DERICHEBOURG - Universal registration document 2019-2020

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

Director

SERAM SA

Manager

LE BISON GOURMAND POLY-MILIA

POLYURBAINE 13

Permanent representative

DERICHEBOURG OCÉAN INDIEN (POLYURBAINE)

HYDROVIDE (WESTEVER) DERICHEBOURG KENITRA DERICHEBOURG MAROC

Chairman and CEO abroad DERICHEBOURG A&D DÉVELOPPEMENT DERICHEBOURG AQUA MAROC DERICHEBOURG CASABLANCA DERICHEBOURG IFRANE DERICHBEOURG IMINTANOUT

DERICHEBOURG MARRAKECH DERICHEBOURG MAZAGAN DERICHEBOURG RABAT DERICHEBOURG SIDI BENNOUR DERICHEBOURG SIDI ALLAL EL BAHRAOUI

DERICHEBOURG INTÉRIM FORMATION ÉVOLUTION MAROC

Chairman abroad

SAN GERMANO SRL

REI

Co-manager abroad

DERICHEBOURG UK ENVIRONMENT Ltd REI CMT SPA DERICHEBOURG A&D DÉVELOPPEMENT

DERICHEBOURG UK Ltd

Director abroad

SAN GERMANO SRL DERICHEBOURG KENITRA DERICHEBOURG MAROC

DERICHEBOURG AQUA MAROC DERICHEBOURG CASABLANCA DERICHEBOURG IFRANE DERICHBEOURG IMINTANOUT DERICHEBOURG INTÉRIM FORMATION ÉVOLUTION MAROC BAS LONGS PRÉS (DERICHEBOURG ENVIRONNEMENT) CPI (DERICHEBOURG ENVIRONNEMENT)

DERICHEBOURG MARRAKECH DERICHEBOURG MAZAGAN DERICHEBOURG RABAT DERICHEBOURG SIDI BENNOUR DERICHEBOURG SIDI ALLAL EL BAHRAOUI

Permanent representative abroad

DERICHEBOURG RETAIL BELGIUM (DERICHEBOURG ENVIRONNEMENT)

Mrs. FrançoiseMahiou, independentdirector Initial date of appointment:SM 02/10/2016 Termof office expires: SM 2022

Numberof shares held: 662

Mrs. FrançoiseMahiou,aged 57, is of Frenchnationality. On the launch of France’smajor State projects in 1988, Mrs. Françoise Mahiou was appointed Major Projects Engineer within the integrated contracting authority/project management team in charge of the design and construction of rail stations for Toulouse’s first automatic metro line (Sofretu/Sotec now Systra). This involved engineering, architecture, design, management and ISO quality aspects, on very tight schedules. Her Toulouse experience was rounded off with commercial and industrial construction projects for private developers (Sopra/Kaufman&B). In early 1991, she headed to Paris, where the initiators of the Grand Louvre, Opéra Bastille, and Cité de La Musique are based. She assisted senator-mayorSerge Vinçon in the programmingof the Pôle de l’Or. For Sodeteg Thomson (now Thalès), she created and managed the Engineering division of public-private commercial buildings using an environmental approach and providing services to contracting authorities and architects – École des mines de Nantes (Aymeric Zublena), Musée des Champs Libres in Rennes (Christian de Portzamparc), Université de Médecine de Tours (Ivars and Ballet), Extension of Musée Luxembourg Paris (Senate), Due Diligence for Oppenheim, feasibility study for the City Center of Casablanca (AlliancesAccor), and DGACheadquarters(JF Jodry). In 2004, her dual Engineer/HECExecutiverole enabledher to take over as CEO of the SegulaGroup's Services division,which she developedin

the “Energy/Transport/Industries”Process Branch through external and internal growth, and also through the key accounts she won, which includeAreva, EDF, Dassault,RATP and Essilor. From 2007 to 2012, Mrs. Françoise Mahiou managed operations for the AREP Group, a subsidiary of the SNCF, as Deputy CEO. She led a complete restructure of the Group with a CSR focus, covering HR (opinion survey, barostress plan, senior citizens plan, incentives, company/authoritytravel plan etc.), project-orientedfinance, workflow information systems (home working, fluidity of exchanges etc.), legal stabilization, the launch of internal communications,and acquisitions, to guaranteesustainablegrowth. In 2012, she was promoted to CSR executive director in order to disseminategood governanceand ethical practices.She then took over the managementof ASCIUS, an assistanceand consultingcompanyfor managers, shareholders, their companies and family offices. She also developed the Operating Partner business to respond to operational and strategic needs, creating value for the company and its stakeholders. Mrs. Françoise Mahiou is ASC Sciences Po Paris/IFA-certified,and is a memberof the Institut françaisdes administrateurs(IFA). Mrs. Françoise Mahiou is also a member of the Company's Audit Committeeand the Appointmentsand CompensationCommittee. Mrs. FrançoiseMahiou holds no other positionwithin the Companyor any other Group company.

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