2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 52 MANAGEMENT REPORT 3 Report of the Board of Directors on corporate governance 3.7.6 Summarytable of the compensation of each Executive Director (in euros) whose term of office ended in 2017 Christian Lefèvre, Chief Operating Officer (until September 30, 2017) Fiscal year 2016 Fiscal year 2017 Due for the year Paid over the year Due for the year Paid over the year Fixed compensation 370,006 370,006 367,551 367,551 (3) Variable compensation (1) 37,000 153,550 38,850 37,000 Variable long-term compensation - - - - Exceptional compensation - - 65,000 - Directors’ fees 30,000 30,000 29,000 30,000 Benefits in kind (2) 6,156 6,156 4,617 4,617 TOTAL 443,162 559,712 505,018 439,168 (1) Variable compensation is payable the following year, after approval of the financial statements by the Shareholders’ Meeting. (2) Company car. (3) Of which pay in lieu of vacation amounting to €90,031. 3.7.7 Directors’ fees Members of the Board of Directors receive, as their only compensation, Directors’ fees up to the overall amount set by decision of the Combined Shareholders’ Meeting. These fees are paid based on attendance at the meetings held between two Ordinary General Meetings. The Combined Shareholders’ Meeting of May 20, 2014 decided to allocate an overall amount of €400,000 for 2014 and subsequent years. The procedures for distributing Directors’ fees are now as follows: 3 fixed compensation of €10,000; 3 variable compensation which takes into account actual participation by each Director in the work of the Board of Directors and its committees, consisting of: 3 €5,000 for attendance at “strategic and operational” Board meetings and €3,000 for attendance at other Board meetings, 3 €5,000 for attendance at committee meetings. Under these terms, the amount paid in 2017 to the members of the Board of Directors (before withholding tax for foreign Directors) totaled €359,000. (in €) Directors’ fees paid in 2016 Directors’ fees paid in 2017 Directors Jacques d’Armand de Chateauvieux 30,000 30,000 Adrien de Chomereau de Saint André - - Adeline Challon-Kemoun - 3,000 Christian Lefèvre 30,000 30,000 Baudouin Monnoyeur 30,000 30,000 Agnès Pannier-Runacher 45,000 45,000 Philippe Salle 40,000 34,000 Mahmud B. Tukur 42,000 37,000 Elisabeth Van Damme - - Xiaowei Wang 25,000 24,000 Advisor Henri d’Armand de Chateauvieux 15,000 15,000 Director whose term ended during the fiscal year Astrid de Lancrau de Bréon 37,000 29,000 Guillaume d’Armand de Chateauvieux 40,000 45,000 Bernhard Schmidt 40,000 37,000 TOTAL 374,000 359,000 Members of the Board of Directors did not benefit from any other compensation or benefit during the year.