Board of Directors' Report

Ordinary General Meeting - September 22, 2017

Société Anonyme des Bains de Mer

et du Cercle des Etrangers à Monaco (S.B.M.)

Board of directors' report

Ordinary General Meeting September 22, 2017

The financial statements in English are a faithful translation of the original French version but should not be considered as completely accurate due to the unavailability of English equivalents

for certain French accounting terms. Consequently, this English document is intended for general information only.

Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco (S.B.M.) Société anonyme au capital de 24 516 661 euros

Siège Social : Place du Casino - MC 98000 MONACO RCI Principauté de Monaco 56S00523

2 BOARD OF DIRECTORS' REPORT 2017 société anonyme des bains de mer et du cercle des étrangers à monaco

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