2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 196 PARENT COMPANY FINANCIAL STATEMENTS 5 Notes to the Company financial statements 9/ Marketable securities Marketable securities at December 31, 2017 correspond solely to treasury shares. With respect to other marketable securities, a provision for impairment is recorded where the acquisition cost of the shares is greater than the average stock price for the month of December. CM CIC Securities is responsible for managing the liquidity contract, in accordance with the “AMAFI charter” (66,772 shares at December 31, 2017). The statement of treasury shares held at the end of the year is as follows: (in € thousands) Number shares as of 12.31.2016 Increase in fiscal year Reduction in fiscal year (1) Number shares as of 12-31-2017 Gross Values Provisions Net Values Excluding liquidity contract 379,568 - (319,200) 60,368 729 (729) - Liquidity contract 47,008 698,286 (678,522) 66,772 462 - 462 TOTAL 426,576 698,286 (997,722) 127,140 1,191 (729) 462 (1) The reduction in the fiscal year corresponds to the allocation of bonus shares under the December 2, 2013 plan. The marketable securities arising out of the KEPLER-CHEVREUX contract are the subject of a provision for risk of €729,000 (see note 6 “Provisions”). Based on the share price at December 31, 2017, which was €6.86, the total value of treasury shares held amounted to €872 thousand. 10/Cash and cash equivalents Cash held in banks was valued at its par value, i.e . €204 thousand. 11/ Deferred income and expenses (in € thousands) 12.31.2017 12.31.2016 Prepaid expenses 30 21 Deferred income - - TOTAL 30 21 Prepaid expenses refer essentially to the account operation payment to CM CIC Securities. They must be recognized under the operating result.