Derichebourg // 2020-2021 Universal Registration Document

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Board of Directors’ report on corporate governance The Board of Directors

Current terms: Terms held within the Crédit Mutuel Alliance Fédérale Group: Chairman of the Supervisory Board of Banque Transatlantique Chairman of the Supervisory Board of Targobank Deutschland Independent Director: EPI Group Other term: Manager of a family real estate company (residential premises): SCI Vanol If the General Meeting of January 27, 2022 votes in favor of all the resolutions put to it, at its conclusion, the Board of Directors will be composed of eight directors. Among these directors, three will be deemed independent, namely Mrs. Françoise Mahiou, Mrs. Catherine Claverie and Mr. René Dangel. The percentage of independent directors on the Board would thus be 37.50%. In addition, with three female directors out of the eight members of the Board of Directors, the percentage of women on the Board would stand at 37.50%. Absence of conviction To the best of the Company’s knowledge, none of the members of the Board of Directors has been convicted of fraud during the last five years. No member has been involved as a director in bankruptcy, administration or liquidation during the last five years and no member has been subject to any criminal penalty or official public reprimand issued by a statutory or regulatory authority. To the Issuer’s knowledge, none of the members of its Board of Directors has been forbidden by a court from holding a position as a member of an administrative, management or supervisory body of a publicly held company or from participating in the management or operation of a publicly held company during the last five years.

Mr. Bernard Val did not wish to seek the renewal of his term of office. It will thus be proposed to the Combined General Meeting not to renew his term of office and to appoint as a new director of the Company Mr. René Dangel. Specifically, Mr. René Dangel would bring to the Board his financial and banking expertise. In the event of approval of his appointment at the General Meeting of January 27, 2022, the Board has indicated that it will consider Mr. René Dangel as an independent director. The information relating to the candidate, as provided for by Article R. 225-83 of the French Commercial Code, is presented below. Mr. René Dangel, age 69, of French nationality. Training and diplomas Masters in Economics, Business Management option Positions held in the last five years until retirement on 01/01/2021 Management of the corporate network of the CM Alliance Fédérale Group (including CIC) Chairman of the Executive Board of Banque Européenne du Crédit Mutuel Chairman of the Board of Directors of Banque Européenne du Crédit Mutuel Monaco Chairman of the Supervisory Board of Banque Transatlantique Chairman of the Supervisory Board of Facto France (former factoring business for Général Electrique) Chairman of the Supervisory Board of CM Leasing and Leasing Solutions (former equipment leasing business for Général Electrique) Vice-Chairman of the Supervisory Board of CM Equity Chairman of the Supervisory Board of Targobank Deutschland Member of the General Management Committee of Crédit Mutuel Alliance Fédérale Group, the Management Committee of the IT division (Euro Information) and the Group Commitments Committee

Chairman of the Board of Directors and Chief Executive Officer 4.2.2.2 Initial date of appointment: Board mtg 06/29/2004 Date of last reappointment: GM 02/10/2016

Term of office expires: GM 2022 Number of shares held: 117

Mr. Daniel Derichebourg, aged 69, of French nationality, has been Chairman of the Board of Directors and CEO since June 29, 2006. A self-taught man, he started his career by cleaning cellars to help out his father with the family business, a small waste recovery company. He took control of CFER in October 1996. He led the restructuring and development of Compagnie Française des Ferrailles, followed by CFF Recycling. Between 2004 and 2006, he oversaw the acquisition and restructuring of the Penauille Polyservices Group, prior to its merger with CFF

Recycling in July 2007. He is responsible for the Group’s major strategic decisions. He was co-opted as director on June 29, 2006. His directorship was renewed by the General Meetings of February 3, 2010 and February 10, 2016. The term of office of Chairman of the Board of Directors and Chief Executive Officer of Mr. Daniel Derichebourg will expire at the end of the General Meeting of January 27, 2022. After the General Meeting, a Board meeting will be held to make a decision on renewing these terms of office for the same period as that of his directorship.

DERICHEBOURG 2020/2021 Universal Registration Document 98