2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 165 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements 4 b) Contractual obligations Contractual obligations are as follows: At 12.31.2017 Total Payments due by period (in € millions) < 1 year 1 to 5 years > 5 years Finance leases 74.1 45.3 28.8 - Operating leases (vessels) 1,130.8 84.3 659.5 387.1 Other operating leases 12.9 6.3 6.0 0.6 Balance payable on orders for vessels under construction 85.4 22.3 63.1 - TOTAL 1,303.1 158.2 757.4 387.6 In connection with this financing, the Group conducted finance lease operations under which the parent company of the entity signing the finance lease agreement guaranteed payment of the rents. The debt associated with these transactions amounted to €74.1 million as of December 31, 2017. As part of the sale and bareboat lease operations, the parent company of the entity that signed the bareboat lease, or the Group’s holding company, guaranteed payment of the leases. The commitment regarding these operations was €1,130.8 million as of December 31, 2017. The commitment relating to other operating leases was €12.9 million. For the various orders placed with shipyards, the total amount of the installments remaining due while the vessels were being built amounted to €85.4 million as of December 31, 2017. Discussions are in progress with the shipyards concerning the delivery of the vessels. 5.2 NET EARNINGS PER SHARE 5.2.1 Basic net earnings per share The determination of the weighted average number of shares of common stock outstanding during each period is presented below: 12.31.2017 12.31.2016 (restated) Weighted average number of shares over the period 77,499,214 77,499,214 Weighted average number of treasury shares held over the period (400,539) (435,935) Weighted average number of shares outstanding during the period 77,098,675 77,063,279 * This number includes the 1,156,611 shares issued on July 17, 2017, effective immediately, in payment of the 2016 dividend. The weighted average number of shares outstanding in 2017 and 2016 takes into account the weighted average number of stock options exercised during each period, as the case may be. For each period presented, the basic net earnings per share were determined as follows: 12.31.2017 12.31.2016 (restated) Weighted average number of shares used to calculate the basic net earnings per share 77,098,675 77,063,279 Net income (in € millions) Consolidated, group share (576.3) (279.6) Consolidated, group share – excluding income from discontinued operations/operations held for sale (576.3) (279.6) Net income from discontinued operations/operations held for sale – group share - - Basic net earnings per share (in €) Consolidated, group share (7.47) (3.63) Consolidated, group share – excluding income from discontinued operations/operations held for sale (7.47) (3.63) Net income from discontinued operations/operations held for sale – group share - -