SHAREHOLDING

Grande Dixence SA holds a stake in four companies:

Elektrizitätswerk Zermatt AG (EWZ) — 45% Since November 2001, this partnership has enabled the public utility of Zermatt and Grande Dixence SA to develop synergies in the use and development of the water in the Zermatt basin.

HYDRO Exploitation SA — 35% HYDRO Exploitation was founded together with EOS Holding and FMV SA in 2002. In 2007 Romande Energie Holding SA became a shareholder and focused on the operation of the power stations.

Cleuson-Dixence — 15/22e Unregistered partnership founded together with EOS in 1992 to increase the electricity output.

Forces Motrices de la Borgne SA (FMdB) — 29% FMdB owns the Bramois power plant, downstream from the Grande Dixence complex. They have been a partner since 2009 and make use of the water from the Borgne River. FMdB’s other shareholders are the municipalities of Hérémence, St-Martin, Vex, Mont-Noble and Sion (51%) and FMV SA (20%).