BIC_REGISTRATION_DOCUMENT_2017

FINANCIAL STATEMENTS Consolidated financial statements

Sensitivity of the obligation to a change in discount rate

This change would not, however, fully impact the Group net liability on employee benefits, as a change in plan assets fair value may partly offset the impact. Cash flows for future years The Group is expected to pay 15.3 million euros in employer contributions for 2018. The expected total benefit payments, in million euros, is:

According to the Group’s estimates, a +/-1% change in the discount rate would result in a change of, respectively, -13.34% and +15.19% in the obligations. This change would not, however, fully impact the Group net liability on employee benefits, as a change in plan assets may partly offset the impact. Sensitivity of the obligation to a change in inflation rate According to the Group’s estimates, a +/-0.5% change in the inflation rate would result in a change in the obligations for the following countries of respectively:

2018 2019 2020 2021 2022

32 30 37 33 33

+0.23% and -0.23% for the U.S.; ● +6.80% and -6.03% for the UK; ● +0.00% and -0.00% for France. ●

Beyond 2022

192

Information by geography 18-7

At December 31, 2017 (in thousand euros)

Obligation

Plan assets

Net liability

Europe

43,836 55,213 492,662

7.3% 9.2%

8,621

2.0% 9.0%

35,216 16,295

21.4%

United Kingdom

38,918

9.9%

North America

82.3% 386,964

89.1% 105,696

64.3%

Other countries

10,429

1.7%

-

-

7,118

4.3%

TOTAL

598,830

100.0% 434,505

100.0% 164,325

100.0%

At December 31, 2016 (in thousand euros)

Obligation

Plan assets

Net liability

Europe

46,000 57,594 553,857

6.9% 8.6%

8,995

1.9% 8.6%

37,005 17,413

18.2%

United Kingdom

40,181

8.6%

North America

83.0% 413,873

89.1% 139,984

69.0%

Other countries

10,089

1.5%

1,507

0.3%

8,582

4.2%

TOTAL

667,541

100.0% 464,556

100.0% 202,985

100.0%

Other countries 4.3%

Other countries 4.2%

18.2% Europe

21.4% Europe

8.6%

United Kingdom

9.9%

United Kingdom

64.3%

69%

North America

North America

2017

2016

For plans located in North America and Europe (mainly the United Kingdom), plan assets levels as of December 31, 2017 comply with minimum funding obligations, as legally or contractually defined.

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BIC GROUP - 2017 REGISTRATION DOCUMENT