2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 147 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements 4 b) Analysis by interest rate Gross financial liabilities break down as follows: (in € millions) 12.31.2017 12.31.2016 Fixed rate or swapped-to-fixed rate 663.0 860.9 Bank overdrafts (fixed or swapped-to-fixed rate) - - Variable rate 862.1 587.9 Bank overdrafts (variable rate) 76.4 293.2 TOTAL BORROWINGS AND BANK LOANS 1,601.5 1,742.0 Accrued interest 7.3 7.7 TOTAL FINANCIAL DEBT 1,608.8 1,749.7 c) Analysis bycurrency As of December 31, 2017, gross debt excluding accrued interest breaks down as follows: (in € millions) 12.31.2017 12.31.2016 EUR – Euro 1,249.2 1,273.0 USD – US Dollar 328.3 429.5 NOK – Norwegian kroner 24.0 39.6 TOTAL (EXCLUDING ACCRUED INTEREST) 1,601.5 1,742.0 d) Change in the debt, bytype (in € millions) 12.31.2016 Issue Repayment Amortized cost Impact of foreign currency fluctuations Reclassification 12.31.2017 Financial liabilities 1,386.3 246.3 (162.1) 17.8 (50.7) 13.4 1,451.1 Finance lease liabilities 62.5 22.9 (12.9) 0.4 (0.2) 1.4 74.1 Bank overdrafts 293.2 (196.8) (20.0) 76.4 TOTAL BORROWINGS AND BANK LOANS 1,742.0 269.2 (371.8) 18.2 (50.9) (5.1) 1,601.5 e) Debt secured bycollateral As of December 31, 2017, bank borrowings secured by mortgages, pledges of equipment or marketable securities represented a total of €1,382.0 million. The assets pledged are primarily vessels. These mortgages were recorded with the Bureau des Hypothèques (Mortgage Registry) between 2002 and 2017 for a total value of €5,269.4 million. 3.15 FINANCIAL INCOME/(LOSS) Financial income/(loss) breaks down as follows: (in € millions) 12.31.2017 12.31.2016 Cost of net debt (54.6) (43.0) - cost of gross debt (61.0) (53.9) - income from cash and cash equivalents 6.5 10.9 Other financial expenses and income (134.9) (20.8) - net foreign exchange income/loss (82.9) (3.1) - other financial expenses (41.9) (24.2) - other financial income 17.9 10.6 - net allocations to financial assets and provisions (28.0) (4.0)