2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 112 CONSOLIDATED FINANCIAL STATEMENTS 4 Statement of changes in equity (in € millions) Notes Capital and related reserves Capital Share premium and reserves related to share capital Reclassification of treasury shares Perpetual Deeply Subordinated Notes Shareholders’ equity as of January 1, 2016 45.5 46.0 (5.0) 118.5 Net income for the period - - - - Other components of comprehensive income (net of tax): - - - - Cash flow hedge (IAS 39) 3.19.2 - - - - Employee benefit obligations 3.13 - - - - Profits and losses from the currency translation of the financial statements of foreign subsidiaries - - - - Comprehensive income for the period - - - - Capital increase 3.9 - - - - Dividends paid in cash - - - - Dividends paid in shares 3.0 42.7 - - Capital repayment - - - - Issue of Perpetual Deeply Subordinated Notes - - - - Recognition of share-based payments 3.11 - - 3.8 - Reclassification of treasury shares 3.12 - - (4.5) - Other changes - - Total transactions with shareholders 3.0 42.7 (0.7) - SHAREHOLDERS’ EQUITY AS OF DECEMBER 31, 2016 48.5 88.7 (5.7) 118.5 As decided by BOURBON’s Combined Shareholders’ Meeting on May 23, 2017, the payment of the dividend to be paid for 2016, set at €0.25 per share, could be received in cash or in new shares. Shareholders could make their choice between June 8 and June 30, 2017, inclusive. At the closure of the option period, the shareholders who have elected to receive the payment of the dividend in shares represented 55.28% of BOURBON shares. 1,156,611 new shares were thus issued, representing approximately 1.52% of the share capital and 0.91% of the Company’s voting rights on the basis of the share capital and voting rights as of May 31, 2017. The settlement and delivery of shares and their admission to trading on Euronext Paris occurred on July 17, 2017, with immediate dividend rights. They bear the same rights and are subject to the same obligations as the already issued ordinary shares and are entirely assimilated with the already issued shares. The final impact (after taking into account the treasury shares) on BOURBON’s consolidated financial statements for the second half of 2017 is as follows: 3 increase in capital stock by €0.7 million and share premiums by €9.7 million; 3 payment in cash in the amount of €8.5 million. The “Other changes” line includes the impact of transactions with certain non-controlling interests (see note 2.2.3).