2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 37 MANAGEMENT REPORT Report of the Board of Directors on corporate governance 3 Ms. Adeline Challon-Kemoun Born March 6, 1967 Positions held outside the Group - Independent Director of Econocom Group Positions currently held in the Group’s main subsidiaries (1) None Positions that have expired in the past five years Director of Air France Foundation Independent Director Member of the Nominating, Compensation and Governance* Committee Business address: 23 Place des Carmes Déchaux 63040 – CLERMONT FERRAND Cedex 9 First term of office: March 13, 2017 Term expires on: Shareholders’ Meeting called to approve the financial statements for the year ended December 31, 2019 French nationality A Graduate of the IEP of Paris and the French Society of Financial Analysts (SFAF). From 1989 to 2011, Adeline Challon-Kemoun was successively a partner at the firm Image 7, Deputy Chief Executive Officer of the Euris group, General Secretary of Rallye, then Director of Communications at Casino group and Director of External Communication and Marketing at France Télévisions. In 2012, she became Communication and Brand Director of Air France and was appointed in 2015 as Deputy Director of Marketing Digital & Communication at Air France-KLM, where she held office until 2017. Since 2016, she has been an Independent Director on the Econocom group Board of Directors. From April 3, Adeline Challon-Kemoun joined the Michelin group as the new Brand Director. * At the Board meeting of March 14, 2018, Adeline Challon-Kemoun was appointed Chairperson of the Nominating, Compensation and Governance Committee. Ms. Elisabeth Van Damme Born March 17, 1966 Positions held outside the Group - Independent Director of the Elior group Positions currently held in the Group’s main subsidiaries (1) None Positions that have expired in the past five years None Independent Director Member of the Audit Committee* Business address: Redwood Finance Dahlialaan, 26 3090 Overijse Belgium First term of office: May 23, 2017 Term expires on: Shareholders’ Meeting called to approve the financial statements for the year ended December 31, 2019 Belgian nationality She has a degree in applied economics and is currently a partner of Redwood Finance, a financial consulting services Company. She is also a Director at Elior group and a member of the Audit Committee. She previously held positions as CFO for over ten years with Bureau van Dijk Editions Electroniques, Air Creative Associates and Villa Eugénie She was also a Financial Controller at Coca-Cola Services and an Auditor at KPMG. * At the Board of Directors’ meeting of March 14, 2018, Elisabeth Van Damme left the Audit Committee to become a member of the Nominating, Compensation and Governance Committee. (1) Based on the main subsidiaries listed on page 215 of the 2017 Registration Document.