2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 134 CONSOLIDATED FINANCIAL STATEMENTS 4 Notes to the consolidated financial statements 3 Details of depreciation and impairment on property, plant and equipment (in € millions) Land Buildings Investment properties Technical facilities Vessels and maintenance Other property, plant and equipment Property, plant and equipment in progress Total 01.01.2016 - (12.6) - (7.7) (1,351.3) (9.4) - (1,380.9) Provisions for amortization - (3.1) - (1.1) (271.0) (1.0) - (276.3) Impairment (2.0) - (0.3) (13.7) (0.1) (9.8) (25.8) Disposals - - - 0.1 57.7 1.5 - 59.4 Change in scope - - - (0.0) - (0.0) Currency translation adjustment - (0.4) - 0.2 (23.3) (0.2) - (23.7) Reclassification and other changes - - - (0.1) (0.3) 0.5 - 0.1 IFRS 5 reclassification* - - - - - 12.31.2016 - (18.1) - (8.7) (1,601.8) (8.8) (9.8) (1,647.3) Provisions for amortization - (2.7) - (0.8) (243.7) (0.7) (0.0) (247.8) Impairment - - (196.0) (0.8) (196.8) Disposals - 0.7 - 0.4 74.3 0.3 - 75.7 Change in scope - - - - - - Currency translation adjustment - 1.5 - 0.3 72.1 0.7 - 74.6 Reclassification and other changes - 0.0 - 0.2 (0.1) 0.1 2.6 2.7 IFRS 5 reclassification* - - - - - 12.31.2017 - (18.5) - (8.7) (1,895.3) (8.5) (8.0) (1,939.0) * Reclassification of discontinued operations/operations held for sale. For the 2016 and 2017 fiscal years, “Disposals” primarily include the sale of “overhaul” components that had already been fully depreciated (and therefore had a net book value of zero). In 2016, they also included the outright sale of two surfers that had also been fully depreciated, generating a capital gain of €0.4 million. In 2017, four vessels were sold, including the cement carrier Endeavor. Overall, these sales resulted in a capital loss of €0.2 million. Impairment recorded in 2016 results from the allocation of impairment on the DEEP CGU (see note 3.1). In 2017, as announced at themeeting of February 13, 2018 presenting BOURBON’s new strategic action plan, impairment was recognized for 41 vessels that cannot be connected (known as the “non-smart fleet”), as well as seven other specialized vessels. The impairments recognized for the year totaled €196.8 million (see note 2.1). In order to preserve its legitimate interests in the prospect of future transactions, the Group does not want to disclose the values of the impaired vessels. As indicated in the press release dated February 13, 2018, within BOURBON Marine & Logistics’ traditional fleet of 65 vessels, the 41 oldest vessels, which cannot be connected (known as the “non- smart fleet”), will be sold “as is where is” at the current market price. In accordance with IFRS 5, these assets were not classified as non- current assets held for sale in the financial statements for the year ended December 31, 2017. In this regard, these assets would have had to meet the following five conditions by the closing date: i) the assets are available for immediate sale, ii) the sale is highly probable (sale plan initiated and decided by the appropriate management level, including the launch of an active disposal program at a reasonable price), iii) sale expected to take place within one year, iv) low likelihood that the plan will be significantly changed or withdrawn, v) book value of the assets mainly recovered through their sale, rather than continuous use. As the decision was taken by the Board of Directors on February 12, 2018, it has been deemed that the matter relates to the 2018 fiscal year. In addition, given that the criterion of immediate availability of all vessels had not been met on the closing date, and that these vessels’ disposal schedule could exceed the maximum one-year period, these assets are still not classified as non-current assets held for sales under IFRS 5. However, the decision had an impact on the valuation of these assets as of December 31, 2017. The #BOURBONINMOTION , strategic plan authorized by the Board of Directors in 2018, was initiated and defined by management in 2017. This event considered that the vessels were no longer part of their respective CGUs as of December 31, 2017, and thus needed to be tested for impairment individually. In accordance with IAS 36, the recoverable amount of an asset or cash generating unit is defined as the higher of its fair value less disposal costs, and its useful value. Since the cash flows generated by the ongoing use of these vessels until their disposal are insignificant, the Group opted for measurement on the basis of fair value less disposal costs (these costs being considered as insignificant by management), pursuant in particular to IAS 36.21, which states that if there is no reason for assuming that an asset’s useful value considerably exceeds its fair value less disposal costs, this fair value less disposal costs can be used as the asset’s recoverable amount, as is often the case when an asset is held for sale.