REGISTRATION DOCUMENT - Bourbon

MANAGEMENT REPORT3Corporate GovernanceSince August 24, 2009, the Board of Directors has benefi ted from the advice of a non-voting member, as permitted in the bylaws:Ms. Dominique SenequierDate of birth: August 21, 1953NON-VOTING MEMBER OF THE BOARD SINCE AUGUST 24, 2009Resigned as Director on August 24, 2009First term of offi ce as Director: September 8, 2003Business address:AXA Private Equity20, place Vendôme – 75001 PARISA graduate of the École Polytechnique and holder of a DEA diploma inBanking and Monetary Economics from the University of the Sorbonne inParis, Dominique Senequier occupied several management posts at theGAN Group, then joined AXA IM and became CEO of the subsidiary AXAPrivate Equity. She is also a member of the Institute of French Actuaries.Positions held outside the Group- Chair of the Management Board of AXA IM Private Equity SA- Chair of the Management Board of AXA IM Private EquityEurope SA- Chair of the Supervisory Committee of AXA Private Equity US LLC- Chair of the Supervisory Board of AXA Private Equity GermanyGmbH- Director, AXA Private Equity Asia PTE Ltd- Chair of the Board of Directors of AXA Private Equity Italy S.r.l.- Chair of the Board of Directors of AXA Private Equity UK Ltd- Chair of the Board of Directors of AXA Private EquitySwitzerland AG- Chair of the Board of Directors of AXA Private Equity SwitzerlandFinance AG- Chair of the Supervisory Board of AXA Private Equity EasternEurope GmbH- Chair, Member of the Board of Directors and the InvestmentCommittee of Matignon Développement 1 SAS- Chair, Member of the Board of Directors and the InvestmentCommittee of Matignon Développement 2 SAS- Chair, Member of the Board of Directors and the InvestmentCommittee of Matignon Développement 3 SAS- Chair, Member of the Board of Directors and the InvestmentCommittee of Matignon Développement 4 SAS- Chair, Member of the Board of Directors and the Co-ordinationCommittee of AXA Infrastructure Investissement SAS- Director, Théâtre des Champs Elysées SA- Member of the Board of Directors of Compagnie IndustrialiRiunite S.p.A.- Manager, SCI 30 rue JACOB- Director, SENEQ SA- Chair of Escouf Properties Corp.Positions that expired in the past five years- Director, Groupe BOURBON SA- Vice-Chair of the Supervisory Board of Linedata Services SA- Chair of Pikanter 4 SAS- Chair of AXA Chile Private Equity I SAS.- Director, AXA Private Equity Funds of Funds Manager II Ltd- Director, AXA Private Equity Primary Ltd- Director, AXA Private Equity Secondaries Ltd- Director, AXA IM Secondaries Associates Management Ltd- Director, AXA Private Equity SL Management Ltd- Director, AXA PE Asia Manager Ltd- Director, AXA IM LBO Management Ltd- Director, AXA IM LBO Management III Ltd- Director, AXA IM LBO Management IV Ltd- Member of the Board of AXA Alternative Participations SICAV I- Member of the Board of AXA Alternative Participations SICAV II- Non-voting member of the Board of Directors of Nakama SA- Non-voting member of the Board of Schneider Electric SA- Chair of Pikanter 9 SAS- Chair of Pikanter 10 SASUBOURBON - 2011 Registration Document 27