2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 233 OTHER LEGAL AND FINANCIAL INFORMATION Draft resolutions for the Combined General Meeting of May 30, 2018 6 STATUTORY AUDITORS’ REPORT ON THE SHARE CAPITAL REDUCTION Combined Shareholders’ Meeting of 30 May 2018 (16th resolution) This is a free translation into English of the Statutory Auditors’ report issued in French and is provided solely for the convenience of English speaking readers. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. To the Shareholders, In our capacity as statutory auditors of your Company and in accordance with Article L.225-209 of the French Commercial Code (Code de commerce) in the event of a share capital reduction by cancellation of shares purchased, we hereby report to you on our assessment of the reasons for and terms and conditions of the proposed share capital reduction. The Board of Directors recommends that you delegate to it for a period of 24 months, as from the date of the Combined Shareholders’ Meeting of 30 May 2018, all powers to cancel, up to a maximum of 10% of its share capital by 24-month periods, the shares purchased by the Company pursuant to the authorization to purchase its own shares of its share capital, under the provisions of the above-mentioned Article. We have performed the procedures that we considered necessary in accordance with the professional guidelines of the French National Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes) relating to this engagement. These procedures consisted in examining the fairness of the reasons for and terms and conditions of the proposed share capital reduction. In particular, our procedures involved verifying that the share capital reduction does not undermine shareholder equality. We have no comments on the reasons for or terms and conditions of the proposed share capital reduction. Lyon and Marseille, 24 April 2018 The Statutory Auditors French original signed by EurAAudit C.R.C Cabinet Rousseau Consultants Jean-Marc ROUSSEAU Deloitte & Associés Christophe PERRAU