Scor SE

Legal Proceedings Report • Sep 27, 2013

N° 33 – 2013

SCOR turns to the European authorities to contest the virtual monopoly of the Caisse Centrale de Réassurance (CCR) on natural catastrophe reinsurance in France

SCOR acknowledges the decision rendered by the French Constitutional Council, made public today, that Article L. 431-9 of the Insurance Code is constitutional. Article L. 431-9 of the Insurance Code exclusively gives the Caisse Centrale de Réassurance (CCR) State backing for natural catastrophe reinsurance.

SCOR is surprised that this decision was prompted by the fact that the CCR would be "required to reinsure all insurers requesting reinsurance as long as they meet the necessary legal and regulatory conditions", when there is no text setting out such an obligation. This point had, moreover, already been raised by the public rapporteur of the Council of State in his findings in July: "the texts simply entitle the CCR to conduct reinsurance rather than formally obliging it to, even though this appears to be the case in practice, giving it the role of a reinsurer of last resort that is forbidden to refuse cover to any operator".

SCOR, which contests neither the natural catastrophe insurance system itself, nor the existence of a last-resort State guarantee, observes that the exclusive nature of this State backing, combined with a lack of guidelines in terms of its scope, gives the CCR a virtual monopoly and enables it to hold a share of over 90% of the French natural catastrophe reinsurance market.

Extending the market beyond the virtual monopoly of the CCR would improve the service provided to insureds and insurers, mobilise additional reinsurance capacity and thus limit the State's exposure to the financial risks linked to natural catastrophes.

SCOR stresses the fact that the decision just rendered by the Constitutional Court is based solely on rights and freedoms as set forth by the Constitution. In no way does it preclude another tribunal from condemning CCR's quasi-monopoly on other legal grounds, such as a violation of European competition laws.

SCOR intends to continue to promote a robust legal framework for the reinsurance of natural catastrophe risks, as part of the legal action currently being brought before the Paris administrative court. SCOR will also bring this before the European authorities.

SCOR will do everything possible to re-establish fair competition with regard to the reinsurance of natural catastrophes in France.

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SCOR SE 5, avenue Kléber 75795 Paris Cedex 16 France Tél + 33 (0) 1 58 44 70 00 Fax + 33 (0) 1 58 44 85 00 www.scor.com RCS Paris B 562 033 357 Siret 562 033 357 00046 Société Européenne au capital de 1 512 224 741,93 euros

For more information, please contact: Géraldine Fontaine +33 (0) 1 58 44 75 58 Communications and Public Affairs

Antonio Moretti +33 (0) 1 58 44 77 15 Investor Relations Director

Press Release (p.2/2) 27 September 2013 N° 33 – 2013

Forward-looking statements

SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC) Regulation n°809/2004 of the European Commission. Thus, any forward-.looking statements contained in this communication should not be held as corresponding to such profit forecasts. Information in this communication may include "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions and include any statement which does not directly relate to a historical fact or current fact. Forward-looking statements are typically identified by words or phrases such as, without limitation, "anticipate", "assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may increase" and "may fluctuate" and similar expressions or by future or conditional verbs such as, without limitations, "will", "should", "would" and "could." Undue reliance should not be placed on such statements, because, by their nature, they are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, on the one hand, to differ from any results expressed or implied by the present communication, on the other hand.

Please refer to SCOR's Document de référence filed with the AMF on 6 March 2013 under number D.13-0106 (the "Document de référence"), for a description of certain important factors, risks and uncertainties that may affect the business of the SCOR Group. As a result of the extreme and unprecedented volatility and disruption of the current global financial crisis, SCOR is exposed to significant financial, capital market and other risks, including movements in interest rates, credit spreads, equity prices, and currency movements, changes in rating agency policies or practices, and the lowering or loss of financial strength or other ratings.

The Group's financial information is prepared on the basis of IFRS and interpretations issued and approved by the European Union. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 "Interim Financial Reporting".

SCOR SE 5, avenue Kléber 75795 Paris Cedex 16 France Tél + 33 (0) 1 58 44 70 00 Fax + 33 (0) 1 58 44 85 00 www.scor.com RCS Paris B 562 033 357 Siret 562 033 357 00046 Société Européenne au capital de 1 512 224 741,93 euros