2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 182 CONSOLIDATED FINANCIAL STATEMENTS 4 Statutory Auditors’ report on the consolidated financial statements (Year ended December 31, 2017) BORROWINGS: IMPACTS OF RESCHEDULING AND CLASSIFICATION (Note 3.14 to the consolidated financial statements – Gross borrowings) Key audit matter Our audit approach On July 27, 2017, Bourbon Corporation finalized the rescheduling of its debt, as described in Notes 2.1 and 3.14 to the consolidated financial statements. In accordance with IAS 39 – Financial instruments: recognition and measurement , the group carried out a qualitative and quantitative analysis of each rescheduled borrowing to determine if each borrowing had changed significantly, in which case the former borrowing would have to be derecognized and at the same time a new borrowing recognized. The tests carried out revealed that none of the borrowings had changed significantly. As of July 28, 2017, the borrowings were therefore maintained in the balance sheet. As outlined in Note 3.14 to the consolidated financial statements, Bourbon then reviewed all its borrowings as of December 31, 2017, in order to identify those that may be subject to early repayment as they: - presented payment defaults, and/or - contained covenants that were not respected, and/or - contained “cross default” or similar contractual clauses. Following this review and in accordance with IAS 1 - Presentation of financial statements, the non-current portion of the borrowings for which the group no longer held, at the closing date, an unconditional right to defer payment for a period of more than 12 months was reclassified to current liabilities for a total of €1,120.5 million. This situation led Bourbon Corporation to enter into negotiations with its financial partners to avoid immediate repayment and obtain a new rescheduling for its borrowings. These negotiations were still ongoing on the date the financial statements were approved by the Board of Directors. We considered the accounting treatment of the debt rescheduling in July 2017 and the classification of borrowings as of December 31, 2017 to be a key audit matter due to the material amounts involved, their impact on the presentation and understanding of the financial statements as a whole, and the potential impacts on the accounting treatment of interest rate hedging instruments. With the help of our specialists, we assessed whether the terms and conditions of the debt rescheduling in the summer of 2017 and their impacts on changes in cash flow, before and after the renegotiation, confirmed the accounting treatment of the rescheduling adopted by the group (i.e. the borrowing was maintained in the balance sheet at its initial effective interest rate). We corroborated the “current” / “non-current” classification of the borrowings as of December 31, 2017 based on our own analysis of the borrowing terms and conditions. We verified that the accounting treatment of the derivative financial instruments (interest rate instruments) was correct in this context. Finally, we verified the appropriateness of the disclosures in the notes to the consolidated financial statements, especially Note 3.14 on the accounting treatment and financial impacts of the corresponding transactions. Verification of the Information Pertaining to the Group Presented in the Management Report As required by law, we have also verified in accordance with professional standards applicable in France the information pertaining to the Group presented in the Board of Directors’ management report. We have no matters to report as to its fair presentation and its consistency with the consolidated financial statements. Report on Other Legal and RegulatoryRequirements Appointment of the StatutoryAuditors Deloitte & Associés and EuraAudit C.R.C were respectively appointed as the statutory auditors of Bourbon Corporation at the Annual General Meetings of June 7, 2005 and May 30, 2002. As of December 31, 2017, Deloitte & Associés and EuraAudit C.R.C were in the 13th and 15th years of total uninterrupted engagement, respectively.