Afer-Sfer placement: Rate to the 31/12/2005: 18,02%

More than 60% of actions, to instigate your saving. A taking risk slightly more important than DYNAFER  A risk higher but limited by diversification more than excellence financial management.

 SICAV diversified to increase the reactivity of your saving:

At least invested SICAV AFER SFER with 60% in actions, in the great values Quoted of Paris. It privileges a management balanced and dynamic, between the performance and safety, for an investment on the average long term.

SICAV AFER SFER is not composed of guaranteed minimum, nor of pawl, only the number of shares is guaranteed. Its value reflects, with the rise as with the fall, while following the variations of the financial markets. It however limits the taking risk fallen on the fluctuations of the stock market, thanks to its diversification and to an excellence financial management.

It is today the most important SICAV of the market in its category.

TEN PRINCIPAL LINES ACTIONS   

NOTE INFORMATION AFER SFER: 
  
Note d information Codes AFC: 29936 
Code ISIN: FR0000299364   
Legal form: Investment company with Variable capital (SICAV) 
Financial manager: Gestion of Credits AVIVA
Agent: AVIVA life
Preserving establishment: BNP Paribas Securities Services 
Establishment indicated to receive the subscriptions and the repurchases: Gestion of Credits AVIVA  BNP Paribas Securities Services   

Auditor: Sylvain UZAN 
Compartments: not 
Feeder: not   

Financial characteristics:   

Classification: diversified.

Orientation of the placements:

The wallet of the SICAV is invested mainly in actions and other titles in produced capital thus  French or foreign rates.  It can also hold more than 5% of shares or actions OPCVM French or coordinated without however exceeding 10%.

The SICAV in particular being able to be used d unity as account “shares quoted” with goods or life insurance contracts lasted higher than 6 years, holds at least 60% eligible d´actions with the known as contracts of which mainly French actions and incidentally of the actions emitted by companies which have their seat in a state of the European Community. It must be supplemented by a Unit of Account “at the risk” in order to give to the goods and contracts of insurance the tax statute called “DSK”.  Under the conditions envisaged by the regulation, the OPCVM will be able to intervene on financial instruments in the long term or of exchange negotiated on French and foreign regulated markets and/or private. Within this framework, with an aim of protection or to answer the objective of management, the manager will be able to take positions in order to cover the wallet and/or to expose it to the stock markets and rates defined by the objective of management and to cover the wallet with the risks on the currencies. These operations will be carried out within the maximum limit of once the credit of the OPCVM.  Because of its internationally diversified character, the wallet is sensitive to the variations of exchange to height on behalf of the credit invested on markets other than the market of the euro.

Minimal duration of placement recommended: eight years.

Subscribers concerned: the people morals or physics. The SICAV is used in particular as support with life insurance contracts subscribed by AFER.

Assignment of the results: administrative coucil statue each year on affectation of the results and can decide on their capitalization  or of their total or partial distribution.

Dominant tax: provisions of article 21 of the finance law for 1998 exonerating tax on the income the life insurance contract made out in Units of Account.
Procedure:   

Closing date of l´exercice: September 30 or the last market-day of September of the Paris Bourse.

Realizable original value : 100 FF (15 euros).

Periodicity of calculation of the realizable value: day labourer.

Conditions of subscription and repurchase:

The subscriptions and the repurchases arrived up to 11 a.m. 30 with the establishment in charge of centralization are carried out on the basis of realizable value next. In the case of repurchase and of subscription simultaneous for the same number of actions, the corresponding subscription is carried out on the same realizable value as that of the repurchase.

Commission of maximum subscription: 4% negotiable.
Leaves acquired with the SICAV: nothing.   
Maximum commission of repurchase: nothing.

Overheads: Maximum 0,40% including all taxes for the part of the actif Net jusqu´à 1.538.470 000 euros, 0,30% including all taxes beyond, made deduction of the shares and actions d´OPCVM.

The wording of the currency of accountancy: euro.

Address SICAV: 52, rue de la Victoire 75009 PARIS

Address of the agent: AVIVA Vie - 57, rue Taitbout 75009 PARIS

Address establishments indicated to receive the subscriptions and the repurchases:
AVIVA Gestion d’ Actifs - Service juridique - 26, rue de la Pépinière 75008 PARIS - FRANCE et BNP Paribas Securities Services - 66, rue de la Victoire 75009 PARIS
Place or mode of publication of the realizable value:in the buildings of  AVIVA Gestion d’Actifs, in Le Figaro, in Le Revenu et in Les Echos.

The present note must obligatorily be proposed before to the subscribers the subscription, handing-over with the subscription and availability of the public on request. The note complete d information of l´OPCVM and the last periodic document are available  near:
AVIVA Gestion d´Actifs - 52, rue de la Victoire 75009 PARIS


Go back agreement to OPCVM by the commission: January 27, 1995 
Go back to edition of the information record: January 23, 2004