**Exhibit 4**
**Summary in the English language of:**
(1) the credit line agreement, dated December 26, 2002, as amended onNovember 13, 2003, entered into by and among SCOR, a syndicate of banksand BNP Paribas as Agent and as Issuing Bank, relating to the issuance ofletters of credit in an aggregate amount of up to USD 900 million (the“SCOR Credit Line”); and (2) the credit line agreement, dated November 14, 2003, entered into by andamong SCOR VIE, a syndicate of banks and BNP Paribas as Agent and asIssuing Bank, relating to the issuance of letters of credit in anaggregate amount of up to USD 110 million (the “SCOR VIE Credit Line”).
The following summary describes the material terms of the above-mentionedagreements as of the date of filing of SCOR’s Annual Report on Form 20-F forthe year ended December 31, 2003.
**1.** **SCOR credit line agreement, dated December 26, 2002, relating to theissuance of letters of credit in an aggregate amount of up to USD 900million as amended on November 13, 2003 (the “SCOR Credit Line”):**
On November 5, 2003, the Board of Directors of SCOR authorized the signature ofan amendment extending and modifying the terms of the credit agreement betweenSCOR and a banking syndicate entered into on December 26, 2002, relating to theissuance of letters of credit in an aggregate amount of up to USD 900 million.This amendment was signed on November 13, 2003 with the same banking syndicateas in the December 26, 2002 agreement, excluding Commerzbank, for an amendedaggregate amount of up to USD 842 million. This maximum amount was subsequentlyreduced to USD 822 million in December 2003, and was further reduced to USD582 million in April 2004.
**Syndicate of Banks:**
• BNP Paribas; • Crédit Industriel et Commercial; • Natexis Banques Populaires; • Crédit Agricole Indosuez; • Westlb AG; • CDC Finance — CDC Ixis; • Caisse régionale de crédit agricole mutuel de Paris et d’Ile de France; • Crédit Lyonnais.
**Issuing Bank:**BNP Paribas
**Collateral Agent:**BNP Paribas
E-8

 

**Term:**Expires December 31, 2004. Automatic renewal unless expressly terminatedupon notice 3 months before the expiration of the contract at the latest.
**Fees:**The SCOR Agreement provides for the following fees to be paid by SCOR:
• A one-off extension fee of 0.2% of the total amount of the creditline payable on January 2, 2004; • A fee of 0.2% per year, payable quarterly, on the unused anduncancelled portion of the facility at the end of each quarter; • A one-off fee of 0.24% of the amount of each letter of credit issued(or modified for the first time, except for modifications relating only to a reduction of the outstandingamount); or of participations in existing letters of credit by thesyndicate and • A fee of 0.3% per year, payable quarterly, on the outstandingutilized amount of the facility. • A flat fee of USD 400 on the issuance or firstmodification of a letter of credit or on a participation in anexisting letter of credit.
**Main terms/Covenants:**
• SCOR was required, by March 31, 2004, to collateralize the total amount outstandingunder the SCOR Credit Line with French Government OAT Bonds for an amount equal to 105%of such outstanding amount. • In addition, effective March 31, 2004, SCOR is required to collateralize each newletter of credit with French Government OAT Bonds for an amount equal to 105% of theamount of such letter of credit. • Under the original agreement and between the date of effectiveness of the November 13,2003 amendment and the time of such 105% collateralization by French Government OATBonds, other types of collateral were given to the banking syndicate (including realestate mortgages, pledges of SCOR’s shares in various subsidiaries including SCOR VIE).All these security interests were cancelled by March 31, 2004. • SCOR’s subsidiary SCOR VIE granted a guarantee (*caution personnelle, solidaire etindivisible*) for all sums due in respect of outstanding letters of credit relating to the Life business issued underthe SCOR Credit Line. The agreement provided for thisguarantee to be released in an amount equivalent to the amount ofsuch Life business related letters ofcredit withdrawn or replaced by letters of credit issued by SCOR VIE pursuant to theSCOR VIE Credit Line described below. This guarantee is entirelyreleased. • SCOR has agreed not to, and has agreed to cause certain ofits subsidiaries not to, without the consent of the syndicate, sell any assets subject to certainexceptions, in particular: (i) sale or transfer of ownership of assets in the ordinary
E-9

 

  course of the management of their investment portfolio, and(ii) sale or transfer of assets in an aggregate amount not exceeding EUR 125 million. • SCOR has agreed not to, and has agreed to cause certain ofits subsidiaries not to, create or maintain securityinterests in property, subject to certain exceptions, in particular: (i) a pledgein cash granted to Natexis for the World Trade Center tragedy, (ii) securityinterests granted in the ordinary course of reinsurance activities and (iii)security interests granted in an aggregate amount not exceeding EUR 125 million. • SCOR has agreed not to, and has agreed to cause certain ofits subsidiaries not to, create or maintain guarantees,subject to certain exceptions, in particular: (i) guarantees given by SCOR inorder to secure commitments made by SCOR Group companies in the ordinary course oftheir reinsurance activity and (ii) guarantees given in relation to real estateloans to SCOR employees. • SCOR has agreed, in the event it would seek to have lettersof credit issued otherwise than as part of the facilities, to informthe syndicate and give it a right of first refusal on equivalentterms and conditions. • In addition to the foregoing covenants, the agreements contain covenants requiringSCOR to maintain the obligations under the agreements *pari passu*with its othersenior debt (present or future), prohibitions on any capital decrease,cancellation of shares, as well as other covenants.
**Suspension of facilities:**
The banks have reserved the right to suspend the right to draw on their credit lines if:
• Standard & Poor’s “Counterparty Credit Rating” of SCOR is inferior to BBB- ; • Standard & Poor’s, for whatever reason, no longer rates SCOR in the category“Counterparty Credit Rating” and the rating attributed by Fitch IBCA for“unsecured long term” is below BB, or • none of Standard & Poor’s or Fitch IBCA rate SCOR in the respective ratingcategories mentioned above.
**Information:**
Under the agreement, SCOR isrequired to inform the syndicate of and/or provide it with,*inter alia*, the following:
• any permitted sale or transfer of assets and the receipt ofany extraordinary proceeds, including any capital increase. • annual and consolidated financial statements (within four months of theend of the fiscal year), six-months statutory and consolidated financialstatements (within ten weeks of the end of each semester) and quarterly statutoryand consolidated financial statements (within ten weeks of the end of eachquarter).
E-10

 

• any change in the composition of its Board of Directors, the general management, or a change of its auditors; • any event constituting an Event of Default (see description of main events of default below) or a Material Adverse Event1; • any sale or transfer of assets. • any reinsurance claim representing for SCOR or anymember of the SCOR Group an amount in excess of USD 50 million. • any arbitral, administrative or judicial proceedingsfor an amount in excess of USD 50 million.
**Main Events of Default (resulting in a suspension of the credit facilities andthe termination of the agreements):**
• Failure by SCOR to pay amounts due under the facilities or under itsguarantee of the obligations of SCOR VIE. • Cross-default: (i) a default or acceleration of payment obligationsunder the SCOR VIE credit facility described below2 or (ii) anevent of default occurs in relation to any financial debt of morethan EUR 25 million of SCOR or any company of the SCORGroup or SCOR or any company of the SCOR Group fails to pay when dueany amount of more than EUR 25 million due or guaranteed bySCOR or any company of the SCOR Group. • Insolvency of SCOR or any company of the SCOR Group; • Occurrence of a Material Adverse Event or an event which themajority of the syndicate (67%) deems to be a Material Adverse Event; • A decrease of SCOR’s consolidated net worth below EUR 1 billion; • The auditors of SCOR or a company of the SCOR Group refusing tocertify statutory financial statements, or certifying only with significantreservations; • Attachments on assets with value in excess of EUR 10 million.
**2.** **SCOR VIE credit line agreement, dated November 14, 2003, relating to theissuance of letters of credit in an aggregate amount of up to USD 110million (the “SCOR VIE Credit Line”).**
**History:**OnNovember 14, 2003, in connection with the contribution of the Lifebusiness of SCOR to SCOR VIE, SCOR VIE entered into a USD110 million creditfacility
1 Defined as an event affecting or likely to affectmaterially and adversely the economic, financial or legal conditionof SCOR or of the Group or their entities, or the activity of SCOR toperform its obligations under the credit facility. 2 Except in the event that SCOR has transferred atleast 1⁄3 or more of the share capital of SCOR VIE to an entityoutside the SCOR Group.
E-11

 

agreement utilizable by the issuance of letters of credit necessary to carry out the Life business with a banking syndicate comprised ofthe banks mentioned below (i.e. the same banking syndicate as for the SCORCredit Line).
**Syndicate of Banks:**
• BNP Paribas; • Crédit Industriel et Commercial; • Natexis Banques Populaires; • Crédit Agricole Indosuez; • Westlb AG; • CDC Finance — CDC Ixis; • Caisse régionale de crédit agricole mutuel de Paris et d’Ile de France; • Crédit Lyonnais.
**Issuing Bank:**BNP Paribas
**Collateral Agent:**BNP Paribas
**Term:**Expires December 31, 2004. Automatic renewalunless expressly terminated upon 3 months notice before the expiration of thecontract at the latest.
**Fees:**The agreement provides for the following fees to be paid by SCOR VIE:
• A fee of 0.2% per year, payable quarterly, on the unused anduncancelled portion of the facility at the end of each quarter; • A one-off fee of 0.24% of the amount of each letter of credit issued(or modified for the first time, except for modifications relating only to a reduction of the outstandingamount); and • A fee of 0.30% per year, payable quarterly, of theoutstanding utilized amount of the facility; • A flat fee of USD 400 on the issuance or firstmodification of a letter of credit. • A one-off participation fee of USD 220,000.
**Main terms/Covenants:**
• Collateralization by French Government OAT Bonds in an amount of 105% of theamounts outstanding under the facility. • Any new letter of credit issued must be collateralized at 105% of its amount by FrenchGovernment OAT Bonds. • SCOR has granted a guarantee (*caution personnelle, solidaire et indivisible*) for allsums of whatever nature, owed by SCOR VIE in respect of the SCOR VIE Credit Line.
E-12

 

**Suspension of facility in the event of a change of control:**
• Absent unanimous agreement of all the banks, the Issuing Bank will refuse to issue anynew letters of credit in the event that SCOR VIE ceases to be controlled (within the meaningof Article L.233-3 of the French *Code de Commerce*) by SCOR.
**Information:**
Under the agreement, SCOR VIEis required to inform the syndicate of and/or provide it with,*inter alia*, the following:
• any contemplated and any consummated sale or transfer of SCORVIE shares by SCOR; • (i) any sale or transfer of assets for an individual amount in excess of EUR 10million, except for transactions in the ordinary course of themanagement of their investmentportfolio, and (ii) the receipt of any extraordinary proceeds, including any capitalincrease; • annual and consolidated financial statements (within four months of the endof the fiscal year), six-months statutory and consolidated financial statements (withinten weeks of the end of each semester) and quarterly statutory and consolidatedfinancial statements (within ten weeks of the end of each quarter); • any change in the composition of the Board ofDirectors and the general management, or its auditors; • any event constituting an Event of Default (see description ofmain events of default below) or a Material Adverse Event2; • any reinsurance claim representing for SCOR VIE anamount in excess of USD 30 million; • any arbitral, administrative or judicial proceedings for anamount in excess of USD 30 million.
**Main Events of Default (resulting in a suspension of the credit facilities andthe termination of the agreement):**
• SCOR VIE’s failure to pay any amounts due under the SCOR VIE Credit Line;
3 Defined as an event affecting or likely to affectmaterially and adversely the economic, financial or legal conditionof SCOR VIE or of the SCOR Group or their entities or, if SCOR hastransferred at least 1/3 or more of the share capital of SCOR VIE toan entity outside the SCOR Group, such entity’s group, or SCOR VIE’s ability to satisfy its obligations underthis Agreement.
E-13

 

• Cross-default: An event of default occurs in relation to any Financial Debt of more than EUR 30 million or SCOR VIE fails to pay when due any amount of more thanEUR 30 million due or guaranteed by it; • SCOR’s failure to pay any amounts due under its guarantee of the obligations of SCOR VIE; • Any default under the SCOR’s Credit Line described above4; • Insolvency of SCOR VIE; • Occurrence of a Material Adverse Event or of an event whichthe majority of the syndicate (67%) deems to be a Material Adverse Event; • A decrease in SCOR VIE’s consolidated net worth below EUR 250 million; • The auditors of SCOR VIE refusing to certify SCOR VIE’s statutory financial statements, or certifying only with significantreservations. • Attachments on assets with value in excess of EUR 10 million.
4 Except in the event that SCOR has transferred at least 1/3 or more of theshare capital of SCOR VIE to an entity outside the SCOR Group.
E-14