RUBIS_REGISTRATION_DOCUMENT_2017

FINANCIAL STATEMENTS 9

2017 consolidated financial statements and notes

Valuation of stock option plans and free shares The risk-free interest rate used to calculate the value of these plans is the interest rate on Euro zone Government bonds with the same maturity as the options (source: IBoxx).

With respect to the early exercise of the options, the model assumes rational expectations on the part of options holders, who may exercise their options at any time throughout the exercise period. The implied

volatility used in the calculation is estimated on the basis of past volatility levels. The annual dividend rates used in the valuations are shown in the table below.

Annual dividend rate

Date of the Board of Management meeting

Stock options

Bonus shares

July 09, 2012

4.2%

4.2% 4.1% 4.1% 4.1% 4.1% 3.9% 3.7% 3.4% 3.3%

January 03, 2014 March 31, 2014 August 18, 2014

April 17, 2015

September 02, 2015

July 11, 2016 March 13, 2017 July 19, 2017

Company savings plans - Valuation of company savings plans The lock-up rate was estimated at 0.76% for the 2017 plan (1.05% for the 2016 plan).

the interest rate on Euro zone Government bonds with the same maturity as the instruments valued (source: IBoxx). The discount related to the lock-up was

estimated based on the risk-free interest rate and the average borrowing rate over 5 years, i.e. respectively 0.43% and 0.76%.

The risk-free interest rate used to calculate the value of the company savings plans is

2017 Registration Document I RUBIS

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