2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 41 MANAGEMENT REPORT Report of the Board of Directors on corporate governance 3 Ms. Astrid de Lancrau de Bréon Born December 23, 1979 Positions held outside the Group None Positions currently held in the Group’s main subsidiaries (1) - Chairman of Bourbon Maritime Positions that have expired in the past five years BOURBON Corporation SA Chief Financial Officer Since October 1, 2017 Business address: 148 rue Sainte, 13007 Marseille Niece of the Chairman and Chief Executive Officer and daughter of the Advisor. Term expires on: Shareholders’ Meeting called to approve the financial statements for the year ended December 31, 2018 French nationality Having graduated from the ESSEC business school in 2004, with a major in Finance, Astrid de Lancrau de Bréon has since worked for BNP Paribas, first as a chargée d’affaires within the Group’s finance division, where she was then responsible for the “Emerging Markets” area. In 2010, she became Head of Group Strategy, reporting to the general management of BNP Paribas. From 2014 to 2017, she served as Head of Corporate and Institutional Clients at the Paris Étoile Entreprises Business Centre. Astrid de Lancrau de Bréon was appointed Chief Financial Officer of the Group effective February 1, 2017 and resigned from her position as Director. At its meeting on September 4, 2017, the Board of BOURBON Corporation appointed Astrid de Lancrau de Bréon as Chief Financial Officer. (1) Based on the main subsidiaries listed on page 215 of the 2017 Registration Document. Except for the family ties mentioned above between Jacques d’Armand de Chateauvieux, Astrid de Lancrau de Bréon, Henri d’Armand de Chateauvieux and Adrien de Chomereau de Saint-André, there is no family link between the other members of the Board and General Management. 3.2.7 Shares held bycorporate officers Pursuant to the provisions of Article 13 of the bylaws in force at the date of this Registration Document, each Director is required to own at least 300 shares of the Company. As of December 31, 2017, as far as the Company is aware, the members of the Board of Directors and the corporate officers held the following number of shares: Directors Jacques d’Armand de Chateauvieux 28,257 Christian Lefèvre 247,730 Baudouin Monnoyeur 4,398,813 Agnès Pannier-Runacher 363 Philippe Salle 12,000 Mahmud B. Tukur 300 Xiaowei Wang 300 Adeline Challon-Kemoun 300 Elisabeth Van Damme 1,350 Adrien de Chomereau de Saint-André 300 Advisor Henri d’Armand de Chateauvieux 376,989 Corporate officers Jacques d’Armand de Chateauvieux, Chairman and Chief Executive Officer (see above) Gaël Bodénès, Executive Vice President 6,256 Astrid de Lancrau de Bréon, Chief Financial Officer 2,418 TOTAL 5,075,376