Given current concerns about Insurers' exposure to Bank Tier I capital instruments, we thought it would be useful and reassuring for you to be informed that CNP Assurances has very limited exposure to Bank Tier I instruments, around € 150 Million as at 31 December 2008 (or less than 0.1% of the overall bond portfolio).  Dated Tier II subordinated Bank debt, which of course ranks above Tier I in the credit hierarchy, represents just slightly more than 4% of the bond porftfolio as at 31 December 2008