Subscription period:  15 February 2006 -  10 May 2006

The PanEuroLife Prosperity Fund is a structured fund that enables you to participate in the rise in the weighted underlying basket of 3 top ranking funds:

• Carmignac Profil Réactif 100          60%
• Nordea 1 European Value              20%
• Merrill LIIF Emerging Europe          20%      

while benefiting in the fall from a guarantee on the invested capital at maturity.

Features:

• A 10 year investment horizon
• Total availability at all times based on known criteria
• A simple, transparent mechanism
• A selection of 3 successful funds dynamically managed
• Capital guarantee at maturity
• Tax advantages 

Fund investment
During the subscription period, net payments, subject to acceptance by the assurer, shall be directly invested in
the fund, which will act as a minimum guaranteed rate fund without beneficiary participation, with the  NAVs known in advance.
As of 17/05/2006, the NAV will be calculated weekly based on market conditions*.

Please consult the fund fact sheet for more information.

* For the full term of the investment, the NAV remains subject to market fluctuations and can go up as well as down.