REGISTRATION DOCUMENT - Bourbon

OTHER LEGAL AND FINANCIAL INFORMATION7Statutory Auditors’ report on the proposed decrease in share capitalSTATUTORY AUDITORS’ REPORT ON THE PROPOSED DECREASEIN SHARE CAPITALExtraordinary Shareholders’ Meeting of June 1, 2012 (eleventh resolution)To the Shareholders,In our capacity as Statutory Auditors of your company and in accordance with the procedures provided for in Article L. 225-209 of the FrenchCommercial Code (Code de Commerce) in the event of a decrease in share capital by cancellation of shares purchased, we hereby report toyou on our assessment of the reasons for and the terms and conditions of the proposed decrease in share capital.Shareholders are requested to confer all necessary powers on the Board of Directors, during a period of eighteen months starting from the dayof this meeting, to cancel, for up to a maximum of 10% of share capital by 24-month periods, the shares purchased by the Company pursuantto the buyback authorization, under the provisions of the above-mentioned Article.We performed the procedures that we considered necessary in accordance with the professional guidelines of the French National Instituteof Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes) applicable to this engagement. Our procedures consisted inverifying the fairness of the reasons for and the terms and conditions of the proposed decrease in share capital, which does not interfere withthe equal treatment of shareholders.We have no comments on the reasons for and the terms and conditions of the proposed decrease in share capital.Lyon and Marseille, March 22, 2012The Statutory AuditorsEurAAudit C.R.CCabinet Rousseau ConsultantsAlexandre BRISSIERDeloitte & AssociésHugues DESGRANGESBOURBON - 2011 Registration Document 171