2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 34 MANAGEMENT REPORT 3 Report of the Board of Directors on corporate governance Ms. Agnès Pannier-Runacher Born June 19, 1974 Positions held outside the Group - Executive Vice President of Compagnie des Alpes (listed Company – France) - Member of the Supervisory Board of Futuroscope - Director of CMB - Member of the Supervisory Board of ELIS SA (listed Company – France) - Director, AREA SA - Director, Eiffarie SA - Director, Adelac SAS - Director, Macquarie Autoroutes de France - Director, Cryptolog SAS Positions currently held in the Group’s main subsidiaries (1) None Positions that have expired in the past five years - Director of AFP - Director, BPI Groupe - Director, Grévin et Compagnie Independent Director Chairperson of the Audit Committee Business address: Compagnie des Alpes 50/52 Boulevard Haussmann 75009 Paris First term of office: August 24, 2009 Term expires on: Shareholders’ Meeting called to approve the financial statements for the year ended December 31, 2017 French nationality A graduate of the HEC and ENA and holder of a CEMS Master’s. Successively Financial Inspector and Chief of Staff, then member of the Executive Committee of the APHP, Deputy Director of Finance and Strategy, Head of Investments and Development department at Caisse des Dépôts. In 2009, she became a member of the Executive Committee and Director for Finance and Strategy for the FSI portfolio and then joined Faurecia in 2011 as Director of the Tata-JLR, GME, Volvo Customer Division at Faurecia Interior Systems. Agnès Pannier-Runacher has been Chief Executive Officer of Compagnie des Alpes since 2013. (1) Based on the main subsidiaries listed on page 215 of the 2017 Registration Document.