2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 36 MANAGEMENT REPORT 3 Report of the Board of Directors on corporate governance Mr. Mahmud B. Tukur Born February 19, 1973 Positions held outside the Group - CEO and Director of Eterna Plc (Nigeria) - Director of Daddo Maritime Services Ltd (Nigeria) - Director of ECM Terminals Ltd (Nigeria) - Director of Independent Energy Ltd (Nigeria) - Director of Lenux Group (Nigeria) - Director of Dragnet Solutions Ltd (Nigeria) - Director of Micro Access Ltd (Nigeria) Positions currently held in the Group’s main subsidiaries (1) None Positions that have expired in the past five years None Independent Director Member of the Audit Committee Business address: Eterna plc, 5a Oba Adeyinka Oyekan Avenue, Lagos – Nigeria First term of office: June 1, 2012 Term expires on: Shareholders’ Meeting called to approve the financial statements for the year ended December 31, 2017 Nigerian nationality A graduate with honors of the University of Wales College (Cardiff, Wales) Mahmud B.Tukur has a double major in accounting and management. Vice Chairman of Ecomarine Group, a shipping line and Terminal Operator in West Africa, he is also an Independent Director of Independent Energy Limited (IEL), an indigenous Oil Exploration and Production Company. IEL is the operator of the Ofa marginal field. Mahmud B. Tukur has also served for a number of years as Chief Executive Officer and Managing Director of Daddo Maritime Services Limited. Since June 2010, he has been Chief Executive Officer and Managing Director of Eterna Plc. Ms. Xiaowei Wang Born November 28, 1968 Positions held outside the Group Chairperson and Director of SYWG Alternative Investment Co (China) Positions currently held in the Group’s main subsidiaries (1) None. Positions that have expired in the past five years None Director Business address: Shenyin & Wanguo Securities Co.,Ltd (SYWS) Shanghai, China First term of office: May 20, 2014 Term expires on: Shareholders’ Meeting called to approve the financial statements for the year ended December 31, 2018 Chinese nationality A graduate of the Northeast University of Finance and Economics (China). She also holds an Executive MBA from the China Europe International Business School (CEIBS) in Shanghai. Xiaowei Wang has occupied senior executive finance and accounting positions for over 22 years, including a position as Finance Director at Baosteel in New York (USA) for seven years. She is now Chairperson of Shenyin & Wanguo Alternative Investment Co, a subsidiary of one of the largest financial companies in China. (1) Based on the main subsidiaries listed on page 215 of the 2017 Registration Document.