Tourism development plan of the Spa-Francorchamps destination Wallonia- Belgium

Offering Memorandum

www.spi.be/fr/destination-francorchamps March 2013 Preamble Preamble

The project destination Spa / Francorchamps is aiming to build an "innovative tourist resort" based on the current and future activities of the Spa / Francorchamps circuit and the green region. The region is characterised by its nature, forests and lakes and has the Walloon region's richest concentration of tourism resources: spa and wellness, nature and outdoor activities, skiing and walking trails, mountain biking and cycling, gastronomy, heritage and historic towns in the nature reserve of Hautes Fagnes (the largest nature reserve in Belgium).

This project will be implemented through a partnership between public authorities and private operators. It aims to structure and organise an overall tourism product focused on diverse leisure activities and day trips, as well as on stays in charming accommodation (boutique hotels, rural houses, bed and breakfasts, ...), eco- resorts and innovative accommodation options (glamping, a forest village, ...) and a golf course residential development.

The role of the Public Authorities of Wallonia will be to: The role of Private Operators / Investors will be to:

• Ensure the good land management of the project and guarantee its • Invest in tourism projects which offer tourists / visitors a quality experience. sustainability; • The different business projects may be divided or grouped into batches in • Develop the necessary basic infrastructure and appealing attractions order to offer attractive opportunities to operators (theme park based on (circuit, ...); automotive experience and transport history, bistros and restaurants, outdoor activities in natural settings, fitness activities, sports). • Ensure consistency in urban planning and development.

2 Table of Contents

The opportunity Page 4

Background information on the destination Page 8

Concept Page 20

Conceptual Masterplan Page 23

Project Components Page 27

Development Programme Page 40

Financial and Economic feasibility Page 42

Appendice Page 69

3 A unique opportunity

4 The Opportunity The implementation of the project

Implementation of the project

The project can be entrusted to a single operator/investor or a developer associated with partners in each industry.

It can thus be awarded in several homogeneous lots, namely

• Theme park: Energy Motion focused on Automobile, transportation and technological innovation;

• Experience in the Forest focused on outdoor activities in the nature, the Village in the trees, mountain bike, cycle touring and rambling;

• Accommodation, namely ecological and unusual accommodation, the Spa/Wellness Hotel, Glamping, tourism Resorts in the region surrounding the circuit.

These can be conceded in different lots (real estate golf, boutique hotel and wellness, unusual accommodation and glamping).

The various projects around the Francorchamps circuit will be related to existing sites: Botrange Nature Centre, Berinzenne Forest House, the Libert Farm bike park , Ovifat and Mont des Brumes ski slopes, Stavelot Abbay and Malmedy Monastery, as well as the Spa thermal centre, in order to build anetworkof facilities which offers quality leisure experiences.

5 Preamble A unique opportunity to operate an innovative tourism destination in the Ardennes with great potential

1. The Destination Destination easily accessible by road and motorway;

Destination close to the main markets for short stays and excursions : • Dutch market: 15 million inhabitants • German market of the Rhur Region: 30 million inhabitants • Belgian market: 10 million inhabitants

This destination is a green oasis in the highly industrialised and urbanised north-west of Europe

This destination welcomes large numbers of tourists all year round in every season (summer, autumn, winter, spring)

2. The project The project is an innovative and ecological tourism resort; It addresses many different customer segments on the basis of the new consumption trends; It is based on experiencing nature actively and on new transportation technologies; It offers educational fun (edutainment) in a unique environment

3. An initiative of the Walloon Region and the regional stakeholders The Walloon Region, main public funding contributor, backs the project and guarantees its sustainability along with that of the urban framework. The project is supported by local stakeholders

4. Key financial numbers of the project Investments IRR Net Present Value Public Private Components only Total investment Components only Total investment €25,6 million € 36 millions 9,1% 1,7% + €3,5 millions -€18,4 millions

6 Preamble This project is supported by the Public Authorities

This project is supported by the Walloon region, main owner of the site and main public operator supported by the local stakeholders (provincial, intermunicipal, municipal and the whole of the tourism/catering industry).

This project provides many guarantees for Operators / Investors and is a unique investment opportunity for the tourism/leisure business in the Wallonia territory: • Investment and employment incentives from the Walloon regional authority • It is located in the centre of the golden triangle of the Belgian Ardennes; • It is very accessible for the Dutch (15 million inhabitants), German-Ruhr (30 million inhabitants) and Belgian markets (10 million inhabitants); • Sound land management will be ensured by the public authorities; • The successful completion of the project is guaranteed by the strong presence of public investment and consistent planning (design, action and management unit) within the framework of the signing of long-term contracts between public authorities and private partners; • It will generate wealth, prosperity and employment

Private operators will be able to work with a unique and powerful partner for the monitoring and development of the territory.

The incentives, the quality of the resource, the guarantees of the government and the support from public organizations involved - make this project a unique business opportunity for the tourism business in Wallonia

7 Background information on the destination

8 The destination of Spa-Francorchamps

The destination of Spa Francorchamps is located in south- eastern Belgium in the province of Liège. Situated in the Ardennes, this region is particularly green making it a popular destination for sports and eco-tourism. It is perfect for a holiday centred around extreme sports, as well as being ideal for hiking and exploring nature.

This region borders on Germany and Luxembourg making it an ideal venue for hosting international tourists. Moreover, it is particularly well served by several transport modes such as air, rail and road. For example, the E42 motorway goes through the centre of the region on its way to Germany; the station of Liège receives high speed trains and the airports of Liège and Maastricht are located at less than 100 km.

9 9 Potential clients in the project region

The high population density means that within a Volume of population, among the most affluent in Europe, within a 50 to 300 km radius in southern Belgian around the provinces of Namur-Luxembourg (in millions) radius of 50 to 300 km south of Belgium there are more than 66 million people, representing an

important customer potential for Wallonia 2 Million inhabitants This population represents potential clientele with easy access to Wallonia, particularly from the provinces of Namur, Luxembourg and Liège 9 Million inhabitants

In addition, the GDP per capita of the countries around Wallonia, are among the most affluent in 20 Million Europe (figures in Euros in 2012): inhabitants • Luxembourg: €69,170

• Netherlands: €33,450 60 Million • Belgium: € 30,290 inhabitants • France: € 27,550 • Germany: € 31,320 Site of Spa • Great Britain: € 27,870 Francorchamps

In the particular case of Francorchamps, estimated 50 million consumers are within a 250 km radius of the city

Source: CITW and T&L research 10 Accommodation supply in the Walloon Region

Distribution of tourist accommodation capacity (in beds) in 2008

Social Regional tourism; tourism; 6.597; 7% The offering of tourist accommodation consisted of 20.572; Holiday 21% towns; 97,003 beds in 2008, including all types of 17.275; 18% accommodation, of which camping represents 31% and hotels 23% of beds Hotels; Camp - grounds; High density of tourist accommodation in the south-east 22.502; 23% 30.057; of the region: provinces of Luxembourg, Namur and 31% the south of the province of Liège Accommodation capacity in beds (2008): distribution by province

Liege Province has 25% of the tourism beds registered Namur; 19% in the Walloon Region

Luxembourg; Brabant 43% Wallon; 4%

Hainaut; 9%

Liège; 25%

Sources: Strategic structural plan and evaluation of the tourist offer of the Wallonia region, KPMG, 2007 and CITW 11 Attractions in Wallonia

There are many tourist attractions in Wallonia, generally of small size and intended for all segments

Attractions classified by categories

Castles and Historical homes fortresses; 8% and buildings; 6%

More than 8 out of 10 attractions register less than 50,000 visitors per year Nautical attractions; 9%

Recreational There are a large number of attractions, especially of traditional types, in centres and parks; Museums; 55% scattere d ltilocations and mostlywith low atten dance figures 10% Natural attractions; 12% Museums are the most visited type of attractions followed by nature attractions and recreation parks Tourist attraction attendance

100,000 to 200,000 200,000 to 500,000 More than 500,000 Nature-related attractions represent 12% of the attractions classified and visitors 4,0% visitors 5,0% 0,5% there is an opportunity for development. 75,000 to 100,000 visitors 4,0%

50,000 to 75,000 visitors 5,4% 0 to 20,000 visitors 20,000 to 50,000 60,4% visitors 20,8% Source: CITW 12 The tourist attractions offering in the Walloon Region and surroundings

The current offer of tourist attractions in the province of Liège, and particularly near the Spa-Francorchamps Circuit is important

Attractions around the Walloon Region -Competitive Tourism Attractions in the Walloon Region Environment Around the Spa-Francorchamps site, there are many sports, nature There are many urban destinations around Wallonia: they are well known, with and culture tourist attractions quality cultural policy and/or events, listed in "city break" guides / websites for on- • Nature: Botrange Centre, Bérinzenne Centre,.. line or off-line travel agents and tour operators • Sports: Ravel bike trail, Hautes Fagnes rail bike, RACB Karting The number of visits to the main sites in neighbouring countries of Belgium Club… ranges between 150,000 visitors per year and 2.3 million visitors (e.g. • Cultu re : Stav el ot Abbeybbey Museum , ... Phatasialand)... In Wallonia, tourist attractions are located mainly in the green zone There are twenty recreational and leisure attractions in the surrounding areas of Wallonia, namely in the provinces of Liège and Namur (excluding the French and Belgian coast). From this point of view, the Walloon The "nature" aspect is important for hikers and tourists in the Spa- offering seems to be wider than in the surrounding areas Francorchamps area In the outdoor activities niche, the main competitor is France However, the offer of tourist attractions is fragmented, and there are In the Netherlands and Germany, destinations of this type exist but on much many small structures that offer individual experiences smaller sites (Eifel, Heuvelland ...) The existence of numerous ski slopes near the site of Spa- For activities related to automobiles and sports, the circuit of Nürburgring is a Francorchamps is an opportunity for the development of new activities potential competitor and leisure products.

There is a development opportunity for tourism activities related to nature and sports by further developing the existing supply

Source: T&L research and Strategic Plan for the structuring and enhancement of the Walloon Region tourism offer, KPMG, 2007 13 Development opportunities in the Walloon Region

Main conclusions of the market study

• Belgium is strategically located in the heart of Europe and has a concentration of large populations (20 million inhabitants). • The Spa-Francorchamps site is easily accessible by high-speed train to Liège, by plane to Liège airport and by roads and highways. • The main source markets of Wallonia are Belgium (60%; Flemish market mainly) and the Netherlands (22%). • Apart from stays, day trips are popular with Walloons and Flemish. • Business tourism in Wallonia has potential, especially through “rural seminars" corresponding to business meetings organized in rural areas. • The leisure activities offering is varied but disparate; sites are often small, scattered across the Walloon region. • Recreational attractions, leisure and sports are essential for the Walloon tourism economy, both for day-trips in the most populated areas and also to meet the expectations of customers in rural areas which are heavily dependent on tourism. • Fitness is booming in Wallonia, mainly in the hotel services offer. • The accommodation and leisure supply in Wallonia is mainly formed by campgrounds and small hotels requiring general upgrading of the offer (except 5 stars boutique hotels)

There is an opportunity to develop tourism and recreational products in nature which will mainly attract Belgian customers, and foreigners by developing short stays for the Dutch, German and French markets (leisure and team building)

14 The destination of Spa-Francorchamps

The Spa-Francorchamps destination is divided into two major areas:

• Les Hautes Fagnes with its natural park

• The space around the circuit formed by the cities of Spa, Malmedy and Stavelot with Francorchamps at its centre

Legend of the Destination Map

Surrounding villages and towns Different activities in the destination Existing activities in the destination New activities in the destination Road network between Stavelot, Francorchamps, Spa and Malmedy Bike trails and hiking paths Highway (A-27)

15 The destination of Spa-Francorchamps

Four cities provide the backdrop to the Spa-Francorchamps destination: Spa, Stavelot, Francorchamps and Malmédy. Each ones adds value to this tourist area; while all share common cultural traits.

• The city of Spa is the thermal waters centre. Labelled as "Europe's café", Spa was recognized as a holiday resort thanks to its casino, one of the first in Europe, its thermal cures and its golf course

• Stavelot is an historic town, cultural and heritage town. Especially notable are Place St Remacle and the Abbey, a protected site and monument, which hosts the Spa-Francorchamps museum, the Abbey museum and the Apollinaire museum. The town comes alive each year through its music festival and the Laetare, popular Carnival, famous for its “Blancs Moussis”.

• The town of Francorchamps is located at the heart of the destination and is famous for its race track which hosts events such as the F1 Belgian Grand Prix and the 24 Hour Race. There are activities organised all year round in the best race track in the world, at the heart of an amazing natural setting.

• Malmédy, the gateway to the Hautes Fagnes, is located in an exceptional environment near large natural reserves. The town is a lively commercial and tourist centre. Its carnival is famous because of the folk traditions that can be discovered throughout the year in the "Malmundarium", hosted in the monastery.

The city of Spa Malmédy town Spa-Francorchamps circuit Stavelot Abbey 16 Spa-Francorchamps circuit

The Spa-Francorchamps circuit is an automobile race track, well known both for its international Formula 1 race as for its long and illustrious history.

It was developed in the 1920s in the Stavelot municipality, in an outstanding natural setting. Located in the midst of a lush forest, it is so well integrated that the views from the race track are breathtaking. Two sites around the circuit are classified as Natura 2000 protected

areas. Formula 1

At present, many races are organised in the circuit from March to September such as the Spa 1000km, the Spa 24 hours, the Formula 1 Belgian Grand Prix and many others. Automobile clubs can also rent the track to hold private events.

The circuit is a renowned iconic asset for the region, but needs to be enhanced and developed by creating activities and attractions nearby. Spa-Francorchamps circuit In addition, this new project would enhance economic activities in the circuit in all seasons and create synergies with new activities developed in the region.

17 The automobile circuit, at the heart of the site revitalisation project

Currently, the circuit has many buildings which are mostly under-used but could be integrated into the development of the new project to maximise the profitability of the A G existing site. P

Some areas with charm and character could be used to host H B

exclusive events, for example the Eau Rouge Hall. Other C areas could be transformed into office or technical E buildings for the new project, and the new paddocks could

also be used to hold fairs, flea markets, festivals ... as well I D P E

as Formula 1. J

K

Main buildings on the circuit

A. Old Customs House G. Existing Buildings B. L’Eau Rouge Hall H. Existing Buildings C. Existing Paddocks I. Existing Buildings D. Karting track J. New Thermal Springs hotel: E. University P. Parking areas F. New paddocks

18 Strengthening of a well-established tourism destination

This new project fits perfectly into the destination complementing the existing supply and serving as a lever for the entire region

The Spa Francorchamps Circuit is situated in the heart of Eastern Belgium's Golden Triangle of green tourism. Today, the Hautes Fagnes destination is already a destination of choice for Direct revenue Indirect revenue TOTAL Belgians, Dutch and Germans for hiking and discovering nature. €127.5 million €63.5 million €191million The town of Spa is a thermal destination par excellence. The hotel portfolio is being rapidly modernised (more than 4 new openings in 2 years). This region therefore has major potential for the development of green tourism in Wallonia. Direct jobs Indirect jobs TOTAL The new project of the destination Spa-Francorchamps is an important investment for the region to create a tourism cluster and take advantage of the fame of the Formula 1 racing 670 people 1,900 people 2,570 people circuit.

This project leverags the two strengths that the destination offers: its natural environment and Environmental value of the project the circuit. Thanks to various experiences developed, these two opposites can become • Preserving the environment and ensuring long-term sustainable complementary and combined to form a rich and unique tourism proposition. development is at the core of the project • Moreover, this project aims to change the image of the Spa-Francorchamps As shown in the figures, the region greatly benefits from the implementation of the project, both circuit into a unique site which uses new green technologies as a economically and in terms of job creation. springboard between nature and the adrenaline-motor side

19 Concept

20 The vision of the new project

The vision This new vision includes key new customer segments

Spa-Francorchamps destination is located in the Spa-Malmédy- Stavelot triangle; also including the green area located on the Hautes Fagnes plateau. • Young people wanting to "Feel alive”, looking for sporting activities and This new destination takes you to an area of innovation which adrenaline fuses sports and leisure, offering an authentic and complete experience to allow you to reconnect with nature at any time of year. It offers “Motion/Action”, relaxation and innovation • Families who enjoy spending time and relaxing together experiences. Rejuvenate, amaze yourself, discover the rhythm of nature by choosing the "RELAXATION" option. Thrill yourself with recreational and sports activities designed to • Seniors who seek to pamper themselves and find peace boosts the adrenaline, experience nature and activities anchored in new technologies, by choosing the option "MOTION / ACTION ». Thanks to INNOVATION and green technologies , the discoveries, • Motor sports fans attracted by the big auto events and driving experiences relaxation and all the action take place in a setting that respects the environment.

• Sports cycling fans who seek competition, races and the numerous infrastructures tailored to their needs MouvementMotion / / ActionAction ► • Couples who are drawn by the chance to share new experiences

DétenteRelaxation ll • MICE groups because of the ideal infrastructure and unique offer provided by the region and the circuit

21 Activities related to the new vision of the project

MOTION Innovation & Green RELAXATION

Vision / ACTION ll ► Technology

Recreation Adrenaline Innovation Technologies vertes Discovery Wellness

• Ballooning Sport Automobile • 'Energy-Motion' Centre • Sensory walking • Spa • Flying fox • Simulation centre • Hiking • Spa treatments • Mountain • Test track • Treasure hunting • Discovery of the applications of • Barefoot trail • Relaxation Activities bike • Karting • Full-scale role game new green technologies • Horse riding • Rafting • Circuit • Adventure park • Electric vehicles • Wildlife discovery • Free flight • Gastronomy • Canoeing

Edutainment

22 Conceptual Masterplan

23 The experiences of the Spa-Francorchamps circuit

A Welcome centre/ B C Discovery Centre Experience in the forest ‘Energy-Motion’ experience

• Main welcome area • Hanging village • Events • Satellite welcome area • Nature & Adventure Park • ' Energy-Motion' Innovation Centre • Virtual welcome area • Adventure Games • Museum of the History of Spa- • Travel planner Francorchamps • Welcome boards

Regional Experience

Cycling Experience

Business zone - Technology Park

Services

24 Concept map of possible cluster sites around the circuit and in the Spa- Francorchamps region

Amphitheatre Events ‘ Energy-Motion’ Highway rest area of experience Cronchamps ‘Energy-Motion' Tourism Innovation Centre experience Spa- Experience in the forest Francorchamps

Mini- Museum Welcome Spa-Francorchamps centre Hanging circuit village

Nature and Adventure Park Adventure Games

Paths-Trails- lr Tracks

Business zone

Regional Activities Experiences to be Experience in the developed in the region entire Spa- Business Cycling Mountainbike Francorchamps zone Experience / cycling destination

25 Conceptual Masterplan of the project

Vers l’A-27 Conceptual master plan

1. 1 Mini welcome centre

2. 2 Starting point for the Experience in the Forest Pistes cyclables vers la Ferme Libert 3. 3 “Spa-Nature” Eco-hotel

4. 4 Other Accommodation 12 1 5. 5 Central space for the Experience in the Forest 21 20 12 6. 6 Bar-Restaurant, Hanging Village 19 7. 7 Enchanted Forest and Hanging village 12 23 8 24 8. Adventure Playground 11 18 10 9. 9 Themed trails: "Emotions" trail and "Barefoot" trail 12 15 24 22 10 12 23 17 10. Administrative and Services area 2 5 16 Vers Malmedy 11.11 Nature Park & Adventure area 6 8 1212. Parking area

9 13.13 Hiking trails / Barbecue and Picnic Area / Camping sites 7 14.14 Ravel trail for cycling 3 14 Vers Stavelot 15.15 New paddocks and terrace lounge

16.16 L’Eau Rouge Hall - VIP event space 14 4 17.17 Gourmet Restaurant at Old Customs House 18.18 Village for "Energy Motion" Experience

Vers le Mont des Brumes 19.19 Amphitheatre 13 20.20 Central space for the "Energy Motion" Experience 21.21 Underground parking Vers Malmedy 22.22 Schweeb and Indoor Karting 23.23 Gondola (from forest to "Energy-Motion" Experience village) 24.24 Bridges

Zones on the master plan I Francorchamps Facilities and Circuit II Experience in the forest III ‘Energy-Motion’ Experience Chemin de vélo vers Stavelot IV "Spa-nature" Eco-Hotel and other accommodation V Cycling and Hiking Space 26 Project Components

27 The components of the Spa-Francorchamps destination

1 Welcome centre 2 Experience in the forest 3 Experience on the circuit 4 Discovery Centre

Hanging village Events ƒ Main welcome area ƒ Satellite welcome area ƒ Virtual welcome area Nature & ' Energy-Motion' Cycling Experience AdventurePark Innovation Centre ƒ Travel planner ƒ Welcome boards Museum of the History of Adventure Games Spa-Francorchamps

5 6 7 Services

Business zone ƒ Accommodation Regional Experience Technology Park ƒ F&B ƒ Retail shops ƒ Circulation

The main components of the concept are described in this section, the activities explained by components are in the following section

28 Spa-Francorchamps is a destination for everyone, whatever the different groups or segments proposed. The developed activities have been designed to create all seasons destination

The ‘ Energy- Experience in Cycling Regional Segments Characteristics Motion’ the forest Experience Experience experience Youth - "Feel alive" • Search for thrills and sports 99 999 999 9

• Share moments together Family Fun • Entertainment 999 99 9 999 • Activities in nature

Seniors • Take the time to live 999 9 9 99

• Important events Motorsports fans • Driving experience 9 999 9 9 • Competition • Racing Cycling sports fans • Amateur sport being 9 99 999 99 professionalised • New experiences together Couples • Nature-based activities 999 9 9 99

• Innovative experiences MICE • Research Activities and bid 99 999 9 9

29 The start of the experience: the welcome centres

The physical or virtual welcome centres are intended to provide information about the destination, to facilitate the marketing of its products and to improve the visitor experience.

Main welcome centre at the Cronchamps The welcome centres are the first contact point for the visitor with the Spa-Francorchamps destination and the rest area activities offered in the Spa-Francorchamps circuit. It is, therefore, important that the centre are especially adapted to the needs of every visitor. Legend of the Destination Map Surrounding villages and towns Different activities in the destination Existing activities in the destination New activities in the destination Road network between Stavelot, Francorchamps, Spa and Malmedy Bike tra ils an d hiking pa ths Welcome centre Highway (A-27)

The main gateway to the destination is located on the Cronchamps motorway rest area. This is where the adventure in the Spa- Francorchamps destination starts for the majority of tourists. They can explore all the tourism activities and services available in the Virtual Welcome centre region through the information centre and interpretation centre. They will also have the option of leaving their cars at the parking area on Before, during and after their trip, tourists can also use the motorway and visiting the region using the different modes of the "Travel Planner“ on their Smartphones through the transport available such as 'Vélo-Wallon' electric bikes, electric destination's website. shuttle buses, electric motorbikes linking the circuit attractions to the motorway rest area and making sightseeing visits possible. In The virtual reception area is an internet platform which allows visitors to plan their trip, book their own addition, as a complement to the Cronchamps motorway rest area, accommodation, transport and activities, view real-time each city (Malmédy, Francorchamps, Spa and Stavelot) will offer weather and traffic conditions or comment on their tourists an information service on the destination and the possibility to experience in the destination. make their reservations on site, through their tourist offices.

30 Experience in the forest

The Experience in the forest is a place of relaxation and recreation for the whole family

At the heart of the Francorchamps forest, there will be no shortage of adventures, walks and discoveries for visitors. The experience of the forest is a place of relaxation and recreation for the whole family. All elements combine to provide an unforgettable experience from the roots to the tops of the trees. The bravest will embark upon the different ropes courses in the trees and give themselves a scare on the "Death ride" flying fox, more than 500m long, as well as taking the plunge from the bungee jumping tower. The Nature and Adventure Park ismorethanjustaropescourseinthetrees!Eachcourseinadditiontoits various physical tests also offers puzzles that will challenge the minds of visitors. Those who are not eager for thrills, but still want fun, will be drawn by the adventure playgrounds. These playgrounds offer fun and sporting activities for both adults and children. Giant wooden structures allow the little ones to play safely while older children can take part in archery, throw javelin or participate in the "Outgame" - a multi-sensory treasure hunt which tests the knowledge of participants like an "Indiana Jones" quest or a "Sherlock Holmes" mystery in a forest setting.

Images of the types of activities planned

31 Experience in the forest

Conceptual master plan of the experience in the forest

2 Starting point for the Experience in the Forest

5 Central space for the Experience in the forest

6 Bar-Restaurant, Hanging Village

7 Enchanted Forest & Hanging Village

8 Adventure Playground

9 Themed trails: Emotions trail and Barefoot trail

10 Administrative and Services area

11 Nature Park & Adventure area

12 Parking area

13 Hiking trails / Barbecue and Picnic Area / Camping sites

23 Gondola (from forest to "Energy-Motion" Experience village)

32 Experience in the forest

The Hanging Village is a space in which to live the forest experience. This zone proposes discovery paths such as the Museum Under A Magnifying Glass or the Museum in the Trees, but also trails to delight your senses such as the "Land Art" Emotions trail and the Barefoot trail. Each trail is accessible for everyone (the Museum Under A Magnifying Glass is also adapted for those with disabilities) so anyone can discover the secrets of the forest and the beauty of nature, while moving at their own pace.

Architectural imagery

33 33 The "Energy-Motion" experience

The adrenalin thrill of motor racing linked to new green technologies

This new area in the Spa-Francorchamps circuit proposes to use some of the emblematic buildings as a "mini-village" of attractions.

In the "Energy-Motion" Experience village, the Spa-Francorchamps Museum presents the history of the race track and the region to visitors through historical objects, vintage cars, trophies and photos of past champions. Meanwhile, the exhibition at the innovation centre explains advances in eco-technologies relating to green vehicles through an edutainment concept suitable for everyone, in the form of an interactive tour.

If some visitors may find these activities too passive, there are three areas that have been designed just for them: the simulation area, the electric karting and the shweeb.Inthesimulation space, the latest type of dynamic driving simulator allows visitors to drive Formula 1 and Rally vehicles, as well as trying many other sports simulations (mountain bike, skiing...). In the electric karting, visitors can experience eco-friendly competitive motor sport. The shweeb, an innovative and eco-friendly transport mode, allows visitors to discover the surroundings of the village for « Energy-Motion » experience. The Spa-Francorchamps destination currently organises many national and international events. To accommodate and improve this events offer, a semi- covered amphitheatre for 5,000 people is proposed. This unique structure is constructed of canvas, covering the stage with an auditorium of 2,000 seats. It lets in the light and shadows of the forest into the amphitheatre through its unique design. This incredible site intensifies the beauty of the shows that will take place on the stage.

Moreover, the buildings of the circuit and its environment will regularly host events such as markets, car shows, book fairs, a marathon and a variety of active and popular events.

34 The "Energy-Motion" experience

Conceptual master plan

13.1 Mini welcome centre

14.12 Parking area

15.15 New paddocks and terrace lounge

16.16 L’Eau Rouge Hall - VIP event space

17.17 Gourmet Restaurant at Old Customs House

18.18 Village for "Energy Motion" Experience

19.19 Amphitheatre

20.20 Central space for the "Energy Motion" Experience

21.21 Underground parking

22.22 Schweeb and Indoor Karting

23.23 Gondola (between the two Experiences)

24.24 Bridges

Architectural imagery

35 The "Energy-Motion" experience

Some of the unforgettable experiences that make up the "Energy- Motion" Experience with other edutainment and fun

Images of the types of activities planned

36 Services available

To make the circuit visit a unique occasion, there are restaurants and shops in both experiences offering a range of products to appeal to all visitors

Restaurants Retail shops

In the Experience in the Forest, The Hanging Village offers "La Pause A bike rental shop is available in the main square of the Détente" fast food restaurant where visitors can enjoy fresh and simple Experience in the Forest, allowing you to explore the forest or the products such as salads and sandwiches. At ground level, the "Slow Food region. There is also a store selling "nature" products for Restaurant" offers meals based on organic local produce. "Le Petit Encas" treehouse builders, star watchers and animal lovers, is also will delight all lovers of homemade cakes, waffles and crepes. available.

In the 'Energy-Motion' Experience village, three restaurants are available The Energy-Motion Experience has two souvenir shops: one for visitors. The "Fast-Bio, Fast-Bon", a modern fast food restaurant with a that is specific to the Spa-Francorchamps museum and fun aadnd innooavativ edecor. Meanwhil e, the caf eteri a in ttehe Innooatovation aaotenother dedi cated to ttehe innooatovation space.The Spa- centre, has a range of simple and fast dishes with a "new technologies" Francorchamps museum shop offers antique collectibles like theme. "la Brasserie Art déco" offers a menu of typical Belgian dishes. books or postcards on the circuit and the destination. The Beside the circuit, in the Old Customshouse building, a gourmet restaurant Innovation Centre store offers souvenirs with the circuit brand, as with around twenty tables, serves Belgian-style nouvelle cuisine in a setting well as many innovative technological gadgets. that is historic yet modern, with a multimedia projection of the menu on diners' plates.

Accommodation

After a day full of adventures why not extend your stay and enjoy the unusual accommodation offeredintheforest?For those who want a taste of life in the trees, the nests and treehouses are ideal. And for those who prefer to stay down to earth, the 3-star nature eco-hotel or vintage caravans offer comfortable alternatives in the midst of nature.

37 Regional Experience

Regional Experience

The Spa-Francorchamps destination offers awidevarietyofactivitiesthat enables all segments to find something to do in the Spa-Stavelot-Malmedy triangle and on the Hautes Fagnes plateau.

Regional experience makes it possible to create a synergy between the new project and all existing activities in order to enhance them by involving them in the promotion of the destination and its circulation plans. The Spa thermal bathsPlopsa Coo Domaine de Bérinzenne In addition to forming existing operations into a network, new sites will also be set up such as the new golf resort of Hockai or the balloon launch site between, the circuit and the town of Malmedy. Visitors will be able to enjoy thematic experiences such as an "extreme sports" visit, participating in a BMX race on the Ferme Libert circuit or a parachute jump at Spa, a karting race as part of the "Energy-Motion"experience or canyoning ride in the Coo gorges. They can also enjoy a "nature" stay with a hiking in the Hautes Fagnes Park, spend a day exploring the new Ravel bike trails and a night in the "Tree houses" of the Experience in the Forest Horse riding centres Spa parachuting club Balloon trips

Cycling experience

The cycling experience activities are perfect for sporting holidays in the Spa- Francorchamps region. On the slopes of Mont de Brumes and Ferme Libert, fans of BMX, mountain bike downhill, four cross and downhill biking canpracticebeforetakingpartin international competitions. BMX trails Mountainbike trails Mountain bike trails with different levels are freely accessible for biking in family or for sport. For the most competitive there is the option involving new technologies, with a Smartphone-based timing system allowing the user to compete with every other visitor to the region. For less-sporty bike fans, new Ravel type trails will be created, including one surrounding the circuit, and an electric bike rental system will be created for the whole region: the "Vélo Wallon" scheme - a concept similar to that of "Villo" in Brussels. North Shore trails Noticeboards showing mountainbike trails in the region 38 Circulation within the destination

Main components Circulation network An ecological transport system to discover the destination 'Energy-Motion' Experience Roads Amphitheatre Circuit Welcome Centre - Reception Electric minibus Main services of the circuit Hiking trail Destination Spa-Francorchamps has relatively good transport infrastructure Nature Park & Adventure Cycling lanes Hanging village Cable car with a network of road, motorways and bike trails of good quality. Adventure Games “Spa-Nature” Eco-hotel New roads and bike trails, including an extension of the “Ravel” bike Camping and Picnic Area rambling trails, should be created to complement the network. An environmentally friendly transport system can then be developed in the destination in order to move easily between the different attractions; it will make it possible to move around using environmentally friendly transport such as small electric buses, electric cars, electric bicycles, electric scooters, etc. These different transport modes are an eco-friendly way to discover the destination, combining motor-powered transport with the need to protect nature. The visitor will be able to enjoy a new experience in a quiet and pollution free environment (edutainment in green transport). In the area of the circuit, visitors will be encouraged to leave their vehicles on the motorway rest area or in the parking area located near the circuit and use the available green transport.

Marked mountainbike trail Marked hiking trail “Ravel” bike trail Parking area

Electric bus Electric bike station Buggy ride Horse and cart rides 39 Development programme

40 The project is situated in an area of approximately 50 hectares, of which 50,000m² have already been built upon

Number of Built area in Number of Number of Built area in Land allocated in Components: Land allocated in m2 Components: persons per m2 units beds m2 m2 Unit Welcome centre / motorway rest area Energy-Motion' Experience Interpretation centre 300 Welcome-Reception 200 Total for Welcome Centre 300 Interactive Space – Innovation Centre 6,000 Simulation space 3,000 Built area in Components: Land allocated in m2 Spa-Francorchamps Museum 2,350 m2 Administrative offices 300 ‘Fast bio fast bon’ 150 50,000 Experience in the Forest ‘Brasserie Art-Deco’ 250 ‘Cafétéria de l’innovation’ 300 F&B and shops 640 Old Customshouse Restaurant 200 Welcome centre 50 Museum Shop 100 “Slow Food” Restaurant 200 Innovation Centre Shop 200 Restaurant "la Pause Détente" 80 Shweeb - 25,000 Bar "Le PPtitetit Encas" 50 Indoor Karting 1,500 - Picnic Area - Amphitheatre 2,000 20,000 Barbecue Area 80 New Ravel bike trails 10 km - Natural products store 100 Total for the "Energy Motion" Experience 17,800 100,000 Equipment hire store 80 Nature Park & Adventure 44,000 Accommodation Adventure course 30,000 "Death Ride" flying fox 9,000 Tree houses 20 4 80 800 3,000 Bungee jumping tower 5,000 “Spa-Nature” Eco-hotel 40 2 80 2,500 15,000 Hanging village 70,000 "Glamping" tent 20 4 80 400 2,000 Barefoot trail 15,000 Caravans 10 2 20 N/A 1,000 "Museum Under A Yurts 10 4 40 200 800 Magnifying Glass" 30,000 Nests 10 2 20 200 800 Land Art- Emotions Trail 25,000 Green areas 27,400 Adventure Playground 210,000 Total Accommodation 110 18 320 4,100 50,000 Kids' Playground 6,000 Javelin throw / Archery / Climbing wall 4,000 Outgame 199,500 Parking areas Units M2 per place Stilts 500 Uncovered parking 800 25 20 20,000 Total for Experience in the Forest 640 324,000 Covered parking 200 25 5,000 5,000 Total Parking 1,000 25 25,000 25,000

Gondola 1,000 10,000

Land size in m2 Land allocation in m2 Total for project 49,390 510,020 41 Financial and Economic feasibility

42 Key questions on financial results

The objective of the preliminary financial projections is to provide a financial basis for discussions between the operator, the investor and the seller. The results are subject to change.

1. How much investment is needed? • What is the overall investment for the project? • What is the detailed investment per components ?

2. What are the financial results for the project? • What is the return on investment? • What is the value for the project? • What is the investment payback period?

43 The phasing of the site development and construction will be spread over 3 years

Phasing of the construction

Year 1Year 2Year 3

Phasing of the site development 50% 50%

Phasing of the construction for the Experience in the Forest 100%

Phasing of the construction for the circuit experience 50% 50%

Phasing of the construction for the welcome centre 50% 50%

Phasing of the accommodations (excepting hotels) 100%

44 Construction Hypotheses (I)

Welcome centre Unit Price € Sources Accommodation €€ Sources

Construction cost for the different components of the €/m2 1,100 Gerens-Hill welcome centre Experience in the forest HVS Office, 2009- Welcome centre €/m2 1,100 Gerens-Hill " Spa-Nature" €/per 82,000 Hotel development F&B €/m2 1,100 Gerens-Hill Eco-hotel * room survey Picnic Area €/m2 500 Wooden structure Barbecue Area €/m2 500 Wooden structure Retail shops €/m2 1,100 Gerens-Hill Nature and Adventure Park Tree houses €/PU 50,000 Treehouses Adventure courses €/PU 250,000 Expert Flying fox- Death Ride €/PU 120,000 Expert www.exclusivetents Glamping tent €/PU 30,000 Bungee jumping tower €/PU 250,000 Expert .fr Hanging village On-line caravan Barefoot trail €/PU 130,000 Expert Caravans €/PU 40,000 sales Emotions trail €/PU 130,000 Expert "Museum Under A Magnifying Glass" €/PU 500,000 Expert Yurts €/PU 7,000 Yourte.com Adventure Playground Kids' Playground - javelin throwing space €/PU 300,000 Module.be Outgame €/PU 500,000 Expert Nests €/PU 2,000 Parcabout Climbing wall €/PU 40,000 Cityroc Stilts €/PU 250 Stelzen Shop Electric bike and Mountainbike Vélo wallon station 10 bicycles + placement €/PU 15,275 Ecomobility firm Vélo-wallon (similar to Villo in Brussels) €/PU 2,100 Ecomobility firm Mountainbike €/PU 300 Décathlon

45 Construction Hypotheses (II)

Construction costs 'Energy-Motion' Experience Unit Price €/m2 Sources Parking

Welcome- reception €/m2 1,100 Gerens-Hill Uncovered parking €/m2 90 T&L Research Interactive Space €/m2 1,100 Construction Gerens -Hill - 2 Scenography of the interactive space €/m 3,000 CITW- T&L Project Covered parking €/m2 680 Spa-Francorchamps Museum €/m2 1,100 Construction Management Scenography of the museum €/m2 900 CITW- T&L company IWAY-World Simulation space €/m2 2,500 Roads and paths Lyon New Ravel bike trails €/km 40,000 Expert Administrative offices €/m2 1,100 Gerens-Hill (4.5km) MDP Connecting road Gondola €/PU 7,000,000 €/km 450,000 Gerens Hill/ JNC Consulting Cronchamps- SF Belgium www.shweeb. Shweeb €/PU 1,000,000 com Amphitheatre €/m2 1,100 Gerens-Hill F&B €/m2 1,100 Gerens-Hill Retail shops €/m2 1,100 Gerens-Hill

Indoor Electric Karting €/PU 1,100,000 T&L Research

46 46 Land development cost hypotheses

Land Development € Sources

Trail development cost €/m2 20 Gerens -Hill - Project Management company

Development cost for the Experience in the Forest €/m2 40 Gerens -Hill - Project Management company

Circuit - Energy-Motion Experience development cost €/m2 80 Gerens -Hill - Project Management company

Amphitheatre development cost €/m2 20 Gerens -Hill - Project Management company

Welcome Centre development cost €/m2 40 Gerens -Hill - Project Management company

Accommodation development cost €/m2 40 Gerens -Hill - Project Management company

Gondola/ Footbridge development cost €/m2 40 Gerens -Hill - Project Management company

Parking areas development cost €/m2 20 Gerens -Hill - Project Management company

The price includes all urbanisation costs (road, network, various)

47 Attendance hypotheses

For the project, a potential attendance of 600,000 visitors per model year in total, with 430,000 paying and 170,000 non-paying visitors has been assumed

Details of the 600,000 visitors:

Experience in the Forest: 150,000 visitors The ‘Energy-Motion’ Experience: 180,000 visitors Events: 100,000 visitors Non-paying visitors: 170,000 visitors (40% approx. of all paying visitors)

48 Pricing system Hypotheses (I)

• The entry prices for the different activities at the Spa-Francorchamps site were determined based on benchmarks for Belgium and France • A 50% discount will apply for children aged 3-12

Spa-Francorchamps Project Price €/ Adult Products Benchmarking Sources Price assumption for the project € Ropes course 20 15-25 Adventure Parc Wavre, Grimpobranche "Death ride" flying fox 11 11 Lacs de l’Eau d’Heure Bungee jumping tower 15 29 Wavre Adventure Parc "Museum Under A Magnifying Glass"- Odyssée verte- Vallon de Villaret- Barefoot trail Barefoot trail - Emotions-Land Art 15 13-16 Experience in on the Lac Blanc the forest path Kids' Playground- Climbing wall - 10 4.5-6 Kid Factory Archery Range Activities Outgame 15 - Other activities & workshops 10 - Innovation Centre 15 15 Autostadt Dynamic simulators 40 75-90 IWAY world Lyon Karting 15 13-28 Euperner Karting, Kart indoor chrono Circuit Shweeb 15 - www.agrodome.nz experience Other activities & workshops 10 - Events 15 5 Spa-Francorchamps Museum 7 7 Stavelot Abbey

49 Pricing system Hypotheses (II)

• The prices of overnight accommodation at the Spa-Francorchamps site were determined based on benchmarking of related products, mostly in Europe

Spa-Francorchamps Project Price Products €/ Adult Benchmarking Sources €

Tree houses 100 100-200 Treehouse, Breant wooden hut, Ecurie du Kerbalan

Yurts 70 60-87 Pencuke farm, Inside out camping Nature Hotel 120 130 Hôtel la Grée des Landes Accommodation Nests 70 69 Parcabout Glamping 100 100-132 Villatent, les Neufs Cerisiers, Domaine Douce France Vintage Caravans 100 163 Grand Daddy Hotel

50 The total investment in the circuit project is approximately €61 million, with €36 million for the components and €25 million for infrastructure

TOTAL INVESTMENT € 61 million (Attractions & Accommodations)

Detail of the investment by component Details of infrastructure investment

Total: €36,029,432 Total: € 25,687,501 58% of the total investment 42% of the total investment

70% 25.100.802

41% 33% 10.477.819 18% 25% 12% 8.499.026 6.497.333 6.313.562 4.431.297 1%

397.095 A B C Experience in the 'Energy-Motion' Accommodation Parking Gondola / footbridge Other infrastructures* Cronchamps Welcome Forest experience' Centre * Ravel trails and additional roads, including the Conchamps-Circuit junction; utilities development of the site

The detail of the components is presented on the next pages, especially the Energy-Motion Experience, which requires the highest investment, due to its innovative concept and appeal to a vast public (70%)

51 Repartition of the investments per component for the public and the private sector

TOTAL INVESTMENT € 61,716,933 (Attractions & Accommodations)

Investment per component Infrastructures

A. Experience B. Energy- C. Accommodations C. Infrastructures in the forest Motion Experience

€ 4,431,297 € 25,100,802 € 6,497,333 € 25,687,501

100% Private 100% Private 100% Private 100% Public investment investment investment investment

The total investment of the private sector in the project is € 36 million

52 The Experience in the Forest represents an investment of €4.4 million, integrated into the environment and offering innovative latest generation attractions

Detail of the investment for the Experience in the Forest

Exp. Accommo Forest Total: € 4,431,297 * dation 12% 18% 23% 22% 21% 1.022.218 Energy- 953.712 Motion 919.936 18% 70% 17% 789.376 746.056

Adventure Nature Park Hanging village Adventure gamesElectric Electric bikes bikes & montain & mountain bikes Reception-F&B-Shops bikes

The most important investment is for the Adventure Games (23% of the investment), including a Kids' Playground and the investment in electric bikes and mountain bikes (22%)

*including professional fees and reserve margin 53 The "Energy-Motion" experience represents a € 25 million investment, due to its interactive space showcasing the use of latest technologies (research and development) for cars and other motor types

Detail of the investment for the "Energy-Motion" experience

38%Exp. Accommo Forest Total: € 25,100,802 * dation 12% 38% 18% 9.470.343

Energy- Motion 70% 18% 4. 553. 050 14% 11% 3.609.950 9% 5% 2.647.297 5% 2.270.454 1.214.147 1.335.561

Interactive Space Simulation space S-F Museum Shweeb Amphitheatre Indoor Karting Reception-F&B - Administration *including professional fees and contingency reserve

• The most important investment is for the interactive space (€9.4 million, 38%), which has a similar concept to that of the Cité des Sciences et de l'Industrie in Paris, the Futuroscope in Poitiers or the I-Way in Lyon, using latest technologies in scenography and interaction • The Simulation Space (€ 4.5 million) is also important, due to its attraction potential related to motor and other vehicles and to its latest generation equipment • It will be possible to have the Spa-Francorchamps Museum and the Amphiteatre built by public authorities

54 Accommodation that is original and environmentally friendly is proposed on the project site and represents a total investment of € 6.5 million

Details of the investment for Accommodation

Exp. Accommo Forest 61.3% Total: €6,497,333 * dation 12% 18% 3.982.401

Energy- Motion 70%

18.5% 1.203.317 11.1% 7.4% 721.990 481.327 1.3% 0.4% 84.232 24.066

"Spa-Nature" eco- Treehouses Glamping Tents Vintage Caravans Yurts Nests in the trees hotel *including professional fees and contingency reserve

The Eco-hotel requires the most important investment, of € 3.4 million (61.3%) with 40 rooms, followed by the Treehouses (18.6%)

55 The results of the project are positive with a current project value of €3.5 million Net Present Value and an Internal Rate Of Return of 9.1%, excluding infrastructures

The results of the project, without infrastructures, are positive assuming that the site receives 600,000 visitors per year after 6 years of operation

Results only including project components Results of the project including infrastructures

In this assumption, the investor supports the construction costs for the In this assumption, the investor does not support the site infrastructures components and for development of the site, such as utilities, parking investment costs, but does pay the construction costs for the project components areas,…

Investment components only €36,029,432 Total investment with infrastructures €61,716,933 Value of the project today Value of the project today -€18,481,107 Net Present Value (NPV) + €3,593,443 Net Present Value (NPV) Profitability Profitability 1.7% Internal Rate of Return (IRR) 9.1% Internal Rate of Return (IRR) Payback period 15 years Payback period 22 years

Positive cash flow Year 4 Positive cash flow Year 4

These results are obtained by using a capital cost of 7.5% and a debt-capital ratio of 50%/50%

• The results for the components alone are as follows: the project value is positive at €3,593,443 with a return of 9.1% and a pay back period for the initial investment of 14 years

• With the inclusion of the infrastructure investment of about € 25.6 million, the results are negative with a return of 1.7% (well below the capital cost of 7.5%) These investments will have to be made by public authorities in order to generate a new source of income and activities in the region • Furthermore, it is assumed that public authorities will invest in the museum and amphitheatre infrastructures

56 Summary of project cash flows (investment and operation) including only the main components without the infrastructure, the museum construction and the amphitheatre, to be financed by pubic authorities

€ Million Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17

50,04

2,05 2,15 2,25 2,4 2,61 2,79 2,93 3,07 3,23 3,39 3,56 3,74 3,93

The last year includes -10,78 the project’s terminal -17,18 value

Consolidated Year Year Year Year Year Year Year Year Year Cash Flow Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 1 2 3 4 5 6 7 8 9 (MM Euros)

Cash Flow ‐ ‐ 17.18 ‐10.78 2.05 2.15 2.25 2.40 2.61 2.79 2.93 3.07 3.23 3.39 3.56 3.74 3.93 50.04

Cumulative ‐ ‐ 9.25 ‐14.71 ‐14.69 ‐14.54 ‐14.25 ‐13.77 ‐13.03 ‐12.07 ‐10.91 ‐9.55 ‐7.98 ‐6.18 ‐4.14 ‐1.85 2.08 52.12 cash flow

The cash flow will be positive from Year 4 The return on investment will be positive after 14 years of operation

57 Project Results by components

A- Experience in the Forest Results B - ‘Energy-Motion’ Experience Results C - Accommodation results

Total Investment €4,431,297 Total Investment € 18,948,497 Total Investment €6,497,333

Value of the project today Value of the project today Value of the project today Net Present Value (NPV) + 3,831,153 Net Present Value (NPV) + 5,035,365 Net Present Value (NPV) + 356,207

Project Internal Rate of Internal Rate of Return (IRR Internal Rate of Return (IRR Return (IRR Project) 15.9% Project) 10.6% Project) 8.1%

Internal Rate of Return on Internal Rate of Return on Internal Rate of Return on Equity (IRR) 18.9% Equity (IRR) 11.6% Equity (IRR) 8.3%

Investment pay back period 10 years Investment pay back period 13 years Investment pay back period 5 years

Positive cash flow Year 4 Positive cash flow Year 4 Positive cash flow Year 4

These results are obtained by using a capital cost of 7.5% and a debt-capital ratio of 50%-50%

The results of the Experience in the Forest give a The value of the Energy Motion Experience results is The value of the accommodation is positive with a positive value with a return of 15.9% and a payback negative with a profitability of 10.6% and a payback return of 8.1% and a pay back period for the initial period on the initial investment of 10 years period on the initial investment of 13 years investment of 5 years

These results have been obtained assuming 430,000 paying visitors to the project, 130,000 to the Experience in the Forest, and 300,000 to the Energy-Motion Experience It is assumed here that the Museum and Amphitheatre are funded by the public sector and operated by the private sector

Note: The hypotheses used can be found in the appendices 58 Model sensitivity for the number of visitors and entrance fee

Model sensitivity to the number of visitors and entrance fee

NPV Number of visitors

344,000 365,500 387,000 408,500 430,000 451,000 473,000 494,500

9,222,725 -20% -15% -10% -5% 0% 5% 10% 15% -15% -80. 469 1, 123, 230 2, 326, 928 3, 530, 627 4, 734, 325 5, 938, 024 7, 141, 722 8, 345, 421

-10% 1,175,182 2,439,001 3,702,820 4,966,639 6,230,459 7,494,278 8,758,097 10,021,916

-5% 2,430,833 3,754,773 5,078,712 6,402,652 7,726,592 9,050,532 10,374,471 11,698,411 Entry fee 0% 3,686,484 5,070,544 6,454,604 7,838,665 9,222,725 10,606,786 11,990,846 13,374,906 5% 4,942,134 6,386,316 7,830,497 9,274,678 10,718,859 12,163,040 13,607,221 15,051,402 10% 6,197,785 7,702,087 9,206,389 10,710,690 12,214,992 13,719,294 15,223,595 16,727,897 15% 7,453,436 9,017,858 10,582,281 12,146,703 13,711,125 15,275,547 16,839,970 18,404,392

The model can support a fall of 15% in the number of visitors and of 10% in the entrance fee

59 Sensitivity of the model for construction and capital costs

Model sensitivity to construction and capital costs (WACC)

NPV WACC

9,222,725 6% 6.5% 7% 7.5% 8% 8.5% 9%

-15% 18,948,497 16,795,619 14,808,186 12,972,973 11,277,877 9,711,823 8,264,664

Costs -10% 17,655,399 15,517,096 13,544,000 11,722,890 10,041,671 8,489,269 7,055,543

of -5% 16,362,301 14,238,573 12,279,814 10,472,808 8,805,464 7,266,714 5,846,422 Construction 0% 15,069,203 12,960,049 11,015,627 9,222,725 7,569,257 6,044,160 4,637,302 5% 13,776,104 11,681,526 9,751,441 7,972,643 6,333,050 4,821,605 3,428,181

10% 12,483,006 10,403,003 8,487,255 6,722,560 5,096,844 3,599,051 2,219,060

15% 11,189,908 9,124,480 7,223,068 5,472,478 3,860,637 2,376,497 1,009,939

• The model gives a positive result even if construction costs increase by 15% • Moreover, the model can offer higher profitability for the investor, up to 9% and more for similar construction costs • The construction of the museum and amphitheatre is funded by the public sector, the rest of components are funded by the private sector

60 Operating model The financial model is based on the development and construction over 3 years and on an operational model of 15 years

Sources Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17

Inflation BFPB 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% Opening days for the T&L 0 0 210 210 210 210 210 210 210 210 210 210 210 210 210 210 210 Experience in the Forest Opening days for the T&L 0 0 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 circuit experience Opening days for the T&L 0 0 250 365 365 365 365 365 365 365 365 365 365 365 365 365 365 welcome centre

Site

WACC - Capital cost 7.5%

Beginning of operation Year 3

Debt/ capital ratio financing 50%/50%

Phasing Start End

Development/ Investment Year 1 Year 3

Projections of operations Year 3 Year 17

61 Operating model accommodation The financial model is based on the development and construction over 2 years and on an operational model of 15 years

Sources Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17

Inflation BFPB 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% Opening days for the T&L 00180 210 210 210 210 210 210 210 210 210 210 210 210 210 210 accommodations

Rooms units T&L 00110 110 110 110 110 110 110 110 110 110 110 110 110 110 110

Rooms available T&L 0019.800 23.100 23.100 23.100 23.100 23.100 23.100 23.100 23.100 23.100 23.100 23.100 23.100 23.100 23.100

Site

WACC - Capital cost 7.5%

Beginning of operation Year 3

Debt/ capital ratio financing 50%/50%

Phasing Start End

Development/ Investment Year 2 Year 3

Projections of operations Year 3 Year 17

62 Operational results: Profit and loss account projections Nature experience

Cash Flow Experience in the Forest Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 TOTAL

Profit and loss account

Revenue Tickets sale revenue - - 1,625,592 1,672,892 1,738,614 1,806,918 1,896,316 1,990,137 2,108,878 2,234,704 2,368,038 2,509,327 2,659,046 2,817,698 2,985,817 3,163,967 3,352,746 34,930,693 F&B revenue - Rental - - 32,314 32,896 33,488 34,091 34,704 35,329 35,965 36,612 37,271 37,942 38,625 39,320 40,028 40,749 41,482 550,815 Shops revenue – - - 22,810 23,220 23,638 24,064 24,497 24,938 25,387 25,844 26,309 26,783 27,265 27,755 28,255 28,764 29,281 388,811 Rental Gondola revenue - non-paying ------0 visitors Total - - 1,680,716 1,729,009 1,795,740 1,865,072 1,955,517 2,050,404 2,170,230 2,297,160 2,431,618 2,574,052 2,724,936 2,884,774 3,054,100 3,233,479 3,423,510 35,870,320 100% revenues

Operational expenses

Personnel costs --588,251 605,153 628,509 652,775 684,431 717,642 759,581 804,006 851,066 900,918 953,728 1,009,671 1,068,935 1,131,718 1,198,228 12,554,612 Maintenance --84,036 86,450 89,787 93,254 97,776 102,520 108,512 114,858 121,581 128,703 136,247 144,239 152,705 161,674 171,175 1,793,516 Administration --117,650 121,031 125,702 130,555 136,886 143,528 151,916 160,801 170,213 180,184 190,746 201,934 213,787 226,344 239,646 2,510,922 Costs of electricity, --84,036 86,450 89,787 93,254 97,776 102,520 108,512 114,858 121,581 128,703 136,247 144,239 152,705 161,674 171,175 1,793,516 water,... Marketing --84,036 86,450 89,787 93,254 97,776 102,520 108,512 114,858 121,581 128,703 136,247 144,239 152,705 161,674 171,175 1,793,516

Total expenses by department - - 958,008 985,535 1,023,572 1,063,091 1,114,645 1,168,730 1,237,031 1,309,381 1,386,022 1,467,209 1,553,213 1,644,321 1,740,837 1,843,083 1,951,401 20,446,082 57%

Gross operating revenues - - 722,708 743,474 772,168 801,981 840,872 881,674 933,199 987,779 1,045,596 1,106,842 1,171,722 1,240,453 1,313,263 1,390,396 1,472,109 15,424,237 43%

Fixed expenses Fixed costs --151,264 155,611 161,617 167,857 175,997 184,536 195,321 206,744 218,846 231,665 245,244 259,630 274,869 291,013 308,116 3,228,329 Total fixed expenses - - 151,264 155,611 161,617 167,857 175,997 184,536 195,321 206,744 218,846 231,665 245,244 259,630 274,869 291,013 308,116 3,228,329

EBITDA - - 571,444 587,863 610,552 634,125 664,876 697,137 737,878 781,035 826,750 875,178 926,478 980,823 1,038,394 1,099,383 1,163,993 12,195,909 34%

In Year 17 (last year of operation), the operational projections predict Gross Operating Revenues of € 1.4 million, providing a margin of 43% of total revenue and EBITDA of 34%

63 Cash Flow Nature experience

Cash Flow Experience in the Forest Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 TOTAL

EBITDA - - 571,444 587,863 610,552 634,125 664,876 697,137 737,878 781,035 826,750 875,178 926,478 980,823 1,038,394 1,099,383 1,163,993 12,195,909

Investment - 3,337,700 1,093,598 ------4,431,297 Reinvestment (furniture and - - 117,650 121,031 125,702 130,555 136,886 143,528 151,916 160,801 170,213 180,184 190,746 201,934 213,787 226,344 239,646 2,510,922 equipment reserve)

Terminal value 10,270,530 10,270,530

Cash Flow before debt - (3,337,700) (639,804) 466,832 484,850 503,570 527,990 553,609 585,962 620,233 656,537 694,994 735,733 778,889 824,607 873,039 11,194,877 15,524,219

Cumulative cash flow - (3,337,700) (3,977,504) (3,510,672) (3,025,822) (2,522,252) (1,994,263) (1,440,653) (854,691) (234,458) 422,079 1,117,073 1,852,806 2,631,695 3,456,302 4,329,341 15,524,219

Debt Debt financing 1,668,850 546,799 ------2,215,649 Debt payment Capital - - 169,896 172,444 175,031 177,656 180,321 183,026 185,772 188,558 191,387 194,257 197,171 200,129 - - Interest 100,131 132,939 132,939 125,059 116,706 107,851 98,466 88,517 77,972 66,794 54,945 42,385 29,071 14,959 - - 1,188,733 Total Capital+Interest 100,131 132,939 302,835 297,503 291,737 285,508 278,787 271,544 263,743 255,352 246,331 236,642 226,242 215,088 - - 3,404,382 Debt opening cost 25,033 8,202 ------33,235

Cash Flow after debt - (1,794,014) (234,146) 163,997 187,347 211,833 242,482 274,822 314,419 356,490 401,185 448,663 499,091 552,647 609,519 873,039 11,194,877 14,302,251

Cumulative cash flow - (1,794,014) (2,028,160) (1,864,162) (1,676,816) (1,464,983) (1,222,501) (947,679) (633,261) (276,771) 124,415 573,077 1,072,168 1,624,815 2,234,334 3,107,373 14,302,251

WACC 7.5% NPV 3,831,153 Project IRR 15.9% FP IRR 18,9%

• The consolidated cash flow for the operation of the accommodation represents, after 15 years of operation, €15.5 million before debt • With a capitalisation rate of 7.5%, the Net Present Value (NPV) is €3.8 million and the project IRR is 15.9%

64 Operational results: Profit and loss account projections "Energy-Motion" circuit experience’

Cash Flow "Energy-Motion" circuit experience Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 TOTAL

Operational results Cash Flow Exp. Circuit

Revenue Tickets sale revenue --4,483,928 4,610,285 4,787,135 4,970,770 5,212,051 5,465,044 5,785,951 6,125,702 6,485,403 6,866,226 7,269,411 7,696,271 8,148,196 8,626,658 9,133,215 95,666,246 Food and Beverage - - 107,713 109,652 111,626 113,635 115,681 117,763 119,883 122,041 124,237 126,474 128,750 131,068 133,427 135,829 138,273 1,836,052 premises rental revenues Shops rental revenue - - 38,017 38,701 39,397 40,107 40,828 41,563 42,312 43,073 43,848 44,638 45,441 46,259 47,092 47,939 48,802 648,018 Gondola revenue - non-paying ------0 visitors Total - - 4,629,658 4,758,638 4,938,159 5,124,512 5,368,560 5,624,370 5,948,145 6,290,816 6,653,489 7,037,338 7,443,602 7,873,598 8,328,715 8,810,426 9,320,291 98,150,316 100% revenues

Operational expenses Personnel costs - - 1,620,380 1,665,523 1,728,356 1,793,579 1,878,996 1,968,530 2,081,851 2,201,786 2,328,721 2,463,068 2,605,261 2,755,759 2,915,050 3,083,649 3,262,102 34,352,611 Maintenance - - 231,483 237,932 246,908 256,226 268,428 281,219 297,407 314,541 332,674 351,867 372,180 393,680 416,436 440,521 466,015 4,907,516 Administration - - 324,076 333,105 345,671 358,716 375,799 393,706 416,370 440,357 465,744 492,614 521,052 551,152 583,010 616,730 652,420 6,870,522 Costs of electricity, water,... - - 231,483 237,932 246,908 256,226 268,428 281,219 297,407 314,541 332,674 351,867 372,180 393,680 416,436 440,521 466,015 4,907,516 Marketing - - 231,483 237,932 246,908 256,226 268,428 281,219 297,407 314,541 332,674 351,867 372,180 393,680 416,436 440,521 466,015 4,907,516 Total expenses by department - - 2,638,905 2,712,424 2,814,750 2,920,972 3,060,079 3,205,891 3,390,443 3,585,765 3,792,489 4,011,282 4,242,853 4,487,951 4,747,367 5,021,943 5,312,566 55,945,680 57%

Gross operating revenues - - 1,990,753 2,046,214 2,123,408 2,203,540 2,308,481 2,418,479 2,557,703 2,705,051 2,861,000 3,026,055 3,200,749 3,385,647 3,581,347 3,788,483 4,007,725 42,204,636 43%

Fixed expenses Fixed costs --416,669 428,277 444,434 461,206 483,170 506,193 535,333 566,173 598,814 633,360 669,924 708,624 749,584 792,938 838,826 8,833,528 Total fixed expenses - - 416,669 428,277 444,434 461,206 483,170 506,193 535,333 566,173 598,814 633,360 669,924 708,624 749,584 792,938 838,826 8,833,528 9%

EBITDA - - 1,574,084 1,617,937 1,678,974 1,742,334 1,825,310 1,912,286 2,022,369 2,138,877 2,262,186 2,392,695 2,530,825 2,677,023 2,831,763 2,995,545 3,168,899 33,371,107 34%

In Year 17 (last year of operation), the operational projections predict Gross Operating Revenues of 4 million euros, providing a margin of 43% of total revenue and EBITDA of 34% of the total revenues

65 Cash Flow "Energy-Motion" circuit experience’

Operational results with investment supported by private and public sectors, with private sector participation of €18 million for the Energy- Motion Component

Cash Flow "Energy-Motion" circuit experience Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 TOTAL

EBITDA - - 1,574,084 1,617,937 1,678,974 1,742,334 1,825,310 1,912,286 2,022,369 2,138,877 2,262,186 2,392,695 2,530,825 2,677,023 2,831,763 2,995,545 3,168,899 33,371,107

Investment - 9,337,738 9,505,817 ------18,843,555 Reinvestment (furniture and - - 324,076 333,105 345,671 358,716 375,799 393,706 416,370 440,357 465,744 492,614 521,052 551,152 583,010 616,730 652,420 6,870,522 equipment reserve) Terminal value 27,960,874 27,960,874 Cash Flow before debt - (9,337,738) (8,255,809) 1,284,832 1,333,303 1,383,618 1,449,511 1,518,580 1,605,999 1,698,520 1,796,442 1,900,081 2,009,773 2,125,871 2,248,753 2,378,815 30,477,352 35,617,904

Cumulative cash flow - (9,337,738) (17,593,547) (16,308,715) (14,975,412) (13,591,794) (12,142,283) (10,623,703) (9,017,704) (7,319,183) (5,522,741) (3,622,660) (1,612,887) 512,984 2,761,737 5,140,552 35,617,904

Debt Debt financing - 4,668,869 4,752,909 ------9,421,777 Debt payment Capital - - - 722,462 733,299 744,298 755,463 766,795 778,297 789,971 801,821 813,848 826,056 838,446 851,023 - - 9,421,777 Interest - 280,132 565,307 565,307 531,797 496,277 458,625 418,715 376,409 331,566 284,032 233,645 180,236 123,622 63,611 - - 4,909,281 Total Capital+Interest - 280,132 565,307 1,287,768 1,265,096 1,240,575 1,214,088 1,185,509 1,154,706 1,121,537 1,085,852 1,047,493 1,006,292 962,069 914,635 - - 14,331,058 Debt opening cost - 70,033 71,294 ------141,327

Cash Flow after debt - (5,019,034) (4,139,501) (2,936) 68,207 143,043 235,423 333,071 451,293 576,983 710,590 852,588 1,003,481 1,163,803 1,334,118 2,378,815 30,477,352 30,567,297

Cumulative cash flow - (5,019,034) (9,158,535) (9,161,472) (9,093,264) (8,950,221) (8,714,798) (8,381,727) (7,930,434) (7,353,450) (6,642,861) (5,790,273) (4,786,792) (3,622,989) (2,288,871) 89,944 30,567,297

WACC 7.5% NPV 5,035,365 Project IRR 10.6% FP IRR 11.6%

• The consolidated cash flow for the operation of the accommodation, after 15 years of operation, represents €35 million before debt • With a rate of 7.5%, the Net Present Value (NPV) is €5 million and the project IRR is 10.6%

66 Operational results: Profit and loss account projections Accommodation

ACCOMMODATION Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 TOTAL Profit and loss account Cash Flow Spa-Francorchamps Accommodation Revenue Rooms revenue 00 397,273 707,741 792,528 855,690 995,535 1,266,818 1,418,583 1,444,117 1,470,111 1,496,573 1,523,512 1,550,935 1,578,852 1,607,271 1,636,202 18,741,741 Food and Beverage 00 59,591 106,161 118,879 128,354 149,330 190,023 212,787 216,618 220,517 224,486 228,527 232,640 236,828 241,091 245,430 2,811,261 revenue Shops 00 3,973 7,077 7,925 8,557 9,955 12,668 14,186 14,441 14,701 14,966 15,235 15,509 15,789 16,073 16,362 187,417 Spa 00 3,973 7,077 7,925 8,557 9,955 12,668 14,186 14,441 14,701 14,966 15,235 15,509 15,789 16,073 16,362 187,417 Other revenue 00 3,973 7,077 7,925 8,557 9,955 12,668 14,186 14,441 14,701 14,966 15,235 15,509 15,789 16,073 16,362 187,417 Total 468,782 835,134 935,183 1,009,715 1,174,731 1,494,845 1,673,928 1,704,058 1,734,731 1,765,957 1,797,744 1,830,103 1,863,045 1,896,580 1,930,718 22,115,255 100% revenues Expenses by department Rooms 00 119,182 212,322 237,759 256,707 298,660 380,045 425,575 433,235 441,033 448,972 457,054 465,280 473,656 482,181 490,861 5,622,522 Food and Beverage 00 29,795 53,081 59,440 64,177 74,665 95,011 106,394 108,309 110,258 112,243 114,263 116,320 118,414 120,545 122,715 1,405,631 Shops 0 0 119 212 238 257 299 380 426 433 441 449 457 465 474 482 491 5,623 Spa 00 2,185 3,893 4,359 4,706 5,475 6,967 7,802 7,943 8,086 8,231 8,379 8,530 8,684 8,840 8,999 103,080 Other revenue 00 1,390 2,477 2,774 2,995 3,484 4,434 4,965 5,054 5,145 5,238 5,332 5,428 5,526 5,625 5,727 65,596 Total expenses by department 152,672 271,985 304,569 328,842 382,584 486,838 545,161 554,974 564,964 575,133 585,486 596,024 606,753 617,674 628,792 7,202,451 33% Undistributed expenses Management 00 15,891 28,310 31,701 34,228 39,821 50,673 56,743 57,765 58,804 59,863 60,940 62,037 63,154 64,291 65,448 619,931 expenses General and Administration 00 27,809 49,542 55,477 59,898 69,687 88,677 99,301 101,088 102,908 104,760 106,646 108,565 110,520 112,509 114,534 1,084,879 Marketing expenses 00 23,836 42,464 47,552 51,341 59,732 76,009 85,115 86,647 88,207 89,794 91,411 93,056 94,731 96,436 98,172 929,896 Repair & Maintenance 00 23,836 42,464 47,552 51,341 59,732 76,009 85,115 86,647 88,207 89,794 91,411 93,056 94,731 96,436 98,172 929,896 Total undistributed expenses 91,373 162,780 182,282 196,809 228,973 291,368 326,274 332,147 338,126 344,212 350,408 356,715 363,136 369,672 376,326 4,310,601 19%

Gross operating revenues --224,737 400,369 448,333 484,064 563,174 716,639 802,492 816,937 831,642 846,612 861,851 877,364 893,156 909,233 925,599 10,602,203 48%

Fixed expenses Taxes/ Land Tax 00 000000000000000 0 Insurance 00 3,973 7,077 7,925 8,557 9,955 12,668 14,186 14,441 14,701 14,966 15,235 15,509 15,789 16,073 16,362 187,417 Incentives cost 00 20,226 36,033 40,350 43,566 50,686 64,498 72,224 73,524 74,848 76,195 77,567 78,963 80,384 81,831 83,304 954,198 Total fixed expenses 00 24,199 43,111 48,275 52,123 60,641 77,166 86,410 87,966 89,549 91,161 92,802 94,472 96,173 97,904 99,666 1,141,616

EBITDA 00 200,538 357,258 400,058 431,941 502,533 639,473 716,082 728,972 742,093 755,451 769,049 782,892 796,984 811,330 825,933 9,460,587 43%

The operational projections predict Gross Operating Revenue of € 925,000, providing a margin of 48% of total revenue and EBITDA of 43% of total revenue in year 17

67 Cash flow Accommodation

ACCOMMODATION Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 TOTAL

EBITDA 00200,538 357,258 400,058 431,941 502,533 639,473 716,082 728,972 742,093 755,451 769,049 782,892 796,984 811,330 825,933 9,460,587

Pre-opening 19,800 19,800 Working capital - - 40,674 ------40,674 Investment - 4,488,371 2,008,961 ------6,497,333 Reinvestment (furniture and - - 32,815 58,459 65,463 70,680 82,231 104,639 117,175 119,284 121,431 123,617 125,842 128,107 130,413 132,761 135,150 1,280,157 equipment reserve) Terminal value 7,675,369 7,675,369 Cash Flow before debt - (4,508,171) (1,881,912) 298,799 334,595 361,261 420,302 534,834 598,907 609,688 620,662 631,834 643,207 654,785 666,571 678,569 8,366,152 9,030,082 (4,508,171) (1,881,912) (4,209,372) (1,547,317) 660,060 754,897 896,095 1,019,209 1,144,522 1,219,569 1,241,521 1,263,869 1,286,618 1,309,778 1,333,354 9,032,723 Debt Debt financing - 2,244,186 1,004,481 ------3,248,666 DbtDebt paymen t Capital - - - 249,108 252,844 256,637 260,487 264,394 268,360 272,385 276,471 280,618 284,827 289,100 293,436 - - 3,248,666 Interest - 134,651 194,920 194,920 183,366 171,118 158,136 144,374 129,787 114,325 97,935 80,562 62,146 42,625 21,933 - - 1,730,800 Total Capital+Interest - 134,651 194,920 444,028 436,210 427,755 418,622 408,768 398,147 386,710 374,406 361,180 346,973 331,725 315,370 - - 4,979,466 Debt opening cost - 33,663 15,067 ------48,730

Cash Flow after debt - (2,432,300) (1,087,419) (145,229) (101,615) (66,494) 1,680 126,066 200,760 222,977 246,256 270,654 296,233 323,059 351,201 678,569 8,366,152 7,250,552

Cumulative cash flow - (2,432,300) (3,519,718) (3,664,947) (3,766,562) (3,833,056) (3,831,376) (3,705,310) (3,504,550) (3,281,573) (3,035,317) (2,764,663) (2,468,430) (2,145,370) 1,794,169) (1,115,600) 7,250,552

WACC 7.5% NPV 356,207 Project TRI 8.1% FP IRR 8.3%

• The consolidated cash flow for the operation of the accommodation, after 15 years of operation, represents €9 million before debt • With a capitalisation rate of 7.5%, the Net Present Value (NPV) is € 356,000 and the project IRR is 8.1%

68 Appendices

69 Cadastral plan of the Francorchamps circuit

Cadastral plan of the Circuit Scale 1/2500 Land owners:

Intercommunity association for the management of the circuit of Spa-Francorchamps

City of Stavelot

City of Malmedy

Liege Province

Private owners

Property of SPI+

Walloon Region/ Assets managed by ISF

Association/ Belgium Royal Automobile Club

Association/ Spa Royal Automobile Club

ISF + Liege Province

Emphyteutic Lease

70 Your contact for the Société de Valorisation du circuit de Spa-Francorchamps (SVF) :

Centre d’Ingénierie Touristique de Wallonie (CITW) Fabienne Vanthuyne José Clossen

Avenue Sergent Vrithoff, 2 5000 Namur Beegulgium

Phone: +(32) 81 435404 Fax: +(32) 81 434784 Email : [email protected] www.spi.be/fr/destination-francorchamps

Projet financé par l’Union Européenne et par la Wallonie le Fonds Européen de Développement Régional et la Wallonie investissent dans votre avenir