2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 177 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements 4 % control of capital held directly or indirectly % interest in capital held directly or indirectly Country 2017 2016 2017 2016 SNC Bourbon Evolution 802 100.00 100.00 100.00 100.00 France SNC Bourbon Evolution 803 100.00 100.00 100.00 100.00 France SNC Bourbon Hamelin 100.00 100.00 100.00 100.00 France SNC Bourbon Herald 100.00 100.00 100.00 100.00 France SNC Bourbon Himalaya 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 105 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 110 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 111 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 115 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 119 (formerly B.L. 117) 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 120 (formerly B.L. 118) 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 205 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 207 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 216 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 218 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 221 (formerly B.L. 222) 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 225 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 226 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 227 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 228 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 229 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 232 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 235 (formerly B.L. 122) 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 236 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 237 (formerly B.L. 234) 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 238 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 243 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 244 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 245 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 247 (formerly B.L. 121) 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 248 (formerly B.L. 239) 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 249 (formerly B.L. 233) 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 251 (formerly SNC Bourbon Artabaze) 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 252 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 253 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 305 (formerly TBN 3) 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 306 (formerly TBN 4) 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 308 (formerly TBN 2 formerly 303) 100.00 100.00 100.00 100.00 France SNC Bourbon Liberty 313 (formerly TBN 5 formerly 307) 100.00 100.00 100.00 100.00 France SNC Bourbon Pearl 100.00 100.00 100.00 100.00 France SNC Bourbon Ruby 100.00 100.00 100.00 100.00 France SNC Bourbon Sapphire 100.00 100.00 100.00 100.00 France SNC Bourbon Sirocco (formerly TBN 6) 100.00 100.00 100.00 100.00 France SNC Bourbon Supporter 100.00 100.00 100.00 100.00 France SNC Bourbon Yack 100.00 100.00 100.00 100.00 France SNC Liberty 201 100.00 100.00 100.00 100.00 France