Scor SE

Capital/Financing Update • May 11, 2011

11 May 2011 N° 16 – 2011

For further information, please contact: Jean-Charles Simon / Géraldine Fontaine +33 (0) 1 46 98 73 17 Communications and Public Affairs Antonio Moretti +44 (0) 203 207 85 62 Investor Relations Director

Not for distribution in or into the U.S., Canada or Japan

SCOR successfully places CHF 225 million perpetual subordinated notes

SCOR successfully reopens its existing Swiss franc market perpetual subordinated notes placement by issuing an additional amount of CHF 225,000,000. The notes will be fungible with the outstanding Swiss franc perpetual note placement announced on 20 January 2011 and the conditions are similar to this placement:

• The coupon has been set to 5.375% (until 2 August 2016) and 3-month CHF LIBOR plus a margin of 3.7359% thereafter.
• The notes' expected ratings are BBB+ / Baa1 by Standard & Poor's and Moody's respectively.
• The settlement of the notes is expected to take place on 3 June 2011.

The hybrid capital is expected to be treated as capital from a regulatory and rating agency perspective to the extent permissible.

As announced on 26 April 2011, SCOR will finance the acquisition of Transamerica Re's mortality business through existing resources and a limited debt issuance, without the issuance of any new shares. Today's placement is in line with this recently announced upcoming acquisition, as well as the Group's capital management strategy. It also forms part of SCOR's strategic plan "Strong Momentum", which is based on four key principles consistently applied over time: high diversification, robust capital shield, strong franchise and controlled risk appetite. This plan aims notably to offer an "AA" level of security to clients by, amongst other things, actively pursuing ways in which to optimize diversification within a consistent set of principles and by seeking an optimal capital structure in terms of amount, quality and fungibility.

Denis Kessler, Chairman and CEO of SCOR, comments: "With this placement we have successfully secured the financing element of the strategic acquisition of Transamerica Re's mortality book, whilst maintaining an unchanged post-acquisition capital strength target as announced in our strategic plan "Strong Momentum". Once again, the placement demonstrates SCOR's strong access to the capital markets and investors' confidence in the Group's strategy."

SCOR SE 1, av. du Général de Gaulle 92074 Paris La Défense Cdx France Tél + 33 (0) 1 46 98 70 00 Fax + 33 (0) 1 47 67 04 09 www.scor.com RCS Nanterre B 562 033 357 Siret 562 033 357 00020 Société Européenne au capital de 1 478 740 032 euros

Press Release (p.1/2)

Press Release (p.2/2) 11 May 2011 N° 16 – 2011

General Notice

This announcement is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities and the offering of the Notes does not constitute a public offering in any jurisdiction, except in Switzerland. This announcement does neither constitute (i) an offering prospectus within the meaning of Art. 1156 of the Swiss Code of Obligations, (ii) nor a listing prospectus within the meaning of the SIX Swiss Exchange Listing Rules, (iii) nor a prospectus or a supplement prospectus pursuant to Directive 2003/71/EC of the European Parliament and of the Council dated 4 November 2003 (together with any relevant implementing measure in each state party to the agreement on the European Economic Area (the "Prospectus Directive")). Any decision to invest in the notes must be based exclusively on the prospectus published by SCOR for such purpose.

Release, publication or distribution of this press release is forbidden in any country where it would violate applicable laws or regulations.

United States of America

This press release is not an offer of the notes for sale in the United States. The notes may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933. Any public offering in the United States may only be made by means of a prospectus that may be obtained from the issuer containing detailed information about the issuer and its management, as well as its financial statements.

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 8 March 2011 under number D.11- 0103 (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.

SCOR SE 1, av. du Général de Gaulle 92074 Paris La Défense Cdx France Tél + 33 (0) 1 46 98 70 00 Fax + 33 (0) 1 47 67 04 09 www.scor.com RCS Nanterre B 562 033 357 Siret 562 033 357 00020 Société Européenne au capital de 1 478 740 032 euros