BIC - 2018 Registration document

FINANCIAL STATEMENTS

Consolidated financial statements

Sensitivity of the obligation to a change in discount rate

Cash Flows for future years The Group is expected to pay 13.5 million euros in employer contributions for 2019. The expected future benefit payments, in million euros, are:

According to the Group’s estimates, a +/-1% change in the discount rate would result in a change of, respectively, -12.52% and +14.73% 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.

2019 2020 2021 2022 2023

32 36 32 32 35

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: +0.21% and -0.23% for the U.S.; ● +6.59% and -5.84% for the U.K. ●

Beyond 2023

183

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.

18-7

Information by geography

At December 31, 2018 (in thousand euros)

Obligation

Plan assets

Net liability

Europe

40,553 50,739 459,388

7.3% 9.1%

9,092

2.3% 9.4%

31,461 13,466

19.6%

United Kingdom

37,273

8.4%

North America

82.3% 350,612

88.3% 108,786

67.6%

Other countries

7,436

1.3%

264

0.1%

7,174

4.5%

TOTAL

558,127

100% 397,240

100% 160,887

100%

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

7,118

1.7%

-

-

7,118

4.3%

TOTAL

598,830

100% 434,505

100% 164,325

100%

Other countries 4,3 %

Other countries 4,5 %

19,6 % Europe

21,4 % Europe

8,4 %

United Kingdom

9,9 %

United Kingdom

64,3 %

67,6 %

North America

North America

2017

2018

For plans located in North America and Europe (mainly the United Kingdom), plan assets levels as of December 31, 2018 comply with minimum funding obligations, as legally or contractually defined.

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• BIC GROUP - 2018 REGISTRATION DOCUMENT •