At its meeting on 16 December 2008, the Board of Directors of CNP Assurances examined the AFEP-MEDEF recommendations dated 6 October 2008 concerning the compensation of corporate officers of listed companies.

CNP Assurances complies with these recommendations.

In accordance with the Act of 3 July 2008 that implements the European Union directive 2006/46/EC of 14 June 2006, the AFEP-MEDEF corporate governance code thus amended will be the Company’s reference from now on for the preparation of the Chairman's report on Board practices provided for in Article L.225-37 of the French commercial code.