Scor SE

Capital/Financing Update • Aug 3, 2016

Press Release

3 August 2016 - N° 16

SCOR redeems the balance of its EUR 350 million and CHF 650 million undated subordinated note lines

SCOR completed the calls of the entire balance of its EUR 350 million and CHF 650 million undated subordinated note lines on 28 July and 2 August 2016 respectively.

SCOR issued the EUR 350 million deeply subordinated notes on 28 July 2006. The amount outstanding was EUR 257 million. The coupon for the bond was set at 6.154%, fixed to floating rate.

The CHF 650 million perpetual subordinated notes were placed by SCOR between January and May 2011 in two tranches. The coupon of these two tranches stood at 5.375%, fixed to floating rate.

The redemption of these two debts was already prefinanced, thanks to the successful issuance of:

• A perpetual subordinated notes on the Euro market in the amount of EUR 250 million on 1 October 2014. The coupon was set to 3.0% (until 8 June 2026), resetting every 10 years at the prevailing 10-year EUR mid-swap rate + 3.25%;
• A dated subordinated notes on the Euro market in the amount of EUR 600 million on 7 December 2015. The coupon was set to 3.625% (until 27 May 2028 first call date), resetting every 10 years at the prevailing 10-year EUR mid-swap rate + 3.90%.

Following the reimbursement of these two debts, the leverage ratio of the Group stands at 25.5%.

Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments:

"The redemption of these two debts, and the fact that their prefinancing benefits from exceptional market conditions, demonstrate both the capacity of SCOR to actively manage its financing and the quality of the Group's franchise on the financial markets."

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Contact details

Marie-Laurence Bouchon Group Head of Communications +33 (0)1 58 44 76 10 mbouchon@scor.com

Bertrand Bougon Head of Investor Relations & Rating Agencies +33 (0)1 58 44 71 68 bbougon@scor.com

http://www.scor.com/ SCOR photo gallery Twitter: @SCOR\_SE

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

Press Release 3 August 2016 - N° 16

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 the 2015 reference document filed on 4 March 2016 under number D.16-0108 with the French Autorité des marchés financiers (AMF) posted on SCOR's website www.scor.com (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".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 RCS Paris B 562 033 357 Siret 562 033 357 00046 Société Européenne au capital de 1 512 224 741,93 euros