2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 141 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements 4 Non-controlling interests The non-controlling interests stood at €72.3 million as of December 31, 2017. (in € millions) 2017 2016 At January 1 111.8 130.9 Profit (loss) for the period: portion made up of non-controlling interests (32.6) 16.6 Dividends paid to non-controlling interests (9.8) (14.6) Portion of non-controlling interests in other comprehensive income: (3.8) (6.4) Cash flow hedge (IAS 39) 0.1 (0.7) Employee benefit obligations - - Profits and losses from the currency translation of the statements of foreign subsidiaries (4.0) (5.7) Effect of changes in the percentage interest in consolidated affiliates 6.9 (14.6) At December 31 72.3 111.8 3.10 STOCK OPTION SUBSCRIPTION OR PURCHASE PLANS BOURBON Corporation issued 11 stock option subscription or purchase plans, two of which were in force as of December 31, 2017, representing 793,700 stock options at that date. The valuation and accounting methods for these stock option plans are shown in detail in note 1.5.13, and their main characteristics are shown in the table below: November 2012 December 2013 Date of authorization by the Combined General Meeting June 1, 2011 June 1, 2011 Date of authorization by the Board of Directors November 30, 2012 December 2, 2013 Number of stock options authorized 29,700 1,037,000 Total number of allotted stock options adjusted as at 12.31.2017 29,700 764,000 Number of beneficiaries 2 68 Start date November 2016 December 2017 Expiration date November 2018 December 2019 Subscription price in euros adjusted as at 12.31.2017 €19.82 €19.68 Subscription price in euros (before adjustment) €21.80 €19.68 Price per share: Price per share on the grant date (before adjustment) €21.72 €19.11 Fair value of options: Fair value of the options with no original market condition (before adjustment) €4.96 €3.09 Fair value of the options with original market condition (before adjustment) n/a €2.67 Risk-free interest rate 2.05% 0.82% Dividend yield 3.4% 4.1% Volatility 36.10% 31.57% Contractual acquisition period 4 years 4 years N.B.: the only ground for early exercise is the death of the employee. The expense recognized during the fiscal year for the stock option or purchase plans was -€0.1 million (-€0.7 million in 2016).