ff er customers a quality product. Bookings, which were very high over Christmas, led to a very good start to the season. The Group remains con fi dent as regards the overall business level. It intends to pursue a sustained investment policy of slightly over €100 million over the 2019/2020 fi scal year in order to support PSC renewals and extensions, secure snow levels, and achieve the very high customer satisfaction objective. It aims to achieve an EBITDA margin on revenue of between 36% and 37% over the next fi scal year for this activity. In the Leisure Destinations: After a year of consolidation last year, the Halloween season went as expected, despite rainy weather, at this way con fi rming visitors’ attachment to events held at our sites on this occasion. Furthermore, the opening of Parc Astérix during the Christmas period was a great success. It highlights the Group’s strategy consisting in developing the operation of sites during new commercial periods, similarly to Halloween. In view of the consolidation of Familypark over 12 full months and the increase in the additional operating expenditures relating to its new accommodation capacities, the Group is retaining a 2019/2020 EBITDA margin target at the same level as that set the previous year, namely, a margin of between 27% and 28% (excluding Futuroscope and before applying IFRS 16). Furthermore, to support activity growth,

2002: Diversification Compagnie des Alpes diversi fi ed its activity by launching a friendly takeover bid for Grévinet Compagnie (a group of ten parks: Musée Grévin, Parc Astérix, France Miniature, Grand Aquarium de Saint- Malo, Parc des Mini Châteaux, Aquarium du Val de Loire, Bagatelle, Avonturenpark Hellendoorn and Dol fi narium in the Netherlands, and Fort Fun in Germany). 2003: Aquaparc in Bouveret (Switzerland) consolidated. 2004: Panorama Park (Germany) and Pleasurewood Hills (England) consolidated. 2004: Privatisation Caisse des Dépôts et Consignations (CDC) holds only 40% of CDA capital (compared to 53% prior). CDC sells a 13% stake to three banking groups with a strategic interest in the Alps region. 2004-2005: Serre Chevalier (SC 1350 – Serre Chevalier Ski Développement) and Aletsch Riederalp (Switzerland) consolidated. 2005: Planète Sauvage (Loire-Atlantique) and Mer de Sable (Oise) consolidated. Futuroscope and the Bellewaerde site will have new major attractions. At Parc Astérix, the construction work on the third hotel, Les Quais de Lutèce, is continuing with a view to an opening in the spring of 2020. Overall, the investment budget for Leisure Destinations should therefore reach a level slightly above €90 million, i.e. down about €10 million compared to that of 2018/2019. For the Holding and Supports activity, the investment budget will be more than double that of the 2018/2019 fi scal year. The Group will intensify its digital strategy, both to support the international growth of Travelfactory and to facilitate the ramp-up of tools for the sites (datalake common to the business lines, "marketing automation" tools or overhauling the sales tunnels for the parks). In all, in view of this increased investment in digital facilities, the amount of the Group’s net investments in 2019/2020 should be quite close to that of 2018/2019. Lastly, the target to be reached in 2022, an Operating ROCE greater than its 2016/2017 level, is maintained, it being recalled that this development will not be straight-line. In conclusion , on the strength of a proven economic model, Compagnie des Alpes is now pursuing two objectives: consolidating its growth in Europe and accelerating its international development, by giving priority to industrial partnerships if necessary. These strategies aim to turn Compagnie des Alpes into a great French leisure champion and a major player in international consolidation. This is why the Group wants to secure the support of powerful partners, particularly in leisure, the hotel trade and tourism marketing.

1.3 History

1989: Creation of Compagnie des Alpes by Caisse des Dépôts

1989-1990: Tignes (STGM – Société des Téléphériques de la Grande Motte) and Peisey-Vallandry (STAG – Société des Téléphériques de l’Aiguille Grive) consolidated under the acquisition policy. 1991-1994: La Plagne (SAP – Société d’Aménagement de La Plagne), Les Arcs (STAR – Société des Téléphériques de l’Aiguille rouge) and Chamonix – Les Grands Montets (Satal – Société d’Aménagement du Téléphérique Argentiére-Lognan) consolidated. 1994: Compagnie des Alpes floated on the second marché of the Paris Stock Exchange 1995: Les Ménuires (Sevabel – Société d’Exploitation de la Vallée des Belleville) consolidated. 1996: Minority stake taken in Courmayeur (CMBF Courmayeur Mont- Blanc Funivie) and Val d’Aoste (Italy). 1997: Flaine, Samöens, Morillon and Sixt (Grand Massif) consolidated. 2000: Méribel Alpina and Téléverbier (Switzerland) consolidated. 2001: Minority stake taken in Saas-Fee (SFB – Saas-Fee Bergbahnen, Switzerland).

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Compagnie des Alpes I 2019 Universal registration document