2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 144 CONSOLIDATED FINANCIAL STATEMENTS 4 Notes to the consolidated financial statements Retirement benefit obligations The table below shows the main assumptions used in valuing retirement benefit commitments: 3 5-YEARVALUATION ASSUMPTIONS: 2017 2016 2015 2014 2013 Discount rate: 1.55% 1.45% 2.00% 1.50% 3.00% Inflation rate: 2% in most cases, except for certain countries where a different rate was used to take into account the local economic conditions. Salary increase: Inclusion of an average salary increase rate based on the salary policy within the various companies concerned. Turnover: Turnover rate determined for each entity. The change in the provision for pensions is as follows: (in € millions) 12.31.2017 12.31.2016 Present value of the obligation at the beginning of the year 14.3 13.3 Current service cost 0.9 0.9 Interest cost 0.2 0.2 Retirement indemnities paid (1.3) (0.9) Actuarial (gains)/losses 0.3 0.9 Past service cost - - Currency translation adjustment (0.0) (0.0) Reclassifications - - Effects of changes in consolidation scope and changes in consolidation method - - Present value of the obligation at closing 14.4 14.3 o/w less than 1 year 1.8 1.9 The current service cost is the present value of benefit attributed to the current year (cost of one additional year of work). Interest cost is the increase in the present value of the obligation resulting from the fact that it is one year closer to the date of payment of the benefits. It represents the cost of one year of non-discounting. The items recognized in the income statement over 2017 for retirement benefit obligations were: (in € millions) 12.31.2017 12.31.2016 Current service cost (0.9) (0.9) Past service cost - - Interest cost (0.2) (0.2) TOTAL EXPENSES RELATED TO RETIREMENT OBLIGATIONS (1.1) (1.1)