Investor Presentation - CNP Assurances Corporate Bond Portfolio and SCR Coverage Ratio

Contractual Service Margin and Risk Adjustment Contractual Service Margin ~€17bn At transition, the opening CSM would be around €17bn¹. This indicator, considered as a provision, is designed to separately identify the insurer's future earnings. The CSM is a retrospective value at transition; in subsequent periods, it is a prospective value like the VIF. CNP assurances 1- Unaudited datas Risk Adjustment ~€1.5bn At transition, the risk adjustment would be around €1.5bn¹. Considered as a buffer reserve for inherent uncertainty, the RA allows to reduce sharp fluctuations in technical assumptions. Investor Presentation Mars 23 59

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