 General financial environment  Sub-prime crisis 2nd half 2007, impact on credit side
 CNP Assurances  Signature of shareholders' pact and increase in equity capital
 FFSA breakdown for 2007 (published in February 2008):  Basic trend + 3.5%
 Unit-Linked products dropped by 1% in 2007 (+ 45% in 2005 and in 2006)
• Individual pension policies launched since 2004: € 468.4 million of which €146 million for PERPs and Solésio Préfon
 Strong growth of La Banque Postale Prévoyance (+ 58%) and Brazil (+ 24%)
Business in 2007 down by 3% in France after a 21% increase in 2006
 Fourgous transfers in 2007 € 2,472 million, as against € 2,262 million in 2006
 La Banque Postale: Negative base impact due to Fourgous transfers
 CNP Trésor: start of year penalised because of roll-out of Sales IT system. Excellent 4th quarter (+ 42.5%)
Notes of which CNP Capitalia Vita 2,918.6 + 0.6% + 0.6%
 Life: decrease due to change in product mix in favour of Unit-Linked products classified IAS 39
 + 0.6 points of market share compared to bankassurance market
 Excellent performance on loan insurance (business multiplied by six in one year)
 But strong increases in policies reaching maturity: € 258 million (+ 29%) and drop in net premium income: - € 425 million although still positive: € 135 million
 Caixa Seguros:  Including auto: 5% market share in 2007 (6th insurer)
 Reminder: desensitization of EBIT to improve measure of operational performance, desensitization of Recurring Net Profit and reclassification of certain capital gains outside of EBIT
 EBIT at constant exchange rate and scope of consolidation: + 19.6%
 New Business : + 18% reported variation, + 1% pro forma variation
• CDO/CLO investment grade: € 2 billion • 50% Europe / 50% United States • €613 million CLO leverage loans and other CDOs • 95% Europe / 5% rest of world
• 64% France • 36% Rest of the world • No underlying growth in the U.S.A.
 ABS portfolio: limited changes 5.61 vs. 5.65 €bn at end October 2007 before fair value variation
 Portfolio breakdown according to issuer category 31/12/07  State 41.0
 10% of trading securities and 3% of AFS: at a value communicated by an arranger (verified by CNP Assurances)
 Gross variation on trading portfolio of € - 553 million of which € - 245 million on ABS portfolio
 Value communicated by an arranger (broker, market intermediary, etc.) and verified by CNP
 Trading securities: 29% (€ 75 billion), AFS: 70% (€ 181 billion) and others
 Also - € 160 million impact from finance law (for unlisted property shares, taxes increased from 15 to 34%). No impact on ANR: standard single tax of 34% withheld for ANR calculation.
 Total exposure to mono-line insurers: € 674 million  85% in shadow accounting
 € 240 million in credit-enhanced debts (of which 50% FSA)
 No credit enhancement of securities but only of corporate loans
 Guarantees on BBB-rated or "non investment grade" CDOs are thanks to collateral
 Impact of profit sensitivity to interest rate risk takes hedging into account.
 At 31/12/2007, a + 10% variation on the euro compared to the Brazilian real, accounting for a loss of €10.4 million in CNP Assurances' result due to its 51.75% participation in the Brazilian insurer Caixa.
 Growth of reserves as of 31 December, + 6.3% and + 8.3 % outside of Gross Product: Impact of outstandings on reported income
 Origins of net insurance revenue: 18% flow, 82% outstandings (insureds + own account)
Good long term dynamics for technical reserves in spite of cyclical activity
A tt ri b u ta b le to e q u it y h o ld e rs
 Weighted number of shares (excluding own shares): 148,134,914 shares as of 31/12/2007
 Net profit per share:  On recurring net profit: € 7.95 / share
 In France, specific elements:  Capital gains from Natixis dilution (2006: € 103 million; 2007: € 122 million)
 Increase of + 4.3% at constant perimeter and exchange rate
Administrative expenses: + 4.3% in pro forma change in € million
 Strong improvement in Personal Risk and Pensions (Life and Non-Life) segments:  Improved Personal Risk EBIT mainly due to personal risk and loan insurance: • Liquidation surplus from prior years in France
21.3%44.8%20.0%16.4%% of EBIT / Solvency Capital 8,611.6-1,181.0789.76,640.9 Solvency margin requirement 1,836.559.6529.1158.01,089.8EBIT
 Outside France EBIT: + 22% (€ 360m in 2006 vs € 439m in 2007)
Average shareholder equity excl. subordinated debt 1,007*1,222Net profit, Group share 31/12/200631/12/2007 * Excluding non-recurring items (tax rate on capital gains)
 2006: APE France 50% Ecureuil vie = € 2,669 million; APE France 100% Ecureuil vie = € 2,762 million
• Accounting of APE on IAS39 and IAS18 (Consorcio) policies that showed lower increases than the rest of the business
 Brazil: improved economic situation taken into account (country risk, exchange rates and inflation) - average discount rate 13% over 5 years, vs. an average of 13.5% in 2006.
 EEV (CNP Group share) at 31/12/2007: + 3%288296- of which Italy
 In Force France up by 10%, thanks to 8% growth in outstandings
 The 3% fall in NBV pro forma in France proforma (€ 278 million in 2006 to € 268 million in 2007) is due to the 4% fall in APE (margin stable at 10.1%)
 Profitability ratio in Italy up from 11.5% to 13.6% boosted by favourable development of product mix: increase in loan insurance income
 Effect of product mix and experience: + 1.2 points  Product mix: + 4.3 points
 Other effects on profitability in Brazil: - 2.4 points  Effect of taxation: - 2.4 points (expected increase in social contributions)
Expected value 31/12/2006 100% E. Vie before dividends after initial adjustments
+ 20 base points of spread and a risk premium per share of 200 base points
Loss exp. - 5% - Mortality & disability risk - 140- 140Interest rate volatility + 25%
Loss exp. - 5% - Mortality & disability risk - 10- 13WACC risk premium + 100bps 268355Central value 1415Yield curve + 100bps
Solvency margin at 31 December 2007 in € million French GAAP
 Amortisation of subordinated debt reaching maturity:  In 2008, CNP Capitalia Vita: € 45 million (amortised over 5 years)
In 2009, CNP Assurances: € 403 million (amortised over 5 years)
 Reminder  S&P limits subordinated debt to 25% of TAC (Total Adjusted Capital)
TAC includes equity and hybrid securities, certain reserves (PPE, deferred gross profit), 50% of In Force, with goodwill deducted
 FFSA estimates for 2008 (February 2008):  Basic trend: + 1.7
 1 January 2008: new breakdown of functions between La Poste and La Banque Postale
 Reminder: Basic Fourgous impact 2007:  Unit-linked rate was 20% for Fourgous transfers  Average Unit-linked rate for network 13%
 Focused on product renewal  Senior range: end May 2008
 Three priorities for 2008:  Development of market share and improvement of net income
 Improved portfolio coverage through recruitment of new advisors (target staffcount for 2008: 339)
 Spread of Best Practices from subsidiaries outside France (e.g. Ireland)
 Beginning 2008: market stability  Negative impact: property transactions down
 Positive impact: deductibility of loan interest, less tension on interest rates
 Banking clientele:  Agreement with 4 new mutual banks ("banques populaires") in 2008
 Development of CNP Net gateway version:  With mutual companies
 Gaz de France: 11 million customers, optional supplementary guarantee, bill offered as guarantee
 Extension of coverage: AERAS agreement (follow-up to Belorgey's agreement): rejection rate 0.2%
 Possible generalisation of "subscriber expenses" guarantees such as for GDF bills
 Calendar of branch changes:  Changeover of IT networks up to November 2008
• Offer without withdrawal penalty that suffered from bad share market performance in 2006-2007
 Index-linked assets will be reaching maturity in the next few years  An opportunity for reinvestment in the new range
 Open market • Possibility of increasing managed debt by transferring policies
 Growing impact of CEF on pensions • Integration of pensions in network sales objectives
 CNP Assurances over 5 years: 101% growth (CAC 40: + 74%, insurance sector: + 67% over the same period)
Share price performances janv 07 févr 07 mars 07 avr 07 mai 07 juin 07 juil 07 août 07 sept 07 oct 07 nov 07 déc 07 janv 08 févr 08
CNP: CAC 40: DJ Insurance: Jan 07 Feb 07 Mar 07 Apr 07 May 07 June 07 July 07 Aug 07 Sept 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08