Scor : SCOR diversifies its real estate investment portfolio by investing in the listed real estate company MRM

 Scor : SCOR diversifies its real estate investment portfolio by investing in
                      the listed real estate company MRM

Press Release
08 March 2013



For more information, please contact:
Jean-Charles Simon / Géraldine Fontaine +33 (0) 1 58 44 75 58
Communications and Public Affairs

Antonio Moretti  +33 (0) 1 58 44
77 15
Investor Relations Director



  SCOR diversifies its real estate investment portfolio by investing in the
                        listed real estate company MRM


SCOR today concluded  an agreement relating  to an investment  in MRM, a  real 
estate company  subject  to  the  French REIT  regime  ("régime  des  sociétés 
d'investissements immobiliers cotées" or "SIIC") holding a mixed portfolio  of 
retail properties and offices,  and the acquisition by  SCOR of a  controlling 
stake in  the  company  with a  view  to  refocusing its  activity  towards  a 
consistent portfolio of retail assets.

The new strategy that SCOR would like to implement for MRM aims to improve the
occupancy rate of its  assets, to bring  the debt ratio  back to a  reasonable 
level in order  to avoid any  liquidity problems  in the medium  term, and  to 
restore the profitability of the company.

In order to successfully achieve these objectives, the investment programme on
the assets kept in the portfolio  will be conducted alongside a disposal  plan 
dealing more specifically with office buildings.

SCOR's investment, which takes the form of a cash capital increase of  between 
EUR 41 and 54 million, depending on the conversion rate of MRM bondholders, is
accompanied by  the  deleveraging of  the  company to  achieve  a  sustainable 
financial structure negotiated prior to SCOR's entry into the capital of  MRM. 
SCOR will hold a maximum of 59.9% of the capital of MRM upon the  consummation 
of the capital increase.

The transaction will be completed  by the end of  the second quarter of  2013, 
subject to  the  fulfilment  of  the  conditions  precedent  set  out  in  the 
agreement. SCOR's investment is  in particular subject to  the receipt of  the 
exemption provided for in article 234-9 2° of the AMF's General Regulation and
the approval of transaction  by the general meetings  of the MRM  shareholders 
and bondholders.

François de Varenne, CEO of SCOR Global Investments, comments: "As part of its
asset allocation policy, and thanks to  its strong expertise in terms of  real 
estate asset  management,  SCOR is  strengthening  and diversifying  its  real 
estate portfolio with this  investment, in accordance  with the objectives  of 
the strategic  plan Strong  Momentum. This  transaction enables  SCOR to  take 
control of  a  company  holding  a  retail  property  portfolio,  with  strong 
potential for increasing value thanks to the new business plan, and to benefit
from the opportunities  on the  real estate  market presented  by the  current 
economic and financial climate."

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About MRM
MRM is a  real estate company  subject to the  SIIC regime. MRM  is listed  on 
compartment C  of Euronext  Paris  (Bloomberg code:  MRM:FP: -  Reuters  code: 
MRM.PA).  MRM  holds  a  mixed  portfolio  of  office  and  retail  properties 
comprising both mature and value-added assets. At 31 December 2012, the  total 
value of MRM's  assets stands at  EUR 269  million, of which  EUR 154  million 
consist of retail properties and EUR 115 million of offices.

Its asset portfolio has been gradually  built up since the second semester  of 
2007 with  the contribution  of assets  from Dynamique  Bureaux and  Commerces 
Rendement, two  investment  companies  created  and  managed  by  CBRE  Global 
Investors, and with  acquisitions carried  out directly  by its  subsidiaries. 
MRM's real estate transactions are managed  by CBRE Global Investors. MRM  has 
no employees as at 31 December 2012.

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                          Forward-looking statements
SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC)
 Regulation n°809/2004 of the European Commission. Thus, any forward-looking
statements contained in this communication should not be held as corresponding
   to such profit forecasts. Information in this communication may include
"forward-looking statements", including but not limited to statements that are
 predictions of or indicate future events, trends, plans or objectives, based
   on certain assumptions and include any statement which does not directly
 relate to a historical fact or current fact. Forward-looking statements are
    typically identified by words or phrases such as, without limitation,
     "anticipate", "assume", "believe", "continue", "estimate", "expect",
     "foresee", "intend", "may increase" and "may fluctuate" and similar
 expressions or by future or conditional verbs such as, without limitations,
"will", "should", "would" and "could." Undue reliance should not be placed on
   such statements, because, by their nature, they are subject to known and
    unknown risks, uncertainties and other factors, which may cause actual
 results, on the one hand, to differ from any results expressed or implied by
                the present communication, on the other hand.
  Please refer to SCOR's Document de référence filed with the AMF on 6 March
 2013 under number D.13-0106 (the "Document de référence"), for a description
  of certain important factors, risks and uncertainties that may affect the
   business of the SCOR Group. As a result of the extreme and unprecedented
  volatility and disruption of the current global financial crisis, SCOR is
 exposed to significant financial, capital market and other risks, including
   movements in interest rates, credit spreads, equity prices, and currency
movements, changes in rating agency policies or practices, and the lowering or
                 loss of financial strength or other ratings.
    The Group's financial information is prepared on the basis of IFRS and
  interpretations issued and approved by the European Union. This financial
 information does not constitute a set of financial statements for an interim
          period as defined by IAS 34 "Interim Financial Reporting".


SCOR Press Release

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