  We construct an N=2 supersymmetric extension of the Pais-Uhlenbeck oscillator
for distinct frequencies of oscillation. A link to a set of decoupled N=2
supersymmetric harmonic oscillators with alternating sign in the Hamiltonian is
introduced. Symmetries of the model are discussed in detail. The investigation
of a quantum counterpart of the constructed model shows that the corresponding
Fock space contains negative norm states and the energy spectrum of the system
is unbounded from below.
