EFTA Document EFTA01378328

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > Europe Investment Grade CNP Assurance Updated: Oct 28, 2015 Trade Idea: 0 Buy Investment Rationale: 0 Largest French life insurer and central pillar of France's saving and pension system. The majority of the shares is held by the French State either directly or through agency banks 0 Solid 1H15 results led by an improvement in product mix and operating performance 0 Moderate gearing, strong Solvency position (S