PREVI :: Annual Report 2008

from the Executive Board from the Deliberative Body from the Audit Committee from Plano 1's Consultative Council from PREVI Futuro's Consultative Council

PREVI: Who we are, Mission, Vision, Values Composition of the Management

Investments Governance Management Social Security

Socioenvironmental responsibility Customer Service Risk Planning & Management

Benefit Plan 1 PREVI Futuro Benefit Plan CAPEC

Balance Sheet Result Statement Financial Flow Demonstration Asset and Result Statement - Benefit Plan 1 Asset and Result Statement - PREVI Futuro Benefit Plan Asset and Result Statement - Capec Benefit Plan

Independent Auditors Audit Committee Deliberative Body

Home :: Messages : Message from the Executive Board

Message from the Executive Board The OECD (Organization for Economic Cooperation and Development) recently published a survey on the impact the crisis has had on pension funds all over the world. The report only analyzes data that were available through October 2008, and ascertains there was an average 20% loss in the set of funds in different countries (particularly among European and American ones). It is very likely these losses have worsened since then, when the crisis became stronger and more resilient.

Managing a pension fund in scenarios of instability is a major challenge no matter where one is in the world.

It is a great relief to us that the Brazilian economy is still among the world’s least affected, although it suffers the inevitable consequences of a more global, deeper crisis than any other one ever witnessed seen.

It is also a relief that, in this same scenario, it is possible to preserve our plans’ financial health and solvency, keeping our members’ rights intact.

Notwithstanding these “feelings of relief,” we are far from relaxing. We know great attention and care are necessary, and more than ever before. Maneuvering in the realms of possibility, taking advantage of opportunities, reviewing tactics and monitoring risks in a largely unpredictable environment is a new challenge.

PREVI’S board once again shares with all of its members not only its account rendering, informing about everything that happened in 2008, but also its concerns and its commitment to yet another year of hard, serious work.

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