2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 33 MANAGEMENT REPORT Report of the Board of Directors on corporate governance 3 Mr. Christian Lefèvre Born August 27, 1957 Positions held outside the Group - Chairman of Marine SAS - Director of Sapmer Holding (Singapore) - Director of Evergas A/S (Denmark) - Chairman of Greenship Gas SAS Positions currently held in the Group’s main subsidiaries (1) None Positions that have expired in the past five years - Director of Sapmer SA (Company listed on Euronext Paris) - Director of ENSM - Representative of Bourbon Offshore SASU and Chairman of Bourbon Supply Investissements SASU - Chairman of Bourbon Maritime SASU Director Business address: JACCAR Holdings 148 rue Sainte 13007 Marseille First term of office: May 28, 2013 Term expires on: Shareholders’ Meeting called to approve the financial statements for the year ended December 31, 2018 French nationality Graduate of the École nationale de la Marine in 1984. He began his career at BOURBON as an officer then Chief Engineer and Captain of offshore vessels before becoming Head of Agencies in Gabon and Cameroon. He was then successively appointed Chief Operating Officer at Bourbon Offshore Surf (an indirect subsidiary of BOURBON Corporation) from 1990 to 1995, then CEO of Bourbon Offshore Surf from 1996 to 2001. CEO, Offshore Division in 2001, Chief Operating Officer of BOURBON Corporation, in charge of operations, in December 2005, and Chief Executive Officer in January 2011. On October 1, 2017, he resigned as Chief Operating Officer of the Company and is now Chief Executive Officer of JACCAR Holdings SAS. Mr. Baudouin Monnoyeur Born April 24, 1949 Positions held outside the Group - Chairman and Chief Executive Officer of Monnoyeur SA and Chairman of the Group’s subsidiaries Positions currently held in the Group’s main subsidiaries (1) None Positions that have expired in the past five years - Member of the Fonds Quelium Policy committee (CDC) - Chairman of Pleyel Investissements SA Director Business address: Monnoyeur SA 117 rue Charles-Michels 93200 SAINT-DENIS First term of office: May 30, 2008 Term expires on: Shareholders’ Meeting called to approve the financial statements for the year ended December 31, 2019 French nationality A graduate of the Paris Institut d’Études Politiques and holder of an MBA from INSEAD. Baudouin Monnoyeur is Chairman of the Monnoyeur group, a French family company created in 1906, specializing in building and engineering distribution and services, a distributor of brands such as Caterpillar, Mercedes Benz and John Deere, which is now established in several countries. As of December 31, 2018, Baudouin Monnoyeur held 5.68% of BOURBON Corporation’s capital through his company Monnoyeur SAS. (1) Based on the main subsidiaries listed on page 215 of the 2017 Registration Document.