REGISTRATION DOCUMENT - Bourbon

MANAGEMENT REPORT3Corporate Governance3.3.3.4 Stock options exercised during the year by each Executive DirectorOptions exercised by Executive DirectorsNo. anddate of planNumber of optionsexercised during the yearExercisepriceJacques d’Armand de Chateauvieux - - -Christian Lefèvre - - -Gaël BodénèsPlan No. 3March 9,2005 9,220 (1) €17.43Laurent Renard - - -(1) Options awarded prior to the appointment of Gaël Bodénès as Executive Vice President.3.3.4 Performance shares awarded and/or that became available in 20113.3.4.1 Performance shares awarded to each Executive DirectorPerformance shares awarded by theGeneral Meeting during the year toeach Executive Director by the issueror by any Group CompanyNo. anddate ofplanNumber ofsharesawardedduring theyearValue ofoptions basedon methodused for theconsolidatedfinancialstatementsAcquisitiondateDateavailablePerformanceconditionsJacques d’Armand de Chateauvieux - - - - - -Christian Lefèvre - - - - - -Gaël Bodénès - - - - - -Laurent Renard - - - - - -3.3.4.2 Performance shares that became available for each Executive DirectorPerformance shares that became available for eachExecutive DirectorNo. and date of planNumber of shares that havebecome available during theyearAcquisitionconditionsJacques d’Armand de Chateauvieux - - -Christian Lefèvre - - -Gaël Bodénès - - -Laurent Renard - - -BOURBON - 2011 Registration Document 35