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Consequences of the fall in asset values CNP ASSURANCES 20 January 2003

2. Fall in asset values BALANCE SHEET IMPACT . Accounting approachImpairment in value of assets : to be covered by a provisionProvision for permanent impairment in value ("PDD") if the price is not expected to recover in the medium to long termLiquidity risk reserve ("PRE") if the aggregate ma

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Consequences of the fall in asset values CNP ASSURANCES 20 January 2003

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    1. Consequences of the fall in asset values CNP ASSURANCES 20 January 2003

    2. 2 Fall in asset values BALANCE SHEET IMPACT Accounting approach Impairment in value of assets : to be covered by a provision Provision for permanent impairment in value ("PDD") if the price is not expected to recover in the medium to long term Liquidity risk reserve ("PRE") if the aggregate market value of the asset portfolio (equities, property, mutual funds) is less than the aggregate cost Additional technical reserve Financial contingency reserve ("PAF") if there is any risk of actual yields falling to below the guaranteed minimum rate Financial approach Implications of lower interest rates and asset values on CNP's financial strategy (not discussed)

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