CNP Assurances — Capital/Financing Update 2014

Nov 13, 2014

This press release may not be distributed or published, directly or indirectly, in or into the United‐States, Canada, Australia or Japan.

Paris, 13 November 2014

CNP Assurances – Press release

CNP Assurances successfully completes €500‐ million perpetual bond issue

On 12 November 2014, CNP Assurances completed a €500-million issue of perpetual subordinated bonds with a first-call date of 18 November 2024.

The issue was placed with more than 400 European institutional investors. The order book totalled around €6.5 billion. This success demonstrates the interest for and the trust in the CNP Assurances credit.

The issue was structured to be recognized as capital under both insurance regulations - Solvency 1 and Solvency 2 standards - and Standard & Poor's rating criteria.

The perpetual bonds should be classified as IFRS equity in the consolidated balance sheet.

The bonds will pay a 4.00% fixed rate of interest over the first 10 years and subsequently adjusted every five years. Current favorable market conditions allowed optimization of financing costs: the coupon is the lowest paid by CNP Assurances since its first subordinated debt issue in 1999.

The issue will be used to refinance upcoming redemptions.

The new bonds are rated BBB+ by Standard & Poor's, using the rating methodology applied to hybrid debt.

Settlement is scheduled for 18 November 2014.

The prospectus will be available on the following websites: www.cnp.fr and www.amffrance.org.

Contacts presse CNP Assurances

Florence de MONTMARIN 01 42 18 86 51

Tamara BERNARD 01 42 18 86 19

Malek PRAT 01 42 18 86 51

servicepresse@cnp.fr

Contacts investisseurs et analystes CNP Assurances

Jim ROOT 01 42 18 71 89

Annabelle BEUGIN-SOULON 01 42 18 83 66

Julien DOCQUINCOURT 01 42 18 94 93

infofi@cnp.fr

This press release may not be distributed or published, directly or indirectly, in or into the United‐States, Canada, Australia or Japan.

About CNP Assurances

CNP Assurances is France's leading personal insurer, with net profit of €1,030 million in 2013. The Group also has operations in other European countries and in Latin America, with a significant presence in Brazil. It has 27 million personal risk/protection insureds worldwide and 14 million savings and pensions policyholders.

For 160 years, CNP Assurances has been protecting people against the risks of everyday life. The Group designs and manages life insurance, pension, personal risk and protection (term creditor insurance and health insurance) products.

• In France, CNP Assurances distributes its individual insurance products through La Banque Postale and the Caisses d'Epargne, as well as through its own CNP Trésor network. In Brazil, its second largest market, the Group's partner is Caixa Econômica Federal, the country's second-biggest state-owned bank.
• In group insurance, CNP Assurances crafts tailor-made personal risk, pension and term creditor insurance products that are aligned with the needs of companies, local authorities, mutual insurers, non-profit organizations, and banks in Europe and Latin America.

Listed on the first market of the Paris Bourse since October 1998, CNP Assurances enjoys the backing of a core group of four major shareholders (Caisse des Dépôts et Consignations, La Banque Postale, Groupe BPCE and the French State) united by a shareholders' agreement.

Contacts presse CNP Assurances

Florence de MONTMARIN 01 42 18 86 51

Tamara BERNARD 01 42 18 86 19

Malek PRAT 01 42 18 86 51

servicepresse@cnp.fr

Contacts investisseurs et analystes CNP Assurances

Jim ROOT 01 42 18 71 89

Annabelle BEUGIN-SOULON 01 42 18 83 66

Julien DOCQUINCOURT 01 42 18 94 93

This press release may not be distributed or published, directly or indirectly, in or into the United‐States, Canada, Australia or Japan.

Disclaimer:

Some of the statements contained in this press release may be forward-looking statements referring to projections, future events, trends or objectives which, by their very nature, involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in such statements by reason of factors such as changes in general economic conditions and conditions in the financial markets, legal or regulatory decisions or changes, changes in the frequency and amount of insured claims, particularly as a result of changes in mortality and morbidity rates, changes in surrender rates, interest rates, foreign exchange rates, the competitive environment, the policies of foreign central banks or governments, legal proceedings, the effects of acquisitions and the integration of newly-acquired businesses, and general factors affecting competition.

Further information regarding factors which may cause results to differ materially from those projected in forward looking statements is included in CNP Assurances' filings with the Autorité des Marchés Financiers. CNP Assurances does not undertake to update any forward-looking statements presented herein to take into account any new information, future eventor other factors.

Distribution of this press release may be restricted in some countries. Any person in possession of this press release should inform themselves about and comply with any local restrictions.

This press release is not for distribution, directly or indirectly, in or into the United States. This press release and the information contained herein are not an offer to buy ou subscribe, nor a solicitation to to buy or subscribe, securities in the United States or any other jurisdiction where such offer may be restricted. Securities may not be offered or sold in the United States unless they are registered under the U.S. Securities Act of 1933, as amended or exempt from registration. The notes have not been and will not be registered under the U.S. Securities Act and CNP Assurances does not intend to make a public offer of its securities in the United States. Copies of this document are not being, and should not be, distributed in or sent into the United States.

As far as the United Kingdom is concerned, this press release is directed only at persons who (i) are "investment professionals" falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion Order) 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (e) (high net worth companies, unincorporated associations etc) of the Financial Promotion Order, (iii) are outside the United Kingdom or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons referred to in (i) to (iv) together being referred to as "relevant persons"). This document must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available in the United Kingdom to relevant persons only and will be engaged in only with relevant persons.

This press release and the information contained herein do not constitute an offer to sell or subscribe, nor a solicitation of an order to buy or subscribe the notes in any country.

Contacts presse CNP Assurances

Florence de MONTMARIN 01 42 18 86 51

Tamara BERNARD 01 42 18 86 19

Malek PRAT 01 42 18 86 51

servicepresse@cnp.fr

Contacts investisseurs et analystes CNP Assurances

Jim ROOT 01 42 18 71 89

Annabelle BEUGIN-SOULON 01 42 18 83 66

Julien DOCQUINCOURT 01 42 18 94 93