Issue of July 1, 2005
Index (Price Only)	S&P 500
Term and Maturity Guarantee	7-year term: 100% of the initial deposit
Value at Maturity	At maturity, the client receives the highest of the following values: A. 100% of the value of the initial deposit; or B. the deposit adjusted annually to reflect the average growth in the index level, subject to a participation rate of 65%, and a minimum return of 0%.
Potential Return at Maturity	Sum of each year's 65% X [(average index level ÷ index level at the beginning of the anniversary year) - 1] X 100 Minimum of 0% per year
Minimum Deposit*	$500  Deposits are accepted up to age 95.
Interest on Deposits Made Before an Issue Date	Daily interest rate +1%
RRSP Eligibility**	100% eligible to RRSPs, RRIFs, LIRAs and LIFs Also available non-registered Eligible for LIFs only in the province of Quebec
Redemption Option	On each anniversary date, the initial deposit may be redeemed or transferred in part or in full. Redemption value = current value - [(compound interest rate on deposit with similar remaining term + 1.5% - 3.0%) X number of years to maturity remaining X current value] The redemption value cannot exceed the current value. It may be greater or smaller than the initial deposit.
Death Benefit Guarantee***	The death benefit is the highest between 100% of the initial deposit or the value calculated using the redemption value formula.
Taxation of Non-registered Plans	Taxed every year at the contract anniversary date Income eligible for the $1,000 pension income credit for those aged 65 or older.
Administration and Management Fees	No fees
Assuris Protection	Yes
Creditor Protection****	When a "preferred" beneficiary or irrevocable beneficiary is named.
1st Year Commission and Trailer Fees	2.5% at issue plus 0.25% per year

*All deposits are initially invested in a daily interest fund pending their investment on the next issue date. The sum accumulated (minimum of $500) on this date, called the initial date, constitutes the initial deposit and will be invested in the option and term selected. The maturity date of a PAC depends on the initial date and term.
**Consult the illustration software for RRIFs and LIFs.
***Upon the annuitant's death, the beneficiary can keep the contract until the maturity date.
****This is for your information only and does not constitute a legal opinion. The exemption from seizure rules can differ by province and can be very complex.  Contracts are subject to seizure if it can be proven that the plan was set up to avoid paying off a debt or if the insured goes bankrupt within one year of designating a beneficiary.