REGISTRATION DOCUMENT - Bourbon

4NotesCONSOLIDATED FINANCIAL STATEMENTSto the consolidated financial statements5.6.2 Table summarizing the compensation of each Executive Director (in €)Jacques d’Armand de Chateauvieux,Chairman of the Board of DirectorsDue forthe yearYear 2010 Year 2011Paid duringthe yearDue forthe yearPaid duringthe yearFixed compensation (1) 195,225 195,225 195,000 195,000Variable compensation - - - -Exceptional compensation - - - -Directors’ fees 13,000 15,000 15,000 13,000In-kind benefi ts - - - -TOTAL 208,225 210,225 210,000 208,000Mr. Jacques d’Armand de Chateauvieux does not receive any direct compensation from BOURBON apart from Directors’ fees. Jaccar Holdings, of which Mr. Jacquesd’Armand de Chateauvieux is Chairman, bills BOURBON annually for management services. Since January 1, 2011, these services have been composed exclusively of afi xed portion of €360,000. Until December 2010, these services were composed of a fi xed portion of €360,000 and a variable portion representing 1% of net income forthe year in question and capped at €500,000 (excluding taxes). In total in 2010, the services invoiced by Jaccar Holdings were thus €752,000.(1) The fi xed compensation amounts indicated in the table are the amounts paid by Jaccar Holdings, BOURBON’s managing holding company, to Mr. Jacques d’Armand deChateauvieux in his capacity as an employee of this company.Christian Lefèvre,Chief Executive OfficerDue forthe yearYear 2010 Year 2011Paid duringthe yearDue forthe yearPaid duringthe yearFixed compensation 200,005 200,005 200,005 200,005Variable 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 68,694In-kind benefi ts (3) 3,704 3,704 3,715 3,715TOTAL 317,709 273,724 317,720 316,399Mr. Christian Lefèvre is also Chairman of the Marine SAS company. This company invoices BOURBON for management services totaling €150,000 per year. Thiscompany also invoiced BOURBON in 2010 for services provided in 2009 in the amount of €77,700 as a variable payment calculated on the basis of 0.5% of BOURBON’sconsolidated net income, Group share.(1) Variable compensation is payable the following year, after approval of the fi nancial statements by the General Meeting.(2) The amount of Directors’ fees is deducted from the total amount of variable compensation granted. The amount indicated is the residual amount paid or to be paid.(3) Company car.Gaël Bodénès,Executive Vice PresidentDue forthe year (1)Year 2010 Year 2011Paid duringthe year (1)Due forthe yearPaid duringthe yearFixed compensation Not applicable Not applicable 220,025 220,025Variable 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 2,543TOTALNotapplicable(1) Mr. Gaël Bodénès assumed the position of Executive Vice President on 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.Notapplicable 288,568 222,568114BOURBON - 2011 Registration Document