Placement Melts of guaranteed: FUNDS SEDENTARYRate to the 31/12/2005 4,41% Net (Except social taking away) The search for a regular and definitively acquired output. Funds Guaranteed with for goal to guarantee safety to you. The structure of its wallet is characterized by a very strong proportion of obligations (about 90%) and the choice of investments privileging the placements of great quality. A remuneration optimal and guaranteed.10.000 €uros invested on the Funds Guaranteed open since the 01/01/1977 became to the 31/12/2005: 123.895 €uros (before social taking away).Advantages: - GUARANTEED RATE The insurance company, partners of the AFER, jointly guarantee to you an evolution of your saving in the Funds Guaranteed corresponding to the maximum authorized by the authorities..Obviously, the entirety of the financial results Nets obtained each year are allowed to you. - FINAL ATTRIBUTION OF THE RESULTS, THE PAWL EFFECT : When a exercise is finished and that the financial allocation of profit were registered in the Funds Guaranteed, it cannot be reinvested any more. This system enables you to put your saving at the shelter of the stock exchange risks. It functions indeed like a pawl. An obvious demonstration in was brought on several occasions since the installation of the AFER, in particular at the time of certain stock exchange crashes.

Placements life insurance : The invest options The contract Multisupport AFER meets multiple aims: - to constitute a capital to carry out your personal project,- to have a precautionary saving,- to be used as guarantor for an application for credit,- to organize its succession or to prepare its retirement. These objectives differ. Therefore the contract Multisupport AFER offers the possibility of panacher to you your investments between various types of supports.Safety first of all:• FUNDS GUARANTEED: profitability and safety thanks to a guaranteed minimum and its pawl effect.Performances together with a taking risk:• DYNAFER: the goal is to get on the long GUARANTEED term an annual and regular valorization slightly higher than that of the FUNDS; • AFER-SFER: The search for a balanced diversification. It privileges a dynamic management;• PLANISFER: To benefit from the growth of the greatest world quoted values except zone euro;• AFER-EUROSFER: Invested entirely in the great values of the zone euro the index being DJ EURO STOXX 50 on which it is indexed.With the difference in the FUNDS GUARANTEED, the Units of Account DYNAFER, AFER-SFER, PLANISFER and EUROSFER do not comprise any effect of pawl, nor guaranteed minimum, only the number of shares is guaranteed. . Their values thus reflect with the rise as well as with the fall, the various variations of the stock exchange markets. The other hand of a light taking risk, these options of investments seek the performance on the long term. They are addressed to the members wishing to invest over the duration.Why a light taking risk on your investment?In a context where the bond rates remain on bottom grades, the purpose of the diversification of your investment to the AFER is to instigate the total output of your contract while benefitting from the performances on the long stock exchange term of the markets. While investing on the various options of investment that we propose to you, you benefit from the expertise on financial management from AVIVA Management of Credits which, each year and that since 1976, prove its excellence.It's in this logic of diversification of your investment that we invite you on the bulletin d´adhésion d´effectuer several choices: • OPTION 1: 50% FUNDS GUARANTEED + 20% SFER + 15% EUROSFER + 15% PLANISFER • OPTION 2: 50% FUNDS GUARANTEED + 50% DYNAFER It's here only one of illustrations of different the possibility, you can of course choose another distribution. Thanks to the free option you choose your investments on the various supports proposed.

Taxation life insurance : The Multisupport Contract with Payments and Free Withdrawals AFER profits from the advantageous taxation of life insurance. Saving on the long term is encouraged: the interests are exonerated in the very large majority of the cases after 8 years of duration, the social taking away are perceived only with occasion of the repurchases and are exonerated in the event of death.The transmission of saving is facilitated: l´épargne istransmitted in the event of death to the recipients whom you freely designated, in the major part of the cases, without inheritancees tax death.