Subscription period  from 19 April 2006 to 12 July 2006

The PanEuroLife Power Fund is a is a structured fund that aims to yield a high return on your investment in a relatively short period with higher transparency.

Features
- An investment horizon of 8 years
-  A diversified basket of 25 international shares
- A fixed annual coupon* of 6% the 1st year, 7% the 2nd year and 8%  the 3rd year
- An annual coupon indexed to the performance of a selection of 10 shares from the reference basket from the 4th year
- As soon as the annual performance of the selection is equal to or higher than the limit fixed for each year starting from the 4th year, the policyholder receives a variable coupon for this year and a fixed annual coupon of 10% of the nominal investment amount for the remaining years until maturity. In this case, he receives at maturity, in addition to his last coupon of 10%, 100% of the nominal value of his investment.

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 19/07/2006, the NAV will be calculated weekly based on market conditions**.

Please consult the fund fact sheet for more information.

* The policy is subject to the tax rules applicable in the country of residence of the policyholder.
**  For the full term of the investment, the NAV remains subject to market fluctuations and can go up as well as down. This value will depend among others on the pricing of the fixed coupons and of the options comprising the fund assets.