2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 153 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements 4 As of December 31, 2017, the interest rate swap contracts were on the Group’s borrowings, transforming variable rates into fixed rates. These contracts were entered into in euros (EUR), Norwegian kroner (NOK) and US dollars (USD); they are broken down by maturity date as follows: (in € millions) Outstanding as of December 31, 2017 in foreign currency Outstanding as of December 31, 2017 in euros Maturity Currency – Fixed-rate borrowing swaps EUR 21.3 21.3 07.26.2018 EUR 15.3 15.3 06.28.2019 EUR 80.0 80.0 01.27.2020 EUR 7.3 7.3 12.31.2020 EUR 242.0 242.0 03.31.2021 EUR 3.4 3.4 07.29.2021 NOK 12.9 1.3 09.29.2018 NOK 55.6 5.6 12.30.2021 USD 15.7 13.1 08.19.2019 USD 13.1 10.9 09.30.2019 TOTAL 400 The following table shows the Group’s net exposure to variable rates before and after risk management, based on the hedges in place and the sensitivity of the Group’s income before taxes (related to changes in the fair value of monetary assets and liabilities) to a reasonable variation in interest rates, with all other variables remaining constant: (in € millions) As of December 31, 2017 Less than 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years More than 5 years Total Fixed rate Variable rate Fixed rate Variable rate Fixed rate Variable rate Fixed rate Variable rate Fixed rate Variable rate Fixed rate Variable rate Fixed rate Variable rate Cash - 243.6 - - - - - - - - - - - 243.6 Term deposits - - - - - - - - - - - - - - Loans and securities 40.3 - 3.8 - 1.9 - 4.2 - 1.4 - 4.9 - 56.5 - Financial assets 40.3 243.6 3.8 - 1.9 - 4.2 - 1.4 - 4.9 - 56.5 243.6 Bank overdrafts and short-term lines - (76.4) - - - - - - - - - - - (76.4) Deposits and securities received - - (1.6) - - - - - - (0.4) - (1.9) - Finance lease liabilities (41.8) (3.5) (12.6) - (7.9) - (3.8) (4.4) - - - (70.6) (3.5) Bank borrowings (112.7) (1,183.3) (15.2) (11.9) (15.5) (12.4) (19.5) (12.0) (15.0) (11.1) (12.4) (28.2) (190.3) (1,258.8) Financial liabilities (154.6) (1,263.1) (29.4) (11.9) (23.5) (12.4) (23.4) (12.0) (19.4) (11.1) (12.7) (28.2) (262.8) (1,338.7) Net position before hedging (114.2) (1,019.5) (25.6) (11.9) (21.5) (12.4) (19.2) (12.0) (18.0) (11.1) (7.9) (28.2) (206.3) (1,095.1) Hedging (400.2) 400.2 Net position after hedging (606.6) (694.9)