SHARE HOLDINGS

 Grande Dixence S.A. holds shares in the following four companies:

• Elektrizitätswerk Zermatt AG (EWZ), with a 45% shareholding since November 2001. This partnership has enabled EWZ and Grande Dixence S.A. to develop synergies in using and obtaining maximum value from the water in the Zermatt basin.
   
• HYDRO Exploitation SA, jointly created in June 2002 with EOS Holding and FMV SA, to manage their installations, with Romande Energie Holding acquiring a stake in 2007. Grande Dixence S.A. holds 36.8% of the share capital.
   
• Cleuson-Dixence, an ordinary partnership (société simple) created jointly with EOS in 1992 to increase electricity generating capacity. Grande Dixence S.A. has a 15/22nds holding. 
     
• Forces Motrices de la Borgne SA (FMdB), with 29% of the share capital since January 2009. FMdB owns the Bramois development, located upstream of the Grande Dixence installations, and uses the waters of the Borgne river. FMdB's other shareholders are the communes of Hérémence, St-Martin, Vex, Mont-Noble and Sion (51%) and the company FMV SA (20%).