Bond SCORA 6.154% ( FR0010359687 ) in EUR

Issuer SCORA
Market price 100 %  ▼ 
Country  France
ISIN code  FR0010359687 ( in EUR )
Interest rate 6.154% per year ( payment 1 time a year)
Maturity Perpetual - Bond has expired



Prospectus brochure of the bond SCOR FR0010359687 in EUR 6.154%, expired


Minimal amount 50 000 EUR
Total amount 350 000 000 EUR
Detailed description SCOR is a global reinsurance company offering a wide range of risk transfer, risk management, and other insurance-related services to clients worldwide.

The Bond issued by SCORA ( France ) , in EUR, with the ISIN code FR0010359687, pays a coupon of 6.154% per year.
The coupons are paid 1 time per year and the Bond maturity is Perpetual










PROSPECTUS DATED 26 JULY 2006





SCOR
350,000,000
UNDATED DEEPLY SUBORDINATED NOTES
Issue Price: 100%



The 350,000,000 undated deeply subordinated notes (the Notes) of SCOR (the Issuer) will be issued outside the Republic of France on 28 July 2006
(the Issue Date) in the denomination of 50,000 each.
The Notes will bear interest (i) from (and including) the Issue Date to (but excluding) 28 July 2016 (the Fixed Rate Period), at a fixed rate of 6.154%
per annum payable annually in arrear on 28 July in each year and commencing on 28 July 2007, and (ii) thereafter (the Floating Rate Period), at a
floating rate calculated on the basis of 3-month Euribor plus a margin of 2.90% per annum payable quarterly in arrear on or about 28 October, 28
January, 28 April and 28 July in each year, commencing on 28 October 2016, as further described in "Terms and Conditions of the Notes - Interest".
The Notes will be undated obligations in respect of which there is no fixed redemption date.
The Issuer may, at its option, redeem the Notes in whole or in part on the Interest Payment Date falling on 28 July 2016 or on any subsequent Interest
Payment Date, as further described in "Terms and Conditions of the Notes - Redemption and Purchase - Redemption from the First Call Date". In
addition, the Issuer may, at its option, redeem the Notes in whole or in part upon the occurrence of certain events, as further described in "Terms and
Conditions of the Notes - Redemption and Purchase - Redemption before or after the First Call Date", " - Mandatory Redemption" and " - Redemption
for Taxation Reasons".
The principal and interest of the Notes constitute (subject to certain limitations described in "Terms and Conditions of the Notes - Status of the Notes and
Rights of Noteholders in the event of liquidation") direct, unconditional, unsecured, undated and deeply subordinated obligations (titres subordonnés de
dernier rang) of the Issuer and will rank (i) pari passu among themselves, (ii) pari passu with all other present and future Parity Securities but (iii) shall
be subordinated to the present and future prêts participatifs granted to the Issuer, titres participatifs issued by the Issuer, Ordinarily Subordinated
Obligations and Unsubordinated Obligations. In the event of liquidation, the Notes shall rank in priority to any payments to holders of Equity Securities
as further described in "Terms and Conditions of the Notes - Status of the Notes and Rights of Noteholders in the event of liquidation".
For so long as the mandatory interest payment provisions do not apply, payment of interest on the Notes may be deferred at the option of the
Issuer, as set out in "Terms and Conditions of the Notes - Interest - Interest Deferral". Any deferred interest may be settled, at the option of the
Issuer, and in certain circumstances must be settled, up to certain limits, through the use of the Payment in Kind Mechanism. Any remaining
deferred interest not so settled will be forfeited, as more fully described in "Terms and Conditions of the Notes - Interest - Interest Deferral".
The Luxembourg Commission de Surveillance du Secteur Financier (the CSSF) is the competent authority in Luxembourg for the purpose of Directive
n°2003/71/EC (the Prospectus Directive) and the Luxembourg law on prospectuses for securities of 10 July 2005, for the purpose of approving this
Prospectus. Application has been made to the Luxembourg Stock Exchange for the Notes to be admitted to the official list and traded on the Regulated
Market (regulated by Directive 2004/39/EC) of the Luxembourg Stock Exchange.
The Notes will be issued in dematerialised bearer form (au porteur). Title to the Notes will be evidenced in accordance with Article L.211-4 of the
French Code monétaire et financier by book-entries (inscription en compte) in the books of Account Holders. No physical document of title (including
certificats représentatifs pursuant to Article R.211-7 of the French Code monétaire et financier) will be issued in respect of the Notes. The Notes will,
upon issue, be inscribed in the books of Euroclear France, which shall credit the accounts of the Account Holders, as set out in "Terms and Conditions of
the Notes - Form, Denomination and Title".
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the Securities Act) and may not be offered or
sold in the United States or to, or for the benefit of, U.S. persons unless the Notes are registered under the Securities Act or an exemption from the
registration requirements of the Securities Act is available.
The Notes are expected to be assigned a rating of BBB by Standard & Poor's Ratings Services and BBB- by Fitch Ratings. A rating is not a
recommendation to buy, sell or hold securities and may be subject to revision, suspension, reduction or withdrawal at any time by the relevant rating
agency. A revision, suspension, reduction or withdrawal of a rating may adversely affect the market price of the Notes.
An investment in the Notes involves certain risks. Potential investors should review all the information contained or incorporated by reference
in this document and, in particular, the information set out in the section entitled "Risk Factors" before making a decision to invest in the
Notes.


Structuring Adviser
BNP Paribas

Sole Bookrunner and Lead Manager
BNP Paribas









The Issuer accepts responsibility for the information contained in this Prospectus. To the best of the
knowledge and belief of the Issuer, having taken all reasonable care to ensure that such is the case, the
information contained or incorporated by reference in this Prospectus is in accordance with the facts and
does not omit anything likely to affect the import of such information.
Certain information contained in this Prospectus and/or documents incorporated herein by reference has
been extracted from sources specified in the sections where such information appears. The Issuer confirms
that such information has been accurately reproduced and that, so far as it is aware and is able to ascertain
from information published by the above sources, no facts have been omitted which would render the
information reproduced inaccurate or misleading. The Issuer has also identified the source(s) of such
information.
References herein to the Issuer are to SCOR. References to the Group are to the Issuer, together with its
consolidated subsidiaries.
This Prospectus is to be read in conjunction with all documents which are incorporated herein by reference
(see the section entitled "Documents Incorporated by Reference"). This Prospectus shall be read and
construed on the basis that such documents are incorporated in, and form part of, this Prospectus.
The Manager (as defined in the section entitled "Subscription and Sale") has not independently verified the
information contained herein. Accordingly, no representation, warranty or undertaking, express or implied,
is made and no responsibility or liability is accepted by the Manager as to the accuracy or completeness of
the information contained or incorporated by reference in this Prospectus or any other information provided
by the Issuer in connection with the issue and sale of the Notes. The Manager does not accept any liability
in relation to the information contained or incorporated by reference in this Prospectus or any other
information provided by the Issuer in connection with the issue and sale of the Notes.
This Prospectus comprises a prospectus for the purpose of (i) Article 5.3 of the Prospectus Directive and (ii)
the relevant implementing measures in the Grand Duchy of Luxembourg and, in each case, for the purpose
of giving information with regard to the Issuer.
In connection with the issue and sale of the Notes, no person is or has been authorised by the Issuer or the
Manager to give any information or to make any representation not contained in or not consistent with this
Prospectus and if given or made, such information or representation must not be relied upon as having been
authorised by the Issuer or the Manager.
Neither the delivery of this Prospectus nor the offering, sale or delivery of any Notes shall in any
circumstances imply that the information contained herein concerning the Issuer is correct at any time
subsequent to the date hereof or that any other information supplied in connection with the issue and sale of
the Notes is correct as of any time subsequent to the date indicated in the document containing the same.
The Manager does not undertake to review the financial condition or affairs of the Issuer during the life of
the Notes or to advise any investor in the Notes of any information coming to its attention. Investors should
review, inter alia, the most recently published documents incorporated by reference into this Prospectus
when deciding whether or not to subscribe for or to purchase any Notes.
Neither this Prospectus nor any other information supplied in connection with the issue and sale of the Notes
(a) is intended to provide the basis of any credit or other evaluation or (b) should be considered as a
recommendation by the Issuer or the Manager that any recipient of this Prospectus or any other information
supplied in connection with the issue and sale of the Notes should purchase any Notes. Neither this
Prospectus nor any other information supplied in connection with the issue and sale of the Notes constitutes
an offer or invitation by or on behalf of the Issuer or the Manager to any person to subscribe for or to
purchase any Notes.
In making an investment decision regarding the Notes, prospective investors should rely on their own
independent investigation and appraisal of (a) the Issuer, its business, its financial condition and affairs and
(b) the terms of the offering, including the merits and risks involved. The contents of this Prospectus are not

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to be construed as legal, business or tax advice. Each prospective investor should consult its own advisers as
to legal, tax, financial, credit and related aspects of an investment in the Notes. Potential investors should,
in particular, read carefully the section entitled "Risk Factors" set out below before making a decision to
invest in the Notes.
This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any Notes in any
jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The
distribution of this Prospectus and the offer or sale of Notes may be restricted by law in certain jurisdictions.
The Issuer and the Manager do not represent that this Prospectus may be lawfully distributed, or that any
Notes may be lawfully offered, in compliance with any applicable registration or other requirements in any
such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for
facilitating any such distribution or offering. In particular, no action has been taken by the Issuer or the
Manager which would permit a public offering of any Notes or distribution of this Prospectus in any
jurisdiction where action for that purpose is required. Accordingly, no Notes may be offered or sold,
directly or indirectly, and neither this Prospectus nor any advertisement or other offering material may be
distributed or published in any jurisdiction, except under circumstances that will result in compliance with
any applicable laws and regulations. Persons into whose possession this Prospectus or any Notes may come
must inform themselves about, and observe, any such restrictions on the distribution of this Prospectus and
the offering and sale of Notes. In particular, there are restrictions on the distribution of this Prospectus and
the offer or sale of Notes in the United States, the United Kingdom and France, see the section entitled
"Subscription and Sale".
The Notes have not been and will not be registered under the Securities Act, or under any relevant securities
laws of any state of the United States of America and may not be offered, sold or delivered within the United
States of America or to or for the account or benefit of any person in the United States of America, within the
meaning of Regulation S under the Securities Act (Regulation S), or to any person acting on a non-
discretionary basis for any person in the United States of America.
In this Prospectus, unless otherwise specified or the context requires, references to "euro", "EUR" and ""
are to the single currency of the participating member states of the European Economic and Monetary
Union.
In connection with this issue BNP Paribas (herein referred to as the Stabilising Manager) or any person
acting for it may over-allot (provided that the aggregate principal amount of Notes allotted does not
exceed one hundred and five (105) per cent. of the aggregate principal amount of the Notes) or effect
transactions with a view to supporting the market price of the Notes at a level higher than that which
might otherwise prevail. However, there is no assurance that the Stabilising Manager (or persons acting
on behalf of the Stabilising Manager) will undertake stabilisation action. Any stabilisation action may
begin on or after the date on which adequate public disclosure of the final terms of the offer of the Notes
is made and, if begun, may be ended at any time, but it must end no later than the earlier of thirty (30)
calendar days after the issue date of the Notes and sixty (60) calendar days after the date of the allotment
of the Notes.

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FORWARD-LOOKING STATEMENTS
Certain statements contained herein are 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 that does not directly relate to a historical fact or current fact. The Issuer and the
Group may also make forward-looking statements in its audited annual financial statements, in its interim
financial statements, in its prospectuses, in press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties. 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 limitation, "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. Please refer to the section entitled "Risk Factors" below.
SCOR operates in a continually changing environment and new risks emerge continually. Forward-looking
statements speak only as of the date they are made and SCOR does not undertake any obligation to update or
revise any of these forward-looking statements, whether to reflect new information, future events or
circumstances or otherwise.


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TABLE OF CONTENTS
Section
Page
Risk Factors.............................................................................................................................................6
Documents Incorporated by Reference .................................................................................................10
Summary ...............................................................................................................................................12
Terms and Conditions of the Notes .......................................................................................................25
Use of Proceeds .....................................................................................................................................43
Description of SCOR.............................................................................................................................44
Taxation...............................................................................................................................................121
Subscription and Sale ..........................................................................................................................123
General Information ............................................................................................................................125

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RISK FACTORS

Prior to making an investment decision, prospective investors in the Notes offered hereby should consider
carefully, among other things and in light of their financial circumstances and investment objectives, all the
information of this Prospectus and, in particular, the risks factors set forth below. Each of the risks
highlighted below could have a material adverse effect on the business, operations, financial conditions or
prospects of the Issuer, which in turn could have a material adverse effect on the amount of principal and
interest which investors will receive in respect of the Notes. In addition, each of the risks highlighted below
could adversely affect the trading price of the Notes or the rights of investors under the Notes and, as a
result, investors could lose some or all of their investment. This section is not intended to be exhaustive and
prospective investors should make their own independent evaluation of all risk factors and should read the
detailed information set out elsewhere in this Prospectus. Words and expressions defined in the section
entitled "Terms and Conditions of the Notes" herein shall have the same meanings in this section.
The order in which the following risks factors are presented is not an indication of the likelihood of their
occurrence.
RISK FACTORS RELATING TO THE ISSUER
See Section 3 "Risk factors relating to the Issuer" in the Cross-Reference List on page 12 in respect of
Documents Incorporated by Reference.
RISK FACTORS RELATING TO THE ACQUISITION OF REVIOS RÜCKVERSICHERUNG AG
On 5 July 2006, the Issuer announced it had entered into a definitive agreement for the acquisition of Revios
Rückversicherung AG. For an overview of this transaction, see "The Issuer - Section VIII: Recent
Developments".
The Issuer may not complete the contemplated acquisition successfully
The successful completion of the acquisition of Revios Rückversicherung AG will depend upon whether the
operations of Revios Rückversicherung AG can be integrated in an efficient and effective manner with those
of the Issuer. Integrating the operations of an acquired business is a complex and lengthy process. Successful
integration requires, among other things, the satisfactory coordination of business development and
marketing efforts, the retention of key management personnel, effective hiring and training policies and the
alignment of information and software systems. Any difficulties encountered in combining operations could
result, among other things, in higher integration costs and lower savings or revenues than expected.
RISK FACTORS RELATING TO THE NOTES
The Notes are Deeply Subordinated Notes
The Issuer's obligations under the Notes are deeply subordinated obligations of the Issuer which are the most
junior debt instruments of the Issuer, subordinated to and ranking behind the claims of all other
unsubordinated and ordinary (dated and undated senior) subordinated creditors of the Issuer, lenders in
relation to any prêts participatifs granted to the Issuer and holders of any titres participatifs issued by the
Issuer. The Issuer's obligations under the Notes rank in priority only to any class of share capital of the
Issuer.
The Noteholders face the risk that the Notes will not perform as anticipated
Scheduled interest payments may be deferred as provided in the section entitled "Terms and Conditions of
the Notes - Interest - Interest Deferral".

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In the event of any insolvency or liquidation of the Issuer, the Noteholders would receive payments on any
outstanding equal ranking subordinated notes only after holders of notes ranking senior to the Noteholders
and other senior creditors have been repaid in full, if and to the extent that there is still cash available for
those payments. Thus, the Noteholders face a higher performance risk than holders of Unsubordinated
Obligations or of Ordinary Subordinated Obligations.
The Notes are undated securities
The Notes are undated securities with no fixed maturity date. The Issuer is under no obligation to redeem the
Notes at any time, except (i) as provided in the section entitled "Terms and Conditions of the Notes -
Mandatory Redemption" if any judgment is issued by any competent court for (a) the judicial liquidation
(liquidation judiciaire) of the Issuer, or (b) following an order of redressement judiciaire, the sale of the
whole of the business (cession totale de l'entreprise) of the Issuer or in the event of the voluntary dissolution
of the Issuer or if the Issuer is liquidated for any other reason (except in the case of a consolidation,
amalgamation, merger or other reorganisation in which all or substantially all of the assets of the Issuer are
transferred to another legal entity (including, without limitation, pursuant to a fusion, scission or apport
partiel d'actifs) which simultaneously assumes all the obligations of the Issuer under the Notes whether by
operation of law or otherwise). In such event, the Notes will become immediately due and payable at their
Original Principal Amount together with accrued interest to the date of redemption.
In such event, any outstanding Optional Deferred Interest will, subject to the Overall PIK Limit, become due
and payable in cash but shall only be due and payable after all the Original Principal Amount of Notes shall
have been paid in full. Any excess Optional Deferred Interest shall be forfeited and, accordingly, the Issuer's
obligations in respect of such Optional Deferred Interest shall be terminated.
Restrictions on interest payment
On any Interest Payment Date which is not a Mandatory Interest Payment Date (an Optional Interest
Payment Date), the Issuer may, at its option, pay interest in respect of the Notes accrued to that date, but the
Issuer shall have no obligation to make such payment and may elect to defer the payment of such interest (an
Optional Deferred Interest). Any such failure to pay Optional Deferred Interest which would otherwise
have been due on such Optional Interest Payment Date shall not constitute a default by the Issuer under the
Notes or for any other purpose.
Any outstanding Optional Deferred Interest must be settled on the earlier of (i) the next Mandatory Interest
Payment Date or (ii) upon redemption of the Notes subject to the Overall PIK Limit as defined below. The
payment of Optional Deferred Interest can only be achieved by the use of the Payment-In-Kind mechanism
(PIK).
Optional Deferred Interest shall not bear interest.
Under the PIK, the Issuer will have the obligation to settle the Optional Deferred Interest by issuing and
granting to the Noteholders Further Securities; provided, however, that such issue, together with any
previous issue pursuant to the PIK, may never exceed twenty five per cent. (25%) of the Original Principal
Amount of the Notes on the Issue Date (the Overall PIK Limit).
Subject to the provisions relating to the Mandatory Interest Payments, the Issuer shall not pay interest on the
Notes if, prior to an Optional Interest Payment Date, the Issuer determines that a Capital Deficiency Event
occurred or would occur. Any interest not so paid on an Interest Payment Date shall be lost and shall no
longer be due and payable by the Issuer.
Furthermore, if the Issuer is liquidated or wound-up for any reason, any outstanding Optional Deferred
Interest will, to the extent the Overall PIK Limit has not been reached, become due and payable in cash but
shall only be due and payable after the Original Principal Amount of the Notes shall have been paid in full
and only to the extent that such payment would not result in exceeding the Overall PIK Limit. Any amount
of Optional Deferred Interest that would result in exceeding the Overall PIK Limit shall be lost and shall no
longer be due and payable by the Issuer.

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Noteholders should be aware that under certain circumstances a payment of interest may be cancelled in
total.
Early Redemption Risk
The Issuer may redeem the Notes, in whole or in part, on the Interest Payment Date falling on 28 July 2016
(the First Call Date) or upon any Interest Payment Date thereafter. Such redemption option will be
exercised at a price (the Base Call Price) equal to the Original Principal Amount of the Notes and any
accrued and unpaid interest up to their effective redemption date.
The Issuer may (and, in certain cases, shall) redeem some or all of the Notes for taxation reasons.
Further, (a) if interest payments under the Notes are no longer tax-deductible by the Issuer for French
corporate income tax (impôts sur les bénéfices des sociétés) purposes, the Issuer may, at its option, at any
time, redeem the Notes in whole or in part at their Base Call Price; and (b) the Issuer will have the right to
redeem the Notes in whole or in part at the Make Whole Call Price, at any time, if any of the following
events occur: (i) as a consequence of a change in the rating methodology of two (2) rating agencies among
the Rating Agencies and A.M. Best Company, or interpretation of such methodology, the capital treatment of
the Notes becomes, in the reasonable opinion of the Issuer, materially less favourable to the Issuer or (ii) as a
consequence of a change in regulations applied to the Issuer, the Notes are not included by the Relevant
Supervisory Authority in the Solvency Margin of the Issuer as Upper Tier 2 or Tier 1 (whatever terminology
may be retained at the time) or (iii) as a consequence of a change in regulations applied to the Issuer, the
Notes are not included by the Relevant Supervisory Authority in the core capital of the Issuer in relation to
the equivalent for re-insurance companies of Tier 1 capital (whatever terminology may be retained at the
time).
In each case, the early redemption of the Notes may be subject to the prior consent of the Relevant
Supervisory Authority if required at the time by the Applicable Regulations.
There can be no assurance that, at the relevant time, Noteholders will be able to reinvest the amounts
received upon redemption at a rate that will provide the same return as their investment in the Notes.
Relevant Supervisory Authority
The current Relevant Supervisory Authority is the Autorité de Contrôle des Assurances et des Mutuelles
(ACAM).
Securities qualifying as Tier 1 capital
The Notes are being issued for capital adequacy regulatory purposes with the intention and purpose of being
eligible as Tier 1 capital (or its equivalent for insurance and re-insurance entities when such regulation is put
in place and in effect) for the Issuer subject to the limits on the portion of the Issuer's Tier 1 capital that may
consist of hybrid securities in accordance with the applicable regulations and the interpretations of the
Relevant Supervisory Authority. Such eligibility depends upon a number of conditions being satisfied and
which are reflected in the Terms and Conditions of the Notes. One of these relates to the ability of the Notes
and the proceeds of their issue to be available to absorb losses of the Issuer. Accordingly, following a Capital
Deficiency Event, a Loss Absorption will be implemented by a partial or full reduction of the Current
Principal Amount.
No voting rights
The Notes do not give the Noteholders the right to vote at meetings of the shareholders of the Issuer.

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Interest rate risk during the Floating Rate Interest Period
Interest on the Notes for each Floating Rate Interest Period shall be calculated on the basis of 3-month
Euribor. This rate is a variable rate and as such is not pre-defined for the lifespan of the Notes; conversely a
variable rate allows investors to follow market changes with an instrument reflecting changes in the levels of
yields. Higher rates mean a higher interest and lower rates mean a lower interest.
No limitation on issuing or guaranteeing debt ranking senior or pari passu with the Notes
There is no restriction on the amount of debt which the Issuer may issue or guarantee. The Issuer and its
subsidiaries and affiliates may incur additional indebtedness or grant guarantees in respect of indebtedness of
third parties, including indebtedness or guarantees that rank pari passu or senior to the obligations under and
in connection with the Notes. If the Issuer's financial condition were to deteriorate, the Noteholders could
suffer direct and materially adverse consequences, including loss of interest and, if the Issuer were liquidated
(whether voluntarily or involuntarily), the Noteholders could suffer loss of their entire investment.
The trading market for the Notes may be volatile and may be adversely impacted by many events.
The market for the Notes may be influenced by economic and market conditions and, to varying degrees,
interest rates, currency exchange rates and inflation rates in other European and other industrialised
countries. There can be no assurance that events in France, Europe or elsewhere will not cause market
volatility or that such volatility will not adversely affect the price of the Notes or that economic and market
conditions will not have any other adverse effect.
An active trading market for the Notes may not develop.
There can be no assurance that an active trading market for the Notes will develop, or, if one does develop,
that it will be maintained. If an active trading market for the Notes does not develop or is not maintained, the
market or trading price and liquidity of the Notes may be adversely affected. The Issuer or its subsidiaries are
entitled to buy the Notes, which shall then be cancelled or caused to be cancelled, and to issue further Notes.
Such transactions may favourably or adversely affect the price development of the Notes. If additional and
competing products are introduced in the markets, this may adversely affect the value of the Notes.
A Noteholder's effective yield on the Notes may be diminished by the tax impact on that Noteholder of its
investment in the Notes.
Payments of interest on the Notes, or profits realised by the Noteholder upon the sale or repayment of the
Notes, may be subject to taxation in its home jurisdiction or in other jurisdiction in which it is required to pay
taxes. The tax impact on Noteholders generally in France and as a result of the entry into force of the EU
Directive 2003/48/EC on the taxation of savings income is described under the section entitled "Taxation"
below; however, the tax impact on an individual Noteholder may differ from the situation described for
Noteholders generally. The Issuer advises all investors to contact their own tax advisors for advice on the tax
impact of an investment in the Notes.
No legal and tax advice
Each prospective investor should consult its own advisers as to legal, tax and related aspects of an
investment in the Notes. A Noteholder's effective yield on the Notes may be diminished by the tax impact on
that Noteholder of its investment in the Notes.
A Noteholder's actual yield on the Notes may be reduced from the stated yield by transaction costs.

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DOCUMENTS INCORPORATED BY REFERENCE

This Prospectus should be read and construed in conjunction with the following documents which have been
previously published or are published simultaneously with the Prospectus and that have been filed with the
CSSF in Luxembourg and shall be incorporated in, and form part of, this Prospectus (together, the
Documents Incorporated by Reference):
- the
2005
Document de Référence filed with the AMF, which includes the audited annual financial
statements for the year ended 31 December 2005 and the audited consolidated annual financial
statements for the year ended 31 December 2005, the report of the auditors on the audited annual
financial statements for the year ended 31 December 2005 and the report of the auditors on the
audited consolidated annual financial statements for the year ended 31 December 2005, except for
the section 12.1 entitled Attestation du responsable du document (p. 196) and the section entitled
Informations incluses par référence (p. 197); and
- the
2004
Document de Référence filed with the AMF, which includes the audited annual financial
statements for the year ended 31 December 2004 and the audited consolidated annual financial
statements for the year ended 31 December 2004, the report of the auditors on the audited annual
financial statements for the year ended 31 December 2004, the report of the auditors on the audited
annual financial statements for the year ended 31 December 2004 and the report of the auditors on
the audited consolidated annual financial statements for the year ended 31 December 2004, except
for the section entitled Avis des commissaires aux comptes sur le document de reference (p. 186 to
187).
All Documents Incorporated by Reference are available on the website of the Luxembourg Stock Exchange
(www.bourse.lu) and on the website of the Issuer (www.scor.fr). The Documents Incorporated by Reference
will also be available free of charge to the public at the premises of the Paying Agent in Luxembourg and at
the premises of the Issuer in France.
Any statement contained in the Documents Incorporated by Reference shall be deemed to be modified or
superseded for the purpose of this Prospectus, to the extent that a statement contained herein modifies or
supersedes such earlier statement (whether expressly, by implication or otherwise). Any statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this
Prospectus.
The Documents Incorporated by Reference shall be read in connection with the table below (as set out in
"Cross-Reference List"). Any information contained in the Documents Incorporated by Reference that is not
cross-referenced in the following table is for informational purposes only.


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