1. CONTENTS
SPEECH OF CHIEF EXECUTIVE OFFICER OCP
INTERVIEW WITH THE DIRECTOR OF “POLE PREVOYANCE” OF THE CDG
CNRA, A SOLID INSTITUTIONAL FRAMWORK
Foundation and Mission
Trades of CNRA
Governance
HIGHLIGHTS OF THE YEAR 2011
MANAGEMENT INDICATORS
Annuity Management
Retirement and Foresight
Mandated Management
FINANCIAL INDICATORS
Balance Sheet
Income Statement
End of Year Statement

2. SPEECH OF CHIEF EXECUTIVE OFFICER OF CDG
Crated and managed by the CDG since 1959, the CNRA has assigned as a strategic choice its
contribution at promotion and development of social foresight in Morocco.
In parallel to its institutional activities represented in the management of AT and AC services
in benefit of victims and minor heirs, CNRA elaborate also on the field of supplementary
retirement by its both outstanding products RECORE and FRAM.
CNRA’s fact of being socially oriented, coupled with the modernization of the Management
System and the Information System belonging to CDG and especially its performance in
terms of efficiency, effectiveness and optimization of the management cost has enabled it win
the public authorities trust. These factors by their nature allow the CNRA play a determining
role in the actual reform of the retirement sector, especially the extension of the retirement
regime coverage to reach uncovered socioprofessional occupations.
Considering the alterations that are affecting our society through the reform of the retirement
sector and the release of the insurance sector, the CNRA is focusing on the two following
axes:
Empower the institutional activity by centralizing AT management at CNRA
level.
Retirement system development for uncovered socioprofessional category.
Financially, the CNRA’s financial basis has been considerably empowered in 2011, given that
its portfolio has increased to reach 10.802 MDH against 3.846 MDH one year ago, as an
evolution of 181%, due to the transfer of OCP’s employee’s annuity portfolio to the CNRA
with 6.89 MDH.
During 2011, the CNRA’s activity was also improved by the implementation of various
projects, particularly the reorganization of “Pole Prévoyance”, characterized by the inclusion
of support, development and steering activities, taking into control the internal services of the
OCP’s fund by CNRA and the insertion of the management platform of the RCAR within
CNRA (Quality Information System, Digital Acquisition Center, Project Management Office
and Planning Information System).
Finally, I cannot conclude without paying tribute to all the teams, men and women of CDG
who has shaped this institution and has been the origin of its performance and
accomplishments, thanks to their total involvement and devotion to this project of
modernization and transformation. This later, which is a result of our strategic plan “Oufoq
2015”, will permit the creation of valuable mutations and advantages to all our stakeholders.

3. INTERVIEW WITH THE DIRECTOR OF “POLE
PREVOYANCE” OF THE CDG
Moulay Ahmed Cherkaoui
One of the strategic ambitions defined in the plan “Oufouq 2015” of the CDG is to play
a major role in the development of foresight in Morocco, how this was translated during
2011?
Actually, within the framework of its institutional missions, the CDG has dedicated a place
for social foresight in its strategic plan “Oufouq 2015”. Nowadays, CDG has technical,
financial and administrative managerial capabilities together with financial governance at
international standards which pushes it to be a central performer in the development of
pension and foresight in our country.
CDG is translating this ambition by a strong contribution to the retirement project reform and
the opening of the management platform to new partners, through the management on behalf
of the state to the public pole of the targeted retirees and third party, especially socio
professional strata without retirement coverage.
What are the main features of the project extension of retirement coverage to
independent?
First of all, we must make clear that 50% of the Moroccan labor force, among which
independent workers and liberal professional are till the present time lacking social coverage.
As I mentioned in the previous question, the CDG own all the organizational and technical
capacities in order to find solutions for the problematic of retirement coverage for
independent workers as it appears currently more than ever, within the project of pension
coverage in our country.
What are the main phases and achievements of this large project?
This project has been launched in form of an extensive program constituted of six phases. In
the first place, this program is going to permit carrying on a support project for liberal
professions, for the conception of one or several retirement regimes and an offer from CDG to
manage them for the benefit of this population.
Thus since the launch of this project, many actions that proceed from the first phase “Needs
Study” were accomplished, which are:
The organization of a forum about pension coverage dedicated to self-employed, in
Marrakech in Mai, 2011,
The organization of an international benchmark mission,
The organization of meeting and reflection week, in October 2011, between CDG Top
Management and organizations and syndicates representing liberal professions,
The launching of the first series of Road Show for liberal professionals through 5
regions of the kingdom (Marrakech, Agadir, Tetouan, Dakhla and Laayoun).

4. What is your evaluation after this first phase of study of needs and what are the next
milestones?
The studies and the work sessions with organizations’ representatives are still taking place
until the end of 2011, and will be revealed during 2012. However, after the first meetings,
including that of 4 October, 2011 with presidents of organizations, syndicates and
associations, we can confirm that there are confirmed expectations concerning social coverage
for all liberal professions.
During 2012, and after the important phase of needs study, we are going to begin working on
the process of supporting liberal professions for the conception of the regimes which will be
able to respond to their essential needs in terms of pension as well as the completion of our
offer of management. These two projects once finalized will soon be submitted for approval
to the various stakeholders in this major project.

5. CNRA, A SOLID INSTITIONAL FRAMEWORK
Foundation and Mission
CNRA is a national, financially autonomous, public institution with legal personality whose
management is entrusted to CDG.
As defined by the legal text of its foundation namely the dahir n° 01-59-301 of October 27th,
1959 the core mission of CNRA consists of:
To grant immediate and delayed lifetime or temporary pension insurance.
Receive capitals constituting of annuities allocated by the court to repair work
accidents or to fix common rights.
Extend its operations to all the insurance combinations to guarantee a capital in case of
survival or death.

6. Trades of CNRA
Annuity Management
AT annuities: CNRA role is to receive capitals constituting of annuities allocated by
the court to repair work accident or to fix common rights, and serve them to recipients.
AC annuities: CNRA mission is to receive the amount of indemnity to be paid to
victims or their minor heirs in form of capital, and serve it as annuities to recipients.
Pension and Foresight
In parallel to the institutional activities and with accordance to its social vocation, CNRA acts
on the process of ensuring the promotion and management of retirement and foresight
services to the benefit of socio-professionals without retirement coverage.
« RECORE »: In the field of optional pension, CNRA manages « RECORE » to
cover certain ineligible socio-professional categories to the basic system, as well as
those having an extra need in terms of pension.
« FRAM »: CNRA suggests also for lawyers of Morocco a retirement system
dedicated for this category of socio-professionals.
Mandated Management
CNRA puts its expertise in the management of retirement funds to serve partners:
Provisions of CIR of OCP,
AT/CNIA_ ASSURANCE annuities,
CRAC,
RRMCR,
RRMCC,
CDM litigation management.

7. Governance
Administrative Governance
The Chief Executive Officer of CDG chairs the Executive Committee of CNRA. This
committee is made of five members and consulted about general issues concerning the
institute, particularly:
Budget plan,
Strategic plan,
Financial management.
Board of Directors
President
Mr. Anass HOUIR ALAMI
CEO of the CDG
Members
Mr. Hassan BOUBRIK and Mr. Lotfi BOUJENDAR
Ministry of Economy and Finance
Department of Insurance and Social Foresight
Mr. Lahsen IFEZWAN
Ministry of Employment and Vocational Training
Department of Social Protection of Workers.
Mr. Younes SHAIMI
Ministry of Economy and Finance
Mr. Minister Office
Mr. Driss MOULINE
President of Chamber at the Supreme Court
Directorate
Mr. Moulay Ahmed CHERKAOUI
Director of Pole Prevoyance of CDG (CNRA/RCAR)
Mrs. Ilham Loubna LAHLOU
Director of CNRA

8. HIGHLIGHTS OF THE YEAR 2011
o The reorganization of the “Pole Prévoyance” in July 2011 which was
characterized by the sharing of support, development and steering
activities
Starting July 2011, a new reorganization has been applied for the “Pole Prévoyance”
and it was characterized by the sharing of support, development and steering activities,
as well as the creation of a steering and management control directorate together with
an internal audit entity.
This new organization fits into the framework of the implementation of strategic
orientations of the “Pole Prévoyance” project which aims to attain an efficient
management of the resources and to accelerate the development of this pole to serve
the Moroccan citizen and to contribute efficiently to the project of pension reform in
Morocco.
o Setting up a new cell of CNRA in Jerada to take control of collieries of
Morocco records
Within the perspective of reinforcing the customer approach and offering a convenient
service to the beneficiaries of accident’s annuities and occupational diseases (AT/MP)
of ex-agents of collieries of Morocco (CDM), CNRA has set up in August 2011 a new
“Customer Relations” cell in Jerada to take control of collieries of Morocco records.
This cell was set up as a local agency to represent CNRA.
o Taking into control allocations of the internal pension service of OCP by
CNRA.
CNRA’s portfolio was empowered in 2011 by taking into control allocations of the
internal pension service of OCP not transferred to RCAR.
o The sharing of RCAR platform with NCRA throughout a series of projects
Quality Information System,
Digital Acquisition Center,
WORKFLOW,
Project Management Office,
Planning Information System.

9. MANAGEMENT INDICATORS
Annuity Management
Occupational Accidents (AT)
Increase of constituting capitals by
7,89%
The average age of beneficiaries is 63
2011 was marked by a rise of 7,89% of years for victims, 65 years for spouses, 76
received constituting capitals which years for ascendants and 15 for orphans.
attained 72,10 MDH corresponding to
1.352 new records, against 66,83 MDH
registered in 2010 for 1.257 records.
Graf
Graf
The amount of provisions settled in 2011,
increases to 114,13 MDH against 106,59
MDH one year ago, as a raise of 7,07%.
Rise of annuity beneficiaries by 2%
The number of beneficiaries from AT
annuities reached 42.464 against 41.631 in Increase of 0,99% of mathematical
2010 that is an increase of 2%. provisions
Similar to the previous years, the Mathematical provisions corresponding to
population of the beneficiaries’ remains managed annuities reached 1.200,87 MDH
constituted mostly of victims who by the end of 2011 against 1.189,87 MDH
represent approximately three quarters of in 2010, which is an increase of 0,99%.
total AT annuities beneficiaries.
On the national level, the proportional
share of CNRA increases for AT and MP
professions for more than 40% of the
Graf technical reserves. The draft bill
completing and modifying the Dahir of
October 27th, 1959 confirms the reference
position that CNRA occupies in AT and
Increase of annual allocated annuities MP management.
by 2,61%
On the other hand, the transfer of technical
The annual annuities granted by CNRA and administrative management of funds to
during 2011 are figured by 119,88 MDH CNRA by the finance act of 2011 fixed on
against 116,83 MDH in 2010, as a 2,61% the first of January 2012 was postponed by
raise. the finance act of 2012 to July the 1st,
2013.
Victims’ allocated annuities numbered by
32.132 constitute the largest part of
annuities served by an amount of
81,85 MDH, that is 68,28% of the total Graf
annual annuities.
The average annual orphan and spouse
annuities are respectively of 4.777 DH and
4.441 DH; those of ascendants and of
victims are in that order 2.061 and 2.547
DH.

10. Traffic accidents (AC)
Increase of received indemnities by
27,50%
During 2011, CNRA has received 2.074 decreased by 0,98% as it goes from 63,38
traffic accident (AC) records against 2.088 MDH in 2010 to 62,76 MDH in 2011.
records in 2010 with an amount of
indemnity of 123,47 MDH against 96,84
MDH in 2010, as 27,50% augmentation. Graf
This amount includes indemnities to be
capitalized returning to minor victims for
14,19 MDH.
The amount of provisions fixed as regards
to 2011 exercise reaches 117,47 MDH
against 120,97 MDH one year ago, this
Graf represent a decrease by 2,98%.
Decrease by 0,48% of annuity
beneficiaries
The number of (AC) beneficiaries during
2011 increases to 13.424 against 13.489
one year ago, namely a decrease by 0,48%.
Decrease by 0,68% of mathematical
Minors assignees numbered by 11.014, provisions
represent the main category of
beneficiaries with 82% of beneficiaries The amount of mathematical provisions of
population. AC annuities, made up in December 31st,
2011, reaches 283,12 MDH against 238,74
MDH in 2010, as a decrease by 0,68%.
Graf
Graf
Shrink by 0,48% of annual allocated
annuities
The amount of capitalized indemnities, to
During 2011, the total amount of annual the benefit of minor victims till their
allocated annuities by CNRA has majority is 57,05 MDH against 56,15
MDH, increasing by 1,60% compared with
the exercise of 2010.

11. Retirement and Foresight
RECORE: Retirement
Complementary System
Increase by 31,79% of services
36 new adherent enterprises provisions
During 2011, CNRA signed 36 new During 2011 exercise, the total number of
adhering agreements to RECORE. The new liquidated pensions raised to 156 of
total number of adherent enterprises to this which 133 pensions as regard to
system remains 590. retirement, 19 pensions for death, one
pension for reversion and 3 pensions for
This evolution is the fruit of the efforts invalidity. In parallel, 1.266 records related
deployed by the commercial teams to the option “Capital” and 259 records
regarding the development of accounts concerning repurchasing of contributions
associated to old adherents and to the were liquidated during this period.
integration of new organizations to
RECORE system. The sum of provisions fixed as regards to
pensions arrearages, to repurchases and to
the option Capital for the duration of 2011
exercise evolved by 31,79% attaining
94.75 MDH compared with the previous
year.
Increase by 8,07% of the number of
affiliates
2011 recorded 3.610 new affiliations to Graf
RECORE, as a progression by 8,07%
compared with 2010 carrying the total
number of people registered to the system
The prices of acquisition and service
to 63.899.
belonging to RECORE were revaluated
by 0,16% after the agreement of the
Ministry of Finance & Economics so
Graf they attain respectively 2.026 DH and
0,199 DH starting from the 1st January,
2011.
Increase by 12,32% of the turnover Increase by 20,44% of mathematical
RECORE performances know a steady provisions
growth for many years. This tendency is The constituted provisions for the coverage
confirmed in 2011 by the achievement of of the insurant rights is 1993,33 MDH by
384,96 MDH turnover against 342,72 the end of 2011 against 1.657,51 MDH in
MDH in 2010, that is an increase by 2010, that is a raise by 20,44%.
12,32%.
Graf

12. ADI: Insurance Death and Invalidity
Stability of the number of ADI insurants Decrease by 11,69% of earned
premium
The number of insured people in 2011, by
way of this system stabilized at 2.483. Earned premiums for ADI are 0,68 MDH
against 0,77 MDH in 2010.These
premiums were sold to CNIA – SAADA
Assurance, by up to 75% and this was
Provisions
within the framework of the convention of
No payment was made for ADI capital co-insurance linking up the parties.
during 2011 exercise.
Graf

13. FRAM : Fonds de Retraite des
Ordres des Avocats du Maroc
Increase by 4,51% of registred
lawyers Increase by 6,73% of mathematical
provisions
244 lawyers affiliated to FRAM in 2011
carrying the total number of people The amount of constituted provisions
registered to the system since it was put covering insurants rights is made up to
into practice to 5.405 that is an increase by 259,28 MDH by the end of 2011, against
4,51%. 242,94 MDH in 2010, as an increase by
6,73%.
Graf
Graf
Increase by 19,22% of the turnover
The turnover achieved by FRAM in 2011
progressed to 10,67% MDH against 8,95% Values of FRAM
in 2010, that is a raise by 19,22%. The
collected sums particularly concerned the After having the agreement of the
interests served by CDG on the global Ministry of Finance & Economics,
account of adherents to FRAM at the level CNRA started the procedure of
of 92% of the total resources of the system. maintaining the acquisition and service
prices related to FRAM, starting from
1st January, 2011 and which are
respectively 1,9210 DH and 0,1784 DH.
Graf
Increase by 12,60% of service
provisions
CNRA cleared 51 new records to the profit
of FRAM beneficiaries in which 42
retirement pensions, 5 death pensions and
4 reversed pensions. The total number of
liquidated pensions till the ending of 2011
is 397, the total paid provisions is 4,11
MDH against 3,65 MDH in 2010, in
increase of 12,60%.
Graf

14. Addamane Al Hirafi / Constant Jorf Lasfar Energy Company : 134,93
pensions / provision of CIR of OCP MDH
Addamane Al Hirafi Office National des Chemins de FER : 33,90
MDH
The share of CNRA for premiums and
Société d’Exploitation des Ports : 27,61
contributions collected by ADI system MDH
during 2011 is figured by 1,30 MDH, in DRAPOR : 1,98 MDH
stagnation to the previous year.
The total amount of service provisions
rises to 4,67 MDH, in which 2,80 MDH
are supported by CNIA-SAADA
Assurance within the frame of co-
insurance convention with this company.
OCP Provisions of CIR
The amount of constituted provisions
CNRA took control of OCP’s provisions of
covering insurants rights in 2011 is 33,17
CIR that has not been transferred to
MDH against MDH against 32,84 MDH in
RCAR, note that:
2010, this represent an increase by 1%.
Fixed pension of assets;
Increase in household costs for the
Constant Pensions benefit of assets and pensioners;
Fixed pension for the benefit of
CNRA started the procedure of payment of pensioners.
constant annuities with a global amount of
3,77 MDH to the benefit of 198
beneficiaries in 2010, against 4,30 MDH to Within this framework, CNRA proceeded
the benefit of 191 recipient in 2010. to the settlement of a total amount of
provisions of 240,60 MDH, and this is the
The constituted mathematical provisions
case as regards of 2011.
during the 2011 exercise goes up 198,42
MDH against 192,65 MDH in 2010. This
CNRA constituted a technical provision for
amount is divided as follows:
the end of 2011 which goes to 6.917 MDH
to meet the commitment to its insurants.

15. Mandated Management
AT / CNIA - SAADA ASSURANCE
In accordance with the convention made contributions to the fund and it increased to
with CNIA – SAADA ASSURANCE, 0,28 MDH for 2011 exercise.
CNRA manages AT’s portfolio on behalf
of this later. Within this framework, during
2011 exercise CNRA proceeded to the Graf
payment of a total amount of annuities of
9,92 MDH to the benefit of 15.204
annuitant.
Régime de la Retraite des Membre
By December 31st of 2011, CNRA’s de la Chambre des Conseillers
commission in return of this convention « RRMCR »
was 1 MDH.
Within the framework of managing
RRMCR system, CNRA proceeded to the
collection of contributions with an amount
Graf of 18,96 MDH, against 19,04 MDH in
2010.
Pensions were served in 2011 to the benefit
Caisse de Retraite de l’Ordre des
of 189 beneficiaries with an amount of
Avocats de Casablanca « CRAC »
16,59 MDH, against 17,07 MDH in 2010.
During the exercise of 2011 212 new
CNRA commission in return of the its
lawyers were registered carrying up the
managerial services increases to 0,24
total of affiliates to CNRA to 3.145, as an
MDH.
increase by 7,2% compared with 2010.
The collected resources during 2011
exercise raised to 7,72 MDH against 5,15 Graf
MDH in 2010. The majority of these
amounts are coming of the interests served
by CDG over the deposits and they
represent around 80% of the total covered Charbonnage du Maroc CDM
sums. litigations management
In terms of service provisions, cleared Following CDM liquidation, a convention
pensions during 2011 exercise are was made in 28/05/2004 relating CNRA to
numbered by 77 in which 71 retirement the Ministry of Economics and Finance,
pensions, 2 reversion pensions, and 4 death Ministry in charge of Energy, of Mines, of
pensions. By the end of 2011 CRAC water and environment, ONHYM and
pensions increase to 467. CNRA in order to guarantee and preserve
the rights of CDM’s ex-employees, victims
Settled annuity pensions for the period of of occupational accidents and/or
2011 attained 7,66 MDH against 7,19 professional diseases.
MDH in 2010.
In addition to managing annuities of victim
CNRA’s commission for the management of traffic accidents and professional
of CRAC represents 3% of the diseases, CNRA guarantees the follow up
of the legal procedures at the level of

16. county court (TPI) and court appeal of
OUJDA.
The number of files judged in 2011 at the
level of TPI is 1.082 files, distributed as
follows:
390 judged files after conciliation
between the parties; this represents
53% judgments given.
355 rejected or closed files.
337 sentenced files in favor of
victims.
In 2011, CNRA proceeded to the payment
of a total amount of legal costs of 0,31
MDH, also to the settlement of fees related
to appointed lawyers with a total amount of
0,85 MDH.
Finally, 2011 was marked by the
implementation of a cell in charge of
customer relations management in Jerada
in order to grant a convenient service in
favor of the beneficiaries AT/MP of
Collieries of Morocco.

17. FINANCIAL INDICATORS
Balance Sheet
Liabilities
On December 31st of 2011, total liabilities Assets
total totalized an amount of 11.819,27 MDH
Assets of CNRA are numbered by 11.819,27
against 11.484,45 MDH in 2010, as a 2,9%
MDH against 11.484,45 MDH in 2010, so as
growth.
2,9% growth.
Permanent Funding represents 98,7% of total
Fixed Assets represent 91,8% of the total
balance sheet, its constituted of:
balance and it is constituted of:
Stockholder’s equity, constituted of balanced
carried forward which reaches 195,40 MDH Tangible assets: 14,60 MDH
against 300,50 MDH in 2010 as a 35% Intangible assets: 5,11 MDH
decrease. Long term investment (other than
placements) which went from 25,54
Provisions and reserves which constitute MDH in 2010 to 28,06 MDH in 2011,
actuarial commitments of CNRA towards its as a 9,9% increase. These assets are
insurants, attaining an amount of 11.467,20 constituted particularly of loans given
MDH against 11.065,46 MDH one year ago, as to personnel.
an increase by 3,6%. These provisions Placements by the amount of
represent more than 97,02% of the total 10.801,80 MDH, in an increase of
balance sheet, they are constituted of: 180,8% compared to the previous
accounting period and constitute more
Mathematical Provisions : 10.910,11 than 91% of the total assets. The
MDH majority of these placements represent
PM strengthening provisions : 261,72 government bonds or those enjoying
MDH their warranty and treasury bonds.
Payable annuities provisions : 234,07 The current assets amount despite
MDH treasury) becomes 848,57 MDH
Other reserves : 4,25 MDH
against 7.453,17 MDH in 2010, this
Capitalized indemnity funds : 57,05
MDH year in which CNRA has included the
receipt of the transaction with OCP,
Current liabilities increase by 156,67 MDH counted at the end of the business year
against 118,47 MDH in 2010, constituted as a debt.
essentially by:
Current assets are constituted of:
Current liabilities debts: which raise to
Assignees share in the technical
156,67 MDH against 116,82 MDH in
provisions: 415,42 MDH
2010, as a 33,7% increase. These debts
Current assets debts with a total
are particularly constituted of own
amount of 433,15 MDH constituted
management for 91,98 MDH and
generally of own management debts
19,48 MDH for liabilities account
with an amount of 129,32 MDH and of
settlement.
assets adjustment accounts for 282,18
Other risk and charge provisions with
MDH.
0,51 MDH, against 1,65 MDH the
previous year. In December 31st, 2011 assets cash attained
121,14 MDH against 138,56 MDH in 2010 as
a 12,6% decrease.

18. Income Statement
Revenues and Expenses
In 2011 the CNRA revenues attained an Total expenses went from 7.630,37
amount of 942,47 MDH against 7.627,57 MDH in 2010 to 1.047,58 MDH in
MDH one year ago. This diminution is 2011 taking into account OCP’s
justified by the receipt resulting from the technical provision in return of the
transaction of CIR provisions transfer to receipt.
CNRA, counted as turnover.
In MDH 2011 2010 VAR%
Revenues 942,47 7.627,57 -87,64
Subscriptions, premiums and constitutive capitals 523,82 7.340,53 -92,86
Return on Investment 413,31 248,16 66,55
Investment income 401,34 178,06 125,40
Interest on deposits 2,12 4,23 -49,48
Interest loans 0,49 0,56 -12,50
Gains on investment 9,36 26,37 -64,51
Recovery of investment expenses - 38,94 -100,00
Other Revenues 5,34 39,08 -86,33
Expenses 1.047,58 7.630,37 -86,27
Adjusted services 571,34 318,42 79,42
Technical provisions allowance 342,90 7.162,67 -95,21
Overhead 51,75 49,25 5,08
Investment Expenses 81,59 100,03 -18,43
Interest expenses 1,25 1,38 -9,42
Losses on investment 59,42 52,13 13,98
Cost of investment management 15,55 6,06 156,60
Investment allowance - 26,36 -
Discount amortization 5,37 14,10 -61,91
Non technical expenses - - -
RESULT -105,11 -2,80 -
As regards to this result CNRA ended the rate discounted by 3,85%, which represents
business year with a deficit of 105,11 a financial loss of 80,60 MDH. This deficit
MDH, against a deficit of 2,80 MDH in will be supported by forwarding the
2010. The increase of this deficit is balance, constituted of results surplus of
justified essentially by the portfolio of CNRA in conformance with the previous
OCP in which the receipt generated a years.
return rate of 2,68% against a technical

19. End of Year Statement
On December 31st, 2011
Accounting Period of 2011
ASSETS 2011 2010
FIXED ASSETS 10.849,57 3.892,72
Invaluable Assets - -
Tangible Assets 14,60 15,56
Intangible Assets 5,11 5,50
Financial Assets (other than investments) 28,06 25,54
Investments 10.801,80 3.846,12
CURRENT ASSETS (except cash) 848,57 7.453,17
Transferee Share of Technical Provisions 415,42 357,49
Current Asset Debt 433,15 7.095,68
CASH 121,14 138,56
Assets Cash 121,14 138,56
TOTAL ASSETS 11.819,27 11.484,45
Accounting Period of 2011
LIABILITIES 2011 2010
PERMANENT FUNDING 10.849,57 3.892,72
Stockholder’s equity 11.662,60 11.365,98
Funding debts 195,40 300,52
Provisions and reserves - 11.065,46
CURRENT LIABILITIES 156,67 118,47
Other Costs and Risks Provisions 156,16 116,82
Current Liabilities Debt 0,51 1,65
CASH - -
Liabilities Cash - -
TOTAL LIABILITIES 11.819,27 11.484,45