2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 194 PARENT COMPANY FINANCIAL STATEMENTS 5 Notes to the Company financial statements 5/ Gross long-term financial assets Equity interests were valued at their purchase price (historical cost method), excluding the costs incurred in their acquisition. At year-end, the inventory value of the shares is based on the percentage of equity held, adjusted to take any unrealized gains or losses into account. For corporate securities listed on a regulated market, the inventory value applied corresponds to the average price over the last month. The inventory value of securities in foreign currency is converted at the exchange rate on the closing date. Where necessary, the gross value of the securities was adjusted to this inventory value by applying a provision. Where a portion of a set of securities conferring the same rights is sold, the entry value of the sold portion is estimated using the “FIFO” method (First In, First Out). The change in gross long-term financial assets can be analyzed as follows: (in € thousands) 12.31.2017 Increases Decreases 12.31.2016 Equity interests 42,507 1 - 42,506 Receivables from non-consolidated companies - - - - TOTAL 42,507 1 - 42,506 The increase over the year corresponds to the purchase of 126,340 shares of BOURBON Capital, which brings the number of shares held in that subsidiary to 126,390 as of December 31, 2017. 6/ Provisions A provision is recognized where there exists an obligation towards a third party and it is likely or certain that this obligation will result in an outflow of resources in favor of that third party without receiving at least an equivalent value in exchange. Provisions are calculated in the amount corresponding to the best estimation of the outflow of resources needed to extinguish the liability. (in € thousands) 12.31.2017 Increases Decreases 12.31.2016 Provisions for risks and contingencies: Provisions for guarantee of liabilities on sales of investments (1) - - - - Provisions for foreign exchange losses 0 0 - - Provisions for taxes 536 - - 536 Other provisions for risks and contingencies (1)(2)(3) 729 340 (4,828) 5,217 Subtotal 1,265 340 (4,828) 5,753 Provisions for impairment: Equity interests 8 - - 8 Accounts receivable - - - - Current accounts - - - - Marketable securities - - - - Subtotal 8 - - 8 TOTAL 1,273 340 (4,828) 5,761 Of which allowances and reversals: - from operating activities - (258) - financial 0 - - non-recurring 340 (4,570) (1) Following the most recent events in an old piece of litigation, the provision was recovered during the fiscal year. (2) In 2016, 319,000 treasury shares were allocated for free. Since the grant date was set at February 12, 2017, the provision created in the previous fiscal year was fully reversed on December 31, 2017. (3) As of December 31, 2017, 60, 368 treasury shares had not been granted. The provision for risk created in the event that those shares would be canceled was €340,000 for the fiscal year and reached €729,000 as of December 31, 2017.