La Clusaz, an easily accessed resort

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2 La Clusaz, an easily accessed resort 30 minutes from Annecy (TGV station) 50 minutes from Geneva 150 km from Lyon (airport)

3 Referencing A renowned and convivial ski area

4 "La Clusaz" domain An exceptional, preserved site in the heart of the Savoie region, the world's leading winter sports destination 5 linked massifs From 1,000 to 2,600 m altitude 132 km of ski runs 52 ski lifts Exceptional snow cover, worthy of the highest Alpine resorts

5 Referencing

6 Referencing An ideal location, opposite the ski lifts and 5 minutes walk from the village

7 Referencing In the heart of the renowned, authentic and preserved resort A **** residence opposite the ski lifts 5 minutes walk from the centre of the village of La Clusaz A convivial, family resort, trendy both in summer and winter

8 Referencing Direct link to the ski area, thanks to the passage enabling easy access to the Bossonnet ski lifts Direct access to the runs 3 ski lifts entirely modernised in 2014

9 Referencing A **** residence offering luxury and authenticity

10 A major project including a tourist residence, hotel and balneotherapy area Illustration non-contractual

11 5 ****chalets with typical Savoie architecture Illustration non-contractual

12 Fully south-facing with unobstructed view over the Aravis massif Underground car park Balconies and terraces Illustration non-contractual

13 A tourist residence comprising 195 accommodation units Illustration non-contractual

14 Illustration and furniture non-contractual

15 Illustration and furniture non-contractual Illustration and furniture non-contractual Illustration and furniture non-contractual

16 Illustration and furniture non-contractual 160 m² pool with jacuzzi and massaging jets Hammam Sauna Sensorial showers Treatment cabins A balneotherapy area of more than 850 m² signed Serge Blanco * * Former international rugbyman and thalassotherapy professional for more than 20 years

17 Exceptional facilities: Reception area Outdoor swimming pool Restaurant/bar with terrace Fitness room Games room Library Relaxation area/tea room Kids club Private ski lockers Seminar room Multi-use room Breakfast room

18 Characteristics Referencing

19 Characteristics PHASE 1: 59 accommodation units available From Studio to 2 bedrooms From 137,000 excl. tax to 322,000 Delivery: 4 th quarter 2016 excl. tax PHASE 2: 69 accommodation units available From Studio to 2 bedrooms From 143,600 excl. tax to 308,000 Delivery : June 2017 excl. tax Average property price (including car parking): 6,160 Excl. tax A yield of 4 % excl. tax/excl. tax or the possibility of subscribing to one of the occupancy formula options Exclusive asset management, for serenity Odalys Management

20 Occupancy Formula Options Referencing

21 A little, a lot, passionately... 3 formulas: Discovery Prestige Passion According to the terms and conditions set out in the lea

22 Formulas for all tastes Discovery: yields of 3.6 % + 40 points Prestige: yields of 3.3 % Passion: yields of 3 % + 70 points points According to the terms and conditions set out in the lea

23 A little, a lot, passionately... Discovery: yields of 3.6 % + 40 points Prestige: yields of 3.3 % Passion: yields of 3 % + 70 points points Points to be used as you like Red Very high season 70 points Orange High season 35 points Blue Mid season 25 points Green Low season 15 points According to the terms and conditions set out in the lea

24 Red Very high season 70 points Orange High season 35 points Blue Mid season 25 points Green Low season 15 points SUMMER WINTER 10 weeks Summer season (forecast classification) Red - Orange 3 weeks End July to Mid-August Blue - Green 7 weeks Rest of the Summer season 18 weeks Winter season (forecast classification) Red 6 weeks Xmas, New Year and February/March vacations Orange 5 weeks February and March (outside of school holidays) Blue 6 weeks January (except New Year) and April Green 1 weeks Mid-December Provisional schedule for the Mendi Alde residence According to the terms and conditions set out in the lea

25 Detail of formulas Discovery 3.6 % + 40 points, for example 1 orange 1 blue + 1 green or Red Very high season 70 points Orange High season 35 points Blue Mid season 25 points Green Low season 15 points Prestige 3.3 % + 70 points, for example 1 red 1 orange + 1 blue or See the terms and conditions set out in the lease Passion 3 % points, for example 1 red+ 1 blue 2 oranges + 1 blue or

26 Example "Passion" By opting for the "Passion" formula, I benefit from a yield of 3 % as well as 100 points, excl. tax/excl. tax + so for example: => 1 week in very high season (February holidays in La Clusaz) => 1 week in medium season (for example, January in La Clusaz) See the terms and conditions set out in the lease

27 Example "Prestige" By opting for the "Prestige" formula, I benefit from a yield of 3.3 % as well as 70 points, so 1 week in very high season, i.e.: excl. tax/excl. tax or - during the February school holidays for example - during August in a seaside residence (thanks to the occupancy week exchange programme) See the terms and conditions set out in the lease

28 A modular formula Points can be used in all residences of the Odalys Occupancy week exchange programme More than 20 residences * : Saint-Sorlin d Arves, Les Deux Alpes, Val Thorens, La Plagne, Méribel, Courchevel, Tignes, Port d Albret, Hourtin, Argelès, Prayssac, Sanary, Saint-Raphaël, Carnoux, Grimaud The investor's Ascendants and descendants can use these occupancy periods * Currently in the occupancy week exchange

29 Reduction on the catalogue For the investor or members of their direct family In addition to their occupancy weeks : Reduction of 20 % on the current public accommodation tariff for all purchases of an additional stay in mid or low season in their acquired residence Reduction of 10 % on the current public accommodation tariff for all purchases of stays in Odalys Company Tourist Residences in continental France

30 Referencing A secured investment Focus on the lease agreement and asset management

31 Referencing A commercial lease agreement that protects the lease holder's interests

32 Focus on the lease agreement Duration: Firm for 11 years and as many months as required to end on the 30 April following the 11 th year Late payment penalties: At the legal interest rate in force in the event of late payment Solidarity: In the event of disposal, the current lease holder will remains jointly liable with the transferee (correct execution of the lease obligations and rent payments) for a period of 3 years from the date of disposal. According to the terms and conditions set out in the lea

33 An exclusive asset management Referencing

34 An exclusive asset management An asset management mandate will be granted to LB2S for all the units. All relations between owners and the lease holder ensured for the entire duration of the lease contract The guarantee of a stable and durable relationship with the residence lease holder, Odalys Residences According to the terms and conditions set out in the lea

35 An exclusive asset management LB2S will be the exclusive contact between the investors and the lease holder for the following transactions: Editing all customer invoices Collecting the rent paid by the lease holder, Odalys Residences Ensuring the redistribution of quarterly rents to the owners Collecting from the owners the documents required for the refund of tax paid by the lease holder Monitoring the correct execution of the lease agreement Supporting investors when renewing the lease agreement According to the terms and conditions set out in the lea

36 An exclusive asset management More than just an intermediary, LB2S will support investors throughout the lifetime of their investment, and with its power to represent all owners, will be the guarantee of a stable, durable relationship with the residence lease holder, Odalys Residences. According to the terms and conditions set out in the lea

37 Property study Referencing

38 New 2 new residences immediately adjacent: The "Petits Granges" chalets, comprising 2 chalets located opposite the Bossonnet ski lifts Average property price: 8,800 Tourist residence "Les Cimes ***": 13 apartments from 48 to 128 m² > than 394,000 to 731,000 (including furniture, excluding car parking) Average property price (excluding car parking): 8,050 Yield: 3 % excluding furniture, i.e % excl. tax/excl. tax including furniture Mendi Alde Average property price*: 6,160 Excl. tax /m² Sources : selogerneuf.com, immoneuf.com,

39 Old Address Type price m² price/m² On the heights of La Clusaz, known as La Perrière Studio Centre One-bedroom Upper-centre Studio Beauregard Studio Aravis Valley - La Piclière km from the centre Studio Centre Studio Les Riondes - East slopes Two-bedroom Upper centre One-bedroom ,200 m from the centre and shops m from One-bedroom the runs Lower centre Two-bedroom Riffroids / skating rink. at the foot of the slopes One-bedroom * including car parking Sources : seloger.com, pagesjaunes.fr, la-clusaz-immobilier.com, Gobert immobilier Average price: 7,520 /m² Mendi Alde - average property price* 6,160 excl. tax /m²

40 Rental study Referencing

41 Rental study Low season High season average studio average one-bedroom average two-bedroom Average studio Average One-bedroom Average two-bedroom ,130 1,370 Low season High season Studio One-bedroom average two-bedroom Studio One-bedroom Two-bedroom ,130 1,440 Tariffs noted for the Haut village + Bossonnet sector: price for 7 consecutive days, similar residences Source :

42 Summary Referencing

43 Summary A renowned, convivial resort, easy to access A **** residence located opposite the ski lifts and immediately next to shops and services A price positioning lower than for old accommodation Management A high-performance yield of 4 % excl. tax/excl. tax or the possibility of subscribing to one of the occupancy formula options A programme that benefits from exclusive asset management

44 To ensure that this offer meets your needs, projects, personal, financial and patrimonial situation, it is essential to carry out a personalised study by an Investment Management Professional who will help you to understand the project and the risks of the operation. As current legislation, the real estate investment market and your personal and financial situation may change, the information contained in this document is provided for information purposes only. Any representation or partial or complete reproduction is illicit. Februar y