Subscription period:  3 May 2006 -  26 July 2006

The PanEuroLife Prosperity Fund II is a structured fund that enables you to participate in the rise in the weighted underlying basket of 4 top ranking funds:

• Carmignac Profil Réactif 100          60%
• Nordea 1 European Value              10%   
• PAM Equities Europe Dividend        10%  
• Templeton Asian Growth                20%   

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

Features:

• A 8 year investment horizon
• Total availability at all times based on known criteria
• A simple, transparent mechanism
• A selection of 4 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 26/07/2006, 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.