BIC_REGISTRATION_DOCUMENT_2017

FINANCIAL STATEMENTS Consolidated financial statements

Impact of interest rate and foreign exchange risk hedging on the consolidated 24-5 financial statements as of December 31, 2016 The following amounts have been booked as the fair value of derivatives as of of December 31, 2016 (in thousand euros):

Net financial income/ (expense) before tax (a) – Note 6

Income from operations – Note 4

Other comprehensive income before tax (a)

Derivative instruments and revaluation

Hedge income qualification/ hedged risk

Current assets (b)

Non-current assets

Current Liabilities

Non-current Liabilities

Hedging revaluation impact

Cash flow hedge/Foreign exchange risk

Commercial flows

(2,164)

(1,977)

(10,977)

1,702

33 (12,335)

(4,234)

Net investment/Foreign exchange risk

Dividends

-

-

(3,129)

-

-

(2,890)

-

Subtotal (1)

(2,164)

(1,977)

(14,107)

1,702

33 (15,225)

(4,234)

Revaluation of cross-currency swaps backed by cash positions in foreign currencies

At fair value through P&L/Foreign exchange risk

Subtotal (2) TOTAL 1+2

152

-

-

-

-

(366)

-

(2,012) (4,234) This corresponds to mark-to-market of hedging instruments in the portfolio at December 31, 2016, restated for the reversal of the mark-to-market of the portfolio of hedging a) instruments as of December 31, 2015. Including options not yet exercised held by SOCIÉTÉ BIC representing current assets for 979 thousand euros. (b) (1,977) (14,107) 1,702 33 (15,591)

Portfolio of foreign exchange risk hedges as of December 31, 2017 24-6 To cover its future cash flows, the BIC Group had the following hedges as of December 31, 2017.

Purchase of options

Sale of options

Maturity

Hedge

Forward

Currency

Currency

2018

USD/EUR 297,000,000 USD/CAD 14,400,000 USD/AUD 10,000,000 GBP/EUR 7,500,000 AUD/EUR 8,000,000 CHF/EUR 3,000,000 EUR/MXN 4,000,000 JPY/EUR 1,000,000,000 CAD/EUR 6,000,000 NZD/EUR 8,000,000 PLN/EUR 2,000,000 RON/EUR 5,000,000 SEK/EUR 31,000,000 USD/NZD 1,600,000 USD/JPY 2,000,000

USD 49,000,000 78,000,000 USD 13,000,000 19,500,000

USD USD

USD USD

- -

- -

- -

GBP 16,000,000 24,000,000 AUD 18,000,000 29,000,000

GBP AUD

CHF EUR

2,000,000

2,500,000

CHF

-

-

-

JPY 300,000,000 400,000,000 CAD 12,000,000 18,500,000

JPY

CAD

NZD

-

-

-

PLN 35,000,000 51,500,000

PLN

RON

- - -

- - -

- - -

SEK

USD

2019

USD/CAD 3,000,000

USD

-

-

-

CAD/EUR GBP/EUR

- -

- -

2,000,000 4,000,000

2,000,000 8,000,000

CAD GBP

USD/JPY

9,500,000

USD

-

-

-

217

BIC GROUP - 2017 REGISTRATION DOCUMENT