1. Off the beaten path with the January 2007 The information contained in this material is subject to change without notice.

2. Is your objective to…  Obtain a better return than the one generated by GICs, while taking advantage of some guarantees?  Optimize your portfolio's volatility/return ratio?

3. Are you…  A bold investor who is also concerned with capital preservation?  Interested in alternative strategies and non- traditional assets?

4. If you fit this description, we have a solution: The

5. Optimal multi-diversification  7-year term  7 asset classes  Multi-diversified by: Asset class Management style Geographical region Manager

6. Seven asset classes Management style:PassiveActiveAlternative 1- Fixed Income  High-quality bonds and debentures 2- Real Estate  Shares of firms active in the residential, commercial and industrial real estate markets

7. …Seven asset classes Management style:PassiveActiveAlternative 3- Equity  Shares of small to large-cap companies situated worldwide 4- Alternative strategies  Convertible bond arbitrage, event-driven and risk arbitrage, and short and long equity positions

8. …Seven asset classes Management style:PassiveActiveAlternative 5- Commodities  Derivatives on commodities. 6- Managed Futures  Futures contracts on natural resources, currencies and interest rates

9. …Seven asset classes Management style:PassiveActiveAlternative 7- Event-driven bonds  Diversified portfolio of bonds whose payout depends on an event or a catastrophe, such as hurricanes, earthquakes and typhoons

10. Management principles  Combination of asset classes and strategies aimed at generating an excellent volatility/return ratio  Asset allocation and periodical reassessment of the portfolio performed by

11. Why choose the Alternative Allocation Portfolio?  Access to new markets, as well as to alternative, non-traditional assets within one single tool – turnkey strategy  Seasoned managers  Optimal return for the volatility level  Redeemable at all times*  Up to 12% fee-free redemption for RIFFs and LIFs * Subject to a market value adjustement.

12. But also, for the guarantees  At maturity: 100% of initial deposit  At all times: Assuris protection  And…

13. At death  For deposits made before age 72, the death benefit is: The highest between 100% of the initial deposit and the current value  For deposits made between age 72 and 79, the death benefit is: For the first three years: the highest between 100% of the initial deposit and the redemption value* Afterwards: the highest between 100% of the initial deposit and the current value * Subject to a market value adjustment

14. …At death  For deposits made from age 80 onward, the death benefit is: The first year: the highest between 80% of the initial deposit and the redemption value* The second year: the highest between 90% of the initial deposit and the redemption value* The third year: the highest between 100% of the initial deposit and the redemption value* Afterwards: the highest between 100% of the initial deposit and the current value * Subject to a market value adjustment

15. But where does the return come from? A portion of the deposit is invested in a zero-coupon bond, so as to guarantee its value at maturity 

16. …the return The rest is put into money market securities, and acts like collateral on a loan, equal to the amount of the initial deposit, granted by a financial institution 

17. …the return This amount is then invested in the seven asset classes 

18. This simulation is not an indication or a guarantee as to future results.

19. The result Not only is the value of the deposit guaranteed at maturity, but it may also increase, thanks to the returns on money market securities and the performance of the asset classes