#1CNP assurances Insuring a more open world Investor Presentation March 2020#2Disclaimer CNP Assurances - Investor Presentation - March 2020 Some of the statements contained in this presentation may be forward-looking statements referring to projections, future events, trends or objectives that, by their very nature, involve inherent risks and uncertainties that may cause actual results to differ materially from those currently anticipated in such statements. These risks and uncertainties may concern factors such as changes in general economic conditions and financial market performance, legal or regulatory decisions or changes, changes in the frequency and amount of insured claims, changes in interest rates and foreign exchange rates, changes in the policies of central banks or governments, legal proceedings, the effects of acquisitions and divestments, 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 France's securities regulator (Autorité des Marchés Financiers - AMF). CNP Assurances does not undertake to update any forward-looking statements presented herein to take into account any new information, future event or other factors. Certain prior-period information may be reclassified on a basis consistent with current year data. The sum of the amounts presented in this document may not correspond exactly to the total indicated in the tables and the text. Percentages and percentage changes are calculated based on unrounded figures and there may be certain minor differences between the amounts and percentages due to rounding. CNP Assurances' final solvency indicators are submitted post-publication to the insurance supervisor and may differ from the explicit and implicit estimates contained in this document. This document may contain alternative performance indicators (such as EBIT) that are considered useful by CNP Assurances but are not recognised in the IFRSS adopted for use in the European Union. These indicators should be treated as additional information and not as substitutes for the balance sheet and income statement prepared in accordance with IFRS. They may not be comparable with those published by other companies, as their definition may vary from one company to another.#3Agenda CNP Assurances - Investor Presentation - March 2020 1. Business Model 2. Profitability 3. Investments & Asset-Liability Management 4. Solvency 5. Rating & Funding 6. Outlook 3#41 Business Model#5KEY INVESTMENT HIGHLIGHTS CNP Assurances - Investor Presentation - March 2020 CNP assurances MARKET LEADERSHIP #2 in France (1) #3 in Brazil (1) SOLID GROWTH PROSPECTS Renewal of main partnerships both in France, in Europe and in Latin America 2020 Attributable net profit to grow between 3 to 7% RESILIENT FINANCIAL PERFORMANCE Continuously delivering profits and paying stable or growing dividends since IPO in 1998 Low guaranteed yield across French savings liabilities of 0.23% at year-end 2019 BEST IN CLASS' EFFICIENCY 2nd most efficient European life insurer (administrative expense ratio) (2) €45m target in recurring reduction in cost base on a full year basis vs. 2018 by 2021 FINANCIAL STRENGTH 227% Group SCR coverage ratio at 31 December 2019 (standard formula without transitional measures) A1/A financial strength rating assigned by Moody's/S&P (both with stable outlook) CORPORATE SOCIAL RESPONSIBILITY A CSR strategy aligned with the United Nations Sustainable Development Goals A responsible investor committed to helping meet the +1.5 C climate objective (1) In terms of insurance premium income (2) Source: HSBC European Insurance Cost-cutting Calculator (November 2017) 51#6|A LEADING POSITION IN FRANCE AND BRAZIL LATIN AMERICA Acquisition of Caixa Seguradora in July 2001 ■ Exclusive distribution agreement with the public bank Caixa Econômica Federal (CEF) 3rd insurer in Brazil, 11.4 % market share(2) ■ Self-funded subsidiary with good cash generation (€178m of upstream dividends in 2019 after €180m in 2018(3)) (1) In terms of insurance premium income. Source: FFA (2) In terms of insurance premium income. Source: SUSEP CNP Assurances - Investor Presentation - March 2020 ☐ "I FRANCE Market leader in France life, 11.8% market share(1) Significant market share of the term creditor insurance market (death & disability of the borrowers) Stable earnings and cash-flows EUROPE EXCLUDING FRANCE Strong growth in term creditor insurance with CNP Santander in 12 European countries (Germany, Poland, Nordic countries, etc.) Footprint in Italy with CNP UniCredit Vita, Spain with CNP Partners and Luxemburg with CNP Luxembourg (3) Dividends from Brazilian entities have been transfered to a local subsidiary (CNP Participações fully owned by CNP Assurances) since 2016 representing a cumulated amount of BRL3.1bn 10#7STRONG MARKET SHARES IN FRANCE AND BRAZIL Market share in France (1) 15% 26% CNP Assurances - Investor Presentation - March 2020 ■Crédit Agricole ■CNP Assurances 2nd in France life ■ BNPP ■Crédit Mutuel 13% ■Axa 5% Société générale 10% 7% BPCE 7% 9% ■Generali 8% Market share in Brazil (2) 22% 18% 3% 3% 3% 3% 6% 5% 11% 8% (2) 22 (1) In terms of FY 2018 insurance premium income In terms of insurance premium income as of end November 2019 18% Others ■BRADESCO ■ BANCO DO BRASIL ■CAIXA SEGURADORA ■ITAU ■PORTO SEGURO ■ZURICH SANTANDER ■MAPFRE VERA CRUZ ■BB MAPFRE ■ICATU ■TOKIO MARINE Others 3rd insurer in Brazil 7 NI#8OWNERSHIP STRUCTURE BPCE GROUPE BPCE Free-float 16.11% Institutional investors 18.3% 21.76% CNP North America 7.1% United Kingdom and Ireland 4.6% Continental Europe excl. France 4.0% France 1.4% Rest of the world 1.3% Individual shareholders 1.7% Others 1.7% (1) Wholly-owned by the French State assurances 62.13% CNP Assurances - Investor Presentation - March 2020 La Banque Postale LA BANQUE POSTALE wholly-owned by La Poste Group LA POSTE in turn 66%-owned by Caisse des Dépôts (1) and 34%-owned by the French State Caisse des Dépôts GROUPE 100 8#9A MULTI-PARTNER GROUP CNP Assurances - Investor Presentation - March 2020 Santander Consumer Finance Exclusive partnership until 2034 International Direct distribution and non-exclusive partnerships 2.3% UniCredit Exclusive partnership until 2024 9.1% 1.6% 25.5% La Banque Postale Exclusive partnership until 2025, planned extension until 2036 Caixa Econômica Federal Partnership until 2021, planned extension until 2046 20.1% Amétis in-house 0.7% network Direct distribution 10.0% Lenders and social €33.5bn 2019 premium income protection partners Non-exclusive partnerships and brokers 11.5% Wealth management partners Non-exclusive partnerships 19.2% BPCE Partnership until 2030 9#10DIVERSIFIED FRANCHISE & BUSINESS MIX Main markets CNP Assurances - Investor Presentation - March 2020 FRANCE 65% of Group Premiums 88% of Group Reserves 63% of Group EBIT 83% of Group SCR LATIN AMERICA 20% of Group Premiums 6% of Group Reserves 32% of Group EBIT 12% of Group SCR EUROPE EXCLUDING FRANCE 15% of Group Premiums 6% of Group Reserves 5% of Group EBIT 5% of Group SCR Main businesses Traditional (1) 61% of Premiums SAVINGS & PENSIONS Unit-Linked(1) 39% of Premiums 80% of Group Premiums 96% of Group Reserves 49% of Group EBIT(2) At 31 December 2019 (1) Traditional: guarantee of capital at any time. Unit-Linked: no guarantee of capital (2) EBIT excluding own-funds portfolios PERSONAL RISK & PROTECTION 20% of Group Premiums 4% of Group Reserves 51% of Group EBIT(2) Combined ratio of 80.7% Term Creditor Insurance 64% of Premiums Protection 24% of Premiums P&C and Health 12% of Premiums 10#11CNP Assurances - Investor Presentation - March 2020 PRODUCT MIX SUCCESSFULLY REFOCUSED TOWARDS UNIT-LINKED PREMIUM INCOME (1) PROPORTION OF PREMIUM INCOME (1) REPRESENTED BY UNIT-LINKED (€bn) 27 26 25 25 25 7 7 6 (%) 11 Unit-Linked 11 CAGR:+14% 27.1% 26.7% 18 18 15 15 15 Traditional CAGR: -4% 2015 2016 2017 2018 2019 MATHEMATICAL RESERVES (1) (€bn) 287 275 275 276 268 40 47 54 65 56 Unit-Linked CAGR: +13% 227 227 221 220 222 Traditional CAGR: -1% 2015 2016 2017 2018 2019 (1) Savings/Pensions segment 2015 2016 41.9% 42.3% 38.3% 2017 2018 PROPORTION OF RESERVES (1) REPRESENTED BY UNIT-LINKED (%) 2019 22.8% 19.6% 20.4% 17.2% 15.1% 2015 2016 2017 2018 2019 11#122 Profitability#132019 FINANCIAL AND BUSINESS PERFORMANCE CNP Assurances - Investor Presentation - March 2020 2019 2018 Change (reported) Change (like-for-like (¹)) (€m) BUSINESS PERFORMANCE Premium income 33,496 32,367 +3.5% +4.0% VNB 543 659 -17.6% -16.6% APE margin 17.1% 21.3% -4.3 pts Total revenue 3,967 3,846 +3.1% +4.1% Administrative costs 926 922 +0.4% +1.4% EBIT 3,041 2,924 +4.0% +5.0% EARNINGS Attributable recurring profit 2,244 2,171 +3.4% +4.1% Attributable net profit 1,412 1,367 +3.3% +4.0% ROE 8.5% 8.4% + 0.0 pts Combined ratio (2) 80.7% 80.9% -0.2 pts -0.4 pts Earnings per share Dividend €1.99/share €0.94/share(3) €1.92/share +3.5% €0.89/share +5.6% 47% 46% Net operating free cash flow Dividend cover €1.97/share €2.13/share -7.5% 2.0x 2.4x -17.8% DIVIDEND AND CASH FLOW Payout ratio SOLVENCY (1) Average exchange rates: Consolidated SCR coverage ratio Consolidated MCR coverage ratio 227% 187% +40 pts 388% 317% +71 pts At 31 December 2019: Brazil: €1 = BRL 4.41; Argentina: €1 = ARS 53.88 At 31 December 2018: Brazil: €1 = BRL 4.31; Argentina: €1 = ARS 32.99 (2) Personal Risk/Protection segment (term creditor insurance, personal risk, health and property & casualty insurance) (3) Recommended at the Annual General Meeting of 17 April 2020 13#142019 PREMIUM INCOME BY GEOGRAPHY CNP Assurances - Investor Presentation - March 2020 PREMIUM INCOME (€m) +0.3% 21,571 21,630 1,524 1,401 2,624 2,742 +23.3% 6,754 -3.8% 3,914 3,506 880 5,316 121 5,112 5,480 150 659 888 904 916 563 2,919 2,661 13,510 13,981 5,150 3,945 2018 2019 55- 2018 66 2019 1,388 1,397 2018 Traditional Savings/Pensions Unit-Linked Savings/Pensions Term Creditor Insurance Personal Risk/Protection 2019 14#152019 VALUE OF NEW BUSINESS BY GEOGRAPHY VALUE OF NEW BUSINESS AND APE MARGIN (€m, %) 19.7% 29.7% 29.7% 30.1% CNP Assurances - Investor Presentation - March 2020 12.3% 206 212 16.9% 178 414 263 21.4% 74 67 2018 2019 2018 2019 2019 2018 2019 at constant exchange rate 15#162019 REVENUE BY GEOGRAPHY TOTAL REVENUE (€m) Revenue from own-funds portfolios NIR Europe excluding France NIR Latin America NIR France CNP Assurances - Investor Presentation - March 2020 Change Reported Like-for-Like 3,967 +3.1% +4.1% 3,846 747 +2.0% +2.9% 733 : 289 +20.0% +20.0% 241 1,069 1,117 +4.5% +7.4% 1,804 1,814 +0.6% +0.6% 2018 2019 Net insurance revenue €3,220m Up 4.4% like-for-like 16#172019 ADMINISTRATIVE COSTS BY GEOGRAPHY CNP Assurances - Investor Presentation - March 2020 ADMINISTRATIVE COSTS (Єm) +4.6% 611 611 +3.2% 195 187 186 125 129 2018 2019 2018 2019 2019 2018 2019 à change constant 17#182019 NET PROFIT BY SEGMENT (€m) Premium income Total revenue SAVINGS/ PENSIONS 26,761 CNP Assurances - Investor Presentation - March 2020 PERSONAL RISK/ PROTECTION 6,736 OWN FUNDS PORTFOLIOS 1,559 1,661 747 Administrative costs 354 427 144 EBIT 1,204 1,234 603 ATTRIBUTABLE RECURRING PROFIT 1,091 806 346 ATTRIBUTABLE NET PROFIT 841 530 41 18#192019 ATTRIBUABLE NET PROFIT 2019 (2018) CNP Assurances - Investor Presentation - March 2020 (Єm) 3,041 (2,924) Own-funds -251 (-248) 603 portfolios -546 (-504) 2,244 (2,171) Personal risk/ 1,234 -694 (-677) 482 (89) -620 (-216) Protection 1,412 (1,367) Savings/ Pensions 1,204 EBIT Finance costs Non-controling and net equity accounted investees Attributable recurring profit Income tax expense Fair value adjustments and net gains (losses) Non-recurring items Attributable net profit EBIT up 4.0% at €3,041m, eroded by unfavourable currency effect (up 5.0% at constant exchange rates) > Profit-taking on equities in second half > Non-recurring items: €620m expense, mainly due to transfer to policyholders' surplus reserve > Net profit up 3.3% (+4.0% at constant exchange rates) to €1,412m 19#202019 OPERATING FREE CASH FLOW 2019 (2018) (Єm) CNP Assurances - Investor Presentation - March 2020 543 (470) -641 (-431) 1,448 (1,422) 1,350 (1,462) Résultat opérationnel MCEV Libération du capital requis du stock Capital requis au titre Operating Free Cash Flow net du New Business Operating profit up 1.8% at €1,448m Operating free cash flow down 7.6% at €1,350m, reflecting cost of capital in low interest rate environment 20 20#21CNP Assurances - Investor Presentation - March 2020 NET PROFIT, FREE CASH FLOW AND DIVIDEND-PAYING CAPACITY Given its role as both an OpCo and HoldCo, CNP Assurances SA's ability to pay dividends depends on its own cash flow generation, plus the upstream dividends from its subsidiaries ATTRIBUTABLE NET PROFIT (€m) 1,367 11 1,412 42 241 254 OPERATING FREE CASH FLOW DIVIDEND-PAYING CAPACITY (Єm) (Єm) 1,462 14 243 1,350 77 221 1,405 20 180 1,283 53 178 1,115 1,116 1,205 1,205 1,052 1,052 2018 2019 Europe excluding France Latin America France 2018 2019 Europe excluding France Latin America France 2018 2019 Upstream dividend from Europe Upstream dividend from Latin America Net OFCF France 21#223 Investments & ALM#23ASSET ALLOCATION AS OF END 2019 CNP Assurances - Investor Presentation - March 2020 €337BN OF AUM EXCLUDING UL 3% 10% 2% Bonds BOND PORTFOLIO BY MATURITY (%) 59% 85% Equities Properties Others BOND PORTFOLIO BY TYPE OF ISSUER 4% 14% 26% 12% 3% < 5 years 5 to 10 years 10 to 15 years > 15 years BOND PORTFOLIO BY RATING* (%) 52% 18% 64% Sovereigns Corporates Banks 19% 19% Covered bonds 7% 2% 1% AAA AA A BBB HY NR Unaudited management reporting data at 31 December 2019 * Second-best rating: method consisting of using the second-best rating awarded to an issue by the three leading agencies, S&P, Moody's and Fitch (data excluding unit-linked contracts at 31 December 2019) 23#242019 INVESTMENTS INVESTMENT FLOWS IN 2019 (%) 6% 5% 5% 83% Bonds Equities Property and infrastructure Private equity Bond portfolios: average 2019 reinvestment rate of 0.79% Unaudited management reporting data Yield (%) CNP Assurances - Investor Presentation - March 2020 BOND INVESTMENT FLOWS IN 2019 1.2 0.9% 1.0 0.9% 0.8 0.7% 0.6 0.4 0.2 02 4 6 8 10 12 14 16 18 20 22 24 Average maturity (years) Sovereigns Banks Corporates excl. banks 24#25EXPOSURE TO GUARANTEED YIELDS Guaranteed yield on In-Force contracts reduced to 0.23% IN-FORCE BUSINESS AT 31 DECEMBER 2019 (31 DEC. 2018) 2.38% (2.68%) 0.23% (0.28%) Average return on fixed-rate investments Average guaranteed yield CNP Assurances - Investor Presentation - March 2020 NEW BUSINESS 31 DECEMBER 2019 (31 DEC. 2018) 0.76% (1.19%) 0.01% (0.02%) Average return on fixed-rate investments Average guaranteed yield > €13,8bn Policyholder Surplus Reserve at end 2019, representing 6.1% of total technical reserve Unaudited management reporting data 25#26LOW GUARANTEED YIELD ON LIABILITIES AND INCREASING SHARE OF UNIT-LINKED > Breakdown of CNP Assurances liabilities by guaranteed yield: 74.1% 75.1% 75.3% CNP Assurances - Investor Presentation - March 2020 16.1% 16.7% 18.8% 2017 2018 2019 Unit-linked liabilities Liabilities without any guaranteed yield including protection 4.1% 3.7% 3.1% Liabilities with 0% to 2% guaranteed yield 3.8% 2.5% 1.1% Liabilities with 2% to 4% guaranteed yield 1.9% 1.9% 1.8% Liabilities with > 4% guaranteed yield (1) > CNP Assurances business model is mainly based on fee and underwriting earnings, as reflected by the breakdown of liabilities: Fee earnings Underwriting earnings Spread earnings Unit-linked policies: €65bn Savings and pensions policies without any guaranteed yield: €200bn Savings and pensions policies with low guaranteed yield: €15bn Protection, personal risk, P&C and other reserves: €62bn Own funds and subordinated debt: €28bn Savings and pensions policies with high guaranteed yield: €6bn (1) Liabilities with a guaranteed yield of more than 4% mainly concern Caixa Seguradora in Brazil, where interest rates are higher than in Europe 75% 17% 9% 26#27CNP HAS SEVERAL BUFFERS TO COPE WITH FINANCIAL MARKET VOLATILITY CNP Assurances - Investor Presentation - March 2020 > Low contractually guaranteed yield Current French savings production has no contractually guaranteed yield (1) and the overall average guaranteed yield across all policy liabilities is 0.23% at end December 2019 At the end of each year, CNP Assurances has the full flexibility to decide the yield attributed to policyholders over and above guarantees (1.14% on average in 2019) > €35.7bn IFRS unrealized gains (11.8% of total asset portfolio) at end December 2019 If necessary, gains can be realized to offset the impact of asset impairments or low interest rates By construction, at least 85% of market movements are "pass-through" to policyholders, with equity impact to shareholders being of second order > €13.bn Policyholder Surplus Reserve (6.1% of French technical reserves) at end December 2019 If necessary, amounts in the surplus reserve can be used to absorb investment losses (1) All new policies have 0% guaranteed yield, some old policies still exist with a positive guaranteed yield on top-up premiums. These old policies, which include a guaranteed yield, will progressively disappear due to lapses and deaths of policyholders 27#28HEDGING STRATEGY HEDGED RISK CNP Assurances - Investor Presentation - March 2020 Options set up in 2019 Outstanding options Type of hedge Hedge maturity at 31 Dec. 2019 Option Notional premiums amount Fair value Notional amount EQUITY Protects equity portfolio Put < 7 years €113m €2m €255m €13bn RISK against a falling market Protects profit dividended up Put < 2 years €5.5m R$1.1bn €16m* R$1.3bn* to parent by Caixa Seguradora CURRENCY RISK Financing for the payment made to roll over distribution Call < 1 year -€6.2m R$3.0bn €23m R$3.0bn agreements in Brazil Protects traditional savings INTEREST RATE RISK portfolio against rising interest rates Сар < 10 years €118m €35m €93m €100bn CREDIT RISK Protects bond portfolio against wider corporate spreads Put 1 year €9m €1m €0m €1bn Equity hedging strategy stepped up in 2019 At 31 December 2019, portfolio of CAC 40 and Eurostoxx 50 index options (puts). Total notional amount: €12.5bn; average remaining life: 2 years; average strike prices: 3,546 pts (CAC 40) and 2,690 pts (Eurostoxx 50) Unaudited management reporting data > Hedging programme pursued in order to protect against risk of an increase in interest rates At 31 December 2019, portfolio of caps on total notional amount of €99.5bn; average remaining life: 4.8 years; average strike price: 10-year euro swap rate plus 3.1% * Notional amount at 31 January 2020: the 2020 profit hedging programme is complete as of the date of this document 28#294 Solvency#30GROUP CAPITAL STRUCTURE UNDER IFRS IFRS EQUITY CNP Assurances - Investor Presentation - March 2020 (€bn) 21.2 19.9 19.3 19.5 1.8 18.3 18.6 1.8 1.8 1.7 1.6 1.5 3.3 16.0 15.5 3.7 2.5 1.4 3.0 3.7 3.1 1.9 1.4 13.2 1.9 2.0 1.8 2.0 1.2 2.6 1.8 2.6 1.1 2.1 2.5 2.1 14.2 12.7 13.4 10.5 11.0 11.5 12.0 9.6 8.8 2011 2012 2013 Solid capital generation thanks to: Retained earnings Conservative dividend policy: 2014 2015 2016 2017 2018 2019 Non-controlling interests Unrealised gains and others Undated subordinated notes Shareholders equity ✓ Priority to be given to maintaining or increasing the dividend per share from year to year ✓ Payout ratio of between 40% and 50% ✓ 50% to 60% of profit to be ploughed back into organic or external growth Non-controlling interests represent the share of equity in our subsidiaries detained by our banking partners (Caixa Econômica Federal in Brazil, Santander in Ireland, UniCredit in Italy) 30#31CONSOLIDATED SCR COVERAGE RATIO (1) CNP Assurances - Investor Presentation - March 2020 SENSITIVITIES + 60 pts + 6 pts (%) + 4 pts +7 pts - 3 pts Interest rates + 50bps Interest rates - 50bps + 20 pts - 23 pts - 34 pts Ultimate forward rate - 50bps - 5 pts 227% Sovereign spreads (2) + 50bps - 7 pts 187% Corporate spreads (2) + 50 bps + 8 pts Share prices 25% - 7 pts - Volatility adjustment - 8 pts 0 bp Coverage ratio Net profit, net Addendum 31 Dec. 2018 Brazilian agreement of dividend Subordinated notes issue Market changes Policyholders' Other impacts Coverage ratio surplus 31 Dec. 2019 reserve Policyholders' surplus reserve is included in Tier 1 capital for the calculation of the SCR coverage ratio (€9.1bn out of a total €13.8bn) The ratio includes the €750m Tier 2 debt issue in November 2019 and the €250m Tier 3 debt issue in December 2019 It also reflects early recognition of the BRL7bn payment to roll over distribution agreements in Brazil (1) Standard formula without applying transitional measures (except for grandfathering of subordinated debt) (2) After recalibrating the volatility adjustment 31#32GROUP CAPITAL STRUCTURE UNDER SOLVENCY II ELIGIBLE CAPITAL (GROUP) (€bn) 34.8 1.3. 5.2 2.3 26.1 CNP Assurances - Investor Presentation - March 2020 100% 227% -4%. 8% 15% 34% 7% 15% 74% 31/12/2019 % of own-funds Tier 1 unrestricted Tier 1 restricted Tier 2 Tier 3 > The Group's financial headroom is based on: high-quality eligible own funds 74% of own funds are Unrestricted Tier 1 no ancillary own funds significant subordinated notes issuance capacity at 31 December 2019 €4.2bn of Tier 1 €1.2bn of Tier 2, including €1.0bn of Tier 3 170% % of SCR 32#33CONSOLIDATED SCR COVERAGE RATIO CNP Assurances - Investor Presentation - March 2020 CONSOLIDATED SCR COVERAGE RATIO (€bn) 227% 187% 25.1 13.4 34.8 15.3 31/12/2018 31/12/2019 (1) Eligible own funds SCR In 2019, €19.5bn surplus including €9.1bn corresponding to policyholders' surplus reserves Subsidiaries' surplus own funds considered as non-fungible at Group level (i.e. not included in the Group coverage ratio): €3.2bn at 31 December 2019 (1) Including €750m Tier 2 debt issue in November 2019 and €250m Tier 3 debt issue in December 2019 33#34BREAKDOWN OF GROUP SCR SCR BY GEOGRAPHY (%) 12% 5% 83% France SCR BY RISK(1) (%) 9% CNP Assurances - Investor Presentation - March 2020 Market risk 4% 5% 7% Underwriting risk - Life Underwriting risk - Health Operational risk 22% 53% Latin America Europe excl. France 27% diversification benefit (2) At 31 December 2019 (1) Breakdown presented before diversification (2) Diversification benefit = [sum of net SCR excluding Operational Risk SCR - net required SCR]/sum of net SCR excluding Operational Risk SCR Counterparty default risk Underwriting risk - Non-life 34#35CONSOLIDATED MCR COVERAGE RATIO CNP Assurances - Investor Presentation - March 2020 CONSOLIDATED MCR COVERAGE RATIO (€bn) 388% 317% 21.6 29.9 6.8 7.7 31/12/2018 31/12/2019 (1) Eligible own funds MCR Consolidated MCR corresponds to the sum of the MCRs of all the Group insurance companies Own funds eligible for inclusion in MCR coverage may be different to those included in SCR coverage due to capping rules: Tier 2 subordinated notes capped at 20% of MCR coverage (versus 50% for SCR) Tier 3 subordinated notes not eligible for inclusion in MCR coverage (versus 15% for SCR) (1) Including €750m Tier 2 debt issue in November 2019 and €250m Tier 3 debt issue in December 2019 35#36CNP Assurances - Investor Presentation - March 2020 RISK AND CAPITAL MANAGEMENT Risk management of the Group takes into account SII impacts of all day-to-day management actions (underwriting policy, reinsurance program, asset allocation, hedging program, etc.) and the Board of Directors closely monitors SIl coverage ratio, both at Group level and at legal entity level The Own Risk and Solvency Assessment (ORSA) is a core component of the Group's risk and capital management framework. ORSA is a 5-year prospective and stressed view of the SII ratio, and is therefore more conservative. The risk factors taken into account in ORSA include the Group's own risk factors (e.g. sovereign risk) over and above those identified for SCR purposes ORSA provides more stability in the medium term capital management compared to SII ratio as it includes more efficient countercyclical measures. ORSA results are presented for approval to CNP's Board of Directors and communicated to the Group's supervisor (ACPR) 341% 331% 324% 326% 332% 317% 300% 298% 280% 261% 227% 192% 190% 192% 198% 193% 187% 177% 180% 169% 161% 388% FY 2015 FY 2016 FY 2017 Q1 2018 Q2 2018 Q3 2018 FY 2018 Q1 2019 Q2 2019 Q3 2019 FY 2019 Group SCR Coverage ratio Group MCR Coverage ratio 36#375 Rating & Funding#38RECOGNIZED FINANCIAL STRENGTH MOODY'S A1 Stable outlook November 2019 Latest update CNP Assurances - Investor Presentation - March 2020 S&P A Stable outlook December 2019 Latest update "CNP Assurances' credit profile is supported by (1) the group's very strong market position in the French life insurance market, (2) a low liability risk profile thanks to a low average guaranteed rate on traditional savings products, (3) a very stable level of profitability, as well as (4) a very good financial flexibility, in part owing to a strong shareholder, Caisse des Dépôts et Consignations (Aa2 positive), that will remain a key indirect shareholder within the new shareholding structure" [Credit Opinion - 7 Nov. 2019] "On 4 June, the French bank BPCE (A1/A1 stable, ba11) announced its plan to extend its distribution agreement with CNP Assurances (financial strength A1 stable) until December 2030 from December 2022 and remain a long- term shareholder in CNP. The plan is credit positive for CNP because the insurer will retain access to a large banking network, supporting its market position and profitability." [Issuer comment - 11 June 2019] "CNP Assurances holds a prominent position in the French life insurance market (...). It benefits from profitable joint ventures in Europe and Latin America, which generated 24% of the group's net profit at half-year 2019. CNP Assurances' book of business predominantly comprises capital-intensive savings products, which have relatively low margins. Nevertheless, we have observed a shift in the business mix over the past few years toward life-protection and unit-linked. We expect revenues from life-protection contracts to remain robust.". "The French government has announced plans to combine CNP with La Banque Postale to form a large public sector- owned financial services hub from the first quarter of 2020. We expect the ongoing support to CNP from Caisse des Depots et Consignations will moderate, but remain in a more indirect way, with La Poste group playing a leading role as a primary shareholder. We believe this transaction will not transform the historical model of CNP Assurances as an independent and multi-partnership bank-insurer". [Full Analysis - 18 December 2019] 38#39CREDIT RATIOS DEBT-TO-EQUITY RATIO (IFRS) (1) (%) CNP Assurances - Investor Presentation - March 2020 INTEREST COVER (2) 9.3 x 9.0 x 9.1 x 30.0 7.8 x 29.4 29.1 29.0 7.3 x 27.9 364 312 321 322 327 248 192 247 248 251 120 116 74 73 76 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 (1) Debt-to-equity ratio (IFRS) = Debt/(Equity + Debt) (2) EBIT/Interest on subordinated notes Finance costs on subordinated notes classified in debt Finance costs on subordinated notes classified in equity Interest cover 39#40MATURITIES AND CALL DATES OF SUBORDINATED NOTES £300m 7.375% 2041- nc-2021 €750m 6% 2040-nc- 2020 €700m 6.875% 2041- nc-2021 €1,000m 1.875% 2022 €200m 2023-nc- 2013 €500m 4% Perp-nc- 2024 €500m 4.25% 2045-nc- 2025 €108m Perp-nc- 2026 CNP Assurances - Investor Presentation - March 2020 €750m 4.5% 2047-nc- 2027 €500m 2.75% 2029 €250m 0.8% 2027 €500m 4.75% Perp-nc- 2028 $500m 6% 2049-nc- 2029 €183m Perp-nc- 2016 €750m 2% 2050-nc- 2030 €249m Perp-nc- 2011 €75m Perp-nc- 2010 €160m 5.25% Perp-nc- 2036 €300m Perp-nc- 2009 2020 2021 2022 2023 2024 Tier 1 2025 2026 2027 2028 2029 2030 2036 Undated (1) Tier 2 Tier 3 Nominal amounts and exchange rates at 31 December 2019 (1) Undated subordinated notes for which the first call date has already passed 40#41DIVERSIFICATION OF FUNDING By currency 21% 4% 5% 90% By structure EUR 16% ■ GBP USD 8% CNP Assurances - Investor Presentation - March 2020 By distribution 76% ■Institutionnal ■Private placement ■Retail By Solvency II Tiering 6% 15% 19% ■Tier 1 Dated Callable ■Grandfathered Tier 1 Perp Callable ■Tier 2 54% ■Bullet 30% 25% Grandfathered Tier 2 30% ■Tier 3 Nominal amounts at 31 December 2019 41#42SOLVENCY II SUBORDINATED NOTES ISSUANCE CAPACITY CNP Assurances - Investor Presentation - March 2020 TIER 1 (€bn) 26.1 Max = 20% of total Tier 1 = 25% of unrestricted Tier 1 6.5 Unrestricted Tier 1 Max. amount of Tier 1 debt 4.2 2.3 Outstanding Tier 1 debt Tier 1 debt issuance capacity TIER 2 & TIER 3 (€bn) 15.3 Max = 50% of SCR Max = 15% of SCR 1.2 1.0 1.3 7.7 5.2 Consolidated Max. amount SCR of Tier 2&3 debt Outstanding Tier 2&3 debt Tier 2&3 debt issuance capacity Tier 3 debt issuance capacity 42#436 Outlook#44ENERGY AND ENVIRONMENTAL TRANSITION: THREE OBJECTIVES MET IN 2019 CNP Assurances - Investor Presentation - March 2020 13 CLIMATE ACTION COAL POLICY Divest from companies that derive more than 25% of their revenue from thermal coal No new investments in companies that derive over 10% of their revenue from thermal coal Exclude the 120 companies most heavily involved in building new coal-fired power plants TARGET MET NEW GREEN INVESTMENTS Target: €5bn of investments between 2018 and 2021 €7.0bn at end-2019 TARGET EXCEEDED! EQUITIES PORTFOLIO'S CARBON FOOTPRINT Target: 47% reduction between 2014 and 2021 EMISSIONS CO2 REDUC -51% i.e. 0.23 teqCO₂/€k TARGET EXCEEDED! PROPERTY PORTFOLIO'S CARBON FOOTPRINT Target: 40% reduction between 2006 and 2021 EMISSIONS REDUCE -37% i.e. 19 kgeqCO₂/m² TARGET ALMOST MET 44#45THREE NEW COMMITMENTS TO HELP MEET THE 2050 CLIMATE OBJECTIVE OF +1.5°C CNP Assurances - Investor Presentation - March 2020 Net-Zero Asset Owner Alliance Aim of a carbon neutral investment portfolio by 2050 CNP Assurances is committed to helping to meet the +1.5 C global warming objective set in the Paris agreement € Green investments Green investment portfolio¹ to be doubled in size to €20bn by end-2023 13 CLIMATE ACTION New coal policy Divest from companies that derive more than 20% of revenues from thermal coal No new investment in companies that develop new coal mines and coal-fired power plants, whatever their size All companies to which CNP Assurances is directly exposed will be asked to publish, by 2021, thermal coal exit plan a 1 Forests, green bonds, high energy performance buildings, green infrastructure 45#46INCREASED VALUE CREATED FOR INVESTORS Attributable net profit (Єm) 1 367 1 285 1 200 1 130 2015 Dividend per share +3.3% 1 412 2016 2017 2018 2019 0.89 € 0.84 € 0.80 € 0.77 € +5.6% 0.94 € CNP Assurances - Investor Presentation - March 2020 2020 Target Attributable net profit is expected to grow between 3% to 7% (1) Dividend policy Priority to be given to maintaining or increasing the dividend per share from year to year 2015 2016 2017 2018 2019 (2) Pay-out 50% 49% 47% 46% 47% Pay-out ratio(3) between 40% and 50% (1) This projection is based on current market conditions. It may be revised by CNP Assurances, notably in the event of a downturn in economic conditions (2) Recommended at the Annual General Meeting of 17 April 2020 23 (3) Dividend per share / Earnings per share 46#47FASTER ADAPTATION TO LOW INTEREST RATE ENVIRONMENT CNP Assurances - Investor Presentation - March 2020 Substantial practical initiatives deployed in second-half 2019 to address challenges of low interest rate environment Modulation of premium loadings depending on the proportion of unit- linked underwritten Different policyholder bonus rates depending on unit-linked weighting Minimum unit-linked targets for some contracts Adjusted policyholder yields Revised strategic asset allocation PACTE Act transfers with higher weight of unit-linked > In addition, new products and funds under development to promote growth in unit-linked business and reduce exposure to market risks on traditional products "I 47#48BRAZIL: NEW DISTRIBUTION AGREEMENT WITH CEF CSH premium income (R$bn) New scope of exclusivity with CEF (pensions, consumer credit life insurance, life insurance) CNP Assurances - Investor Presentation - March 2020 2018 2019 19.8 25.8 2018-2019 % change (reported) +30% Other insurance products distributed outside CEF (brokerage, digital) 1.0 0.9 -9% Other insurance products distributed by CEF(1) Total 2.7 3.1 +13% 23.5 29.7 +26% > 25 years exclusivity on a new scope of business with 40% economic rights as of 1st January 2021 (vs 51.8% outside CEF) and 51% of voting rights > Expected internal rate of return over 15% Indicatively, the new agreement allows to secure approximately 90% of 2019 premium income and 50% of 2019 attributable net profit in Brazil(2) (1) CNP agreed to waive the existing exclusive distribution rights of CSH for mortgage credit, savings, P&C and health insurance, as of 14 February 2021. The existing in-force portfolios remain on CSH's balance sheet and could be sold in the future, after discussion with CEF and with the companies that will be selling these products. (2) Taking into account only the new exclusivity perimeter and the business written outside CEF. 48#49INVESTOR CALENDAR CNP Assurances - Investor Presentation - March 2020 Q2 2020 Q3 2020 Q4 2020 Annual General Meeting Q1 2020 17 April 2:30 pm First-quarter 2020 results indicators First-half 2020 premium income and profit Nine-month 2020 results indicators INVESTOR AND ANALYST RELATIONS Nicolas Legrand | +33 (0)1 42 18 65 95 Jean-Yves Icole | +33 (0)1 42 18 86 70 15 May 7:30 am 3 August 7:30 am [email protected] or [email protected] 19 Nov. 7:30 am Typhaine Lissot | +33 (0)1 42 18 83 66 Julien Rouch 1 +33 (0)1 42 18 94 93 49#507 Appendices#51CNP Assurances - Investor Presentation - March 2020 PACTE ACT, A STRATEGIC PRIORITY Impact of the PACTE Act on the French life insurance market: Objective: Increase the French pensions market's technical reserves by €100bn over three years (from €200bn to €300bn) New pension products to be introduced in the market as from 1 October 2019 Pensions: Creation of an individual or group pension savings product with three compartments: Compartment 1: receives voluntary individual payments Compartment 2: used by employees to reinvest their statutory and discretionary profit shares Compartment 3: receives compulsory employer and employee contributions Life insurance: Policyholder has the option of transferring savings from one contract to another with the same company (but not a different company) without interrupting the qualifying period for tax benefits An expanded unit-linked product line-up Requirement to offer a selection of SRI funds More stringent duty of information and transparency Implications of the PACTE Act for CNP Assurances Challenges Protect technical reserves Win new customers and increase the flow of new money Develop up-to-the-minute product offers and new services, improve the customer experience Manage ultra-fast execution Manage advanced operational deployment (networks and information systems). The first CNP Assurances offers will be unveiled in early 2020 In the Savings/Pensions market, CNP Assurances is a major player operating in the following segments: Private pensions, with its historical banking partners, LBP and BPCE, its Amétis network and other distributors Group pensions, with Arial CNP Assurances Points-based supplementary pension plans with Préfon 51#52MAIN CHARACTERISTICS OF FRENCH SAVINGS PRODUCTS Tax change since January 1st, 2018 Bank Deposits & Taxable Passbooks Tax Free Passbooks e.g. Livret A Stocks, Bonds & Mutual Funds CNP Assurances - Investor Presentation - March 2020 Life Insurance Properties % of French household wealth 8% (€0.9tn) 5% (€0.6tn) 12% (€1.4tn) 17% (€1.9tn) 58% (€6.6tn) Maximum amount Unlimited €23k Unlimited Unlimited Unlimited per person Possibility to convert into annuities Yes No No No Wealth tax None None None [0.5% to 1.5%] None No Yes, above €1.3m of properties per household Inheritance tax [0% to 60%] Yes Yes Yes None below €152k per beneficiary (with illimited # of beneficiaries) Yes Income tax [0% to 45%] & Social tax [17.2%] 30% flat tax 0% 30% flat tax 30% flat tax before 8 years 17.2% to 30% after 8 years(1) 17.2% to 62.2% Yes Guarantee of capital Yes Liquidity Fully liquid None Fully liquid Depending on capital markets liquidity Traditional: guarantee at any time Unit-linked: optional guarantee in case of death, disability or survival Fully liquid Simplified description for illustration purpose only. Source: INSEE and Banque de France (1) 17.2% for the part of annual gains below €4.6k for a single person (€9.2k for a couple) 24.7% for premiums written before 2018 or with an AUM below €150k for a single person 30% flat tax for premiums written after 2018 and with an AUM above €150k for a single person, for the fraction of AUM above this threshold None Illiquid 52#53FRENCH LIFE INSURANCE MARKET KEY FIGURES PREMIUM INCOME (€bn) CNP Assurances - Investor Presentation - March 2020 WITHDRAWALS (€bn) 144.6 126.3 139.7 135.5 133.9 134.6 116.9 112.0 16.9 39.6 Unit-Linked 13.3 118.2 17.6 118.7 19.8 Unit-Linked 28.0 28.1 38.8 13.7 38.4 107.6 105.8 96.2 100.9 105.0 Traditional 98.4 103.6 109.3 100.6 98.9 Traditional 2015 2016 2017 2018 2019 NET INFLOWS 2015 2016 2017 2018 2019 MATHEMATICAL RESERVES (€bn) (€bn) 1,734 25.9 23.5 1,549 1,589 1,632 1,639 8.3 21.5 398 Unit-Linked 282 309 352 341 17.0 14.3 19.8 Unit-Linked 21.4 21.2 14.8 9.2 2.2 6.1 Traditional 1,267 1,280 1,280 1,297 1,336 Traditional 0.3 -13.1 2015 2016 2017 2018 2019 Source: FFA 2015 2016 2017 2018 2019 53#5442 2 Chile 2 Spain 5 сл 5 2 2 3 4+ 3 Germany (%, 2018) INSURANCE PENETRATION IN THE WORLD INSURANCE PREMIUMS/ GDP 6 2 7 3 8 8 CO 6 4 7 4 USA Italy N 4 Japan Switzerland N 3 France Netherlands Source: Swiss RE Institute, sigma No.3/2019 UK 999 12 8 6 8 11 6 11 13 17 17 10 345 5 3 3 South Korea Taïwan Hong-Kong South Africa Brazil Life business Chile 18 ($, 2018) 21 INSURANCE PREMIUMS PER CAPITA CNP Assurances - Investor Presentation - March 2020 6,934 5,161 4,890 3,555 4,482 4,503 8,204 913 3,666 3,465 3,466 1,810 2,852 2,908 4,320 1,161 1,898 3,532 2,370 839 1,589 2,110 3,977 430 -669 3,379 732 -186 171 170 159 259 1,747 1,567 857 742 837 2,672 1,296 971 841 659 South Africa Spain Italy Non-life business Germany South Korea Japan France USA UK Netherlands Taïwan Switzerland Hong-Kong 54 8,863#55FY 2019 NET PROFIT AND ROE BY GEOGRAPHY/SUBSIDIARY CNP Assurances - Investor Presentation - March 2020 (€m) GROUP FRANCE CAIXA SEGURADORA OTHER LATIN AMERICA CNP SANTANDER CNP UNICREDIT INSURANCE OTHER EUROPE VITA EXCL. FRANCE Premium income 33,496 21,630 6,733 21 765 3,051 1,297 Period-end technical 327,648 288,870 reserves net of reinsurance 19,308 18 1,808 14,357 3,286 Total revenue 3,967 2,519 1,154 15 95 92 92 Administrative costs 926 611 178 8 20 36 73 23 EBIT 3,041 1,908 976 7 75 56 19 Finance costs (251) (250) 0 0 0 (1) 0 Non-controlling and net equity accounted interests (546) 5 (479) (2) (40) (24) (6) Attributable recurring profit 2,244 1663 497 5 35 31 13 Income tax expense (694) (483) (197) 0 (2) (7) (5) Fair value adjustments and 482 542 net gains (losses) (36) 0 (27) (1) 3 Non-recurring items (620) (606) (15) 0 0 0 0 Attributable net profit 1,412 1,116 249 LO 5 7 23 23 12 ROE 8.5% 8.0% 12.9% 4.9% 55#56FINANCIAL FLEXIBILITY CNP Assurances - Investor Presentation - March 2020 €9.5bn of cumulative cash flow (1) over the period 2015-2019, including €2.3bn added to free surplus €9.5bn Disposals €0.7bn €9.5bn €2.3bn Increase in free surplus Reduction in required capital €2.4bn (2) €1.6bn Acquisitions (3) €2.8bn Dividends paid MCEVO operating profit €6.4bn Cash In €2.9bn Organic growth Cash Out (1) Based on operating free cash flow as calculated for MCEVⓇ purposes, taking into account purchases and sales of subsidiaries during the period (2) It also reflects early recognition of the R$7bn payment to roll over distribution agreements in Brazil (3) Excluding 2019 dividend recommended at the Annual General Meeting of 17 April 2020 56#57CURRENT DISTRIBUTION AGREEMENT WITH BPCE CNP Assurances - Investor Presentation - March 2020 The current partnership - which was due to expire in 2022 - was renewed by anticipation for a 10-year duration starting January 1, 2020 SAVINGS/PENSIONS ► 2019 premium income: €6.1bn • Top-up premiums: €3.0bn Transfers from traditional savings products: €0.4bn Inward reinsurance: €1.7bn ▸ Technical reserves at end-2019: €120bn before reinsurance €109bn net of reinsurance (10% ceded to Natixis Assurances) ▸ All new business is written by Natixis Assurances CNP Assurances reinsures 40% business written up in 2020 and 2021 ▸ CNP Assurances continues to manage in-force business and top-up premiums PERSONAL RISK/PROTECTION ► 2019 premium income: €1.1bn ▸ Addendum to the existing partnership agreement in collective term creditor insurance • 50/50 co-insurance mechanism (vs. 66% reinsurance share by CNP Assurances before) (1) ▸ New partnership in individual term creditor insurance through the signing of a reinsurance treaty: • CNP Assurances reinsures 34% of new individual mortgage insurance contracts contracted by BPCE Vie from January 1, 2020 to December 31, 2030 (1) The previous distribution agreement signed in March 2015 already anticipated this change in case of a renewal. The change to a 50/50 coinsurance mechanism was put in place in 2020 vs. 2022 because of the early renewal of the agreement. 57#58TECHNICAL RESERVES AND PREMIUM INCOME BY GEOGRAPHY/SEGMENT CNP Assurances - Investor Presentation - March 2020 AVERAGE TECHNICAL RESERVES NET OF REINSURANCE (€m) France Europe excl. France H1 2019 Latin America Total PREMIUM INCOME (Єm) France Europe excl. France H1 2019 Latin America Total Savings/Pensions excl. unit-linked Unit-linked Savings/Pensions Personal Risk/ Protection Total 241,470 33,848 8,289 283,606 6,711 8,889 2,407 18,008 814 14,365 1,552 16,731 248,995 57,102 12,247 318,345 Savings/Pensions excl. unit-linked 7,815 Unit-linked Savings/Pensions Personal Risk/ Protection Total 2,004 2,089 11,908 770 1,183 524 2,478 34 2,374 776 3,184 8,619 5,561 3,389 17,570 58#59FY 2019 NET PROFIT AND ROE BY GEOGRAPHY/SUBSIDIARY CNP Assurances - Investor Presentation - March 2020 (€m) GROUP FRANCE CAIXA SEGURADORA OTHER LATIN AMERICA CNP SANTANDER CNP UNICREDIT INSURANCE OTHER EUROPE VITA EXCL. FRANCE Premium income 33,496 21,630 6,733 21 765 3,051 1,297 Period-end technical 327,648 288,870 reserves net of reinsurance 19,308 18 1,808 14,357 3,286 Total revenue 3,967 2,519 1,154 15 95 92 92 Administrative costs 926 611 178 8 20 36 73 23 EBIT 3,041 1,908 976 7 75 56 19 Finance costs (251) (250) 0 0 0 (1) 0 Non-controlling and net equity accounted interests (546) 5 (479) (2) (40) (24) (6) Attributable recurring profit 2,244 1663 497 5 35 31 13 Income tax expense (694) (483) (197) 0 (2) (7) (5) Fair value adjustments and 482 542 net gains (losses) (36) 0 (27) (1) 3 Non-recurring items (620) (606) (15) 0 0 0 0 Attributable net profit 1,412 1,116 249 LO 5 7 23 23 12 ROE 8.5% 8.0% 12.9% 4.9% 59#60TECHNICAL RESERVES AND PREMIUM INCOME BY GEOGRAPHY/SEGMENT CNP Assurances - Investor Presentation - March 2020 AVERAGE TECHNICAL RESERVES NET OF REINSURANCE (Єm) Savings/Pensions excl. unit-linked Unit-linked Savings/Pensions Personal Risk/ Protection Total France 242,206 34,125 8,395 284,726 Europe excluding France 6,742 9,455 2,426 18,623 2019 Latin America 814 15,081 1,548 17,443 Total 249,762 58,661 12,369 320,792 PREMIUM INCOME (Єm) Savings/Pensions excl. unit-linked Unit-linked Savings/Pensions Personal Risk/ Protection Total France 13,981 3,506 4,143 21,630 Europe excluding France 1,397 2,661 1,054 5,112 2019 Latin America 66 5,150 1,539 6,754 Total 15,444 11,317 6,736 33,496 60#61SAVINGS/PENSIONS NET NEW MONEY - FRANCE 2019 (2018) (% mathematical reserves) CNP Assurances - Investor Presentation - March 2020 Premium income Surrenders Death benefit Other exits Net new money 6.9% (6.2%) -3.4% (-3.9%) Unaudited management reporting data -3.1% (-3.0%) -0.3% (-0.3%) -0.1% (-1.0%) (Єm) 2019 2018 Unit-linked 3,264 2,437 Traditional (3,002) (5,135) TOTAL 262 (2,698) 61#62SOVEREIGN BOND PORTFOLIO CNP Assurances - Investor Presentation - March 2020 56% (€m) Gross exposure 31 December 2019 Other Supranational issuers Cost* Gross exposure Fair value Net exposure Germany Austria 5% 2% Fair value 3% 3% France 79,166 89,245 6,490 Belgium 6% Italy 8,862 9,851 670 Spain/Portugal 10,505 11,618 1,091 Italy 6% Belgium 8,053 8,818 517 Austria 3,713 3,948 139 7% Germany 3,890 4,265 214 Spain/Portugal Brazil 16,918 17,098 2,023 Rest of Europe 1,963 2,081 231 12% Canada 708 742 89 Brazil Other 509 468 50 Supranational issuers 7,335 7,977 789 TOTAL 141,621 156,111 12,304 Sovereign exposure including shares held directly by consolidated mutual funds * Cost less accumulated amortisation and impairment, including accrued interest France 62 82#63CORPORATE BOND PORTFOLIO CORPORATE BOND PORTFOLIO BY INDUSTRY (%) CNP Assurances - Investor Presentation - March 2020 CORPORATE BOND PORTFOLIO BY RATING* (%) Utilities Industrial 16% AAA 0% 15% Telecommunications Basic consumer goods 13% AA 10% Services 9% A Energy 9% Transport 9% BBB Cyclical consumer goods 7% Chemicals, pharmaceuticals 4% HY 2% Industrial 4% Technology, electronics 2% NR 0% Media 2% 17% * Second-best rating: method consisting of using the second-best rating awarded to an issue by the three leading agencies, S&P, Moody's and Fitch Unaudited management reporting data at 31 December 2019 40% 40% 63#64BANK BOND PORTFOLIO BANK BOND PORTFOLIO BY REPAYMENT RANKING (%) CNP Assurances - Investor Presentation - March 2020 BANK BOND PORTFOLIO BY RATING* (%) 4% 2% 0% Senior AAA 4% Dated subordinated Senior non-preferred Perpetual subordinated AA 93% BANK BOND PORTFOLIO A BY COUNTRY (%) Switzerland Sweden Belgium Germany BBB 16% Australia 2% France 5% 3% 2% 24% UK 2% 5% HY 1% Spain 6% 6% Italy NR 4% 22% 11% USA Netherlands 11% Other 24% * Second-best rating: method consisting of using the second-best rating awarded to an issue by the three leading agencies, S&P, Moody's and Fitch Unaudited management reporting data at 31 December 2019 51% 64#65COVERED BOND PORTFOLIO CNP Assurances - Investor Presentation - March 2020 COVERED BOND PORTFOLIO BY COUNTRY (%) COVERED BOND PORTFOLIO BY RATING (%) * Canada Sweden Other Switzerland Italy 6% 1% Denmark Netherlands UK 2% 1% 7% 5% 1% 1% AAA AA A 4% BBB 2% 15% 62% Spain France HY 1% NR | 1% 19% * Second-best rating: method consisting of using the second-best rating awarded to an issue by the three leading agencies, S&P, Moody's and Fitch Unaudited management reporting data at 31 December 2019 73% 65#66IFRS UNREALISED GAINS BY ASSET CLASS (€m) Bonds Equities Property Other TOTAL CNP Assurances - Investor Presentation - March 2020 31 December 2019 31 December 2018 19,496 16,618 12,908 8,045 4,830 4,194 (1,542) (990) 35,692 27,867 (as a % of total asset portfolio) 31 December 2019 31 December 2018 Bonds 6.5% 5.6% Equities 4.3% 2.7% Property 1.6% 1.4% Other TOTAL -0.5% -0.3% 11.8% 9.4% 66#67AVERAGE POLICYHOLDER YIELD IN FRANCE* CNP Assurances - Investor Presentation - March 2020 n 2.20% 1.93% -45 bps 1.58% 1.52% 1.49% 1.14% 2014 2015 2016 2017 2018 2019 Increased average policyholder yields on all contracts in the portfolio Narrower gap between yields on CNP Assurances' various contracts Policyholders' surplus reserve up €1bn in 2018 at €11.9bn (5.3% of technical reserves) * Traditional Savings contracts 67#68CNP'S BOND PORTFOLIO IN FRANCE AND BRAZIL AVERAGE RETURN ON FIXED-RATE INVESTMENTS 12,64% 11,91% 10,74% 10,66% 12,37% 11,65% 10,24% 8,45% 7,20% CNP Assurances - Investor Presentation - March 2020 9,37% 8,99% 7,87% 4,63% 4,52% 4,32% 4,19% 3,95% 3,68% 3,57% 3,35% 3,11% 2,96% 2,69% 2,35% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Brazil France WEIGHTED AVERAGE REMAINING LIFE OF BONDS (years) 6.5 6.5 6.6 6.6 6.3 6.3 6.0 5.9 5.9 5.7 5.5 5.4 2.9 2.2 2.5 2.2 2.0 1.0 2.6 2.1 2.1 2.0 1.5 1.1 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Brazil France 68#69CNP Assurances - Investor Presentation - March 2020 COMMITMENTS ALIGNED WITH UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS Good health & well-being 3 GOOD HEALTH AND WELL-BEING • 38 million personal risk/protection insureds worldwide Decent work & economic growth • 5,353 employees • 96% under permanent contracts DECENT WORK AND ECONOMIC GROWTH M • 97% covered by collective bargaining agreements • Reduced inequalities 10 CEO-to-average-worker pay ratio: 6.6x The CNP Foundation's programme to reduce social inequality is improving access to healthcare for 60,000 young people REDUCED INEQUALITIES Responsible consumption & production 12 RESPONSIBLE CONSUMPTION AND PRODUCTION Q Environmental, social and governance (ESG) screens applied to 82% of the investment portfolio Climate action 13 CLIMATE ACTION • €14.4bn in "green" investments at end-2019 Peace, justice & strong institutions 16 PEACE, JUSTICE AND STRONG INSTITUTIONS 94 countries excluded from investment portfolios due to the absence of transparency in taxation, corruption or failure to respect democratic rights and freedoms 69#70CNP assurances