2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 166 CONSOLIDATED FINANCIAL STATEMENTS 4 Notes to the consolidated financial statements 5.2.2 Diluted net earnings per share Pursuant to IAS 33, the number of shares used to calculate diluted earnings per share takes into account the diluting effect of the exercise of stock options (stock subscription and stock purchase options), determined on the basis of the “share buyback” method. It also includes the shares whose issue is conditional. The weighted average number of shares used to calculate net earnings per share is, therefore, increased by dilutive potential ordinary shares. Diluted earnings per share are established as follows: Number of potential shares: 12.31.2017 12.31.2016 (restated) Weighted average number of shares outstanding during the period 77,098,675 77,063,279 Weighted average number of shares, the issue of which is conditional during the period 292,600 345,400 Weighted average number of dilutive stock options during the period - - Weighted average number of potential shares 77,391,275 77,408,679 In accordance with IAS 33, the determination of diluted net earnings per share for 2015 did not take into account the stock option plans authorized by the Board of Directors, as the options had an anti- dilution effect. Moreover, the determination of diluted net earnings per share for 2016 excludes all such share subscription or purchase option plans authorized by the Board of Directors, as they retained their anti- dilution effect. Diluted net earnings per share: 12.31.2017 12.31.2016 (restated) Weighted average number of shares used to calculate diluted net earnings per share 77,391,275 77,408,679 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 - - Diluted net earnings per share (in €) Consolidated, group share (7.45) (3.61) Consolidated, group share – excluding income from discontinued operations/operations held for sale (7.45) (3.61) Net income from discontinued operations/operations held for sale – group share - - 5.3 WORKFORCE AND PAYROLL The Group’s workforce was as follows: (workforce) 2017 2016 Onshore personnel 1,456 1,539 Seagoing personnel 3,755 4,251 - Officers 1,960 2,466 - Crews and other 1,795 1,761 TOTAL 5,211 5,790 The Group’s personnel costs were: (in € millions) 12.31.2017 12.31.2016 Personnel costs 225.3 263.0