2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 155 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements 4 Since then, most of the new borrowings (outside Norway) have been contracted in euros or US dollars. Where the euro/dollar exchange rate allows, borrowings in euros to finance assets generating revenue in US dollars will be converted to US dollars and future acquisitions will again be financed in US dollars. The following tables show the Group’s net exposure to changes in foreign exchange rates: 3 on income: transaction risk; 3 on shareholders’ equity: currency translation risk. a) Transaction risk As of December 31, 2017, foreign exchange derivatives covered flows in US dollars (USD) and broke down as follows: At 12.31.2017 Amount (in millions of currency) Maturity Average exchange rate Cross-currency swap USD/EUR 9.6 06/30/2021 1.4146 USD/NGN 5.0 01/11/2018 361.00 The table below shows, as of December 31, 2017, the position of the Group’s monetary assets and liabilities (denominated in a different currency from the entity’s functional currency) before and after management: (in € millions) USD NOK EUR Other Monetary assets 1,153.1 2.4 90.3 30.3 Monetary liabilities (669.4) (3.5) (134.8) (20.7) Net position before management 483.8 (1.1) (44.5) 9.6 Hedges (8.0) - - - Net position after management 475.8 (1.1) (44.5) 9.6 As of December 31, 2017, a 1% change in the euro exchange rate against all the currencies would represent a total impact at Group level of €4.6 million, after hedges are taken into account. It should be noted that currency futures hedges related to future transactions are not shown in this table since the hedged item does not yet appear on the balance sheet. b) Currency translation risk The table below shows a breakdown by currency of consolidated shareholders’ equity for the years 2017 and 2016: (in € millions) 12.31.2017 12.31.2016 Euro (EUR) 896.9 1,357.4 Brazilian Real (BRL) (204.5) (192.2) Mexican Peso (MXN) 74.0 66.8 Norwegian kroner (NOK) (57.8) 11.7 US Dollar (USD) (70.6) 9.5 Swiss Franc (CHF) 0.0 (0.2) Other 5.7 2.5 TOTAL 643.6 1,255.5 As of December 31, 2017, a 1% change in the exchange rates would represent an impact on consolidated shareholders’ equity of €2.1 million (€3.6 million as of December 31, 2016).