2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 35 MANAGEMENT REPORT Report of the Board of Directors on corporate governance 3 Mr. Philippe Salle Born May 17, 1965 Positions held outside the Group - Chairman of FONCIA Groupe SAS - Chairman of Finellas SAS - Permanent representative of CIC Associés, Banque Transatlantique - Director of GTT Positions currently held in the Group’s main subsidiaries (1) None Positions that have expired in the past five years - Chairman and Chief Executive Officer and Director of Altran Technologies (Company listed on Euronext Paris) - Chairman of the Altran Innovation Foundation - Chairman of Altimus - Chairman and Chief Executive Officer and Director of Elior (Company listed on Euronext Paris) - Chairman and Chief Executive Officer and Director of Elior Restauration et Services - Director of Elior UK Holdings Limited (UK) - Chairman and Chief Executive Officer and Director of Areas Worldwide (Spain) Independent Director Chairman of the Nominating, Compensation and Governance Committee* Business address: FONCIA Groupe SAS, 13, avenue Lebrun 92188 Antony Cedex First term of office: May 20, 2014 Term expires on: Philippe Salle resigned as a member of the Board on March 12, 2018 French nationality A graduate of École des Mines in Paris and holder of an MBA from the Kellogg Graduate School of Management at Northwestern University (Chicago, United States). He began his career at Total in Indonesia before joining Accenture in 1990. He joined McKinsey in 1995, where he became associate partner in 1998. He joined the Vedior France Group in 1999, became Chairman and Chief Executive Officer in 2002, and in 2006 President of the Southern Europe region. He held that position until 2007, when he joined the Geoservices group as Chief Operating Officer, then Chairman and Chief Executive Officer until March 2011. He then became Chairman and Chief Executive Officer of the Altran group, before joining the Elior group as Chairman and Chief Executive Officer in April 2015. In late 2017 he left the Elior group to assume the chairmanship of the Foncia Group. * At the Board of Directors’ meeting of March 14, 2018, Adeline Challon-Kemoun was appointed Chairman of the Nominating, Compensation and Governance Committee to replace Philippe Salle. (1) Based on the main subsidiaries listed on page 215 of the 2017 Registration Document.