On 12 November 2009, CNP Assurances entered into an agreement with Rentipar Seguros SGPS for the sale of its stakes of 83.52% et 83.57% respectively in Global - Companhia de Seguros, S.A. and Global Vida - Companhia de Seguros de Vida, S.A. (together, Global Seguros), for a total consideration of 117 million euros, valuing both companies at 140 million euros for 100% of share capital. Rentipar Seguros SGPS is a company controlled by Mr. Horácio da Silva Roque, founder and majority shareholder of Banif group, which in particular holds the Portuguese insurance company Açoreana Seguros.

Subject to customary regulatory approvals, the closing of the transaction should occur during the first quarter of 2010. The price is subject to an adjustment mechanism based on the change in net asset value and should allow CNP Assurances to book a net capital gain of approximately 25 million euros. The transaction will reinforce the solvency ratio of CNP group by approximately 0.7%.

Following the recent partnerships signed with Barclays Bank Plc in Spain, Portugal and Italy and with Marfin Popular Bank in Greece and Cyprus, this transaction completes the refocusing of CNP Assurances in Southern Europe on its bancassurance core business.

With a business model close to Global Seguros’ – in particular a distribution through agents –, Açoreana Seguros is a well-known non-life insurance player in Portugal. CNP Assurances is therefore confident in the future development of Global Seguros within a group with strong growth perspectives.