2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 164 CONSOLIDATED FINANCIAL STATEMENTS 4 Notes to the consolidated financial statements 5.1.3 Off-balance sheet commitments related to the Group’s operating activities a) Operating activities (in € millions) 12.31.2017 12.31.2016 Commitments given Commitments given related to the performance of client contracts 12.7 16.7 Commitments given related to obligations towards the government 39.5 35.7 Commitments given related to the performance of supplier contracts 7.5 0.0 Other guarantees given 2.5 1.9 TOTAL COMMITMENTS GIVEN 62.2 54.3 Commitments received Installment return guarantees 7.7 43.5 Subordinated guarantees on the vessel sales 0 101.1 Other guarantees received 12.5 17.2 TOTAL COMMITMENTS RECEIVED 20.2 161.8 i. Commitments given In the competitive bidding process in which the Group participates, some clients ask the bidders to submit a bid guarantee with their bid to protect them if the call for bids is withdrawn. The validity period of this kind of guarantee usually varies between 6 and 12 months. If the contract is signed, the client may ask the bidder selected to protect it by setting up a performance guarantee valid for the duration of the contract, for a fixed or unspecified amount. As of December 31, 2017, all such guarantees given by the Group totaled €12.7 million. The Group issues commitments to the customs authorities of some countries in order to guarantee payment of the fees applicable to the vessels operating in those countries. Deposits were also made so that certain procedures could be initiated with administrative bodies. As of December 31, 2017, all such guarantees given by the Group totaled €39.5 million. ii. Commitments received In connection with orders placed with different shipyards, the Group receives installment return guarantees which guarantee it the reimbursement of all installments made during the construction period in the event the project is interrupted. These guarantees are issued either by the banks or by holding companies and totaled €7.7 million as of December 31, 2017.