Subscription period  from 12 July 2006 to 4 October 2006

Given the recent increase in the volatility of equity markets, you may be seeking a short-term investment that combinessecurity and a performance. The PanEuroLife Target Fund could be of interest to you.

Features
- Capital guaranteed at maturity
-  Short-term investment: only30 months
- Basket of 20 sharesconsisting of some of the world’s largest caps
- Potential return of up to 70% whatever the evolution of the markets

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 11/10/2006, 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.