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2008-2009: realization of the strategic reorientation announced in 2008

  • Implementation of an aggressive strategy for asset arbitrage

    • Disposal of nonstrategic assets that contribute little value and have low potential for creating value

      • Téléverbier (July 2009), SMVP (September 2009), Saas Fee (October 2009)

    • Rapid execution

    • Optimized exit conditions

      • Téléverbier and Saas Fee: gains booked to earnings, TRI largely positive (10% on average)

  • SMVP: lower Bioscope risk and transfer of obligations for future CAPEX

  • Immediate and significant impact on debt reduction: €55 million in 2009 + €10 million in 2010

  • Favorable impact on ROCE

Compagnie des Alpes at December 15, 2009 - Slide 11

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