2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 232 OTHER LEGAL AND FINANCIAL INFORMATION 6 Draft resolutions for the Combined General Meeting of May 30, 2018 If the number of Directors appointed by the Annual Shareholders’ Meeting drops down to twelve or fewer, the duration of the term of office of any of the employee representatives on the Board shall remain unchanged. The term of office of a Director representing employees is set at three years. This term of office may be renewed. If a Director’s seat becomes vacant for any reason whatsoever, the vacant seat shall be filled in accordance with the provisions of Article L. 225-34 of the French Commercial Code. As an exception to the rule laid down in Article 13 of these bylaws for Directors appointed by the Shareholders’ Meeting, Directors representing employees are not required to own a minimum number of shares. Directors representing employees are appointed following an election, including by electronic means ensuring confidentiality of the vote, by the employees of the Company and its directly and indirectly held subsidiaries whose corporate offices are in France.» Consequently, to take account of the incorporation of Article 13 bis «Directors representing employees» in the Company’s bylaws, we propose the modification of the heading of Article 13 «Appointment of Directors» in order to specify that Article 13 of the Company’s bylaws does not apply to Directors representing employees. The heading of Article 13 shall accordingly be modified to «Appointment of Directors other than Directors representing employees». The content of Article 13 shall not be modified. Twentieth resolution − Powers for completion of formalities The Shareholders’ Meeting, ruling under the conditions of majority and quorum required for Extraordinary General Meetings, grants full powers to the bearer of a copy of, or extract from these minutes to complete all the formalities of filing and legal publication required by law.