2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 54 MANAGEMENT REPORT 3 Report of the Board of Directors on corporate governance 3.7.11 Stock options or stock purchase options awarded to the first ten non-corporate officer employees/stock options or stock purchase options exercised bythe first ten non-corporate officer employees during 2017 None 3.7.12 Performance shares awarded and/or that became available during the fiscal year None 3.7.13 Historyof stock option grants or stock purchase options awarded The table below shows all the information related to stock option plans granted by the Company in force as of December 31, 2017. Meeting date June 1, 2011 Plan N o 9 (1) Plan N o 10 (2) Plan N o 11 Date of Board meeting December 5, 2011 November 30, 2012 December 2, 2013 Start date for exercising options December 5, 2015 November 30, 2016 December 2, 2017 Expiration date December 4, 2017 November 29, 2018 December 1, 2019 Original number of beneficiaries 1,153 2 68 Total number of stock subscription or purchase options: 2,789,050 29,700 1,037,000 a) Corporate officers (2) 110,000 (3) 140,000 (3) Jacques d’Armand de Chateauvieux - - - Astrid de Lancrau de Bréon - - Gaël Bodénès 38,500 - 60,000 b) Top 10 employee beneficiaries 2,211,000 29,700 198,000 Subscription or purchase price €18.18 €19.82 €19.68 Discounts granted No No No Options exercised at 12.31.2017 - - - Options canceled or voided at 12.31.2017 2,789,050 - 273,000 Options remaining to be exercised at 12.31.2017 (4) - 29,700 764,000 (1) Numbers of options and exercise prices are adjusted values, as required under applicable regulations, following trading in BOURBON Corporation stock. (2) List of corporate officers in post at December 31, 2017. (3) Options subject to performance conditions (see section 3.3.3.1 of the management report). (4) This stock option subscription or purchase plan ended on December 4, 2017. 3.7.14 Historyof bonus share allocations in force as of December 31, 2017 In 2013, the Board of Directors authorized a restricted stock award of existing or new shares to salaried members of staff, or certain categories of them, of all of BOURBON’s subsidiaries. The vesting of the shares was subject to fulfillment of the conditions and criteria laid down by the Board of Directors, as described below: 3 60% of the shares were subject to employment at the end of two (2) years: recipients still employed by BOURBON on December 2, 2015 fulfilled this condition; 3 40% of the shares were subject to employment at the end of two (2) years and the attainment of performance criteria: 3 20% was awarded if the 2013/2014/2015 average TRIR (Total incidents recorded per million hours worked based on 24 hours per day) was 0.65 or less; 100% of this criterion was attained with an average of 0.60, 3 20% of the shares were granted if the fleet availability rate in 2015 was greater than or equal to 95%; 100% of this criterion was attained with a rate of 96.4%.