COMPAGNIE DES ALPES

1. COMPAGNIE DES ALPES Interim financial statements October 1, 2004 - March 31, 2005

2. 1 – Activity for the first half2 – Analysis of the winter season and start of the summer season 3 – Leisure sites: new growth4 – Group prospects

3. 1 – Activity for the first half Key events and figures for the first half (1) • New members of the Management Board: • Franck Silvent: Director of Finance, Strategy and Development • Serge Naim: Director, Leisure Sites Division; Managing Director, Grévin & Cie • First half figures up Growth in sales and income on the real scope of consolidation: • Sales: +1.8% • EBITDA: +3.9% • EBIT: +3.8% • Net attributable income: +14.6%

4. 1 – Activity for the first half Key events and figures for the first half (2) • Changes in the consolidation scope and the calendar: • Ski areas: • Consolidation of Serre Chevalier 1350 in December • SEM Serre Chevalier Ski Développement now an equity affiliate • Change in the consolidation scope: Courmayeur (CMBF) and Chamonix (CMBF) now equity affiliates • Leisure sites: • Pleasurewood Hills acquired in July 2004 (closed in winter) • Group calendar: • Christmas and New Year’s Day on Saturdays • Easter Monday on March 28, 2005 (in April in 2004) • The Dolfinarium in the Netherlands now seasonal (closed for renovation H1 2005 and reopened in April)

5. 1 – Activity for the first half First half sales and income Real scope of consolidation • Significant growth in Net Attributable Income • Improved margins

6. 1 – Activity for the first half First half sales and income Ski areas * Restated for CMB – CMBF** 4 months • Improved EBITDA and EBIT on a like-for-like scope of consolidation • Serre Chevalier: a positive contribution

7. 1 – Activity for the first half First half sales and income Leisure sites * 0/w €2 m cost of reorganization of Grévin Change due to losses on non-recurrent items

8. 1 – Activity for the first half Shift to IFRS Simulation of the principal effects on the half-year income statement • Net attributable income – first half French accounting standards €22.2 m • Depreciation of fixed assets (PPE) by components and elimination of provisions for major repairs +1.0 • Elimination of goodwill amortization +2.3 • Stock options recognized as expenses - 0.5 • Net attributable income – first half €25.0 mIFRS Positive impact: + €2.8 m

9. 1 – Activity for the first half2 – Analysis of the winter season and start of the summer season3 – Leisure sites: new growth4 – Group prospects

10. 2 – Analysis of the winter season and start of the summer season Ski areas at the close of the 2005 season Change Situation 2004/2005 March 31 • Ski area receipts* €238 m = +3.3% (-€300,000) • Number of skier days* €10.1 m (-3.6%) -0.1% (- 385,000 days) • Receipts per skier day* €23.3 m (+3.6%) +3.4% (+ €0.80/day) * Total consolidation scope (Tignes, Les Arcs, La Plagne, Peisey, Les Menuires, Méribel, Grand Massif, SC 1350)

11. 2 – Analysis of the winter season and start of the summer season An atypical ski season • Beginning of the season suffered substantially from the school vacation schedule and late snowfall in the Northern Alps • February affected by extreme cold • March: A 10-year record • April: Penalized by school vacations running through May 8

12. 2 – Analysis of the winter season and start of the summer season Ski areas at season’s end 2005Performance uneven among Group resorts • Number of skier days: France • Peisey Vallandry -0.2% • Serre Chevalier 1350 -13.8% • Grand Massif -0.5% • Les Menuires -3.8% • La Plagne -3.7% Abroad (equity affiliates) • Saas Fee -4.6% • Courmayeur -13.0% • Verbier -7.0% • Daily receipts: • Les Ménuires +5.3% • Les Arcs +1.8% • Méribel +4.0% • Peisey +2.3% • Yield (France): 62.8% (61.3% in 2004)

13. 2 – Analysis of the winter season and start of the summer season Leisure sitesThe season began slowly • Economic factors hold back leisure spending • Low consumer morale in France • Consumption down in Northern Europe (Germany, the Netherlands) • French holiday schedule unfavorable for the early season: three holidays fell on weekends • Volume of visits uneven as of June 26, 2005 • Dolfinarium Harderwijk: -26% (impact of seasonal opening) • Parc Astérix: -6% • Saint Malo Aquarium: +3% • Musée Grévin: +5% • Total: -5.5% • Average receipts per visitor slightly down:€22.10 vs. €22.30 in 2004

14. 1 – Activity for the first half 2 – Analysis of the winter season and start of the summer season 3 – Leisure sites: new growth 4 – Group prospects

15. 3 – Leisure sites: new growth Major leisure site groups in Europe • The industry is undergoing consolidation, led by investment funds (Advent, Palamon, Blackstone) • CDA/Grévin, a listed company, is conducting a well-considered diversification based on a consistently profitable business: ski areas

16. Performance of leisure sites groups in Europe Based on 2002 data

17. 3 – Leisure sites: new growth CDA/Grévin: strategies Potential Profitability

18. 3 – Leisure sites: new growth The new organization of CDA/Grévin • Create coherent business units • Parc Astérix: ~ 2 million visitors • Rest of France: ~ 2 million visitors • Northern Europe: ~ 2 million visitors • Creation of new horizontal synergies for the sites • Entrance fees • Sponsors • Purchasing • Strengthened integration between CDA and Grévin: • Strategy • Development • Financing

19. Example: Strategy for Parc Astérix • Potential for new visitors • The Astérix trademark • Site location • Visitors from abroad • Promote second visits • Brand recognition • The cycle of repeat visits

20. 1 – Activity for the first half 2 – Analysis of the winter season and start of the summer season 3 – Leisure sites: new growth4 –Group prospects

21. 4 –Group prospects Group prospects FY 2004/2005 • Results as of 9/30/2005 will depend on a successful summer season at the leisure sites • One new site: Planète Sauvage • CAPEX down to €85 m, vs. €100 m announced • Real estate development makes a positive contribution

22. 4 – Group prospects Group prospects FY 2005/2006 Ski areas • The French winter vacation schedule will be more favorable • Goals: • Consolidate SEM Serre Chevalier Ski Développement (Sales €18 m, EBITDA/Sales ratio 15%) • Consolidate Saas Fee Bergbahnen (Sales €15 m, EBITDA/Sales ratio 40%) • Progressive return to CAPEX at 20% of sales (excluding Serre Chevalier) Leisure sites • Bioscope (Sales: €4 m) opens of June 1, 2006 • A new marketing thrust for Parc Astérix

23. Group prospects FY 2005/2006 Action taken at CDA/Grévin level: • Debt restructuring: • Setup of a single €260 m syndicated loan • Spread guaranteed for five years • A single approach to insurance • Protection against energy price fluctuations • Cost per KWh down by 11% • Rates locked in until 2007 • Cross-marketing efforts

24. Conclusions Ski areas • Half-year figures satisfactory • The ski areas held up well despite a poor month of April • Real estate activities are producing recurrent profits • Acquisition targets have been identified Leisure sites • The strategy for winter/summer balance is being maintained • The new organization of CDA/Grévin serves this strategy

25. Appendices First-half figures: - By business line - Comparison, real scope of consolidation

26. First-half figures Appendix 1By business line For the first half: • Ski areas: 93% of sales, profitable • Leisure sites: 7% of sales, loss-making

27. Consolidated income statement Appendix 2Comparison H1-2005/H1-2004 Real scope of consolidation • Taxes up €3.2 m • Equity earnings up €1.8 m (Chamonix, Courmayeur, Serre Chevalier Ski Développement) • Minority interest down €2.2 m (Chamonix, Courmayeur)