2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 193 PARENT COMPANY FINANCIAL STATEMENTS Notes to the Company financial statements 5 3.2 BONUS SHARE ALLOCATION In 2013, the Board of Directors authorized a restricted stock award of existing or new shares to the salaried members of staff, or certain categories of them, of all of BOURBON Corporation’s subsidiaries. The vesting of the shares was subject to fulfillment of the conditions and criteria laid down by the Board of Directors, as described below: 3 60% of the shares were contingent on employment at the end of two years: recipients still employed by BOURBON on December 2, 2015 fulfilled this condition; 3 40% of the shares were subject to employment at the end of two years and the attainment of performance criteria: 3 20% was awarded if the 2013/2014/2015 average TRIR (Total incidents recorded per million hours worked based on 24 hours per day) was 0.65 or less; 100% of this criterion was attained with an average of 0.60, 3 20% was granted if the fleet availability rate in 2015 was greater than or equal to 95%; 100% of this criterion was attained with an average of 96.4%. The allotted shares were covered by the share buy-back that took place in 2015. December 2, 2017 Date of authorization by the Combined General Meeting June 1, 2011 Date of authorization by the Board of Directors December 2, 2013 Total number of allotted bonus shares adjusted as at 12.02.2015 631,400 Number of beneficiaries 2,103 Price per share: Price per share on the grant date (before adjustment) €19.11 Fair value: Original fair value (before adjustment) €17.53 / €16.08 Dividend yield 4.1% Contractual acquisition period 2 to 4 years N.B.: the only grounds for early exercise are the death or disability (subject to certain conditions) of the employee. This bonus share allocation plan ended on December 2, 2017. 4/ Other equity capital As of December 31, 2017, the bond issues totaled €119,723 thousand. These perpetual securities give BOURBON Corporation the right to repay them at par starting in October 2017. They provide the right to a semiannual fixed rate coupon at 4.70% for the first three years, a coupon that will be mandatory if dividends are paid. At the end of the first three years, the loan will be repayable at par solely at BOURBON’s initiative. In the event of non-repayment on such date, the coupon will be stepped up as follows: 3 years 4 to 6: “Reset 3-year Midswap Fixed Interest Rate” +650 bps; 3 years 7 to 9: “Reset 3-year Midswap Fixed Interest Rate” +850 bps; 3 years 10 and after: Floating Interest Rate 3-mth Euribor +1,050 bps. Following year 10, the coupon will be payable on a quarterly basis instead of a half-year basis. The clauses that trigger payment of the coupons are as follows: 3 dividend payment on equity securities; 3 purchase of equity securities; 3 purchase or redemptions of any parity securities. The payment of interest remains optional in all other cases. In the event of non-payment of interest, the interest is capitalized. Unpaid, capitalized interest becomes payable: 3 on the date of the next coupon payment; 3 in the event that the loan is repaid; 3 in the event of a court-ordered liquidation (whether or not voluntary) of the issuer. As of December 31, 2017, €1.4 million has been recognized as accrued interest not due corresponding to the share in the interest that is due to be paid during the first half of 2018. Note that the holders of perpetual deeply subordinated notes (TSSDIs) were called to attend a General Meeting on April 20, 2018. BOURBON sought and obtained the approval of the General Meeting of holders of TSSDIs to defer by one year the next interest payment date due under the Bonds for an approximate amount of €3.9 million due on April 24, 2018 on April 24, 2019, which shall bear interest from October 24, 2018 (included) to April 24, 2019 (excluded) at the rate corresponding to the applicable rate to the Bonds (see note 20).