REGISTRATION DOCUMENT - Bourbon

MANAGEMENT REPORT3Table summarizing the delegations of authority and the powersTABLE SUMMARIZING THE DELEGATIONS OF AUTHORITYAND THE POWERS GRANTED BY THE GENERAL MEETINGTO THE BOARD OF DIRECTORS FOR CAPITAL INCREASES *Date ofthe GeneralMeetingCombinedGeneralMeeting ofJune 9, 2010CombinedGeneralMeeting ofJune 1, 2011CombinedGeneralMeeting ofJune 1, 2011CombinedGeneralMeeting ofJune 1, 2011CombinedGeneralMeeting ofJune 1, 2011Type and maximum amountof the delegation of authorityAuthorization granted to the Board of Directorsto carry out, on one or more occasions, capitalincreases in cash maintaining shareholders’pre-emptive subscription right.Maximum amount:Shares: €8 million.Securities: €350 million.Authority given to the Board of Directors togrant, on one or more occasions, stock optionsfor new or existing shares of the Companyderived from purchases made by it.Maximum amount: 5% of share capital.Authorization for the Board of Directors to allotbonus shares to members of salaried staff(and/or to certain authorized corporate offi cers).Maximum amount: 5% of share capital.Authorization given to the Board of Directors toincrease the share capital stock by issuing anytransferable securities giving immediate orfuture access to equity, with elimination of theexisting shareholders’ pre-emptive subscriptionrights.Maximum amount:Shares: €8 million.Securities: €350 million.Authorization given to the Board of Directors toincrease the share capital by capitalization ofreserves, profi ts and/or premiums.Maximum amount: share per value.Duration ofthe delegation Use during 2011Twenty-six months,i.e. until August 8,2012 None.Thirty-eight months,i.e. until July 31,2014Thirty-eight months,i.e. until July 31,2014 None.Twenty-six months,i.e. until July 31,2013 None.Twenty-six months,i.e. until July 31,2013On December 5, 2011 the Board of Directorsdecided to grant 2,535,500 stocks options fornew or existing Company shares. These optionsmay be exercised as of December 5, 2015, thestart of the fi fth year after the award and untilDecember 4, 2017 , the end of the sixth year afterthe award.On June 1, 2011, the Board of Directors decidedto increase the capital by €3,910,111 by creating6,155,681 bonus shares for existingshareholders, at a rate of one new share forevery ten old shares.* The above table shows the delegations that are currently valid as of December 31, 2011 and their use in 2011.BOURBON - 2011 Registration Document 59