BIC_REGISTRATION_DOCUMENT_2017

FINANCIAL STATEMENTS Consolidated financial statements

At December 31, 2017 (in thousands euros)

U.S. fair value of plan assets Including fair value of plan assets with a quoted price on an active U.S. market

Equity

159,456 201,082

43.9% 55.3%

159,456 201,082

43.9% 55.3%

Bond and other fixed income

Cash and cash equivalents

2,824

0.8%

2,824

0.8%

TOTAL

363,362

100.0%

363,362

100.0%

At December 31, 2016 (in thousands euros)

Fair value of plan assets

Including fair value of plan assets with a quoted price on an active market

Equity

193,984 239,080

41.8% 51.5%

193,984 239,080

41.8% 51.5%

Bond and other fixed income

Cash and cash equivalents

4,947

1.1% 5.2% 0.5%

4,947

-

Real estate

24,246

24,246

5.2% 0.5%

Assets held by insurance companies

2,100

2,100

Other

201

-

201

-

TOTAL

464,556

100.0%

464,556

100.0%

U.S. fair value of plan assets Including fair value of plan assets with a quoted price on an active U.S. market

At December 31, 2016 (in thousands euros)

Equity

178,441 209,833

45.6% 53.7%

178,441 209,833

45.6% 53.7%

Bond and other fixed income

Cash and cash equivalents

2,788

0.7%

2,788

-

TOTAL

391,062

100.0%

391,062

100.0%

Actuarial assumptions for main countries 18-6 Actuarial assumptions used to calculate the benefit obligations vary according to the economic conditions of the country in which the plan is located. They have been adjusted according to the actual interest rate and the mortality table. Assumptions for plans representing the main obligations are set out below:

At December 31, 2017

United States

United Kingdom

France

Discount rate

3.62% 2.50% 3.60%

2.60% 3.50%

1.32% 1.50% 1.75%

Inflation rate

Expected rate of salary increases

N/A

Average plan duration (years)

14.65

17.63

11.93

At December 31, 2016

United States

United Kingdom

France

Discount rate

4.19% 2.50% 3.60%

2.80% 3.55%

0.95% 1.50% 1.75%

Inflation rate

Expected rate of salary increases

N/A

Average plan duration (years)

14.80

18.69

10.97

The discount rates for our U.S. and UK retirement plans were developed using the Mercer Pension Discount Yield Curve, which is built from the yields of high quality (AA) corporate bonds. For our other international plans, the discount rates were set by benchmarking against corporate bonds rated AA or better on the various markets.

The discount rate for the French obligation is based on the IBOXX AA 10+ index. The rate shown for France is that of the main plan (retirement indemnities). The rate shown for the U.S. is for the main plan, each U.S. plan being valued with a specific discount rate (from 3.15% to 3.69%).

201

BIC GROUP - 2017 REGISTRATION DOCUMENT