REGISTRATION DOCUMENT - Bourbon

MANAGEMENT REPORT3Corporate Governance3.3.1.2 Table summarizing the compensation of each Executive Director (in €)Jacques d’Armand de Chateauvieux,Chairman of the Board of DirectorsDue for the yearYear 2010 Year 2011Paid duringthe yearDue for the yearPaid duringthe year- fi xed compensation (1) 195,225 195,225 195,000 195,000- variable compensation - - - -- exceptional compensation - - - -- Directors’ fees 13,000 15,000 15,000 13,000- in-kind benefi ts - - - -TOTAL 208,225 210,225 210,000 208,000(1) The fi xed compensation amounts shown in the table are the amounts paid by Jaccar Holdings, the managing holding company of BOURBON , to Jacques d’Armand deChateauvieux as an employee of this company.Jacques d’Armand de Chateauvieux, does not receive any direct compensation from BOURBON apart from Directors’ fees. Jaccar Holdings, of which Jacques d’Armandde Chateauvieux is Chairman, invoices BOURBON on an annual basis for management fees. Since January 1, 2011, these fees have been solely composed of a fi xedportion amounting to €360,000. Until December 2010, these fees comprised a fi xed portion of €360,000 and a variable portion representing 1% of the net income for theyear in question, capped at €500,000 (excluding taxes). Fees invoiced by Jaccar Holdings in 2010 totaled €752,000.Christian Lefèvre, Chief Executive OfficerDue for the yearYear 2010 Year 2011Paid duringthe yearDue for the yearPaid duringthe year- fi xed compensation 200,005 200,005 200,005 200,005- variable compensation (1) 43,985 (2) - 45,306 (2) 43,985 (2)- exceptional compensation - - - -- Directors’ fees for terms of offi ce served in the Group 70,015 70,015 68,694 68,694- in-kind benefi ts (3) 3,704 3,704 3,715 3,715TOTAL 317,709 273,724 317,720 316,399Christian Lefèvre is also Chairman of the Marine SAS company. This company bills BOURBON for €150,000 in management fees per year. For 2009, that company alsobilled BOURBON for €77,700 in services for a variable calculated based on 0.5% of consolidated net income-Group share.(1) Variable compensation is payable the following year, after approval of the fi nancial statements by the General Meeting.(2) Directors’ fees were deducted from the total variable compensation payable. The amount shown is the remainder paid or still outstanding.(3) Company car.Gaël Bodénès, Executive Vice PresidentDue for the yearYear 2010 Year 2011Paid duringthe yearDue for the yearPaid duringthe year- fi xed compensation Not applicable Not applicable 220,025 220,025- variable compensation (2) Not applicable Not applicable 66,000 -- exceptional compensation Not applicable Not applicable - -- Directors’ fees for terms of offi ce served in the Group Not applicable Not applicable - -- in-kind benefi ts (3) Not applicable Not applicable 2,543 2,543TOTAL Not applicable Not applicable 288,568 222,568(1) Gaël Bodénès has been Executive Vice President since January 1, 2011.(2) Variable compensation is payable the following year, after approval of the fi nancial statements by the General’ Meeting.(3) Company car.BOURBON - 2011 Registration Document 31