REGISTRATION DOCUMENT - Bourbon

MANAGEMENT REPORT3Corporate GovernanceMr. Christian MunierDate of birth: December 10, 1950DIRECTORFirst appointment: June 18, 1999Date term expires: General Meeting convened to rule on the fi nancialstatements for the fi nancial year ended December 31, 2013Member of the Audit CommitteeAfter studying fi nance at Aix-en-Provence (DECS-DESS), ChristianMunier began his career as an auditor at the Groupe Maritime desChargeurs Réunis. Administrative and Finance Director of theCompagnie CHAMBON since 1986, then Member of the ManagementBoard, then Managing Director of the marine division on the merger ofCHAMBON and BOURBON, before being appointed Executive VicePresident of BOURBON. Christian Munier has been actively involved inrefocusing the Company on its marine business and restructuringBOURBON’s portfolio of activities.Ms. Agnès Pannier-RunacherDate of birth: June 19, 1974INDEPENDENT DIRECTORBusiness address:Faurecia2, rue Hennape92735 NANTERRE CEDEXFirst appointment: August 24, 2009Date term expires: General Meeting convened to rule on the fi nancialstatements for the fi nancial year ended December 31, 2011Member of the Audit CommitteeAgnès Pannier-Runacher is a graduate of the HEC and ENA andholder of a CEMS [Community of European Management Schools]Masters. Inspector of Finance at the Ministry of the Economy,Finance and Industry, then Cabinet Director and Member of theManagement Committee at Assistance Publique-Hôpitaux de Paris;in 2006, she joined the Caisse des Dépôts as Deputy Director forFinance and Strategy Manager of the Equity Investments andDevelopment Department.In 2009, she became a member of the Executive Committee andDirector for Finance and Strategy for the FSI portfolio. InDecember 2011, Agnès Pannier-Runacher was appointed asDirector of the Client division at Faurecia Systèmes d’Intérieur.Positions held outside the Group- Chairman of CDM2 SAS- Chairman of SAS Régusse- Chairman of the Supervisory Board of Financière du Pladen SAS- Director, SAS Marbour- Director, SAS Siacom- Director, FinadvancePositions that expired in the past five years- Executive Vice President of the BOURBON Group- Member of the Supervisory Board of Les Moteurs Baudouin SA- Director, Bonnasse Lyonnaise de Banque SAPositions held outside the GroupNonePositions that expired in the past five years- Director and Member of the Liaison Committee for Soprol SAS- Director, FSI-PME Entreprises Portefeuille SAS- Director and Chair of the Audit Committee of Transdev SA- CDC Permanent Representative on Financière Transdev- Director and Chair of Audit Committee of SNI SA- Director, Icade- Non-voting Member of the Board of Egis SA- Director, Member of the Investment Committee and Member ofthe Audit Committee of Santoline SAS- Director, CDC Capital Investissements- Director, CDC Entreprises Capital Investissement- Director, CDC Entreprises portefeuille SAS- Non-voting Member of the Board of CDC International- Director, CDC Infrastructures- Member of the Investment Committee of Exterimmo- IT Management Controller CDC (GIE)- Director, Société Forestière de la CDC- Director, European Carbon Fund- Director, La Fondation des Hôpitaux de Paris Hôpitaux de France- Director, Samu Social de Paris (GIP)BOURBON - 2011 Registration Document 25