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2008-2009: changes in corporate governance and shareholder structure

Change in mode of governance:

Transition from a company with supervisory and management boards to one with a board of directors and a CEO

    • Encourages management unity and Group responsiveness

    • Facilitates and works actively towards Group restructuring

  • Creation of a position of Deputy Managing Director

  • In charge of assisting the CEO in Group management

  • Also in charge of accelerating the Group’s strategic, financial, and organizational transformation

Departure of Compagnie Européenne de Loisirs from the shareholder structure (12.5% ownership):

  • Larger free float, which can already be seen by the increased volume and liquidity of the stock

  • The two directors of Compagnie Européenne des Loisirs are replaced by two independent directors, Rachel Picard and Georgio Frasca, bringing the total number of independent directors on the Board to four.

  • Strategy Committee now comprises three independent directors out of a total of six directors.

  • Appointments and Remuneration Committee has three independent directors, including the chairman of the committee, out of a total of four directors.

Compagnie des Alpes at December 15, 2009 - Slide 14

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