Partner in Life S'A

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Company Report

• Partner in Life S.A
• Market Leader in European second-hand policies
• Independent Company with headoffice in
  Luxembourg
• Private Placements with second-hand policies
• Our business
• Analysis and Management of secondhand policies
• Headoffice 39, boulevard Joseph II L-1840
  Luxembourg Telefon [phone] Fax
  352 269492-31
• www.partnerinlife.com

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Business Description

• Establishment of new not correlated asset classes
  for conservative and security oriented investors.
• Tailormade Corporate Bonds (TCB)
• Partner in Life is the European market leader in
  that new business niche
• Our main focus lies on
• funds structuring and funds set up
• european wide market research
• financial service through purchase options

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Investments
PiL has created Investments in ...
Investmentfunds
open end investment funds
Certificates
direct and SPV certificates
Direct Placements
direct purchase
Special Placements
special funds
Our references include some of the finest
european private banking corporations
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Tailormade Corporate Bonds
What does T C B mean? It is an Investment
which is a claim against a Life Office, Positiv
Effects Substantially higher returns than
Corporate or Government Bonds Much lower
volatility than Corporate or Government
Bonds Much more security than Corporate or
Government Bonds Negative Effects Less
flexibility than Corporate or Government
Bonds - Limited volumes available -
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Tailormade Corporate Bonds
Where does the claim against the Life office come
from? Life insurance products constitute all
over Europe the preferred savings product.
Nearly 100 security and stable returns make
it so attractive But This product is made for
long term Investors. Most of the annual benefits
will enter only in the last decade of the policy
term 50 of all issued policies are
surrendered before maturity and can be bought
from private individuals. Investment funds are
purchasing the claim against the life office and
get the benefit from the life office at
maturity.
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The Idea
The Idea Sale Instead of Surrender

• Investment fund / Certificate acquires traded
  endowment policies (TEP) from individual
  policyholders and pays them a part of the
  unrealised gains
• ? Higher return for the policyholder than through
  surrender
• The fund continues the policy until the end and
  thus realises the attractive terminal bonus
  payment ? Attractive return through continuation
  of a policy

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The Idea
The Idea a Perfect Combination

• High level of security of the acquired policies
  remains
• ? Asset protection (90 of market value)
• Guaranteed maturity value of UK policies
• Attractive return of UK policies of 5,25 12
  p.a.
• Due to the hidden reserves the policies are
  acquired below their fair value
• ? Increased performance compared to traditional
  endowment policies
• ? Low Volatility
• ? Low Correlation with other assets

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The European MarketInvestments in TEPs
The Market
Approx. 50 of European life insurance policies
are surrendered before reaching maturity
Life office

• Calculation of surrender values by law is subject
  to strict supervision
• Surrender values generally lie substantially
  below the Fair Value
• Terminal bonus is only paid out at maturity
• Non-transparent and complex products
• Huge annual transaction volume

Attractive Investment Opportunities with Asset
Protection
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The UK Market
Investment
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Figures FactsUK TEP Market
The UK Market
Remaining time to Maturity (TTM) approx. 6-12
years Average TTM approx. 8,5 years Current
Policy Performance 5,25 12,5 Average Policy
Performance 8,5 In build Guarantee between 92
105 (in relation to the sum invested) Total
market capacity 1,8 2,2 Mrd.
Attractive mid / long term Opportunities with
Asset Protection
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The UK Market
20 Year roll-over back-testing
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Selection and Administration Process
Selection of Policies
Rejected requests

• Analysis
• - Surrender value gt 10.000 EUR
• risk / return estimation
• life-office with agreed rating

• Request
• - Individual clients
• Intermediaries
• Agents

Policy Evaluation
FUND
LiquidationPolicy Engineering
Maturity value including terminal bonus
Portfolio Management
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Attractivity of Investment
Performance Comparison shows strong reasons for
TCBs
TCB-UK
TCB-GER
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Attractivity of Investment
Performance Comparison shows strong reasons for
TCBs
TCB-UK
TCB-GER