SOURCE: SCOR

May 19, 2008 01:14 ET

SCOR : 2008-2009 SHARE BUYBACK PROGRAM

PARIS--(Marketwire - May 19, 2008) - 2008-2009 share buyback program

Information relating to articles 221-1 et seqq. and 241-1 et seqq.

of the General Regulations of the AMF [Financial Markets Authority]

1. Date of the Shareholders' General Meeting which authorized the 2008-2009 share buyback program (hereinafter the "2008-2009 share buyback program")

It is reminded, if needs be, that the Shareholders' general meeting of May 24, 2007 of SCOR SE (hereinafter the "Company"), in its 13th resolution, authorized the Company's Board of Directors to carry out transactions on the shares of the Company in the framework of a share buyback program (hereinafter the "2007-2008 share buyback program"), the principal characteristics of which have been defined in the description posted on the Company's website and released on Company News on August 6, 2007.

In its 6th resolution,tThe Company's Shareholder's general meeting held on May 7, 2008 authorized the Company's Board of Directors, with the power to subdelegate, to carry out transactions on the shares of the Company in the framework of a share buyback program (hereinafter the "2008-2009 share buyback program"), the principal characteristics of which are defined below.

2. Securities held as of May 7, 2008

SCOR SE holds 3,658,633 own ordinary shares of EUR 7.8769723 nominal value (hereinafter the "New Shares"), equal to 36,586,330 shares of EUR 0.78769723 nominal value (hereinafter the "Old Shares"), corresponding to 2% of its capital.

The Company's shares are listed on the Eurolist market of NYSE-Euronext Paris.

It is specified that the Company has not conducted any transaction on its own shares since the expiry, on May 7, 2008, of the 2007-2008 share buyback program.

3. Breakdown by objective of the capital securities held as of May 7, 2008

The breakdown by objectives of the New Shares and of the Old Shares held as of May 7, 2008 is as follows:

+-------------------------+--------------------+--------------------+
|Objective                |Number of New Shares|Number of Old Shares|
|                         |                    |                    |
+-------------------------+--------------------+--------------------+
|Stimulation of the       |               1,950|                   -|
|secondary market or the  |                    |                    |
|liquidity of the         |                    |                    |
|Company's shares by an   |                    |                    |
|investment services      |                    |                    |
|provider through a       |                    |                    |
|liquidity agreement      |                    |                    |
|compliant with a         |                    |                    |
|professional ethics      |                    |                    |
|charter recognized by the|                    |                    |
|Financial Markets        |                    |                    |
|Authority                |                    |                    |
+-------------------------+--------------------+--------------------+
|Implementation of any    |                   -|                   -|
|stock option plan of the |                    |                    |
|Company within the       |                    |                    |
|framework of the         |                    |                    |
|provisions of Articles L.|                    |                    |
|225-177 et seqq. of the  |                    |                    |
|French Commercial Code   |                    |                    |
+-------------------------+--------------------+--------------------+
|Free allocation of shares|           3,656,683|                   -|
|to employees and/or      |                    |                    |
|company representatives  |                    |                    |
+-------------------------+--------------------+--------------------+
|Allocation of shares to  |                   -|                   -|
|employees and, where     |                    |                    |
|applicable, company      |                    |                    |
|representatives for the  |                    |                    |
|purpose of participating |                    |                    |
|in the results of the    |                    |                    |
|company's expansion and  |                    |                    |
|implementing any company |                    |                    |
|savings plan, under the  |                    |                    |
|conditions specified by  |                    |                    |
|law, in particular within|                    |                    |
|the framework of Articles|                    |                    |
|L. 443-1 et seqq. of the |                    |                    |
|French Labor Code        |                    |                    |
+-------------------------+--------------------+--------------------+
|Purchasing of shares for |                   -|                   -|
|keeping and later        |                    |                    |
|remittal for exchange or |                    |                    |
|as payment within the    |                    |                    |
|framework of possible    |                    |                    |
|external growth          |                    |                    |
|operations               |                    |                    |
+-------------------------+--------------------+--------------------+
|Remittal of shares during|                   -|                   -|
|the exercise of rights   |                    |                    |
|attached to securities   |                    |                    |
|giving access to the     |                    |                    |
|capital                  |                    |                    |
+-------------------------+--------------------+--------------------+
|Cancellation of the      |                   -|                   -|
|shares bought back in    |                    |                    |
|this way, within the     |                    |                    |
|limits established by law|                    |                    |
+-------------------------+--------------------+--------------------+

+-------------------------+--------------------+
|Objective                |Percentage of the   |
|                         |capital             |
+-------------------------+--------------------+
|Stimulation of the       |     Non significant|
|secondary market or the  |                    |
|liquidity of the         |                    |
|Company's shares by an   |                    |
|investment services      |                    |
|provider through a       |                    |
|liquidity agreement      |                    |
|compliant with a         |                    |
|professional ethics      |                    |
|charter recognized by the|                    |
|Financial Markets        |                    |
|Authority                |                    |
+-------------------------+--------------------+
|Implementation of any    |                   -|
|stock option plan of the |                    |
|Company within the       |                    |
|framework of the         |                    |
|provisions of Articles L.|                    |
|225-177 et seqq. of the  |                    |
|French Commercial Code   |                    |
+-------------------------+--------------------+
|Free allocation of shares|                  2%|
|to employees and/or      |                    |
|company representatives  |                    |
+-------------------------+--------------------+
|Allocation of shares to  |                   -|
|employees and, where     |                    |
|applicable, company      |                    |
|representatives for the  |                    |
|purpose of participating |                    |
|in the results of the    |                    |
|company's expansion and  |                    |
|implementing any company |                    |
|savings plan, under the  |                    |
|conditions specified by  |                    |
|law, in particular within|                    |
|the framework of Articles|                    |
|L. 443-1 et seqq. of the |                    |
|French Labor Code        |                    |
+-------------------------+--------------------+
|Purchasing of shares for |                   -|
|keeping and later        |                    |
|remittal for exchange or |                    |
|as payment within the    |                    |
|framework of possible    |                    |
|external growth          |                    |
|operations               |                    |
+-------------------------+--------------------+
|Remittal of shares during|                   -|
|the exercise of rights   |                    |
|attached to securities   |                    |
|giving access to the     |                    |
|capital                  |                    |
+-------------------------+--------------------+
|Cancellation of the      |                   -|
|shares bought back in    |                    |
|this way, within the     |                    |
|limits established by law|                    |
+-------------------------+--------------------+

4. Objectives of the 2008-2009 Share buyback program

The purchases and sales of SCOR SE shares (including the Old Shares and the New Shares) within the framework of the 2008-2009 Share buyback program may be carried out for all purposes allowed or that may be authorized by the laws and regulations in force, and in particular towards the following objectives, corresponding to the provisions of European Commission Regulation No. 2273/2003 of December 22, 2003 or to market practices allowed by the Financial Markets Authority:

+-------------------------+--------------------+--------------------+
|Authorized objective     |For the Old Shares  |For the New Shares  |
|                         |(1)                 |                    |
+-------------------------+--------------------+--------------------+
|1. Stimulation of the    |                 yes|                 yes|
|secondary market or the  |                    |                    |
|liquidity of the SCOR    |                    |                    |
|shares by an investment  |                    |                    |
|services provider through|                    |                    |
|a liquidity agreement    |                    |                    |
|compliant with a         |                    |                    |
|professional ethics      |                    |                    |
|charter recognized by the|                    |                    |
|Financial Markets        |                    |                    |
|Authority                |                    |                    |
+-------------------------+--------------------+--------------------+
|2. Implementation of any |                  no|                 yes|
|stock option plan        |                    |                    |
|concerning New Shares    |                    |                    |
|within the framework of  |                    |                    |
|the provisions of        |                    |                    |
|Articles L. 225-177 et   |                    |                    |
|seqq. of the Commercial  |                    |                    |
|Code                     |                    |                    |
+-------------------------+--------------------+--------------------+
|3. Free allocation of    |                  no|                 yes|
|shares to employees      |                    |                    |
|and/or company           |                    |                    |
|representatives          |                    |                    |
+-------------------------+--------------------+--------------------+
|4. Allocation of shares  |                  no|                 yes|
|to employees and, where  |                    |                    |
|applicable, Company      |                    |                    |
|representatives for the  |                    |                    |
|purpose of participating |                    |                    |
|in the results of the    |                    |                    |
|company's expansion and  |                    |                    |
|implementing any company |                    |                    |
|savings plan, under the  |                    |                    |
|conditions specified by  |                    |                    |
|the law, in particular   |                    |                    |
|within the framework of  |                    |                    |
|Articles L. 443-1 et     |                    |                    |
|seqq. of the French Labor|                    |                    |
|Code                     |                    |                    |
+-------------------------+--------------------+--------------------+
|5. Purchasing of shares  |                  no|                 yes|
|for keeping and later    |                    |                    |
|remittal for exchange or |                    |                    |
|as payment within the    |                    |                    |
|framework of possible    |                    |                    |
|external growth          |                    |                    |
|operations               |                    |                    |
+-------------------------+--------------------+--------------------+
|6. Remittal of shares    |                  no|                 yes|
|during the exercise of   |                    |                    |
|rights attached to       |                    |                    |
|securities giving access |                    |                    |
|to the capital           |                    |                    |
+-------------------------+--------------------+--------------------+
|7. Cancellation of the   |                 yes|                 yes|
|shares bought back,      |                    |                    |
|within the limits        |                    |                    |
|established by the law   |                    |                    |
|and subject to           |                    |                    |
|authorization by the     |                    |                    |
|Extraordinary General    |                    |                    |
|Meeting of the           |                    |                    |
|shareholders of the      |                    |                    |
|Company                  |                    |                    |
+-------------------------+--------------------+--------------------+

(1) The Old Shares bought back, as the case may be, by the Company must be consolidated as New Shares, pursuant to the terms of the reverse stock split of the Company's shares approved by the Company's Ordinary and Extraordinary Shareholders' General Meeting of May 16, 2006 in its seventeenth resolution and implemented on January 3, 2007.

5. Maximum share of the capital, maximum number, characteristics and maximum buyback price of the securities concerned

Securities concerned: Old Shares and New Shares listed on the Eurolist market of NYSE-Euronext Paris under the codes:

- Old Shares: ISIN FR0000130304;

- New Shares: ISIN FR0010411983;

The maximum purchase price is set at EUR 30 (thirty euros) per New Share (acquisition costs excluded) and EUR 3 (three euros) per Old Share (acquisition costs excluded). In case of capital increase by incorporation of reserves and free allocation of shares, and in case of splitting or regrouping of shares, this maximum price will be adjusted by a multiplication factor equal to the relation between the number of securities comprising the capital prior to the operation and such number after the operation.

The Shareholders' General Meeting of May 7, 2008 set the maximum number of shares able to be bought back within the framework of the 2008-2009 Share Buyback Program at 10% of the share capital, it being specified (i) that the number of shares acquired by the Company with a view to their retention and subsequent remittance as payment or in exchange in connection with a merger, spin-off or contribution may not exceed 5% of its capital, pursuant to the provisions of Article L.225-209, paragraph 6, of the French Commercial Code, (ii) that, in the context of the use of this authorization, the number of treasury shares held must be taken into account so that the Company always remains within the limit of the number of treasury shares held being equal to a maximum of 10% of the share capital, and (iii) that such limit shall, as necessary, be adjusted in order to take into account transactions affecting the share capital following this Shareholders' General Meeting, and that the direct share acquisitions carried out by the Company may in no event cause it to hold, directly or indirectly, more than 10% of the share capital, it being specified that the aggregate amount that the Company may assign to the buyback of its own shares shall be set in accordance with the provisions of Article L. 225-210 of the French Commercial Code.

The acquisition, sale or transfer of shares may be carried out by any means, on the market or by mutual agreement, including, in particular, by the acquisition or sale of blocks or by the use of derivative financial instruments, listed on a regulated stock exchange or transacted by mutual agreement, or by the implementation of optional strategies under conditions authorized by the stock exchange authorities. Such transactions may be carried out at any time except during a public offering period, in accordance with regulations in force.

6. Duration of the 2008-2009 Share Buyback Program

The Shareholders' General Meeting held on May 7, 2008 authorized the Company's Board of Directors, with the power to subdelegate, to carry out transactions on its own shares for a duration ending on the next Annual General Meeting of the Shareholders convened to approve the financial statements which will in no event exceed a maximum period of eighteen (18) months from the date of such authorization. The 2008-2009 Share Buyback Program will have the same duration as the authorization granted by the General Meeting to the Board of Directors.

7. Declaration of the operations carried out by SCOR on its own securities from August 6, 2007 to May 7, 2008

Percentage of capital directly or indirectly held by the company itself as of May 7, 2008: 2%

Number of securities canceled during the course of the last 24 months (from May 7, 2006 to May 7, 2008): 4 Old Shares and 0 New Shares

Number of securities held in portfolio as of May 7, 2008: 0 Old Shares and 3,658,633 New Shares

Accounting value of the portfolio as of May 7, 2008: EUR 67,898,953

Market value of the portfolio as of May 7, 2008: EUR 59,086,923

Operations carried out on the Old Shares:

+-------------------------+--------------------+------------------+
|Old Shares               |Cumulative gross    |                  |
|                         |cash flows*         |                  |
+-------------------------+--------------------+------------------+
|                         |           Purchases|  Sales/Transfers |
+-------------------------+--------------------+------------------+
|Number of Old Shares     |                   -|                 -|
+-------------------------+--------------------+------------------+
|Maximum average term     |                   -|                 -|
+-------------------------+--------------------+------------------+
|Average transaction price|                   -|                 -|
|[1]                      |                    |                  |
+-------------------------+--------------------+------------------+
|Average exercise price   |                   -|                 -|
+-------------------------+--------------------+------------------+
|Amounts                  |                   -|                 -|
+-------------------------+--------------------+------------------+

Operations carried out on the New Shares:

+-------------------------+--------------------+--------------------+
|New Shares:              |Cumulative gross    |                    |
|                         |cash flows *        |                    |
|                         |                    |                    |
|                         |                    |                    |
|                         |                    |                    |
+-------------------------+--------------------+--------------------+
|                         |           Purchases|Sales/Transfers     |
|                         |                    |                    |
+-------------------------+--------------------+--------------------+
|Number of New Shares     |           1,481,508|734,019 (free       |
|                         |                    |allocation of shares|
|                         |                    |to employees and/or |
|                         |                    |company             |
|                         |                    |representatives)    |
+-------------------------+--------------------+--------------------+
|Maximum average term     |                   -|                   -|
+-------------------------+--------------------+--------------------+
|Average transaction      |             16.6536|                   0|
|price1                   |                    |                    |
+-------------------------+--------------------+--------------------+
|Average exercise price   |                   -|                   -|
+-------------------------+--------------------+--------------------+
|Amounts                  |          24,672,482|                   0|
+-------------------------+--------------------+--------------------+

+-------------------------+--------------------+---+------------------+---+
|New Shares:              |Positions open at   |   |                  |   |
|                         |the date of         |   |                  |   |
|                         |publication of the  |   |                  |   |
|                         |program description |   |                  |   |
|                         |**                  |   |                  |   |
+-------------------------+--------------------+---+------------------+---+
|                         |Positions open for  |   |Positions open for|   |
|                         |purchase            |   |sale              |   |
+-------------------------+--------------------+---+------------------+---+
|Number of New Shares     |                   -|  -|                  |  -|
|                         |                    |   |                  |   |
|                         |                    |   |                  |   |
|                         |                    |   |                  |   |
|                         |                    |   |                  |   |
+-------------------------+--------------------+---+------------------+---+
|Maximum average term     |                   -|  -|                  |  -|
+-------------------------+--------------------+---+------------------+---+
|Average transaction      |                   -|  -|                  |  -|
|price1                   |                    |   |                  |   |
+-------------------------+--------------------+---+------------------+---+
|Average exercise price   |                   -|  -|                  |  -|
+-------------------------+--------------------+---+------------------+---+
|Amounts                  |                   -|  -|                 -|  -|
+-------------------------+--------------------+---+------------------+---+

[1] Concerns the operations carried out in cash.

* The cumulative gross cash flows include the cash purchase and sale operations as well as the option operations and forward operations exercised or having fallen due.

** The open positions include the forward purchases or sales not having fallen due as well as purchase options not exercised.


Beat Werder
+33 (0)1 46 98 71 39
Chief Communications Officer

Marco Circelli
+33 (0)1 46 98 72 17
Head of Investor Relations



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