SEMI-ANNUAL REPORT N° 13 (First Version) INTERNATIONAL FEDERATION OF PENSION FUND ADMINSTRATORS (FIAP)

CONTENTS

Page CONTENTS

1

INTRODUCTION

3

I.- PARTICIPATING PENSION FUND ADMINISTRATORS IN EACH COUNTRY 5 II.- STATISTICAL TABLES AS OF DECEMBER 31, 2002 Annex Annex Annex Annex Annex Annex

13

I: Affiliates, Contributors and Pension Funds, by country II: Portfolio Composition, by country III: Sales Force and Volume of Transfers, by country IV: Contribution Structure, by country V: Commission Structure, by country VI: Administrator Company Shareholding, by country

III.-RELEVANT ECONOMIC INFORMATION, BY COUNTRY, AS OF DECEMBER 31, 2002 113 IV.- GENERAL CHARACTERISTICS OF THE SOCIAL SECURITY SYSTEMS OF THE FIAP MEMBER COUNTRIES Countries that Have Implemented an Individual Savings & Capitalization System Countries Currently Undergoing a Reform Process

1

117

2

INTRODUCTION

Dear reader: I am pleased to make available to you this semi-annual statistical report, prepared by the International Federation of Pension Fund Administrators (FIAP), with data about the pension funds managed by the 22 countries that comprise this Federation. As of this date, we have completed 13 Editions of this “Semi-annual Statistical Bulletin”. On this thirteenth version, we furnish statistics as of December 31, 2002 that include data about the 22 associations and FIAP member institutions in charge of managing the pension funds. As of December 31, 2002, affiliated workers totaled 91,666,038 workers, which have accumulated an aggregate of over US$ 208 billion in their respective individual accounts. The present “Semi-annual Statistical Report” is organized and subdivided into four parts: 1st Part: The 1st Part shows a Listing of the Pension Fund Administrators that exist in each country, with information about mergers and other changes that occurred during the period under examination. 2nd Part: The 2nd Part provides statistics as of December 31, 2002, with information about the number of affiliates and contributors; the size of the pension funds being managed; their investment portfolio; their sales force; the number of transfers; their commission structure and the shareholding of the administrator companies in the various FIAP member countries. 3rd Part: The 3rd Part gives economic information about FIAP member countries corresponding to the last years. 4th Part: The 4th and last Part shows comparative tables about the main features of the social security systems of the FIAP member countries. At this time, the following countries are the member of the International Federation of Pension Fund Administrators (FIAP): Argentina, Bolivia, Brazil, Bulgaria, Colombia, Costa Rica, Chile, Ecuador, El Salvador, Spain, Russian Federation, Guatemala, Honduras, Kazakhstan, Mexico, Panama, Peru, Poland, Dominican Republic, Ukraine, Uruguay and Venezuela. In my capacity as president of this institution, I wish to express my sincere appreciation to all the associated entities that collaborated with us, furnishing information that was 3

subsequently used to prepare this report whose ultimate preparation was in charge of FIAP’s Executive Secretary, Gladys Otárola Santillana and the Study Analyst of this entity, Rocío Gutiérrez Saldías.

Guillermo Arthur Errázuriz President International Federation of Pension Fund Administrators (FIAP) Santiago, Chile May 2003

4

I.- PARTICIPATING PENSION FUND ADMINISTRATORS IN EACH COUNTRY

5

6

ADMINISTRATORS AS OF DECEMBER 31, 2002

ARGENTINA

BOLIVIA

Pension & Retirement Fund Administrators AFJP Arauca Bit Consolidar Futura Máxima Met Nación Orígenes Previsol Profesión+Auge ProRenta Siembra Unidos

Pension Fund Administrators AFP Futuro de Bolivia Previsión BBV

Total: 12

Total: 2

COLOMBIA

COSTA RICA

CHILE

Pension Fund & Unemployment Administrators Colfondos Horizonte Porvenir Protección Santander Skandia

Complementary Pension Operators OPC Banco de Costa Rica Bco. Popular y Des. Comunal BN Vital Caja Costarricense de S.S. Confía San José Cuscatlán INS Bancrédito Interfin - Banex Vida Plena

Pension Fund Administrators AFP Cuprum Habitat Magister Planvital Provida Santa María Summa Bansander

Total: 6

7

Total: 9

Total: 7

ADMINISTRATORS AS OF DECEMBER 31, 2002

ECUADOR Pension Fund Administrators AFP Adpacific / La Seguridad AFP Génesis Fondos BG. Fondos Pichincha Produfondos / Fondo Bienestar

Total:5

EL KAZAKHSTAN Pension Fund SALVADOR Pension Fund Administrators AFP Confía Crecer Profuturo

Total: 3

Administrators

ABN AMRO KaspijMunaiGas Capital Kazakhmys Kazakhstan Korgau Kunaev Kurmet Narodny Narodny Bank NefteGaz-Dem Otan PhillipMorris Kazakhstan Senim State Pension Fund Ular Umit Valut-Transit Total: 16

-

MEXICO

PANAMA

Pension & Retirement Administrators AFORE

Social Security Savings Administrators AFAP

Allianz Dresdner Banamex (*) Bancomer Banorte Inbursa ING Principal (*) Profuturo GNP Santander Tepeyac XXI

Total: 11

Mexico: (*) (*)

In May 2992, Afore Garante merged with Afore Banamex. In August 2002, Afore Zurcí merged with Afore Principal.

8

Horizonte Profuturo Progreso Seguro Social

Total: 4

ADMINISTRATORS AS OF DECEMBER 31, 2002

PERU

POLONIA

Pension Fund Administrators AFP

Pension Fund Administrators AFP

Horizonte Integra Profuturo Unión Vida

AIG Allianz Polska Bankowy Commercial Union Credit Suisse Life & Pensions DOM EGO Ergo Hestia (PBK Orzel) ING NationaleNederlanden Polka Kredyt Banku Pekao Pocztylion Polsat PZU Zota Jesie Sampo Skarbiec-Emerytura Zurich

Total: 4

Total: 17

DOMINICAN REPUBLIC Pension Fund Administrators AFP BBVA Crecer Caribalico Popular Porvenir Siembra

Total: 5

Poland: (*) (*)

On July 26, 2001, Pekao acquired Rodzina. In the year 2002, Ergo Hestia acquired PBK.

9

URUGUAY Social Security Savings Administrators AFAP Afinidad Integración República UniónCapital

Total : 4

ADMINISTRATORS AS OF DECEMBER 31, 2002

BRAZIL

BRAZIL

Closed Stock Companies ABRAPP

Open Stock Companies ANAPP

Previ Petros Funcef Sistel Cesp Centrus ItauBanco Valia Forluz Real Grandeza Banesprev Fapes Telos Refer Copel Funbep Postalis Economus CCF Aerus

Authorized Pension Funds: 259

AFG Brazil Seguros Aplub Bozano Bradesco Brasilprev SPP Caixa Vida Capemi Generali Brazil Gboex Grupo Mongeral HSBC Seguros Icatu Hartford Seguros Itau Prev. e Seguros MBM Prev. Privada Mtropolitan Life Porto Seguro Vida e Previdencia Real Previdencia e Seg. Unibanco AIG Unimed Seguradora Vera Cruz Associated Pension Funds: 63

SPAIN

B.B.V.A. La Caixa B.S.C.H. Fonditel Grupo Caser Banco Popular Caja Madrid Banco Sabadell Mapfre Bancaja Ibercaja Caja Cataluña Caja Mediterráneo Winterthur Pensiones Caja Rural Grupo Skandia Caja Navarra Bankinter Grupo Deutsche Bank Banco Atlantico Important Groups: 83 groups All Plans: 1.893

RUSSIAN FEDERATION Pension Fund Administrators Gazfond Lukoil - Garant Surgutneftegaz Blagosostoy Anie PF Vneshtorgbank Electroenergetica NPF Nacional Rostelecom - Garantia Telecom - Soyuz Regionfond Almaznaya Osen Otros

Total : 272

Administrators ranked according to fund size (the 20 largest). Brazil, ABRAPP Source: ABRAPP. Data ranked according to the size of the fund, as of December 31, 2002 Brazil, ANAPP Source: ANAPP. Data ranked according to the size of the fund, as of December 31, 2002 Spain: Source: INVERCO. Data ranked according to the equity volume, as of December 31, 2002.

10

ADMINISTRATORS AS OF DECEMBER 31, 2002 BULGARIA Occupational (labor) Pension Funds OPF

Universal Pension Funds UPF

Doverie OPF Saglasie OPF Bulgarian Pension Insurance Company (*) Rodina OPF Allianz Bulgaria OPF ING OPF Newton-Sila OPF Lukoil Garant OPF

Doverie OPF Saglasie OPF Bulgarian Pension Insurance Company (*) Rodina OPF Allianz Bulgaria OPF ING OPF Newton-Sila OPF Lukoil Garant OPF

Total: 8

Total: 8

Both the Occupational and the Universal pension funds are part of the Mandatory Complementary Pension System. Bulgaria mergers: (*)

Bulgarian Pension Insurance Company is currently in the process of merging.

In Venezuela, the Organic Social Security Law is still pending of approval; thus, the Administrators are not yet operational. Regarding Guatemala, Honduras and Ukraine there is no information available concerning their respective participating Pension Fund Administrators.

11

12

II.- STATISTICAL TABLES

13

14

ANEXO I / ANNEX I AFILIADOS, COTIZANTES Y FONDOS DE PENSIONES POR PAIS AL 31.12.2002 / AFFILIATES, CONTRIBUTORS AND PENSION FUNDS BY COUNTRY AS OF 12.31.2002

15

xxxxxxxxxxxxxxxxxx

16

PAISES LATINOAMERICANOS LATIN AMERICAN COUNTRIES

17

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

ARGENTINA Fondos de Pensión Obligatorios NUMERO DE AFILIADOS Y COTIZANTES AL 31.12.2002 NUMBER OF AFFILIATES AND CONTRIBUTORS AS OF 12.31.2002

Administradoras Administrators

AFILIADOS / AFFILIATES % 31.12.2001 %

31.12.2002

Var. 02-01

COTIZANTES / CONTRIBUTORS 31.12.2002 31.12.2001 Var. 02-01

Arauca - Bit Consolidar Futura Máxima Met Nación Orígenes Previsol Profesión + Auge Prorenta Siembra Unidos

463.920 1.494.524 166.575 1.362.532 109.399 759.781 2.316.148 319.346 160.172 407.791 1.350.252 195.909

5,09% 16,41% 1,83% 14,96% 1,20% 8,34% 25,43% 3,51% 1,76% 4,48% 14,83% 2,15%

346.876 1.484.692 169.281 1.370.896 28.933 711.677 2.313.860 314.864 159.284 405.730 1.360.029 176.967

3,92% 16,79% 1,91% 15,50% 0,33% 8,05% 26,17% 3,56% 1,80% 4,59% 15,38% 2,00%

33,74% 0,66% -1,60% -0,61% 278,11% 6,76% 0,10% 1,42% 0,56% 0,51% -0,72% 10,70%

184.471 542.582 45.097 464.389 61.712 246.020 732.059 90.927 41.714 104.586 454.116 58.897

129.051 473.840 41.417 408.885 23.614 197.132 628.419 75.388 37.409 88.254 414.818 43.393

42,94% 14,51% 8,89% 13,57% 161,34% 24,80% 16,49% 20,61% 11,51% 18,51% 9,47% 35,73%

TOTAL

9.106.349

100,00%

8.843.089

100,00%

2,98%

3.026.570

2.561.620

18,15%

Fuente / Source: Boletín Estadístico Mensual Superintendencia de AFJP Diciembre 2002 Statistical Bulletin of AFJP Superintendence December 2002

ARGENTINA: EVOLUCION DE LOS AFILIADOS Y COTIZANTES (En miles) ARGENTINA: EVOLUTION OF AFFILIATES AND CONTRIBUTORS (In thousand) 10.000

1994 1995 1996 1997 1998 1999 2000 2001 2002

9.000 8.000 7.000 6.000

Afiliados Cotizantes 3.431 2.029 4.880 2.644 5.472 2.762 6.256 3.074 7.067 3.459 7.854 3.483 8.395 3.2806.256 8.843 2.562 5.472 4.880 9.106 3.027

9.106 8.843 8.395 7.854 7.067

5.000 4.000

3.459

3.431

3.483

3.280

3.074

3.000

3.027

2.762

2.644

2.562

2.029 2.000 1.000 Afiliados 0 1994

1995

1996

1997

1998

1999

18

2000

2001

2002

Cotizantes

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

ARGENTINA Fondos de Pensión Obligatorios FONDOS ADMINISTRADOS AL 31.12.2002 FUNDS MANAGED AS OF 12.31.2002

Administradoras Administrators

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002

Arauca - Bit Consolidar Futura Máxima Met Nación Orígenes Previsol Profesión + Auge Prorenta Siembra Unidos TOTAL

Participación de Mercado Market Share

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

Var. % 02-01

825.010 2.325.807 152.720 1.695.857 392.592 826.122 2.549.791 264.809 81.168 247.380 1.954.195 93.527

7,23% 20,39% 1,34% 14,86% 3,44% 7,24% 22,35% 2,32% 0,71% 2,17% 17,13% 0,82%

1.508.721 4.192.725 288.301 3.161.968 223.527 1.449.049 4.846.884 472.747 148.513 475.436 3.869.449 148.938

7,26% 20,17% 1,39% 15,21% 1,08% 6,97% 23,32% 2,27% 0,71% 2,29% 18,62% 0,72%

-45,32% -44,53% -47,03% -46,37% 75,64% -42,99% -47,39% -43,99% -45,35% -47,97% -49,50% -37,20%

11.408.978

100,00%

20.786.258

100,00%

-45,11%

Fuente / Source: Boletín Estadístico Mensual Superintendencia de AFJP Diciembre 2002 Statistical Bulletin of AFJP Superintendence December 2002 Tipo de Cambio al 31.12.2002: 1US$ = $3,39 / Exchange Rate as of 12.31.2002: 1US$ = $3,39 Tipo de Cambio al 31.12.2001: 1US$ = $1,0 / Exchange Rate as of 12.31.2001: 1US$ = $1,0

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002

Participación de Mercado Market Share

AHORRO VOLUNTARIO (*) 368.243 (*) Incluye depósitos convenidos e imposiciones voluntarias.

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

100,00%

Participación de Mercado Market Share

299.652

100,00%

ARGENTINA: EVOLUCION DE LOS FONDOS DE PENSIONES (Millones de US$) ARGENTINA: EVOLUTION OF PENSION FUNDS (US$ Million)

Fondos

25.000 20.000 15.000 10.000

1994 1995 1996 1997 1998 1999 2000 2001 2002

525 2.497 5.326 8.827 11.526 16.787 20.381 20.786 11.409

20.381

20.786

16.787 11.409

11.526 8.827

5.326 2.497

5.000

525

0 1994

1995

1996

1997

1998

1999

19

2000

2001

2002

Var. % 02-01

22,89%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

BOLIVIA Fondos de Pensión Obligatorios NUMERO DE AFILIADOS Y COTIZANTES AL 31.12.2002 NUMBER OF AFFILIATES AND CONTRIBUTORS AS OF 12.31.2002

Administradoras Administrators

AFILIADOS / AFFILIATES % 31.12.2001 %

31.12.2002

Var. 02-01

COTIZANTES / CONTRIBUTORS 31.12.2002 31.12.2001 Var. 02-01

Futuro de Bolivia Previsión BBV

351.336 409.623

46,17% 53,83%

322.264 369.326

46,60% 53,40%

9,02% 10,91%

325.393 383.533

TOTAL

760.959

100,00%

691.590

100,00%

10,03%

708.926

297.750 354.012 651.762

9,28% 8,34% 8,77%

Fuente / Source: Superintendencia de Pensiones, Valores y Seguros Superintendence of Pensions, Values and Insurances COTIZANTES: Número de cuentas individuales con recaudación acreditada desde la fecha de inicio / CONTRIBUTORS: Number of individual accounts with contributions from the initiation date. BOLIVIA: EVOLUCION DE LOS AFILIADOS Y COTIZANTES (En miles) BOLIVIA: EVOLUTION OF AFFILIATES AND CONTRIBUTORS (In thousand)

Afiliados 800 700 600

1997 1998 1999 2000 2001 2002

403 470 588 652 709

761 692

709 652

633

588 511

470

445

500 400

Cotizantes 329 445 511 633 692 761 403

329

300 200 100 0 1997

1998

1999

2000

20

2001

2002

Afiliados Cotizantes

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

BOLIVIA Fondos de Pensión Obligatorios FONDOS ADMINISTRADOS AL 31.12.2002 FUNDS MANAGED AS OF 12.31.2002

Administradoras Administrators

Futuro de Bolivia Previsión BBV

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002

Participación de Mercado Market Share

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

541.436 602.403

47,33% 52,67%

440.309 495.317

47,06% 52,94%

TOTAL

1.143.839

100,00%

935.626

Var. % 02-01

22,97% 21,62%

100,00%

22,25%

Fuente / Source: Bolsa Boliviana de Valores Tipo de Cambio al 31.12.2002: 1US$ = 7,48 bolivianos / Exchange rate as of 12.31.2002: 1US$ = $7,48 bolivianos Tipo de Cambio al 31.12.2001: 1US$ = 6,81 bolivianos / Exchange Rate as of 12.31.2001: 1US$ = 6,81 bolivianos

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002 FONDO DE CAPITALIZACION COLECTIVA

Participación de Mercado Market Share

1.495.567

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

100,00%

Participación de Mercado Market Share

1.536.978

Var. % 02-01

100,00%

BOLIVIA: EVOLUCION DE LOS FONDOS DE PENSIONES (Millones de US$) BOLIVIA: EVOLUTION OF PENSION FUNDS (US$ Million)

1200

1000

1997 1998 1999 2000 2001 2002

97,91 332,629 534,803 841,85 935,626 1143,839

1.144

936 842

800 535 600 333 400 98

200

0 1997

1998

1999

2000

21

2001

2002

-2,69%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

BRASIL - ABRAPP Fondos de Pensión Voluntarios NUMERO DE PARTICIPANTES AL 31.12.2002 NUMBER OF PARTICIPANTS AS OF 12.31.2002

Administradoras (*) Administrators

PARTICIPANTES / PARTICIPANTS % 31.12.2001

31.12.2002

%

Var. 02-01

Previ Petros Funcef Sistel Fundacao Cesp Centrus ItauBanco Valia Forluz Real Grandeza Banesprev Fapes Telos Refer Fundación Copel Funbep Postalis Economus CCF Aerus Otros

73.926 38.816 49.321 33.344 20.271 84 34.796 27.038 11.492 4.807 13.252 1.801 7.421 5.977 6.438 3.505 91.296 13.642 41.683 31.343 1.181.367

4,37% 2,29% 2,92% 1,97% 1,20% 0,00% 2,06% 1,60% 0,68% 0,28% 0,78% 0,11% 0,44% 0,35% 0,38% 0,21% 5,40% 0,81% 2,46% 1,85% 69,84%

73.454 39.293 51.600 39.895 20.898 87 21.989 36.266 11.280 4.807 14.824 1.759 8.098

4,50% 2,41% 3,16% 2,44% 1,28% 0,01% 1,35% 2,22% 0,69% 0,29% 0,91% 0,11% 0,50%

0,64% -1,21% -4,42% -16,42% -3,00% -3,45% 58,24% -25,45% 1,88% 0,00% -10,60% 2,39% -8,36%

6.364 34.717 9.908 7.665 48.255 13.271 1.189.029

0,39% 2,13% 0,61% 0,47% 2,95% 0,81% 72,79%

1,16% -89,90% 821,44% 77,98% -13,62% 136,18% -0,64%

TOTAL

1.691.620

100,00%

1.633.459

100,00%

3,56%

Fuente / Source: Boletín Estadístico Consolidado ABRAPP / ABRAPP Consolidated Statistical Bulletin (*) Ranking de administradoras según tamaño del Fondo / Ranking of administrators according to the size of the fund. ABRAPP: EVOLUCION DE LOS AFILIADOS (En miles) ABRAPP: EVOLUTION OF AFFILIATES (In thousand)

Afiliados 1994 1995 1996 1997 1998 1999 2000 1.714 2001 2002

1.900 1.850 1.800 1.750

1.865

1.714 1.865 1.796 1.788 1.796 1.651 1.689 1.725 1.719 1.692

1.788 1.719

1.725

1.692

1.689 1.651

1.700 1.650 1.600 1.550 1.500 1994

1995

1996

1997

1998

22

1999

2000

2001

2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

BRASIL - ABRAPP Fondos de Pensión Voluntarios FONDOS ADMINISTRADOS AL 31.12.2002 FUNDS MANAGED AS OF 12.31.2002 Administradoras (*) Administrators

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002

Participación de Mercado Market Share

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

Var. % 02-01

Previ Petros Funcef Sistel Fundacao Cesp Centrus ItauBanco Valia Forluz Real Grandeza Banesprev Fapes Telos Refer Fundación Copel Funbep Postalis Economus CCF Aerus Otros

12.294.192 5.263.791 2.649.671 2.602.749 1.876.334 1.169.425 1.130.992 1.130.649 1.080.447 650.687 627.059 541.534 531.963 480.035 452.547 394.909 376.604 363.894 362.658 352.628 13.332.812

25,79% 11,04% 5,56% 5,46% 3,94% 2,45% 2,37% 2,37% 2,27% 1,37% 1,32% 1,14% 1,12% 1,01% 0,95% 0,83% 0,79% 0,76% 0,76% 0,74% 27,97%

16.411.212 7.219.184 3.626.199 4.015.435 2.338.295 1.649.109 1.581.396 1.588.350 1.106.814 849.428 822.337 777.134 722.263 437.017 604.649 585.545 508.209 509.351 551.903 591.516 19.847.076

24,74% 10,88% 5,47% 6,05% 3,52% 2,49% 2,38% 2,39% 1,67% 1,28% 1,24% 1,17% 1,09% 0,66% 0,91% 0,88% 0,77% 0,77% 0,83% 0,89% 29,92%

-25,09% -27,09% -26,93% -35,18% -19,76% -29,09% -28,48% -28,82% -2,38% -23,40% -23,75% -30,32% -26,35% 9,84% -25,16% -32,56% -25,90% -28,56% -34,29% -40,39% -32,82%

TOTAL

47.665.578

100,00%

66.342.422

100,00%

-28,15%

Fuente / Source: Boletín Estadístico Consolidado ABRAPP / ABRAPP Consolidated Statistical Bulletin. Tipo de Cambio al 31.12.2002 : 1US$ = R$ 3,535 / Exchange Rate as of 12.31.2002: 1US$ = R$ 3,535 Tipo de Cambio al 31.12.2001 : 1US$ = R$ 2,33 / Exchange Rate as of 12.31.2001: 1US$ = R$ 2,33 (*) Ranking de administradoras según tamaño del Fondo / Ranking of administrators according to the size of the fund.

80.000 70.000 60.000 50.000 40.000

Fondos Miles de Reales Tipo de cambio Miles de US$ ABRAPP: EVOLUCION DE LOS FONDOS DE PENSIONES (Millones de US$) 1994 32.568 46488 0,844 55.081 ABRAPP: EVOLUTION OF PENSION FUNDS (US$ Million) 1995 55.081 57461 0,973 59.055 1996 59.055 71672 1,039 68.982 75.379 68.982 86861 1997 68.982 1,116 77.832 66.264 66.342 62.229 1,209 1998 75.379 90757 75.068 59.055 55.081 1999 62.229 115124 1,789 64.351 2000 66.264 2001 66.342 2002 47.666 32.568

47.666

30.000 20.000 10.000 0 1994

1995

1996

1997

1998

23

1999

2000

2001

2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

BRASIL - ANAPP Fondos de Pensión Voluntarios NUMERO DE AFILIADOS Y FONDOS ADMINISTRADOS AL 31.12.2002 NUMBER OF AFFILIATES AND FUNDS MANAGED AS OF 12.31.2002

31.12.2002 Afiliados / Affiliates Fondo (Miles de US$) / Fund (US$ Thousand)

31.12.2001

5.076.545 8.387.285

Var. 02-01

4.304.443 11.603.290

17,94% -27,72%

Fuente / Source : Informe ANAPP / ANAPP Report Tipo de Cambio al 31.12.2002 : 1US$ = R$ 3,535 / Exchange Rate as of 12.31.2002: 1US$ = R$ 3,535 Tipo de Cambio al 31.12.2001 : 1US$ = R$ 2,33 / Exchange Rate as of 12.31.2001: 1US$ = R$ 2,33 NOTA: Los fondos administrados al 31.12.2002 corresponden al total de fondos invertidos a esa fecha. NOTE: The funds managed as of 12.31.2002 correspond to the total of funds invested at this date. ANAPP: EVOLUCION DE LOS AFILIADOS (En miles) ANAPP: EVOLUTION OF AFFILIATES (In thousand)

5.000 4.500 4.000 3.500

2.436

3.000

2.299

1995 1996 1997 1998 1999 2000 2.581 2001 2002

2.856

2.299 2.436 2.581 2.856 3.430 3.430 3.707 4.304 5.077

5.077 4.304 3.707

2.500 2.000 1.500 1.000 500 0 1995

1996

1997

1998

1999

2000

2001

2002

ANAPP: EVOLUCION DE LOS FONDOS DE PENSIONES (Millones de US$) ANAPP: EVOLUTION OF PENSION FUNDS (US$ Million)

11.603 12.000 10.000 8.000 6.000

3.703

4.317

4.000

1995 1996 1997 1998 5.717 1999 2000 2001 2002

7.165

3.703 4.317 5.717 7.393 7.165 7.393 8.572 11.603 8.387

8.572

8.387

2.000 0 1995

1996

1997

1998

1999

24

2000

2001

2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

COLOMBIA Fondos de Pensión Obligatorios NUMERO DE AFILIADOS Y COTIZANTES AL 31.12.2002 NUMBER OF AFFILIATES AND CONTRIBUTORS AS OF 12.31.2002

Administradoras Administrators

AFILIADOS / AFFILIATES % 31.12.2001 %

31.12.2002

Var. 02-01

COTIZANTES / CONTRIBUTORS 31.12.2002 31.12.2001 Var. 02-01

Colfondos Horizonte Porvenir Protección Santander Skandia

770.431 997.327 1.205.442 900.611 805.294 36.843

16,34% 21,15% 25,56% 19,10% 17,08% 0,78%

725.467 916.177 1.113.295 781.507 764.761 35.172

16,73% 21,13% 25,67% 18,02% 17,64% 0,81%

6,20% 8,86% 8,28% 15,24% 5,30% 4,75%

359.021 418.486 600.219 509.342 336.494 20.042

361.992 376.762 560.146 453.553 339.959 19.195

-0,82% 11,07% 7,15% 12,30% -1,02% 4,41%

TOTAL

4.715.948

100,00%

4.336.379

100,00%

8,75%

2.243.604

2.111.607

6,25%

Fuente / Source: Informes de AFP - Asofondos de Colombia / AFP Reports - Asofondos de Colombia COTIZANTES: Cifras correspondientes al total de afiliados activos, es decir, aquellos que realizaron por lo menos una cotización en los últimos 6 meses / CONTRIBUTORS: Data correspondant to total of active affiliates, that is who make at least one contribution in the last 6 months.

AFILIADOS / AFFILIATES % 31.12.2001 %

31.12.2002 AHORRO VOLUNTARIO SEGURO CESANTIA

170.537

100,00%

132.423

100,00%

28,78%

2.678.899

100,00%

2.338.830

100,00%

14,54%

Afiliados

5.000 4.500 4.000 3.500

1994 1995 1996 1997 1998 1999 2000 2001 2002

Cotizantes

COLOMBIA: EVOLUCION DE LOS AFILIADOS Y COTIZANTES (En miles) 992 COLOMBIA: EVOLUTION OF AFFILIATES AND CONTRIBUTORS (In thousand) 1.711

2.032 2.494 2.909 3.443 3.954 4.336 4.716

4.716

1.296 1.517 1.776 1.916 2.112 2.244

4.336 3.954 3.443 2.909

3.000

2.494

2.500 1.711

2.244

2.112

1.916

2.032

2.000 1.500

Var. 02-01

1.776

1.517 1.296

992

1.000 500 0 1994

1995

1996

1997

1998

1999

25

2000

2001

2002

Afiliados Cotizantes

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

COLOMBIA Fondos de Pensión Obligatorios FONDOS ADMINISTRADOS AL 31.12.2002 FUNDS MANAGED AS OF 12.31.2002

Administradoras Administrators

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002

Participación de Mercado Market Share

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

Var. % 02-01

Colfondos Horizonte Porvenir Protección Santander Skandia

847.523 1.021.903 1.479.720 1.252.669 719.505 160.643

15,46% 18,64% 26,99% 22,85% 13,12% 2,93%

768.368 940.271 1.336.966 1.103.686 670.647 135.432

15,51% 18,97% 26,98% 22,27% 13,53% 2,73%

10,30% 8,68% 10,68% 13,50% 7,29% 18,62%

TOTAL

5.481.964

100,00%

4.955.370

100,00%

10,63%

Fuente / Source: Informes de AFP - Asofondos de Colombia / AFP Reports - Asofondos de Colombia Tipo de Cambio al 31.12.2002: 1US$ = $ 2.864,79 / Exchange Rate as of 12.31.2002: 1US$ = $ 2.859,5 Tipo de Cambio al 31.12.2001: 1US$ = $ 2.291,18 / Exchange Rate as of 12.31.2001: 1US$ = $2.291,18

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002 AHORRO VOLUNTARIO SEGURO CESANTIA

6.000 5.000 4.000

1994 1995 1996 1997 1998 1999 2000 2001 2002

Participación de Mercado Market Share

880.536 835.636

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

100,00% 100,00%

Participación de Mercado Market Share

813.775 915.022

100,00% 100,00%

COLOMBIA: EVOLUCION DE LOS FONDOS DE PENSIONES (Millones de US$) Fondos COLOMBIA:38EVOLUTION OF PENSION FUNDS (US$ Million) 266 802 1.367 4.955 2.110 2.887 3.584 3.584 4.955 2.887 5.482

3.000

Var. % 02-01

8,20% -8,68%

5.482

2.110 1.367

2.000 802 1.000

266

38

0 1994

1995

1996

1997

1998

26

1999

2000

2001

2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

COSTA RICA Fondos de Pensión Obligatorios NUMERO DE AFILIADOS AL 31.12.2002 NUMBER OF AFFILIATES AS OF 12.31.2002

Administradoras Administrators

AFILIADOS / AFFILIATES % 31.12.2001

31.12.2002

Banco de Costa Rica Bco. Popular y Des. Comunal BN - Vital Caja Costarricense de S.S. Confía San José Pensiones Cuscatlán INS - Bancrédito Pensiones Interfin - Banex Vida Plena TOTAL

%

Var. 02-01

18.062 591.577 339.659 275 50.079 821 17.796 112.936 43.563

1,54% 50,36% 28,91% 0,02% 4,26% 0,07% 1,51% 9,61% 3,71%

17.932 391.537 275.597 272 49.890 816 17.786 94.094 41.336

2,02% 44,03% 30,99% 0,03% 5,61% 0,09% 2,00% 10,58% 4,65%

0,72% 51,09% 23,24% 1,10% 0,38% 0,61% 0,06% 20,02% 5,39%

1.174.768

100,00%

889.260

100,00%

32,11%

% 100,00% 100,00%

Var. 02-01 8,42% 24,95%

Fuente / Source: Superintendencia de Pensiones de Costa Rica / Pension Superintendence of Costa Rica

AFILIADOS / AFFILIATES % 31.12.2001 100,00% 176.092 100,00% 1.013.937

31.12.2002 190.922 1.266.866

AHORRO VOLUNTARIO SEGURO CESANTIA

COSTA RICA:990 EVOLUCION DE LOS AFILIADOS (En miles) COSTA RICA: EVOLUTION OF AFFILIATES AND CONTRIBUTORS (In thusand)

Jun. 2001 Dic. 2001 Jun. 2002 Dic. 2002

889 1.045 1.175

1.200

1.175 1.045

990 889

1.000 800 600 400 200 0 Jun. 2001

Dic. 2001

Jun. 2002

27

Dic. 2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

COSTA RICA Fondos de Pensión Obligatorios FONDOS ADMINISTRADOS AL 31.12.2002 FUNDS MANAGED AS OF 12.31.2002

Administradoras Administrators

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002

Banco de Costa Rica Bco. Popular y Des. Comunal BN - Vital Caja Costarricense de S.S. Confía San José Pensiones Cuscatlán INS - Bancrédito Pensiones Interfin - Banex Vida Plena TOTAL

Participación de Mercado Market Share

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

Var. % 02-01

3.969 43.242 53.108 21 5.174 183 3.715 15.493 11.367

2,91% 31,73% 38,97% 0,02% 3,80% 0,13% 2,73% 11,37% 8,34%

460 5.814 8.397 1 662 29 630 2.477 2.407

2,20% 27,85% 40,22% 0,00% 3,17% 0,14% 3,02% 11,86% 11,53%

763,75% 643,73% 532,44% 2344,05% 681,80% 540,52% 489,23% 525,53% 372,24%

136.272

100,00%

20.877

100,00%

552,75%

Fuente / Source: Superintendencia de Pensiones de Costa Rica / Pension Superintendence of Costa Rica Tipo de Cambio al 31.12.2002: 1US$ = 378,39 colones / Exchange rate as of 12.31.2002: 1US$ = 378,39 colones Tipo de Cambio al 31.12.2001: 1US$ = 341,40 colones / Exchange Rate as of 12.31.2001: 1US$ = 341,40 colones

Administradoras Administrators

Fondo (Miles US$) Participación Fondo (Miles US$) Participación Fund Fund (US$ Thousand) (US$ Thousand) de Mercado de Mercado 31.12.2002 Market Share 31.12.2001 Market Share 286.147 100,00% 203.657 100,00% 94.045 100,00% 27.373 100,00%

AHORRO VOLUNTARIO SEGURO CESANTIA

COSTA RICA: EVOLUCION DE LOS FONDOS DE PENSIONES (Millones de US$) COSTA RICA: EVOLUTION OF PENSION FUNDS (US$ Million)

Jun. 2001 Dic. 2001 Jun. 2002 Dic. 2002

5 21 72 136

140

136

120 100

72

80 60

21 40

5 20 0 Jun. 2001

Dic. 2001

Jun. 2002

28

Dic. 2002

Var. % 02-01 40,50% 243,57%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

CHILE Fondos de Pensión Obligatorios NUMERO DE AFILIADOS Y COTIZANTES AL 31.12.2002 NUMBER OF AFFILIATES AND CONTRIBUTORS AS OF 12.31.2002

Administradoras Administrators

AFILIADOS / AFFILIATES % 31.12.2001 %

31.12.2002

Var. 02-01

COTIZANTES / CONTRIBUTORS 31.12.2002 31.12.2001 Var. 02-01

Cuprum Habitat Magister Planvital Provida Santa María Summa Bansander

441.116 1.632.516 113.817 315.863 2.700.558 992.792 511.829

6,58% 24,34% 1,70% 4,71% 40,26% 14,80% 7,63%

431.459 1.488.371 108.235 312.876 2.626.043 960.090 500.582

6,71% 23,16% 1,68% 4,87% 40,86% 14,94% 7,79%

2,24% 9,68% 5,16% 0,95% 2,84% 3,41% 2,25%

307.584 857.519 66.284 92.716 1.409.983 410.675 279.463

316.979 801.514 66.018 93.273 1.462.141 429.071 281.084

-2,96% 6,99% 0,40% -0,60% -3,57% -4,29% -0,58%

TOTAL

6.708.491

100,00%

6.427.656

100,00%

4,37%

3.424.224

3.450.080

-0,75%

Fuente / Source: Superintendencia de AFP de Chile / AFP Superintendence of Chile

AFILIADOS / AFFILIATES % 31.12.2001 %

31.12.2002 AHORRO VOLUNTARIO

Ahorro Voluntario: considera las cotizaciones

Var. 02-01 voluntarias y depósitos convenidos / Voluntary Saving: consider the voluntary contributions and

291.959

100,00%

281.203

100,00%

3,82% covenant deposit.

Seguro de Cesantía: comienza a operar el 01 de octubre de 2002. Los fondos serán administrados por la Administradora de Fondos de Cesantía, AFC de Chile, Sociedad Anónima cuyos accionistas son las siete AFP de Chile / Unemployment Insurance: start operating on october 01, 2002. Funds will be managed by the Administradora de Fondos de Cesantía, AFC de Chile, Anonymous Society whose shareholders are the seven AFP of Chile.

Cotizantes Afiliados CHILE: EVOLUCION DE LOS AFLIADOS Y COTIZANTES (En miles) 1.400 OF AFFILIATES AND CONTRIBUTORS (In thousand) 1.060CHILE: EVOLUTION 1.440 1.230 1.620 1.360 1.930 1.558 2.284 1.774 2.591 2.024 2.891 2.168 3.183 2.268 3.471 2.289 3.740 2.487 4.109 2.696 4.435 2.792 4.709 2.880 5.014 2.962 5.321 3.121 5.571 3.296 5.780 3.150 5.966 3.262 6.106 3.197 6.280 3.450 6.428 3.424 6.708

1981 1982 1983 7.000 1984 1985 6.000 1986 1987 1988 5.000 1989 1990 1991 4.000 1992 1993 1994 3.000 1995 1996 1997 2.000 1998 1999 2000 1.000 2001 2002 0 Cotizantes Afiliados

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

0

1.060

1.230

1.360

1.558

1.774

2.024

2.168

2.268

2.289

2.487

2.696

2.792

2.880

2.962

3.121

3.296

3.150

3.262

3.197

3.450

3.424

1.400

1.440

1.620

1.930

2.284

2.591

2.891

3.183

3.471

3.740

4.109

4.435

4.709

5.014

5.321

5.571

5.780

5.966

6.106

6.280

6.428

6.708

29

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

CHILE Fondos de Pensión Obligatorios FONDOS ADMINISTRADOS AL 31.12.2002 FUNDS MANAGED AS OF 12.31.2002 Administradoras Administrators

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002

Participación de Mercado Market Share

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

Var. % 02-01

Cuprum Habitat Magister Planvital Provida Santa María Summa Bansander

5.538.050 8.373.250 959.780 973.810 11.168.940 4.552.000 3.949.440

15,59% 23,58% 2,70% 2,74% 31,45% 12,82% 11,12%

5.310.240 7.567.020 926.330 915.360 10.595.510 4.287.540 3.666.080

15,96% 22,75% 2,78% 2,75% 31,85% 12,89% 11,02%

4,29% 10,65% 3,61% 6,39% 5,41% 6,17% 7,73%

TOTAL

35.515.270

100,00%

33.268.080

100,00%

6,75%

Fuente / Source: Superintendencia de AFP de Chile / AFP Superintendence of Chile Tipo de Cambio al 31.12.2002: 1US$ = $ 712,38 / Exchange Rate as of 12.31.2002: 1US$ = $ 712,38 Tipo de Cambio al 31.12.2001: 1US$ = $ 654,79 / Exchange Rate as of 12.31.2001: 1US$ = $ 654,79 (*) Todas las cifras en dólares al 31 de diciembre de 2001 indicadas, corresponden al valor en pesos a esa fecha actualizado por la variación de la U.F. entre el 31 de diciembre de 2001 y el 31 de diciembre de 2002 y dividido posteriormente por el valor del dólar al 31 de diciembre de 2002 / All ciphers in dollars as of december 31, 2001 indicates, correspond to the value in pesos brings up to date by U.F. variation between december 31, 2001 and december 31, 2002 and divides by the dollar value as of december 31, 2002. El valor nominal del fondo administrado al 31.12.2001 es MM US$ 35.461 / Nominal value of managed fund as of december 31, 2001 is MM US$ 35.461

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002 AHORRO VOLUNTARIO

Participación de Mercado Market Share

424.000

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

Var. % 02-01

n.d.

n.d.

n.d.

100,00%

Ahorro Voluntario: considera las cotizaciones voluntarias y depósitos convenidos / Voluntary Saving: consider the voluntary contributions and covenant deposit. Seguro de Cesantía: comienza a operar el 01 de octubre de 2002. Los fondos serán administrados por la Administradora de Fondos de Cesantía, AFC de Chile, Sociedad Anónima cuyos accionistas son las siete AFP de Chile / Unemployment Insurance: start operating on october 01, 2002. Funds will be managed by the Administradora de Fondos de Cesantía, AFC de Chile, Anonymous Society whose shareholders are the seven AFP of Chile. CHILE: EVOLUCION DE LOS FONDOS DE PENSIONES (Millones de US$ de cada año) CHILE: EVOLUTION OF PENSION FUNDS (US$ Million)

Fondo

40.000 35.000 30.000 25.000 20.000 15.000 10.000 5.000 0

81 82 83 84 85 86 87 88 89 90 91 92 93 94 95300 96 81 97

606

82

1.136

83

1.244 1.533

84

85

299,88 605,94 1.136,33 1.244,36 1.532,73 2.116,82 2.707,69 3.583,64 4.470,08 6.658,40 10.064,47 12.395,22 15.942,28 3.584 2.708 22.296,14 2.117 25.143,13 27.198,04 86 87 88 30.524,67

35.886 34.501 30.525

35.461

35.515

30.805

27.198 25.143 22.296

15.942 12.395 10.064 6.658 4.470

89

90

91

30

92

93

94

95

96

97

98

99

2000

2001

2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

ECUADOR Fondos de Pensión Voluntarios NUMERO DE AFILIADOS AL 31.12.2002 NUMBER OF AFFILIATES AS OF 12.31.2002

Administradoras / Fondos Administrators / Funds

AFILIADOS / AFFILIATES % 31.12.2001

31.12.2002

%

Var. 02-01

Adpacific/La Seguridad Adpacific/La Seguridad (US$) AFP Génesis/Cesantía Fondos BG/Jubilación (1) Fondos BG/Jubilación (US$) (1) Fondos Pichincha/Porvenir Produfondos/Fondo Bienestar

n.d. n.d. 214.228 13.441 355 7.993 1.381

n.d. n.d. 90,24% 5,66% 0,15% 3,37% 0,58%

1.221 910 203.169 12.449 347 7.193 1.153

0,54% 0,40% 89,72% 5,50% 0,15% 3,18% 0,51%

n.d. n.d. 5,44% 7,97% 2,31% 11,12% 19,77%

TOTAL

237.398

100,00%

226.442

100,00%

4,84%

Fuente / Source: Asociación de Administradoras de Fondos de Inversión y Fideicomisos del Ecuador. Association of Investment and Fideicomisos Fund Administrators. (1) Información de Fondos BG al 30.06.2002 y 31.12.2001 / Information of Fondos BG to 06.30.2002 and 12.31.2001 NOTA: Las cifras corresponden a Fondos de Pensiones Voluntarios. En Noviembre de 2001, se aprobó la Ley de Seguridad Social que incorpora el régimen de Capitalización Individual Obligatorio, pero este aún no se encuentra operando / Cipher correspond to Voluntary Pension Funds. On November 2001, was approved the Social Security Law, incorporating the Individual Captalization Mandatory regime, but this regime is not operating yet.

ECUADOR: Afiliados EVOLUCION DE LOS AFILIADOS ( En Miles) ECUADOR: EVOLUTION OF AFFILIATES (In Thousand) 30

1995 1996 1997 1998 1999 2000 2001 2002

250

200

46 84 108 120 119 226 237

237 226

119

120

150

108 84

100 46 30

50

0 1995

1996

1997

1998

1999

31

2000

2001

2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

ECUADOR Fondos de Pensión Voluntarios FONDOS ADMINISTRADOS AL 31.12.2002 FUNDS MANAGED AS OF 12.31.2002

Administradoras Administrators

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002

Participación de Mercado Market Share

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

Var. % 02-01

Adpacific/La Seguridad Adpacific/La Seguridad (US$) AFP Génesis/Cesantía Fondos BG/Jubilación (1) Fondos BG/Jubilación (US$) (1) Fondos Pichincha/Porvenir Produfondos/Fondo Bienestar

n.d. n.d. 11.048 1.166 460 959 632

n.d. n.d. 77,45% 8,17% 3,22% 6,72% 4,43%

811 107 9.165 942 443 1.621 341

6,04% 0,80% 68,24% 7,01% 3,30% 12,07% 2,54%

n.d. n.d. 20,55% 23,78% 3,84% -40,84% 85,34%

TOTAL

14.265

100,00%

13.430

100,00%

6,22%

Fuente / Source: Asociación de Administradoras de Fondos de Inversión y Fideicomisos del Ecuador. Association of Investment and Fideicomisos Fund Administrators. Tipo de Cambio al 30.06.2002: 1US$ = $ 25.000 / Exchange rate as of 06.30.2002: 1US$ = $ 25.000 Tipo de Cambio al 30.06.2001: 1US$ = $ 25.000 / Exchange Rate as of 06.30.2001: 1US$ = $ 25.000 NOTA: Las cifras corresponden a Fondos de Pensiones Voluntarios. En Noviembre de 2001, se aprobó la Ley de Seguridad Social que incorpora el régimen de Capitalización Individual Obligatorio, pero este aún no se encuentra operando / Cipher correspond to Voluntary Pension Funds. On November 2001, was approved the Social Security Law, incorporating the Individual Captalization Mandatory regime, but this regime is not operating yet.

ECUADOR: EVOLUCION DE LOS FONDOS DE PENSIONES (Miles de US$) ECUADOR: EVOLUTION OF PENSION FUNDS (US$ Thousand)

Fondos

35.000

1995 1996 1997 1998 1999 2000 2001 2002

30.000

25.000

20.000

2.403 14.020 29.983 30.214 17.367 12.492 13.430 14.265

29.983

30.214

17.367

14.020

12.492

15.000

13.430

14.265

10.000

5.000

2.403

0 1995

1996

1997

1998

1999

32

2000

2001

2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

EL SALVADOR Fondos de Pensión Obligatorios NUMERO DE AFILIADOS Y COTIZANTES AL 31.12.2002 NUMBER OF AFFILIATES AND CONTRIBUTORS AS OF 12.31.2002

Administradoras Administrators

31.12.2002

AFILIADOS / AFFILIATES % 31.12.2001 %

Var. 02-01

COTIZANTES / CONTRIBUTORS 31.12.2002 31.12.2001 Var. 02-01

Confía Crecer Profuturo

429.849 546.197 16.778

43,30% 55,01% 1,69%

392.032 507.600 20.173

42,62% 55,19% 2,19%

9,65% 7,60% -16,83%

204.876 265.919 1.302

233.615 256.794 1.812

-12,30% 3,55% -28,15%

TOTAL

992.824

100,00%

919.805

100,00%

7,94%

472.097

492.221

-4,09%

Fuente / Source : Superintendencia de Pensiones de El Salvador / Pension Superintendence of El Salvador

EL SALVADOR: EVOLUCION DE LOS AFILIADOS Y COTIZANTES (En miles)

1.000 900

1998 1999 2000 2001 2002

EL SALVADOR: EVOLUTION OF AFFILIATES AND CONTRIBUTORS (In thousand) Afiliados Cotizantes 570 383 993 736 425 848 468 920 920 492 848 993 472 736

800 700 570

492

600 468

472

425

500 383 400 300 200 100 0 1998

1999

2000

2001

33

2002

Afiliados Cotizantes

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

EL SALVADOR Fondos de Pensión Obligatorios FONDOS ADMINISTRADOS AL 31.12.2002 FUNDS MANAGED AS OF 12.31.2002

Administradoras Administrators

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002

Participación de Mercado Market Share

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

Var. % 02-01

Confía Crecer Profuturo

558.596 525.443 4.257

51,33% 48,28% 0,39%

394.997 379.428 5.293

50,66% 48,66% 0,68%

41,42% 38,48% -19,57%

TOTAL

1.088.296

100,00%

779.718

100,00%

39,58%

Fuente / Source : Superintendencia de Pensiones de El Salvador / Pension Superintendence of El Salvador Tipo de Cambio al 31.12.2002: 1US$ = 8,75 colones / Exchange Rate as of 12.31.2002: 1US$ = 8,75 colones Tipo de Cambio al 31.12.2001: 1US$ = 8,75 colones / Exchange Rate as of 12.31.2001: 1US$ = 8,75 colones

EL SALVADOR: EVOLUCION DE LOS FONDOS DE PENSIONES (Millones de US$) EL SALVADOR: EVOLUTION OF PENSION FUNDS (US$ Million)

Fondos 1.200 1.000

1998 1999 2000 2001 2002

47 213 482 780 1.088

1.088

780

800

482 600

213

400

47 200 0 1998

1999

2000

2001

34

2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

MEXICO Fondos de Pensión Obligatorios NUMERO DE AFILIADOS Y COTIZANTES AL 31.12.2002 NUMBER OF AFFILIATES AND CONTRIBUTORS AS OF 12.31.2002

Administradoras Administrators

AFILIADOS / AFFILIATES % 31.12.2001 %

31.12.2002

Allianz Dresdner Banamex (1) Bancomer Banorte Inbursa ING Principal (2) Profuturo GNP Santander Tepeyac XXI TOTAL

Var. 02-01

COTIZANTES / CONTRIBUTORS 31.12.2002 31.12.2001 Var. 02-01

1.259.795 5.269.868 4.353.848 2.610.791 1.933.297 2.708.384 2.198.895 2.926.609 3.235.726 941.511 1.982.478

4,28% 17,91% 14,80% 8,87% 6,57% 9,21% 7,47% 9,95% 11,00% 3,20% 6,74%

1.282.854 4.862.164 3.740.168 2.400.764 1.095.802 2.720.896 2.173.530 2.783.701 3.218.801 939.437 1.300.417

4,84% 18,33% 14,10% 9,05% 4,13% 10,26% 8,20% 10,50% 12,14% 3,54% 4,90%

-1,80% 8,39% 16,41% 8,75% 76,43% -0,46% 1,17% 5,13% 0,53% 0,22% 52,45%

423.710 2.729.152 2.162.190 1.021.802 695.713 1.116.445 641.208 1.207.039 1.266.989 236.723 791.181

475.259 2.695.288 2.059.510 978.196 419.949 1.210.182 684.402 1.162.989 1.348.511 268.025 562.361

-10,85% 1,26% 4,99% 4,46% 65,67% -7,75% -6,31% 3,79% -6,05% -11,68% 40,69%

29.421.202

100,00%

26.518.534

100,00%

10,95%

12.292.152

11.864.672

3,60%

Fuente / Source : CONSAR (afiliados) y PROCESAR (cotizantes) / CONSAR (affiliates) and PROCESAR (contributors) (1) En Mayo de 2002, Afore Garante se fusiona con Afore Banamex. Las cifras a diciembre de 2001 y la variación porcentual reflejan esta modificación / On May 2002, Afore Garante merges with Afore Banamex. Data as of December 2001 and the percentual variation reflects this modification. (2) En Agosto de 2002, Afore Zurich se fusiona con Afore Principal. Las cifras a diciembre de 2001 y la variación porcentual reflejan esta modificación / On August 2002, Afore Zurich merges with Afore Principal. Data as of December 2001 and the percentual variation reflects this modification.

AFILIADOS / AFFILIATES % 31.12.2001 %

31.12.2002 AHORRO VOLUNTARIO SEGURO CESANTIA

30.000 25.000

1997 1998 1999 2000 2001 2002

114.844

100,00%

97.344

100,00%

17,98%

29.421.202

100,00%

26.518.534

100,00%

10,95%

Cotizantes MEXICO: Afiliados EVOLUCION DE LOS AFILIADOS Y COTIZANTES (En miles) 7.769 11.188 OF AFFILIATES AND CONTRIBUTORS (In thousand) MEXICO: EVOLUTION 8.800 13.828 9.489 15.595 10.380 17.845 26.519 11.865 26.519 12.292 29.421

29.421

17.845

20.000

15.595 13.828

15.000 10.000

Var. 02-01

11.188

8.800

11.865 9.489

12.292

10.380

7.769

5.000 Cotizantes

0 1997

1998

1999

2000

35

2001

2002

Afiliados

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

MEXICO Fondos de Pensión Obligatorios FONDOS ADMINISTRADOS AL 31.12.2002 FUNDS MANAGED AS OF 12.31.2002

Administradoras Administrators

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002

Allianz Dresdner Banamex (1) Bancomer Banorte Inbursa ING Principal (2) Profuturo GNP Santander Tepeyac XXI TOTAL

Participación de Mercado Market Share

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

Var. % 02-01

1.086.814 7.426.523 6.840.520 1.875.587 2.299.283 2.765.519 1.036.854 3.117.874 2.839.827 355.082 2.104.254

3,42% 23,39% 21,55% 5,91% 7,24% 8,71% 3,27% 9,82% 8,94% 1,12% 6,63%

974.993 6.399.331 5.885.923 1.538.440 2.000.817 2.339.529 917.452 2.582.565 2.509.451 308.521 1.689.086

3,59% 23,57% 21,68% 5,67% 7,37% 8,62% 3,38% 9,51% 9,24% 1,14% 6,22%

11,47% 16,05% 16,22% 21,91% 14,92% 18,21% 13,01% 20,73% 13,17% 15,09% 24,58%

31.748.135

100,00%

27.146.106

100,00%

16,95%

Fuente / Source : Asociación Mexicana de Administradoras de Fondos para el Retiro Mexican Association of Retirement Funds Administrators. Tipo de Cambio al 31.12.2002 : 1US$ = $ 10,24 / Exchange rate as of 12.31.2002: 1US$ = $ 10,24 Tipo de Cambio al 31.12.2001 : 1US$ = $ 9,16 / Exchange rate as of 12.31.2001: 1US$ = $ 9,16 (1) En Mayo de 2002, Afore Garante se fusiona con Afore Banamex. Las cifras a diciembre de 2001 y la variación porcentual reflejan esta modificación / On May 2002, Afore Garante merges with Afore Banamex. Data as of December 2001 and the percentual variation reflects this modification. (2) En Agosto de 2002, Afore Zurich se fusiona con Afore Principal. Las cifras a diciembre de 2001 y la variación porcentual reflejan esta modificación / On August 2002, Afore Zurich merges with Afore Principal. Data as of December 2001 and the percentual variation reflects this modification.

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002

Participación de Mercado Market Share

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

Var. % 02-01

AHORRO VOLUNTARIO 184.711 100,00% 164.476 100,00% 12,30% SEGURO CESANTIA (*) 31.748.135 100,00% 27.146.106 100,00% 16,95% (*) Los fondos de cesantía están considerado en la cuenta de retiro, cesantía en edad avanzada y vejez (ahorro obligatorio). Fondos

35.000 30.000 25.000

1997 1998 1999 2000 2001 2002

MEXICO: EVOLUCION DE LOS FONDOS DE PENSIONES (Millones de US$) 615 MEXICO: EVOLUTION OF PENSION FUNDS (US$ Million)

5.801 11.412 17.012 27.146 31.748

20.000

31.748 27.146 17.012 11.412

15.000

5.801

10.000

615

5.000 0

1997

1998

1999

2000

36

2001

2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

PANAMA Fondos de Pensión Obligatorios (Servidores Públicos) NUMERO DE AFILIADOS AL 31.12.2002 NUMBER OF AFFILIATES AS OF 12.31.2002

Administradoras Administrators

31.12.2002

Horizonte Profuturo Progreso Seguro Social Otros TOTAL

%

51.500 51.500 51.500 51.500 0 206.000

AFILIADOS / AFFILIATES 31.12.2001

25,00% 25,00% 25,00% 25,00% 0,00% 100,00%

%

57.500 136.300 136.490 57.500 40.050 427.840

Var. 02-01 13,44% 31,86% 31,90% 13,44%

-10,43% -62,22% -62,27% -10,43%

90,64%

-51,85%

Fuente / Source : Progreso AFP NOTA: El 06 de febrero de 1997 se aprobó la Ley N° 8, que crea el Sistema de Ahorro y Capitalización de Pensiones de los Servidores Públicos, SIACAP. De esta forma, los ahorros obligatorios de los fondos públicos pasan a ser administrados por entidades privadas, hasta que se jubilen todos sus afiliados. / On february 06 of 1997, Law N° 8 was approved. This Law created the System of Save and Pension Capitalization to Public Employees, SIACAP. In this way, the mandatory save of public funds are now managed by private entities, until all this affiliates have a pension. Los afiliados de las administradoras que dejaron de operar fueron distribuidos entre las cuatro restantes / Affiliates to administrators that ended its operations were distributed between the four other administrators.

AHORRO VOLUNTARIO SEGURO CESANTIA

Afiliados / Affiliates

%

12.540 184.576

100,00% 100,00%

Afiliados PANAMA: 105EVOLUCION DE LOS AFILIADOS (En miles) PANAMA: 393EVOLUTION OF AFFILIATES (In thousand)

1999 2000 2001 2002

428 206

428

393 450 400 350 300

206

250 200

105

150 100 50 0 1999

2000

2001

37

2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

PANAMA Fondos de Pensión Obligatorios (Servidores Públicos) FONDOS ADMINISTRADOS AL 31.12.2002 FUNDS MANAGED AS OF 12.31.2002

Administradoras Administrators

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002

Horizonte Profuturo Progreso Seguro Social Otros TOTAL

Participación de Mercado Market Share

113.300 113.090 112.840 112.220 0 451.450

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

25,10% 25,05% 25,00% 24,86% 0,00% 100,00%

Participación de Mercado Market Share

116.891 171.600 167.600 116.705 26.260 599.056

19,51% 28,65% 27,98% 19,48% 95,62%

Var. % 02-01

-3,07% -34,10% -32,67% -3,84% -100,00% -24,64%

Fuente / Source : Progreso AFP NOTA: El 06 de febrero de 1997 se aprobó la Ley N° 8, que crea el Sistema de Ahorro y Capitalización de Pensiones de los Servidores Públicos, SIACAP. De esta forma, los ahorros obligatorios de los fondos públicos pasan a ser administrados por entidades privadas, hasta que se jubilen todos sus afiliados. / On february 06 of 1997, Law N° 8 was approved. This Law created the System of Save and Pension Capitalization to Public Employees, SIACAP. In this way, the mandatory save of public funds are now managed by private entities, until all this affiliates have a pension. Los recursos de las administradoras que dejaron de operar fueron distribuidos entre las cuatro restantes / Affiliates to administrators that ended its operations were distributed between the four other administrators.

AHORRO VOLUNTARIO SEGURO CESANTIA

600

1999 2000 2001 2002

Fondo (Miles US$) Fund (US$ Thousand) 27.279

Participación de Mercado Market Share 100,00%

130.147

100,00%

PANAMA: EVOLUCION DE LOS FONDOS DE PENSIONES (Millones de US$) Fondos PANAMA:46 EVOLUTION OF PENSION FUNDS (US$ Million) 599 527 527 599 451 451

500 400 300 200 46 100 0 1999

2000

2001

38

2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

PERU Fondos de Pensión Obligatorios NUMERO DE AFILIADOS Y COTIZANTES AL 31.12.2002 NUMBER OF AFFILIATES AND CONTRIBUTORS AS OF 12.31.2002

Administradoras Administrators

31.12.2002

Horizonte Integra Profuturo Unión Vida TOTAL

AFILIADOS / AFFILIATES % 31.12.2001 %

Var. 02-01

COTIZANTES / CONTRIBUTORS 31.12.2002 31.12.2001 Var. 02-01

787.248 766.114 710.183 730.237

26,30% 25,59% 23,72% 24,39%

723.881 692.277 645.516 670.397

26,50% 25,34% 23,63% 24,54%

8,75% 10,67% 10,02% 8,93%

338.987 336.398 242.876 262.753

318.835 319.531 225.891 261.021

6,32% 5,28% 7,52% 0,66%

2.993.782

100,00%

2.732.071

100,00%

9,58%

1.181.014

1.125.278

4,95%

Fuente / Source: Superintendencia de Banca y Seguros / Superintendence of Bank and Insurance

PERU: EVOLUCION DE LOS AFILIADOS Y COTIZANTES (En miles) PERU: EVOLUTION OF AFFILIATES AND CONTRIBUTORS (In thousand)

Cotizantes 3000

2500

2000

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

742 903 1.016 1.031 1.125 1.181

Afiliados 626 961 1.130 1.550 1.736 1.980 2.222 2.472 2.732 2.9941.550

2.994 2.732 2.472 2.222 1.980 1.736

1500 1.130

1.016

961

1.125

1.181

1.031

903

1000

742 626

500

0 1993

1994

1995

1996

1997

1998

39

1999

2000

2001

2002

Cotizantes Afiliados

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

PERU Fondos de Pensión Obligatorios FONDOS ADMINISTRADOS AL 31.12.2002 FUNDS MANAGED AS OF 12.31.2002

Administradoras Administrators

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002

Participación de Mercado Market Share

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

Var. % 02-01

Horizonte Integra Profuturo Unión Vida

1.153.240 1.446.799 694.504 1.232.061

25,48% 31,96% 15,34% 27,22%

911.178 1.153.067 547.773 1.010.060

25,16% 31,83% 15,12% 27,89%

26,57% 25,47% 26,79% 21,98%

TOTAL

4.526.604

100,00%

3.622.078

100,00%

24,97%

Fuente / Source: Superintendencia de Banca y Seguros / Superintendence of Bank and Insurance Tipo de Cambio al 31.12.2002: 1US$ = 3,514 Nuevos Soles / Exchange Rate as of 12.31.2002: 1US$ = 3,514 Nuevos Soles Tipo de Cambio al 31.12.2001: 1US$ = 3,442 Nuevos Soles / Exchange Rate as of 12.31.2001: 1US$ = 3,442 Nuevos Soles

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

5.000 4.500 4.000 3.500 3.000

PERU: EVOLUCION DE LOS FONDOS DE PENSIONES (Millones de US$) Fondos PERU: EVOLUTION OF PENSION FUNDS (US$ Million) 29 260 583 949 1.510 1.734 2.406 2.752 3.622 2.752 4.527

4.527

3.622

2.406

2.500 1.734 1.510

2.000 949

1.500 1.000

583 260

500

29

0 1993

1994

1995

1996

1997

1998

40

1999

2000

2001

2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

REPUBLICA DOMINICANA Fondos de Pensión Voluntarios NUMERO DE AFILIADOS Y FONDOS ADMINISTRADOS AL 31.12.2002 NUMBER OF AFFILIATES ANF FUNDS MANAGED AS OF 12.31.2002

TOTAL

TOTAL

30.09.2002 99.164

30.09.2002 184.489

AFILIADOS / AFFILIATES % 31.12.2001 100,00% 80.024

% 100,00%

Var. 02-01 23,92%

FONDOS ADMINISTRADOS / FUNDS MANAGED (Miles US$ / US$ Thousand ) % 31.12.2001 % 100,00% 167.924 100,00%

Var. 02-01 9,86%

Fuente / Source: SIPEN Tipo de Cambio al 30.09.2002: 1US$ = RD$ 18,34 / Exchange Rate as of 09.30.2002: 1US$ = RD$ 18,34 Tipo de Cambio al 31.12.2001: 1US$ = RD$ 16,66 / Exchange Rate as of 12.31.2001: 1US$ = RD$ 16,66 NOTA: En mayo de 2001, se promulgó la Ley N° 87 - 01 de Seguridad Social que establece el régimen de Capitalización Individual Obligatorio, el cual inició el proceso de afiliación en febrero de 2003 / On May 2001, was approved the Law N° 87 - 01 of Social Security, establishing the Individual Captalization Mandatory regime, that started affiliations on february 2003.

41

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

URUGUAY Fondos de Pensión Obligatorios NUMERO DE AFILIADOS Y COTIZANTES AL 31.12.2002 NUMBER OF AFFILIATES AND CONTRIBUTORS AS OF 12.31.2002

Administradoras Administrators

AFILIADOS / AFFILIATES % 31.12.2001 %

31.12.2002

Var. 02-01

COTIZANTES / CONTRIBUTORS 31.12.2002 31.12.2001 Var. 02-01

Afinidad Integración República UniónCapital

181.956 81.839 235.225 117.644

29,51% 13,27% 38,14% 19,08%

177.422 78.907 225.286 115.349

29,72% 13,22% 37,74% 19,32%

2,56% 3,72% 4,41% 1,99%

56.976 31.778 137.794 44.423

66.813 32.700 145.125 49.059

-14,72% -2,82% -5,05% -9,45%

TOTAL

616.664

100,00%

596.964

100,00%

3,30%

270.971

293.697

-7,74%

Fuente / Source: República AFAP

700

600

1996 1997 1998 1999 2000 2001 2002

CotizantesURUGUAY: AfiliadosEVOLUCION DE LOS AFILIADOS Y COTIZANTES (En miles) URUGUAY: EVOLUTION OF AFFILIATES AND CONTRIBUTORS (In thousand) 207 356 268 457 324 507 299 536 597 293 578 578 294 597 536 271 617 507

617

457

500

356

400

324

299

293

294 271

268

300 207 200

100

0 1996

1997

1998

1999

2000

42

2001

2002

Cotizantes Afiliados

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

URUGUAY Fondos de Pensión Obligatorios FONDOS ADMINISTRADOS AL 31.12.2002 FUNDS MANAGED AS OF 12.31.2002

Administradoras Administrators

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002

Participación de Mercado Market Share

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

Var. % 02-01

Afinidad Integración República UniónCapital

159.225 75.488 508.058 150.593

17,82% 8,45% 56,87% 16,86%

190.600 87.180 590.190 177.430

18,23% 8,34% 56,46% 16,97%

-16,46% -13,41% -13,92% -15,13%

TOTAL

893.364

100,00%

1.045.400

100,00%

-14,54%

Fuente / Source: República AFAP Tipo de Cambio al 31.12.2002: 1US$ = $ 27,20 / Exchange Rate as of 12.31.2002: 1US$ = $ 27,20 Tipo de Cambio al 31.12.2001: 1US$ = $ 14,76 / Exchange Rate as of 12.31.2001: 1US$ = $ 14,76

Fondos 1996 1997 1998 1999 2000 2001 2002

1200

1000

URUGUAY: EVOLUCION DE LOS FONDOS DE PENSIONES (Millones de US$) 50,355 URUGUAY: EVOLUTION OF PENSION FUNDS (US$ million)

190,502 374,346 591,161 811,026 1045,4 893,364

1.045 893

811

800 591 600 374 400 191 200

50

0 1996

1997

1998

1999

2000

43

2001

2002

PAISES EUROPEOS EUROPEAN COUNTRIES

44

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

BULGARIA Fondos de Pensión Obligatorios NUMERO DE COTIZANTES AL 30.06.2002 NUMBER OF CONTRIBUTORS AS OF 06.30.2002

Administradoras Administrators

COTIZANTES / CONTRIBUTORS 30.06.2002 % 30.06.2001 %

Pension Assurance Company " Douverie" Pension Insurance Company "Saglasie" Bulgarian Pension Insuranse Company (1) Saving Cooperative Pension Security Company " Rodina" "Allianz" Bulgarian Pension Fund Management Company ING Pension Insurance Company Social Security Fund "Newton-SILA" Pension Insurance Company "Lukoil Garant Bulgaria"

363.338 141.014 103.513 59.162 420.513 70.733 64.655 55.060

TOTAL

28,43% 11,03% 8,10% 4,63% 32,90% 5,53% 5,06% 4,31%

1.277.988 100,00%

84.747 23.374 25.899 15.617 220.525 10.354 14.547 12.478

20,79% 5,74% 6,35% 3,83% 54,11% 2,54% 3,57% 3,06%

328,73% 503,29% 299,68% 278,83% 90,69% 583,15% 344,46% 341,26%

407.541 100,00%

213,59%

Fuente / Source: State Insurance Supervision Agency, SISA (1) Bulgarian Pension Insurance Company se encuentra en proceso de fusión / Bulgarian Pension Insurance Company is in process of merger

45

Var. 02-01

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

BULGARIA Fondos de Pensión Obligatorios FONDOS ADMINISTRADOS AL 30.06.2002 FUNDS MANAGED AS OF 06.30.2002

Administradoras Administrators

Fondo (Miles US$) Fund (US$ Thousand) 30.06.2002

Pension Assurance Co. " Douverie" Pension Insurance Co. "Saglassie" Bulgarian Pension Insuranse Co. Saving Cooperative Pension Security Co. " Rodina" "Allianz" Bulgarian Pension Fund Management Co. ING Pension Insurance Co. Social Security Fund "Newton-SILA" Pension Insurance Co. "Lukoil Garant Bulgaria" TOTAL

Participación de Mercado Market Share

Fondo (Miles US$) Fund (US$ Thousand) 30.06.2001

28.430 10.010 7.482 5.877 53.695 5.143 2.162 8.231

23,49% 8,27% 6,18% 4,86% 44,37% 4,25% 1,79% 6,80%

9.033 2.246 4.692 1.922 24.573 858 697 160

121.030

100,00%

44.181

Fuente / Source: State Insurance Supervision Agency, SISA (1) Bulgarian Pension Insurance Company se encuentra en proceso de fusión / Bulgarian Pension Insurance Company is in process of merger

46

Participación de Mercado Market Share

Var. % 02-01

20,45% 214,73% 5,08% 345,71% 10,62% 59,47% 4,35% 205,74% 55,62% 118,51% 1,94% 499,37% 1,58% 210,03% 0,36% 5048,82% 100,00%

173,94%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

ESPAÑA Fondos de Pensión Voluntarios NUMERO DE AFILIADOS AL 31.12.2002 NUMBER OF AFFILIATES AS OF 12.31.2002

Administradoras (*) Administrators

31.12.2002

AFILIADOS/AFFILATES 31.12.2001

%

%

Var. 02-01

B.B.V.A. La Caixa B.S.C.H. Fonditel Grupo Caser Banco Popular Caja Madrid Banco Sabadell Mapfre Bancaja Ibercaja Caja Cataluña Caja Mediterráneo Winterhur Pensiones Caja Rural Grupo Skandia Caja Navarra Bankinter Grupo Deutsche Bank Banco Atlantico Otros

1.120.190 589.654 999.970 73.645 341.831 448.174 265.716 230.049 108.012 168.183 172.691 390.127 319.763 74.625 140.151 46.252 42.375 65.761 75.466 52.280 804.393

17,16% 9,03% 15,32% 1,13% 5,24% 6,86% 4,07% 3,52% 1,65% 2,58% 2,64% 5,98% 4,90% 1,14% 2,15% 0,71% 0,65% 1,01% 1,16% 0,80% 12,32%

1.035.337 416.428 945.743 71.962 313.023 393.969 235.592 219.072 86.605 150.371 142.157 215.959 264.269 70.344 111.002 42.298 37.785 59.101 52.408 50.134 914.381

17,77% 7,15% 16,23% 1,23% 5,37% 6,76% 4,04% 3,76% 1,49% 2,58% 2,44% 3,71% 4,53% 1,21% 1,90% 0,73% 0,65% 1,01% 0,90% 0,86% 15,69%

8,20% 41,60% 5,73% 2,34% 9,20% 13,76% 12,79% 5,01% 24,72% 11,85% 21,48% 80,65% 21,00% 6,09% 26,26% 9,35% 12,15% 11,27% 44,00% 4,28% -12,03%

TOTAL

6.529.308

100,00%

5.827.940

100,00%

12,03%

Fuente / Source: Asociación de Instituciones de Inversión Colectiva y Fondos de Pensiones (INVERCO) Association of Investment and Pension Funds (INVERCO) (*) Ranking de administradoras según tamaño del fondo administrado / Ranking of administrators according to the size of the managed fund. ESPAÑA: EVOLUCIONES DE LOS AFILIADOS (En miles) Participes SPAIN: EVOLUTION OF AFFILIATES (In thousand) 318 628 842 1.068 1.342 1.592 1.796 4.072 2.179 3.347 2.721 3.347 2.721 2.179 4.072 1.796 1.592 4.939 1.342 1.068 5.828 842 6.529

89 90 91 92 93 94 95 96 97 98 99 2000 2001 628 318 2002

7.000 6.000 5.000 4.000 3.000 2.000 1.000

6.529 5.828 4.939

0 89

90

91

92

93

94

95

96

47

97

98

99

2000

2001

2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

ESPAÑA Fondos de Pensión Voluntarios PATRIMONIO AL 31.12.2002 ASSETS AS OF 12.31.2002

Administradoras Administrators

Patrimonio (Miles US$) Assets (US$ Thousand) 31.12.2002

Participación de Mercado Market Share

Patrimonio (Miles US$) Assets (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

Var. % 02-01

B.B.V.A. La Caixa B.S.C.H. Fonditel Grupo Caser Banco Popular Caja Madrid Banco Sabadell Mapfre Bancaja Ibercaja Caja Cataluña Caja Mediterráneo Winterhur Pensiones Caja Rural Grupo Skandia Caja Navarra Bankinter Grupo Deutsche Bank Banco Atlantico Otros

10.546.650 6.651.243 6.076.120 3.874.168 2.918.244 2.446.016 1.987.124 1.585.507 1.370.701 1.148.629 917.719 884.842 767.263 744.170 640.040 583.563 526.160 397.110 369.623 307.786 5.351.800

21,05% 13,28% 12,13% 7,73% 5,83% 4,88% 3,97% 3,17% 2,74% 2,29% 1,83% 1,77% 1,53% 1,49% 1,28% 1,16% 1,05% 0,79% 0,74% 0,61% 10,68%

8.675.995 3.715.802 4.808.671 3.487.236 2.363.919 2.007.316 1.583.229 1.121.953 1.028.065 897.128 679.517 698.473 630.395 637.485 422.767 533.784 446.393 320.637 296.789 277.079 4.082.287

22,41% 9,60% 12,42% 9,01% 6,11% 5,18% 4,09% 2,90% 2,66% 2,32% 1,76% 1,80% 1,63% 1,65% 1,09% 1,38% 1,15% 0,83% 0,77% 0,72% 10,54%

21,56% 79,00% 26,36% 11,10% 23,45% 21,86% 25,51% 41,32% 33,33% 28,03% 35,05% 26,68% 21,71% 16,74% 51,39% 9,33% 17,87% 23,85% 24,54% 11,08% 31,10%

TOTAL

50.094.478

100,00%

38.714.919

100,00%

29,39%

Fuente / Source: Asociación de Instituciones de Inversión Colectiva y Fondos de Pensiones (INVERCO) Association of Investment and Pension Funds (INVERCO) Tipo de Cambio al 31.12.2002: 1US$ = 0,9604 Euros / Exchange Rate as of 12.31.2002: 1US$ = 0,9604 Euros Tipo de Cambio al 31.12.2001: 1US$ = 1,1321 Euros / Exchange Rate as of 12.31.2001: 1US$ = 1,1321 Euros

60.000 50.000 40.000 30.000 20.000 10.000 0

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 786 225 2000 1988 20011989 2002

225 ESPAÑA: EVOLUCION DEL PATRIMONIO (Millones de US$) SPAIN:786 EVOLUTION OF EQUITY (US$ Million)

5.599 8.426 9.270 50.094 10.088 38.715 13.199 32.806 31.831 31.969 17.942 23.903 22.328 22.328 17.942 23.903 13.199 10.088 9.270 8.426 31.831 5.599 31.969 32.806 1990 1991 1992 38.7151993 1994 1995 1996 1997 1998 1999 2000 2001 2002 50.094

La información presentada de España corresponde al Total de Sistemas, es decir, considera el Sistema Individual, Sistema de Empleo y Sistema Asociado. / The Spain information correspond to the Total of the Systems, considering the Individual System, Employment System and Associated System.

48

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

FEDERACION RUSA Fondos de Pensión Voluntarios FONDOS ADMINISTRADOS AL 31.12.2002 FUNDS MANAGED AS OF 12.31.2002

Administradoras Administrators

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002

Gazfond Lukoil - Garant Surgutneftegaz Blagosostoy Anie PF Vneshtorgbank Electoenergetica NPF Nacional Rostelecom - Garantia Telecom - Soyuz Regionfond Almaznaya Osen Otros

Participación de Mercado Market Share

697.615 130.740 70.631 53.558 47.112 35.328 28.085 21.316 17.579 16.909 15.063 479.068

43,25% 8,11% 4,38% 3,32% 2,92% 2,19% 1,74% 1,32% 1,09% 1,05% 0,93% 29,70%

TOTAL FONDOS

1.613.003

100,00%

TOTAL AFILIADOS

4.200.000

100,00%

Fuente / Source: Oficina Comercial de Chile en Rusia Tipo de Cambio 31.12.2002: 1US$ = 32,238 Rublos / Exchange rate as of 12.31.2002: 1US$ = 32,238 Rublos

49

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

HUNGRIA NUMERO DE AFILIADOS AL 30.09.2002 NUMBER OF AFFILIATES AS OF 09.30.2002

Fondos de Pensión Privados Obligatorios Mandatory Privatized Pension Funds Fondos de Pensión Privados Voluntarios Voluntary Privatized Pension Funds

30.09.2002 2.239.000 1.168.000

AFILIADOS / AFFILIATES % 31.12.2001 100,00% 2.252.700

% 100,00%

Var. 01-00 -0,61%

100,00%

100,00%

1,30%

1.153.061

Fuente / Source: Informe Anual 2001 de la Autoridad Financiera Supervisora de Hungría Annual Report 2001 of Financial Supervisor Authority of Hungary HUNGRIA: EVOLUCION DE LOS AFILIADOS (En miles) HUNGARY:EVOLUTION OF AFFILIATES (In thousand)

evolución

1998 1999 2000 2001 1.999 2002

2.500

1.347 1.999 2.193 2.193 2.253 2.239

2.253

2.239

2.000 1.347 1.500

1.000

500

0 1998

1999

2000

2001

50

2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

HUNGRIA FONDOS ADMINISTRADOS AL 30.09.2002 FUNDS MANAGED AS OF 09.30.2002

Fondos de Pensión Privados Obligatorios Mandatory Privatized Pension Funds Fondos de Pensión Privados Voluntarios Voluntary Privatized Pension Funds

Fondo (Miles US$) Fund (US$ Thousand) 30.09.2002 1.442.836

Participación de Mercado Market Share 100,00%

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001 1.154.285

Participación de Mercado Market Share 100,00%

25,00%

1.292.044

100,00%

1.188.551

100,00%

8,71%

Fuente / Source: Informe Anual 2001 de la Autoridad Financiera Supervisora de Hungría Annual Report 2001 of Financial Supervisor Authority of Hungary Tipo de Cambio al 30.09.2002: 1US$ = HUF 247,36 / Exchange Rate as of 09.30.2002: 1US$ = HUF 247,36 Tipo de Cambio al 31.12.2001: 1US$ = HUF 245,26 / Exchange Rate as of 12.31.2001: 1US$ = HUF 245,26

evolución

HUNGRIA: EVOLUCION DE LOS FONDOS DE PENSIONES (Millones de US$) HUNGARY:EVOLUTION OF PENSION FUNDS (US$ Million)

1999 2000 2001 2002

1.600

294 617 1.154 1.443

1.443

1.154

1.400 1.200 1.000 617 800 600

294

400 200 0 1999

2000

2001

51

2002

Var. % 01-00

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

KAZAJSTAN Fondos de Pensión Obligatorios NUMERO DE AFILIADOS AL 30.06.2002 NUMBER OF AFFILIATES AS OF 06.30.2002

Administradoras Administrators ABN AMRO KaspijMunaiGaz Capital Kazakhmys Kazakhstan Korgau Kunaev Kurmet Narodny Narodny Bank NefteGaz-Dem Otan PhillipMorris Kazakhstan Senim State Pension Fund UlarUmit Valut-Transit TOTAL

30.06.2002

%

111.512 2.265 88.399 73.859 53.715 27.341 204.371 123.501 837.517 105.734 11.571 1.033 116.462 2.231.047 761.274 219.360 4.968.961

AFILIADOS / AFFILIATES 31.12.2001

2,24% 0,05% 1,78% 1,49% 1,08% 0,55% 4,11% 2,49% 16,85% 2,13% 0,23% 0,02% 2,34% 44,90% 15,32% 4,41% 100,00%

93.984 83.625 64.083 45.461 26.151 194.854 107.244 776.093 90.106 3.333 1.043 107.350 2.143.104 715.177 178.597 4.630.205

%

Var. 02-01

2,03% 1,81% 1,38% 0,98% 0,56% 4,21% 2,32% 16,76% 1,95% 0,07% 0,02% 2,32% 46,29% 15,45% 3,86% 100,00%

Fuente / Source: Comité Regulador de Actividades de los Fondos de Pensiones Committee on Regulation of Activities of Accumulation Pension Funds

Afiliados

5.000

KAZAJSTAN: 3.752 EVOLUCION DE LOS AFILIADOS (En miles) KAZAKHSTAN: 2.995 EVOLUTION OF AFFILIATES (In thousand)

1998 1999 2000 2001 Jun. 2002

3.716 4.630 4.969

4.630

3.716

3.752

4.500

4.969

4.000

2.995

3.500 3.000 2.500 2.000 1.500 1.000 500 0 1998

1999

2000

52

2001

Jun. 2002

18,65% 5,71% 15,26% 18,16% 4,55% 4,88% 15,16% 7,91% 17,34% 247,16% -0,96% 8,49% 4,10% 6,45% 22,82% 7,32%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

KAZAJSTAN Fondos de Pensión Obligatorios FONDOS ADMINISTRADOS AL 30.06.2002 FUNDS MANAGED AS OF 06.30.2002

Administradoras Administrators

Fondo (Miles US$) Fund (US$ Thousand) 30.06.2002

ABN AMRO KaspijMunaiGaz Capital Kazakhmys Kazakhstan Korgau Kunaev Kurmet Narodny Narodny Bank NefteGaz-Dem Otan PhillipMorris Kazakhstan Senim State Pension Fund UlarUmit Valut-Transit TOTAL

Participación de Mercado Market Share

99.200 1.140 49.520 37.880 19.530 4.130 55.180 25.530 311.910 32.910 6.570 3.280 69.710 432.850 247.110 35.130 1.431.580

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

6,93% 0,08% 3,46% 2,65% 1,36% 0,29% 3,85% 1,78% 21,79% 2,30% 0,46% 0,23% 4,87% 30,24% 17,26% 2,45% 19,72%

Participación de Mercado Market Share

79.947 42.713 30.944 15.043 3.393 42.924 19.604 257.538 26.231 746 2.766 59.604 388.673 207.188 26.488 1.203.802

6,64% 3,55% 2,57% 1,25% 0,28% 3,57% 1,63% 21,39% 2,18% 0,06% 0,23% 4,95% 32,29% 17,21% 2,20% 19,41%

Fuente / Source: Comité Regulador de Actividades de los Fondos de Pensiones Committee on Regulation of Activities of Accumulation Pension Funds

KAZAJSTAN: EVOLUCION DE LOS FONDOS DE PENSIONES (Millones de US$) KAZAKHSTAN: EVOLUTION OF PENSION FUNDS (US$ Million)

1.400 1.200 1.000

1.432

Fondos

1.600

1998 1999 2000 2001 Jun. 2002

280 467 774 1.204 1.432

800

1.204

774

467

600

280

400 200 0 1998

1999

2000

53

2001

Jun. 2002

Var. % 02-01

24,08% 15,94% 22,42% 29,83% 21,73% 28,55% 30,23% 21,11% 25,46% 780,85% 18,60% 16,96% 11,37% 19,27% 32,62% 18,92%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

POLONIA Fondos de Pensión Obligatorios NUMERO DE AFILIADOS AL 30.09.2002 NUMBER OF AFFILIATES AS OF 09.30.2002

Administradoras Administrators

30.09.2002

AIG Allianz Polska Bankowy Commercial Union Credit Suisse Life & Pensions DOM EGO Ergo Hestia (PBK Orzel) ING Nationale-Nederlanden Polska Kredyt Banku Pekao Pocztylion Polsat PZU Zota Jesien Sampo Skarbiec-Emerytura Zurich TOTAL

AFILIADOS / AFFILIATES % 31.12.2001

%

840.338 230.938 384.060 2.476.905 332.935 246.248 239.613 324.459 1.797.825 160.537 292.613 450.235 128.509 1.773.063 442.851 386.178 380.760

7,72% 2,12% 3,53% 22,75% 3,06% 2,26% 2,20% 2,98% 16,51% 1,47% 2,69% 4,14% 1,18% 16,28% 4,07% 3,55% 3,50%

840.410 215.355 389.075 2.442.917 317.504 219.853 236.240 261.188 1.730.154 135.264 292.250 451.579 131.882 1.751.972 452.060 376.788 392.918

7,90% 2,02% 3,66% 22,97% 2,98% 2,07% 2,22% 2,46% 16,26% 1,27% 2,75% 4,25% 1,24% 16,47% 4,25% 3,54% 3,69%

-0,01% 7,24% -1,29% 1,39% 4,86% 12,01% 1,43% 24,22% 3,91% 18,68% 0,12% -0,30% -2,56% 1,20% -2,04% 2,49% -3,09%

10.888.067

100,00%

10.637.409

100,00%

2,36%

Fuente / Source: Informe Cámara de Fondos de Pensiones de Polonia / Polish Pension Funds Chamber Report.

POLONIA: EVOLUCION DE LOS AFILIADOS (En miles)

11.188 OF AFFILIATES (In thousand) 1999 POLAND: EVOLUTION 10.402 2000 11.1882001 10.637 10.888 2002

11.200

10.888 11.000

10.637

10.800

10.402

10.600

10.400

10.200

10.000 1999

Var. 02-01

2000

2001

54

2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

POLONIA Fondos de Pensión Obligatorios ACTIVOS AL 30.09.2002 ASSETS AS OF 09.30.2002

Administradoras Administrators

Activos (Miles US$) Assets (US$ Thousand) 30.09.2002

Participación de Mercado Market Share

Activos (Miles US$) Assets (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

Var. % 02-01

AIG Allianz Polska Bankowy Commercial Union Credit Suisse Life & Pensions DOM EGO Ergo Hestia (PBK Orzel) ING Nationale-Nederlanden Polska Kredyt Banku Pekao Pocztylion Polsat PZU Zota Jesien Sampo Skarbiec-Emerytura Zurich

579.484 176.737 207.218 1.926.188 161.848 119.065 94.861 107.449 1.462.186 47.823 111.710 135.661 27.041 935.855 194.348 160.190 225.906

8,68% 2,65% 3,11% 28,86% 2,43% 1,78% 1,42% 1,61% 21,91% 0,72% 1,67% 2,03% 0,41% 14,02% 2,91% 2,40% 3,39%

408.546 116.675 0 1.359.649 113.456 74.915 68.075 67.246 1.017.667 26.866 79.960 0 19.285 681.004 139.303 107.990 172.885

9,17% 2,62% 0,00% 30,53% 2,55% 1,68% 1,53% 1,51% 22,85% 0,60% 1,80% 0,00% 0,43% 15,29% 3,13% 2,42% 3,88%

41,84% 51,48% 41,67% 42,65% 58,93% 39,35% 59,78% 43,68% 78,01% 39,71% 40,22% 37,42% 39,51% 48,34% 30,67%

TOTAL

6.673.572

100,00%

4.453.523

100,00%

49,85%

Fuente / Source: Informe Cámara de Fondos de Pensiones de Polonia / Polish Pension Funds Chamber Report. Tipo de Cambio al 30.09.2002 : 1US$ = 4 PLN / Exchange rate as of 09.30.2002: 1US$ = 4 PLN Tipo de Cambio al 31.12.2001 : 1US$ = 4 PLN / Exchange rate as of 12.31.2001: 1US$ = 4 PLN POLONIA: EVOLUCION DE LOS FONDOS DE PENDIONES (Millones de US$) 569 OF PENSION FUNDS (US$ Million) POLAND: EVOLUTION

1999 2000

2.481 6.674

7.000 6.000

4.454

5.000 4.000

2.481

3.000 2.000

569

1.000 0 1999

2000

2001

55

2002

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

NUMERO DE AFILIADOS AL 31.12.2002 NUMBER OF AFFILIATES AS OF 12.31.2002 AFILIADOS / AFFILIATES % 31.12.2001

Paises Latinoamericanos Latin American Countries 31.12.2002 PAISES REFORMADOS (Ahorro Obligatorio): Argentina Bolivia Colombia Costa Rica Chile Ecuador El Salvador México Panamá Perú República Dominicana (1) Uruguay Venezuela

TOTAL

%

Var. 02-01

9.106.349 760.959 4.715.948 1.174.768 6.708.491 237.398 992.824 29.421.202 206.000 2.993.782 99.164 616.664 n.d.

15,97% 1,33% 8,27% 2,06% 11,76% 0,42% 1,74% 51,59% 3,04% 5,25% 0,17% 1,08% n.d.

8.843.089 691.590 4.336.379 889.260 6.427.656 226.442 919.805 26.518.534 427.840 2.732.071 80.024 596.964 n.d.

16,78% 1,31% 8,23% 1,69% 12,20% 0,43% 1,75% 50,33% 7,21% 5,19% 0,15% 1,13% n.d.

2,98% 10,03% 8,75% 32,11% 4,37% 4,84% 7,94% 10,95% -51,85% 9,58% 23,92% 3,30% n.d.

57.033.549

102,68%

52.689.654

106,39%

8,24%

PAISES SIN REFORMA (Ahorro Voluntario): Brasil (2) Guatemala Honduras

6.768.165 n.d. n.d.

100,00% n.d. n.d.

5.937.902 n.d. n.d.

100,00% n.d. n.d.

13,98% n.d. n.d.

TOTAL

6.768.165

100,00%

5.937.902

100,00%

13,98%

Paises Europeos y Asiáticos European and Asiatic Countries 31.12.2002 PAISES REFORMADOS (Ahorro Obligatorio): Bulgaria Hungría (3) Kazajstán Polonia

%

AFILIADOS / AFFILIATES 31.12.2001

%

Var. 02-01

1.277.988 2.239.000 4.968.961 10.888.067

6,60% 11,56% 25,65% 56,20%

407.541 2.252.700 4.630.205 10.637.409

2,27% 12,57% 25,83% 59,33%

213,59% -0,61% 7,32% 2,36%

19.374.016

100,00%

17.927.855

100,00%

8,07%

6.529.308 4.200.000 n.d.

60,85% 39,15% n.d.

5.827.940 4.200.000 n.d.

58,12% 41,88% n.d.

12,03% 0,00% n.d.

TOTAL

10.729.308

100,00%

10.027.940

100,00%

6,99%

TOTAL TOTAL FIAP (*)

93.905.038 91.666.038

TOTAL

PAISES SIN REFORMA (Ahorro Voluntario): España Federación Rusa Ucrania

86.583.351 84.330.651

8,46% 8,70%

(1) República Dominicana: afiliados al 30.09.2002 y 31.12.2001 / Dominican Republic: affiliates as of 09.30.2002 and 12.31.2001 (2) Brasil: afiliados Abrapp al 31.12.2002 y 31.12.2001, afiliados Anapp al 30.06.2002 y 31.12.2001 / Brazil: affiliates as of 12.31.2002 and 12.31.2001, affiliates Anapp as of 06.30.2002 and 12.31.2001 (3) Hungría: afiliados al 30.09.2002 y 31.12.2001 / Hungary: affiliates as of 09.30.2002 and 12.31.2001 (*) Total FIAP al 31.12.2002 incorpora / As of 12.31.2002, total FIAP include: Argentina, Bolivia, Brasil, Bulgaria, Colombia, Costa Rica, Chile, Ecuador, El Salvador, España, Federación Rusa, Guatemala, Honduras, Kazajstán, México, Panamá, Perú, Polonia, República Dominicana, Ucrania, Uruguay y Venezuela.

56

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

FONDOS ADMINISTRADOS AL 30.06.2002 FUNDS MANAGED AS OF 06.30.2002 Paises Latinoamericanos Latin American Countries

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002 PAISES REFORMADOS (Ahorro Obligatorio): Argentina Bolivia Colombia Costa Rica Chile Ecuador El Salvador México Panamá Perú República Dominicana (1) Uruguay Venezuela

TOTAL

Participación de Mercado Market Share

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

Var. % 02 - 01

11.408.978 1.143.839 5.481.964 136.272 35.515.270 14.265 1.088.296 31.748.135 451.450 4.526.604 184.489 893.364 n.d.

12,32% 1,24% 5,92% 0,15% 38,36% 0,02% 1,18% 34,29% 0,49% 4,89% 0,20% 0,96% n.d.

20.786.258 935.626 4.955.370 20.877 35.460.770 13.430 779.718 27.146.106 599.056 3.622.078 167.924 1.045.400 n.d.

21,76% 0,98% 5,19% 0,02% 37,12% 0,01% 0,82% 28,42% 0,77% 3,79% 0,18% 1,09% n.d.

-45,11% 22,25% 10,63% 552,75% 0,15% 6,22% 39,58% 16,95% -24,64% 24,97% 9,86% -14,54% n.d.

92.592.926

100,00%

95.532.613

100,14%

-3,08%

PAISES SIN REFORMA (Ahorro Voluntario): Brasil Guatemala Honduras

56.052.863 n.d. n.d.

100,00% n.d. n.d.

77.945.712 n.d. n.d.

100,00% n.d. n.d.

-28,09% n.d. n.d.

TOTAL

56.052.863

100,00%

77.945.712

100,00%

-28,09%

Paises Europeos y Asiáticos European and Asiatic Countries

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2002 PAISES REFORMADOS (Ahorro Obligatorio): Bulgaria Hungría (2) Kazajstán Polonia

Participación de Mercado Market Share

Fondo (Miles US$) Fund (US$ Thousand) 31.12.2001

Participación de Mercado Market Share

Var. % 02 - 01

121.030 1.442.836 1.431.580 6.673.572

1,25% 14,92% 14,81% 69,02%

44.181 1.154.285 1.203.802 4.453.523

0,64% 16,84% 17,56% 64,96%

173,94% 25,00% 18,92% 49,85%

9.669.018

100,00%

6.855.792

100,00%

41,03%

50.094.478 1.613.003 n.d.

96,88% 3,12% n.d.

38.714.919 1.612.698 n.d.

96,00% 4,00% n.d.

29,39% 0,02% n.d.

51.707.482

100,00%

40.327.617

100,00%

28,22%

TOTAL PAISES SIN REFORMA (Ahorro Voluntario): España Federación Rusa Ucrania

TOTAL TOTAL TOTAL FIAP (*)

210.022.289 208.579.453

220.661.734 219.507.448

-4,82% -4,98%

NOTA: Cifras Nominales. Corresponden al valor del fondo en dólares del año / Nominal cipher. It correspond to fund value in dollars of year. (1) República Dominicana: fondos voluntario administrados al 30.09.2002 y 31.12.2001 / Dominican Republic: voluntary funds managed as of 09.30.2002 and 12.31.2001 (2) Hungría: fondos obligatorios y voluntarios administrados al 30.09.2002 y 31.12.2001 / Hungary: mandatory and voluntary funds managed as of 09.30.2002 and 12.31.2001. (*) Total FIAP al 31.12.2002 incorpora / As of 06.30.2002, total FIAP include: Argentina, Bolivia, Brasil, Bulgaria, Colombia, Costa Rica, Chile, Ecuador, El Salvador, España, Federación Rusa, Guatemala, Honduras, Kazajstán, México, Panamá, Perú, Polonia, República Dominicana, Ucrania, Uruguay y Venezuela.

57

xxxxxxxxxxxxxxxxxx

58

ANEXO II / ANNEX II COMPOSICION DE LA CARTERA POR PAIS AL 31.12.2002 / PORTFOLIO COMPOSITION BY COUNTRY AS OF 12.31.2002

59

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

ARGENTINA COMPOSICION DE LA CARTERA AL 31.12.2002 PORTFOLIO COMPOSITION AS OF 12.31.2002

Sector Estatal / State Sector Títulos Públicos Nacionales / National Public Notes

Miles US$ US$ Thousand 31.12.2002 8.859.829 8.606.883

% 77,66% 75,44%

Miles US$ US$ Thousand 31.12.2001 14.449.007 13.559.301

142.726 110.220 867.569 33.711 87.078 716.710

1,25% 0,97% 7,60% 0,30% 0,76% 6,28%

569.250 320.456 2.479.520 280.491 70.717 1.953.345

2,74% 1,54% 11,93% 1,35% 0,34% 9,40%

-74,93% -65,61% -65,01% -87,98% 23,14% -63,31%

30.070 520.386 291.698 125.887

0,26% 4,56% 2,56% 1,10%

174.967 3.011.156 2.263.934 409.746

0,84% 13,13% 10,89% 1,97%

-82,81% -82,72% -87,12% -69,28%

837 424 17.217 84.200

0,01% 0,00% 0,15% 0,74%

2.836 4.441 48.278 281.391

0,01% 0,02% 0,23% 1,35%

-70,49% -90,45% -64,34% 0,00%

123 1.017.944 21.735

0,00% 8,92% 0,19%

530 383.049 0

0,00% 1,84% 0,00%

0,00% 165,75% 0,00%

996.209 11.265.728 143.248 11.408.976

8,73% 98,74% 1,26% 100,00%

383.049 20.322.732 463.525 20.786.257

1,84% 96,41% 2,23% 98,64%

160,07% -44,57% -69,10% -45,11%

Títulos emitidos por Entes Estatales / Notes Issued by State Entities Economías Regionales / Regional Economies

Sector Empresas / Corporate Sector Obligaciones Negociable de LP / LT Negotiable Debt Obligaciones Negociable de CP / ST Negotiable Debt Acciones de Soc. Anónimas / Stock Company Shares Acciones de Empresas Privatizadas / Privatized Company Shares

Sector Financiero / Financial Sector Plazo Fijo / Fixed Terms Fondos Comunes de Inv. / Common Inv. Funds Contratos Neg. de Futuros y Opciones / Direct Investment Certif. Céd. y Letras Hipotecarias / Mortgage Titles and Notes Fondos de Inversión Directa / Direct Investment Funds Fideicomisos Financieros / Financial Trusteeship Total Inv. en trámite irregular neto de previsiones / Total investments in irregular procedure net of prevision

Sector Extranjero / Foreign Sector Títulos emitidos por Estados Ext. / Notes issued by Foreign States Títulos emitidos por Soc. Ext. / Notes issued by Foreign Companies

Total Inversiones / Total Investment Activos Disponibles / Liquid Assets TOTAL

% Var. 02-01 69,51% -38,68% 65,23% -36,52%

Fuente / Source: Boletín Estadístico Mensual Superintendencia de AFJP Enero 2002 / 2001. Statistical Bulletin of AFJP Superintendence January 2002/2001.

Sector Estatal Sector Empresas Sector Financiero Sector Extranjero Sector Financiero Activos Disponibles 4,56%

COMPOSICION DE LA CARTERA 77,66% / PORTFOLIO COMPOSITION Sector Extranjero 8,92%

7,60% 4,56% 8,92% Activos Disponibles 1,26% 1,26%

Sector Empresas 7,60%

Sector Estatal 77,66%

60

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

BOLIVIA COMPOSICION DE LA CARTERA AL 31.12.2002 PORTFOLIO COMPOSITION AS OF 12.31.2002 Miles US$ US$ Thousand 31.12.2002 790.094 776.781 971

% 69,07% 67,91% 0,08%

Miles US$ US$ Thousand 31.12.2001 684.925 670.020 12.295

12.342

1,08%

2.610

0,28%

372,87%

154.060 154.060

13,47% 13,47%

125.367 125.367

13,40% 13,40%

22,89% 22,89%

166.882 166.882

14,59% 14,59%

97.824 97.824

10,46% 10,46%

70,59% 70,59%

15.147 15.147

1,32%

-

Total Inversiones / Total Investment

1.126.183

98,46%

908.116

97,06%

24,01%

Activos Disponibles / Liquid Assets

17.656,00

1,54%

27.510

2,94%

-35,82%

TOTAL

1.143.839

100,00%

935.626

100,00%

22,25%

Sector Estatal / State Sector Bonos del TGN / TGN Bonds Letras del TGN / TGN Bills Valores Bco. Central Bolivia / Securities issued by Bolivia Central B.

Sector Empresas / Corporate Sector Bonos de Empresas / Company Bonds

Sector Financiero / Financial Sector Depósitos a Plazo Fijo / Fixed Term Deposits

Sector Extranjero / Foreign Sector

% Var. 02-01 73,20% 15,35% 71,61% 15,93% 1,31% -92,10%

-

-

Fuente / Source: Bolsa Boliviana de Valores

Sector Estatal Sector Empresas Sector Financiero Sector Extranjero Activos Disponibles

Sector Empresas 13,47%

COMPOSICION DE LA CARTERA 69,07% / PORTFOLIO COMPOSITION 13,47% Sector Financiero Sector Extranjero 14,59% 14,59% 1,32% 1,32% 1,54% Activos Disponibles 1,54%

Sector Estatal 69,07%

61

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

BRASIL - ABRAPP COMPOSICION DE LA CARTERA AL 31.12.2002 PORTFOLIO COMPOSITION AS OF 12.31.2002

Acciones / Stocks Inmobiliarias / Real State Depósitos a Plazo / Time Deposits Fondos de Inversión RF / RF Investment Funds Fondos de Inversión RV / RV Investment Funds Prestamos a Participantes / Loans to participants Financiamiento Inmobiliario / Real States Loan Bonos / Bonds Títulos Públicos / Public Bonds Otros / Others Operaciones con Patrocinadoras / Transaction Sponsors

TOTAL

Miles US$ US$ Thousand 31.12.2002 7.548.515 3.205.092 1.077.228 19.544.272 5.676.662 902.405 972.560 1.056.011 6.356.719 1.304.668

% 15,84% 6,72% 2,26% 41,00% 11,91% 1,89% 2,04% 2,22% 13,34% 2,74%

Miles US$ US$ Thousand 31.12.2001 12.280.687 4.529.614 2.069.528 26.785.837 6.966.524 1.176.824 1.651.502 1.373.820 7.516.309 1.929.614

21.499

0,05%

61.803

0,09%

-65,21%

47.665.629

100,00%

66.342.060

100,00%

-28,15%

% Var. 02-01 18,51% -38,53% 6,83% -29,24% 3,12% -47,95% 40,38% -27,04% 10,50% -18,52% 1,77% -23,32% 2,49% -41,11% 2,07% -23,13% 11,33% -15,43% 2,91% -32,39%

Fuente / Source: Boletín Estadístico Consilidado ABRAPP / ABRAPP Consolidated Statistical Bulletin NOTA: Las cifras corresponden a Fondos de Pensiones Voluntarios / Cipher correspond to Voluntary Pension Funds.

COMPOSICION DE LA CARTERA / PORTFOLIO COMPOSITION Títulos Públicos 15,84% 13,34% 6,72% Operaciones con Otros 2,26% Patrocinadoras 2,74% Bonos 0,05% Acciones 41,00% 2,22% 15,84% 11,91% 1,89% 2,04% 2,22% 13,34% 2,74% 0,05% 100,00%

Acciones Inmobiliarias Depósitos a Plazo Financiamiento FondosInmobiliario de Inversión RF Fondos de2,04% Inversión RV Prestamos a Participantes Prestamos a Financiamiento Inmobiliário Bonos Participantes 1,89% Títulos Públicos Otros Operaciones con Patrocinadoras

Inmobiliarias 6,72%

Depósitos a Plazo 2,26%

Fondos de Inversión RF 41,00%

Fondos de Inversión RV 11,91%

62

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

BRASIL - ANAPP COMPOSICION DE LA CARTERA AL 31.12.2002 PORTFOLIO COMPOSITION AS OF 12.31.2002

Renta Variable / Variable Income Renta Fija Públicos / Public Fixed Income Renta Fija Privados / Private Fixed Income Fondos PGBL / PGBL Funds Inmobiliarias / Real State Participación Accionaria / Stock Share Otros / Others

TOTAL

Miles US$ US$ Thousand 31.12.2002 366.851 1.664.861 3.917.761 2.013.146 70.958 260.160 93.548

% 4,37% 19,85% 46,71% 24,00% 0,85% 3,10% 1,12%

Miles US$ US$ Thousand 31.12.2001 661.682 3.107.456 4.034.566 1.907.468 141.700 364.845 153.633

8.387.285

100,00%

10.371.349

% Var. 02-01 6,38% -44,56% 29,96% -46,42% 38,90% -2,90% 18,39% 5,54% 1,37% -49,92% 3,52% -28,69% 1,48% -39,11% 100,00%

Fuente / Source: Informe ANAPP a Diciembre 2001 y Diciembre 2000 / ANAPP Report to December 2001 and December 2000. NOTA: Las cifras corresponden a Fondos de Pensiones Voluntarios / Cipher correspond to Voluntary Pension Funds.

Renta Variable Renta Fija Públicos Renta Fija Privados Fondos PGBL Inmobiliarias Participación Accionaria Otros Fondos PGBL 24,00%

COMPOSICION DE LA CARTERA 4,37% / PORTFOLIO COMPOSITION 19,85% Otros Renta Variable Participación Accionaria 46,71% 1,12% Inmobiliarias 4,37% 3,10% 24,00% 0,85% 0,85% 3,10% Renta Fija Públicos 1,12% 19,85%

Renta Fija Privados 46,71%

63

-19,13%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

BULGARIA COMPOSICION DE LA CARTERA AL 30.06.2002 PORTFOLIO COMPOSITION AS OF 06.30.2002 Miles US$ US$ Thousand 30.06.2002 70.892 70.226 666

% 59,95% 59,38% 0,56%

Miles US$ US$ Thousand 30.06.2001 27.647 23.735 3.912

Sector Empresas / Corporate Sector

2.540

2,15%

356

0,81%

613,48%

Sector Financiero / Financial Sector

44.828 34.138 4.641 5.907 142

37,91% 28,87% 3,92% 4,99% 0,12%

15.697 13.700 1.519 478

35,92% 31,35% 3,48% 1,09%

185,58% 149,18% 205,53% -70,29%

118.260

100,00%

43.700

Sector Estatal / State Sector Títulos del Gobierno / Government Securities Bonos Municipales / Municipal Bonds

Depósitos Bancarios / Bank Deposits Inmobiliario / Real Estate Bonos Hipotecarios / Mortgage Bonds Otras Inversiones / Other Investments

TOTAL

-

% Var. 02-01 63,27% 156,42% 54,31% 195,88% 8,95% -82,98%

-

100,00%

-

170,62%

Fuente / Source: State Insurance Supervision Agency, SISA NOTA: Las cifras corresponden a Fondos de Pensiones Voluntarios / Cipher correspond to Voluntary Pension Funds.

Sector Estatal Sector Empresas Sector Financiero

COMPOSICION DE LA CARTERA 59,95% / PORTFOLIO COMPOSITION 2,15% 37,91%

Sector Financiero 37,91%

Sector Estatal 59,95% Sector Empresas 2,15%

64

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

COLOMBIA COMPOSICION DE LA CARTERA AL 31.12.2002 PORTFOLIO COMPOSITION AS OF 12.31.2002 Miles US$ US$ Thousand % 31.12.2001 92,72% 4.608.737 49,38% 2.414.293 17,58% 1.019.424

% Var. 02-01 92,91% 10,09% 48,67% 11,92% 20,55% -5,63%

Sector Asegurador (bonos) / Insurer Sector (bonds)

908.266 296.895 193.915 10.574

16,60% 5,43% 3,54% 0,19%

738.526 255.698 164.895 15.901

14,89% 5,15% 3,32% 0,32%

22,98% 16,11% 17,60% -33,50%

Renta Variable

351.870

6,43%

285.615

5,76%

23,20%

Sector Asegurador (bonos) / Insurer Sector (bonds)

160.322 135.995 54.952 601

2,93% 2,49% 1,00% 0,01%

149.052 96.486 39.268 809

3,00% 1,95% 0,79% 0,02%

7,56% 40,95% 39,94% -25,71%

Depósitos a la Vista Derivados (posición neta)

65.714 -19.306

1,20% -0,35%

51.481 14.517

1,04% 0,29%

27,65% -232,99%

5.471.951

100,00%

4.960.350

100,00%

10,31%

Renta Fija Deuda pública / Public Debt Instituciones Financieras / Financial Institutions Instituciones no vigiladas por la Superintendencia Bancaria / Institutions not supervised FOGAFIN (1) Inversiones en el Exterior / Foreign Investment

Instituciones no vigiladas por la Superintendencia Bancaria / Institutions not supervised Instituciones Financieras / Financial Institutions Inversiones en el Exterior / Foreign Investment

TOTAL

Miles US$ US$ Thousand 31.12.2002 5.073.673 2.702.026 961.997

Fuente / Source: Informes Asofondos de Colombia / Asofondos of Colombia Reports (1) FOGAFIN: Fondo de Garantías de Instituciones Financieras.

Renta Fija Renta Variable Depósitos a la Vista Derivados

92,72% / PORTFOLIO COMPOSITION COMPOSICION DE LA CARTERA Renta Variable 6,41%

6,43% 1,20% -0,35%

Depósitos a la Vista 1,20%

Renta Fija 92,40%

65

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

CHILE COMPOSICION DE LA CARTERA AL 31.12.2002 PORTFOLIO COMPOSITION AS OF 12.31.2002

Sector Estatal / State Sector Instrumentos emitidos Bco. Central / Central Bank Notes Instrumentos emitidos Tesorería / Treasury Notes Bonos de Reconocimento / Past Service Bonds

Sector Empresas / Corporate Sector Acciones / Shares of Stock Bonos / Bonds Cuotas de Fondos de Inv. / Investment Fund Stakes

Sector Financiero / Financial Sector Letras Hipotecarias / Mortgage Notes Depósitos a Plazo / Time Deposits Bonos Instituciones Financieras / Fin. Institution Bonds Acciones Instituciones Financieras / Fin. Institution Shares Forwards

Sector Extranjero / Foreign Sector Cuotas Fondos Mutuos y Acciones/Quota of Mutual Funds and Stocks Cuotas Fondos de Inv. Internacional / Quota of Foreign Investment Funds Instrumentos de Deuda / Foreign Securities Forwards Otros / Others

Total Inversiones / Total Investment Activos Disponibles / Liquid Assets TOTAL

Miles US$ US$ Thousand 31.12.2002 10.649.710

% 29,99%

Miles US$ US$ Thousand 31.12.2001 11.649.930

8.661.390 0 1.988.320 6.548.890 3.209.840 2.543.870 795.180 12.446.260 3.956.340 7.545.240 653.410

24,39% 0,00% 5,60% 18,44% 9,04% 7,16% 2,24% 35,04% 11,14% 21,25% 1,84%

9.970.580 50 1.679.300 6.151.890 3.309.580 2.049.160 793.150 11.005.010 4.295.450 5.834.970 681.870

29,97% 0,00% 5,05% 18,49% 9,95% 6,16% 2,38% 33,08% 12,91% 17,54% 2,05%

-13,13% -100,00% 18,40% 6,45% -3,01% 24,14% 0,26% 13,10% -7,89% 29,31% -4,17%

302.940 -11.670 5.829.810

0,85% -0,03% 16,41%

216.490 -23.770 4.442.520

0,65% -0,07% 13,35%

39,93% 50,90% 31,23%

4.222.510

11,89%

2.876.880

8,65%

46,77%

82.370 1.426.460 0 98.470 35.474.670 40.600 35.515.270

0,23% 4,02% 0,00% 0,28% 99,89% 0,11% 100,00%

74.540 1.452.630 70 38.400 33.249.350 18.730 33.268.080

0,22% 4,37% 0,00% 0,12% 99,94% 0,06% 100,00%

10,50% -1,80% -100,00% 156,43% 6,69% 116,76% 6,75%

% Var. 02-01 35,02% -8,59%

Fuente / Source: Superintendencia de AFP de Chile / AFP Superintendence of Chile (*) Todas las cifras en dólares al 31 de diciembre de 2001 indicadas, corresponden al valor en pesos a esa fecha actualizado por la variación de la U.F. entre el 31 de diciembre de 2001 y el 31 de diciembre de 2002 y dividido posteriormente por el valor del dólar al 31 de diciembre de 2002 / All ciphers in dollars as of december 31, 2001 indicates, correspond to the value in pesos brings up to date by U.F. variation between december 31, 2001 and december 31, 2002 and divides by the dollar value as of december 31, 2002.

Sector Estatal Sector Empresas Sector Financiero Sector Extranjero Activos Disponibles

COMPOSICION DE LA CARTERA 29,99% / PORTFOLIO COMPOSITION 18,44% 35,04% Sector Extranjero 16,41% Activos Disponibles 16,41% 0,11% 0,11% Sector Estatal 29,99%

Sector Financiero 35,04%

Sector Empresas 18,44%

66

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

ECUADOR COMPOSICION DE LA CARTERA AL 31.12.2002 PORTFOLIO COMPOSITION AS OF 12.31.2002

Sector Estatal / State Sector Sector Empresas / Corporate Sector Sector Financiero / Financial Sector Sector Extranjero / Foreing Sector

Miles US$ US$ Thousand 31.12.2002 10.800 108 2.707 -

% 79,28% 0,79% 19,87% -

Miles US$ US$ Thousand 31.12.2001 9.627 123 3.451 100

Total Inversiones / Total Investment Activos Disponibles / Liquid Assets TOTAL

13.615 7 13.622

99,95% 0,05% 100,00%

13.301 128 13.429

% Var. 01-00 71,69% 12,19% 0,92% -12,20% 25,70% -21,57% 0,74% 99,05% 0,95% 100,00%

2,36% -94,34% 1,44%

Fuente / Source: Asociación de Administradoras de Fondos de Inversión y Fideicomisos del Ecuador. Association of Investment and Fideicomisos Fund Administrators. NOTA: Las cifras corresponden a Fondos de Pensiones Voluntarios. En Noviembre de 2001, se aprobó la Ley de Seguridad Social que incorpora el régimen de Capitalización Individual Obligatorio / Cipher correspond to Voluntary Pension Funds. On November 2001, Social Security Law was approved, incorporating the Individual Capitalization Mandatory regime.

Sector Estatal Sector Empresas Sector Financiero Activo Disponible

COMPOSICION DE LA CARTERA 79,28% / PORTFOLIO COMPOSITION 0,79% 19,87% Activo Disponible 0,05% 0,05%

Sector Financiero 19,87%

Sector Empresas 0,79%

Sector Estatal 79,28%

67

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

EL SALVADOR COMPOSICION DE LA CARTERA AL 31.12.2002 PORTFOLIO COMPOSITION AS OF 12.31.2002

Sector Estatal / State Sector Renta Fija

Sector Empresas / Corporate Sector Renta Fija Renta Variable

Sector Financiero / Financial Sector Total Inversiones / Total Investment Activos Disponibles / Liquid Assets TOTAL

Miles US$ US$ Thousand 31.12.2002 898.417 898.417 10.156 5.175 4.982 152.708 1.061.282 27.014

% 82,55% 82,55% 0,93% 0,48% 0,46% 14,03% 97,52% 2,48%

Miles US$ US$ Thousand 31.12.2001 619.935 619.935 12.139 7.001 5.138 135.912 767.986 11.733

1.088.296

100,00%

779.719

% Var. 02-01 79,51% 44,92% 79,51% 44,92% 1,56% -16,33% 0,90% -26,09% 0,66% -3,04% 17,43% 12,36% 98,50% 38,19% 1,50% 130,25% 100,00%

Fuente / Source: Superintendencia de Pensiones de El Salvador / Pension Superintendence of El Salvador

Sector Estatal Sector Financiero Sector Empresas Activos Disponibles

COMPOSICION DE LA CARTERA 82,55% / PORTFOLIO COMPOSITION 14,03% 0,93% Sector Empresas 2,48% 0,93%

Activos Disponibles 2,48%

Sector Financiero 14,03%

Sector Estatal 82,55%

68

39,58%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

ESPAÑA COMPOSICION DE LA CARTERA AL 31.12.2002 PORTFOLIO COMPOSITION AS OF 12.31.2002

Cartera Interior / Domestic Portfolio Renta Fija Pública / Public Fixed Income Renta Fija Privada / Private Fixed Income Renta Variable / Variable Income Otras Inversiones / Other Investments

Cartera Exterior / Foreign Portfolio Renta Fija / Fixed Income Renta Variable / Variable Income

Tesorería / Treasury Otros Activos / Other Assets TOTAL

Miles US$ US$ Thousand 31.12.2002 22.041.570 10.018.896 7.514.172 4.007.558 500.945 12.523.620 8.516.061 4.007.558 9.017.006 6.512.282

% 44,00% 20,00% 15,00% 8,00% 1,00% 25,00% 17,00% 8,00% 18,00% 13,00%

Miles US$ US$ Thousand 31.12.2001 18.583.161 9.678.730 4.645.790 3.097.194 1.161.448 12.001.625 6.968.685 5.032.939 4.645.790 3.484.343

50.094.478

100,00%

38.714.919

% Var. 02-01 48,00% 18,61% 25,00% 3,51% 12,00% 61,74% 8,00% 29,39% 3,00% 31,00% 4,35% 18,00% 22,20% 13,00% -20,37% 12,00% 94,09% 9,00% 86,90% 100,00%

Fuente / Source: Asociación de Instituciones de Inversión Colectiva y Fondos de Pensiones (INVERCO) Association of Collective Investment Institutions and Pension Funds (INVERCO) NOTA: Las cifras corresponden a Fondos de Pensiones Voluntarios / Cipher correspond to Voluntary Pension Funds.

COMPOSICION DE LA CARTERA 44,00% / PORTFOLIO COMPOSITION 25,00% 18,00% Otros Activos 13,00% 13,00%

Cartera Interior Cartera Exterior Tesorería Otros Activos

Cartera Interior 44,00%

Tesorería 18,00%

Cartera Exterior 25,00%

69

29,39%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

HUNGRÍA COMPOSICION DE LA CARTERA AL 31.12.2001 PORTFOLIO COMPOSITION AS OF 12.31.2001 Miles US$ US$ Thousand 31.12.2001

Miles US$ US$ Thousand 31.12.2000

%

%

Var. 01-00

Papeles del Gobierno / Government Securities Bonos / Corporate and municipal bonds Acciones / Stocks Fondos Mutuos / Investment Vouchers Otros Activos (1) / Other Assets Activos Disponibles TOTAL

923.428 34.629 133.897 26.549 21.931 13.851 1.154.285

80,00% 3,00% 11,60% 2,30% 1,90% 1,20% 100,00%

478.693 14.188 91.297 16.039 8.019 8.636 616.872

77,60% 2,30% 14,80% 2,60% 1,30% 1,40% 100,00%

92,91% 144,07% 46,66% 65,53% 173,49% 60,39% 87,12%

Fuente / Source: Reporte a Junio 2001 y Reporte Anual 2000 de la Autoridad Financiera Supervisora de Hungría Report to June 2001 and Annual Report 2000 of Financial Supervisor Authority of Hungary (*) La Cartera considera sólo los Fondos de Pensiones Obligatorios / Portfolio only consider Mandatory Pension Funds (1) Otros Activos incluye las inversiones en Depósitos bancarios y efectivos, Depósitos Bancarios y otros / Other assets include investments in Deposits in banks and cash, Deposits in banks and others

Papeles del Gobierno Bonos Acciones Fondos Mutuos Otros Activos Activo Disponible

80,00% COMPOSICION DE LA CARTERA / PORTFOLIO COMPOSITION 3,00% 11,60%

Acciones2,30% 11,60%1,90% Bonos 3,00%

Fondos Mutuos 2,30%

Otros Activos 2.8%

1,20% Activo Disponible 1,20%

Papeles del Gobierno 80,00%

70

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

KAZAJSTAN COMPOSICION DE LA CARTERA AL 31.12.2002 PORTFOLIO COMPOSITION AS OF 12.31.2002 Miles US$ US$ Thousand 30.06.2002 795.930 -

% 55,60% -

Miles US$ US$ Thousand 30.06.2001 555.533 46.404

788.610

55,09%

507.462

68,30%

55,40%

7.320

0,51%

1.667

0,22%

339,11%

323.980 50.690

22,63% 3,54%

118.337 18.093

15,93% 2,44%

173,78% 180,16%

273.290

19,09%

100.244

13,49%

172,62%

158.940 33.560

11,10% 2,34%

50.029 30.562

6,73% 4,11%

217,70% 9,81%

125.380

8,76%

19.467

2,62%

544,06%

Títulos extranjeros / Securities of foreign issuers

79.910 79.910

5,58% 5,58%

19.077 19.077

2,57% 2,57%

318,88% 318,88%

Activos Disponibles / Liquid Assets

72.860

5,09%

1.431.620

100,00%

Sector Estatal / State Sector Títulos estatales de corto plazo / Short-term state securities Títulos estatales de mediano y largo plazo / Medium and long-term state securities Títulos de cuerpos ejecutivos locales de la Rep de Kazakhstan / Securities of local executive bodies of the RK

Sector Empresas / Corporate Sector

Acciones de la lista "A" de KASE / Issuers' stocks A-listed at the KASE Bonos de la lista "A" de KASE / Issuers' bonds Alisted at the KASE

Sector Financiero / Financial Sector Títulos de organizaciones financieras internacionales / Securities of international Depóstios en bancos / Deposits in the second-tier banks

Sector Extranjero / Foreign Sector

TOTAL

742.976

% Var. 02-01 74,77% 43,27% 6,25% -

100,00%

Fuente / Source: Comité Regulador de Actividades de los Fondos de Pensiones Committee on Regulation of Activities of Accumulation Pension Funds

Sector Estatal Sector Empresas Sector Financiero Sector Extranjero Activos Disponibles Sector Financiero

COMPOSICION DE LA CARTERA / PORTFOLIO COMPOSITION 55,60% Sector Extranjero 22,63% Activos Disponibles 5,58% 11,10% 5,09% 5,58% 5,09%

11,10%

Sector Estatal 55,60%

Sector Empresas 22,63%

71

92,69%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

MEXICO COMPOSICION DE LA CARTERA AL 31.12.2002 PORTFOLIO COMPOSITION AS OF 12.31.2002

Sector Estatal / State Sector Cetes Bondes Udibonos PIC's Bono IPAB Bono 3 años Bono 5 años Bono 10 años BREMS

Sector Empresas / Corporate Sector Pagarés a Plazos Indizados / Indexed Term Prom. Notes Pagarés a Plazos Tasa Nominal / Nominal Term Prom. Notes Depósitos en Banco de México / Deposits in Bank of Mexico

Sector Financiero / Financial Sector BANOBRA

Otros Activos TOTAL

Miles US$ US$ Thousand 31.12.2002 25.845.584 1.460.248 15.631.599 2.945.424 231.680 0 289.034 2.822.206 2.010.207 455.187 4.847.986 1.120.923 3.720.005 7.059 306.164 306.164 748.401 31.748.135

% 81,41% 4,60% 49,24% 9,28% 0,73% 0,00% 0,91% 8,89% 6,33% 1,43% 15,27% 3,53% 11,72% 0,02% 0,96% 0,96% 2,36% 100,00%

Miles US$ US$ Thousand 31.12.2001 23.813.903 1.163.352 15.685.684 2.461.408 497.275 13.818,00 215.269 3.205.337 265.949 305.811 2.331.679 880.459 1.451.100 120 364.867 364.867 635.658 27.146.107

% 87,72% 4,29% 57,78% 9,07% 1,83% 0,05% 0,79% 11,81% 0,98% 1,13% 8,59% 3,24% 5,35% 0,00% 1,34% 1,34% 2,34% 100,00%

Var. 02-01 8,53% 25,52% -0,34% 19,66% -53,41% -100,00% 34,27% -11,95% 655,86% 48,85% 107,92% 27,31% 156,36% 5782,16% -16,09% -16,09% 17,74% 16,95%

Fuente / Source: Asociación Mexicana de Administradoras de Fondos para el Retiro. Mexican Association of Retirement Funds Administrators. CETES : Certificados de la Tesorería / CETES: Treasury Certificates. BONDES: Bonos de Desarrollo del Gobierno Federal / BONDES: Federal Government Development Bonds. UDIBONOS: Bonos de Desarrollo del Gobierno Federal denominado en Unidades de Inversión (UDI´s) / UDIBONOS: Federal Government Development Bonds, expressed in UDI's PIC´s: Pagarés de Indemnización Carretera / PIC's: Highway Indemnification Bonds. BREMS: Bonos de Regulación Monetaria del Banco de México / BREMS: Bonds of Monetary Regulation of Mexican Bank.

Sector Estatal Sector Empresas Sector Financiero Otros Activos Activos Disponibles

#¡REF! COMPOSICION DE LA CARTERA 81,41% / PORTFOLIO COMPOSITION Sector Estatal 15,27% 81,41% 0,96% 2,36% #¡REF!

Activos Disponibles 0,00%

Sector Empresas 15,27% Otros Activos 2,36%

Sector Financiero 0,96%

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Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

PANAMA COMPOSICION DE LA CARTERA AL 31.12.2001 PORTFOLIO COMPOSITION AS OF 12.31.2001

Sector Estatal / State Sector Sector Empresas / Corporate Sector Sector Financiero / Financial Sector TOTAL

Miles US$ US$ Thousand 31.12.2001 378.004 5.991 215.061

% 63,10% 1,00% 35,90%

Miles US$ US$ Thousand 31.12.2000 367.338 3.003 156.460

599.056

100,00%

526.801

% Var. 02-01 69,73% 2,90% 0,57% 99,50% 29,70% 37,45% 100,00%

Fuente / Source: AFP Progreso

COMPOSICION DE LA CARTERA / PORTFOLIO COMPOSITION Sector Estatal Sector Empresas Sector Financiero

63,10% 1,00% 35,90% Sector Financiero 35,90%

Sector Estatal 63,10%

Sector Empresas 1,00%

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13,72%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

PERU COMPOSICION DE LA CARTERA AL 31.12.2002 PORTFOLIO COMPOSITION AS OF 12.31.2002 Miles US$ US$ Thousand 31.12.2002 586.365 390.719 121.147 74.499 1.788.396 491.492 1.090.585

% 12,95% 8,63% 2,68% 1,65% 39,51% 10,86% 24,09%

Miles US$ US$ Thousand 31.12.2001 498.713 226.984 114.980 156.749 1.332.734 520.012 643.844

74.336 33.155 2.036 70.929 25.864 1.824.169 1.149.737 321.431 191.267 82.166 75.264 865 3.439 325.898 3.109

1,64% 0,73% 0,04% 1,57% 0,57% 40,30% 25,40% 7,10% 4,23% 1,82% 1,66% 0,02% 0,08% 7,20% 0,07%

72.705 16.168 80.006 1.585.366 805.877 254.678 330.442 111.313 78.390 4.666 173.187 173.187

2,01% 0,45% 2,21% 43,77% 22,25% 7,03% 9,12% 3,07% 2,16% 0,13% 4,78% 4,78%

2,24% 105,07% -11,35% 15,06% 42,67% 26,21% -42,12% -26,18% -3,99% -81,46% 88,18% -98,20%

Operaciones en tránsito Total Inversiones / Total Investment Activos Disponibles / Liquid Assets

125.292 191.637 5.860,558 1.775 4.526.603 0

2,77% 4,23% 0,13% 0,04% 100,00% 0,00%

3.590.000 32.078

99,11% 0,89%

26,09% -100,00%

TOTAL

4.526.603

100,00%

3.622.078

100,00%

24,97%

Sector Estatal / State Sector Valores del Gob. Central / Central Gov. Securities Bco. Central de Reserva del Perú / Peru Central Bank Bonos Brady / Brady Bonds

Sector Empresas / Corporate Sector Bonos / Bonds Acciones / Stock Pagarés y Papeles Comerciales / Prommisory and Commercial Notes Cuotas de Fondos de Inversión / Investment Fund Stakes Bonos de Fondos de Inversión / Investment Fund Bonds Activos Titulizados / Securities Bonos para Nuevos Proyectos

Sector Financiero / Financial Sector Depósitos a Plazo / Time Deposits Acciones / Stock Bonos de Arrendamiento Financiero / Leasing Bonds Bonos Subordinados / Subordinated Bonds Otros Bonos S. Financ. / Other Financial System Issues Letras Hipotecarias / Mortgage Notes Bonos Hipotecarios / Mortgage Bonds

Sector Extranjero / Foreign Sector Acciones Extranjeras / Foreing Stocks Títulos de Deuda de Estados Extranjeros / Foreign Sovereign Debt Fondos Mutuos del Ext. / Foreign Investment Funds Bonos de Agencias

% Var. 02-01 13,77% 17,58% 6,27% 72,13% 3,17% 5,36% 4,33% -52,47% 36,79% 34,19% 14,36% -5,48% 17,78% 69,39%

Fuente / Source: Superintendencia de Banca y Seguros / Superintendence of Bank and Insurance

Sector Estatal Sector Financiero Sector Empresas Sector Extranjero Operaciones en Tránsito

COMPOSICION DE LA CARTERA / PORTFOLIO COMPOSITION 12,95% Sector Extranjero 40,30% 7,20% 39,51% Operaciones en Tránsito 0,04% 7,20% Sector Estatal 12,95% 0,04%

Sector Empresas 39,51%

Sector Financiero 40,30%

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Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

POLONIA COMPOSICION DE LA CARTERA AL 31.12.2001 PORTFOLIO COMPOSITION AS OF 12.31.2001 Miles US$ US$ Thousand 31.12.2001 3.322.075 3.304.525

% 68,45% 68,09%

Miles US$ US$ Thousand 31.12.2000 1.448.677 1.400.545

17.550

0,36%

48.132

1,94%

-63,54%

Depósitos bancarios y títulos / Bank deposits and securities

1.388.750 1.304.475 84.275 142.425 142.425

28,61% 26,88% 1,74% 2,93% 2,93%

785.247 778.797 6.450 142.411 142.411

31,65% 31,39% 0,26% 5,74% 5,74%

76,86% 67,50% 1206,59% 0,01% 0,01%

Total Inversiones / Total Investment Activos Disponibles / Liquid Assets

4.853.250 0

100,00% 0,00%

2.376.335 104.700

95,78% 4,22%

104,23% -100,00%

TOTAL

4.853.250

100,00%

2.481.035

100,00%

95,61%

Sector Estatal / State Sector Papeles y depósitos de Tesorería y Banco Nacional de Polonia / Bills and bonds issued by Treasury and National Bank Fondos de Inversión Nacional / National Investment Funds

Sector Empresas / Corporate Sector Acciones / Stocks Bonos / Bonds

Sector Financiero / Financial Sector

% Var. 01-00 58,39% 129,32% 56,45% 135,95%

Fuente / Source: Cámara Polaca de Fondos de Pensión / Polish Pension Fund Chamber

Sector Estatal Sector Financiero Sector Empresas

68,45% COMPOSICION DE LA CARTERA 2,93% / PORTFOLIO COMPOSITION 28,61%

Sector Empresas 28,61%

Sector Financiero 2,93%

Sector Estatal 68,45%

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Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

URUGUAY COMPOSICION DE LA CARTERA AL 31.12.2002 PORTFOLIO COMPOSITION AS OF 12.31.2002 Miles US$ US$ Thousand 31.12.2002 498.316 2.123 23.648 158.508 219.190

% 55,78% 0,24% 2,65% 17,74% 24,54%

Miles US$ US$ Thousand 31.12.2001 640.120 4.500 39.830 517.620

Total Inversiones / Total Investment Activos Disponibles / Liquid Assets

25.665 8.481 6.701 2.186 1.959 45.435 4.421 43.018 12.544 4.529 25.945 178.472 53.961 114.114 10.253 144 719.806 173.558

2,87% 0,95% 0,75% 0,24% 0,22% 5,09% 0,49% 4,82% 1,40% 0,51% 2,90% 19,98% 6,04% 12,77% 1,15% 0,02% 80,57% 19,43%

53.300 10.940 9.280 2.310 1.780 560 62.840 45.310 17.530 226.700 173.140 26.980 25.100 1.480 929.660 115.740

5,10% 1,05% 0,89% 0,22% 0,17% 0,05% 6,01% 4,33% 1,68% 21,69% 16,56% 2,58% 2,40% 0,14% 88,93% 11,07%

-51,85% -22,47% -27,79% -5,37% 10,06% 689,44% -31,54% -72,31% -74,17% -21,27% -68,83% 322,96% -59,15% -90,27% -22,57% 49,96%

TOTAL

893.364

100,00%

1.045.400

100,00%

-14,54%

Sector Estatal / State Sector Bonos Previsionales / Social Security Bonds Bonos del Tesoro / Treasury Bonds Bonos del Tesoro UI/ Treasury Bonds UI Bonos Globales / Global Bonds Bonos de Ahorros Previsionales / Social Security Savings Bonds Eurobonos US$ / Eurobonds US$ Eurobonos Euros / Eurobonds Euros Eurobonos en $ Chilenos / Eurobonds Chilean Pesos Eurobonos en Yenes / Eurobonds Yens Letras de Tesorería en $ / Treasury Notes in $ Letras de Tesorería en US$ / Treasury Notes in US$

Sector Empresas / Corporate Sector Obligaciones Negociables LP / LT Negotiable Debt Préstamos de Consumo / Consumer Loans Otros Préstamos / Other Loans

Sector Financiero / Financial Sector Plazo Fijo / Fixed Term Depósitos / Deposit Bonos Hipotecarios / Mortgage Bonds Bonos Reajustables / Readjustable Bonds

% Var. 02-01 61,23% -22,15% 0,43% -52,82% 3,81% -40,63% 49,51% -57,65%

Fuente / Source: República AFAP Sector Estatal Sector Empresas Sector Financiero Activos Disponibles

COMPOSICION DE LA CARTERA 55,78% / PORTFOLIO COMPOSITION Sector Financiero 19,98%

4,82% 19,98% 19,43%

Activos Disponibles 19,43%

Sector Empresas 4,82%

Sector Estatal 55,78%

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ANEXO III / ANNEX III FUERZA DE VENTAS Y VOLUMEN DE TRASPASOS POR PAIS AL 31.12.2002 / SALES FORCE AND VOLUME OF SWITCHOVERS BY COUNTRY AS OF 12.31.2002

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Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

FIAP NUMERO DE VENDEDORES NUMBER OF SALESMEN Paises Latinoamericanos Latin American Countries

31.12.02

31.12.01

31.12.00

31.12.99

31.12.98

Var. % 01-00

Argentina Bulgaria (1) Colombia (2) Costa Rica (3) Chile (4) Ecuador El Salvador México Perú Uruguay

9.118 28.046 5.120 n.d. 2.702 n.d. 399 12.116 861 184

11.381 31.778 5.120 1.463 2.742 126 573 10.781 880 197

11.683 4.915 5.512 2.993 124 856 13.482 1.042 342

11.877 5.368 3.844 273 886 11.400 1.735 757

13.725 5.296 6.343 235 1.253 15.553 2.819 777

-19,88% -11,74% 0,00% -1,46% 12,38% -2,16% -

TOTAL

58.546

65.041

40.949

36.140

46.001

-9,99%

NUMERO DE TRASPASOS ANUALES NUMBER OF ANNUAL SWITCHOVERS Paises Latinoamericanos Latin American Countries

31.12.02

31.12.01

31.12.00

31.12.99

31.12.98

Var. % 01-00

Argentina Bolivia (5) Colombia Chile (4) (6) El Salvador México Perú Polonia Uruguay

330.542 4.135 151.198 103.813 47.058 120.089 4.179 n.d. 1.251

412.683 0 153.552 235.245 80.402 106.220 6.251 412.683 330

401.009 0 195.749 255.798 134.957 91.653 5.537 401.009 43.570

331.460 0 116.079 489.757 44.909 44.038 28.637 331.460 35.638

414.467 0 81.806 697.282 n.d. 3.535 39.848 414.467 44.953

-19,90% -1,53% -55,87% -41,47% 13,06% -33,15% 279,09%

TOTAL

762.265

1.407.366

1.529.282

1.421.978

1.696.358

-45,84%

(1) Datos al 31.12.2001 corresponde a cifras aproximadas a septiembre de 2001 / Approximate cipher to september 2001 to data as of 12.31.2001 (2) Dato correspondiente a abril de 2002 / Cipher correspond to april 2002 (3) Cifras a Octubre de 2001 / Cipher as of October 2001 (4) Dato correspondiente al 30.06.2002 / Cipher correspond to 06.30.2002 (5) En Bolivia, conforme a disposición legal, el mercado estuvo cautivo por 5 años. / In Bolivia, by law, the market was 5 years without switchovers. (6) Corresponde a las cuentas que se traspasaron entre administradoras tres meses después de la suscripción del traspaso, excluyendo aquellas suspendidas por reclamos, fallecimientos o trámites de pensión / It correspond to the accounts that were transfered between administrators three months after the transfer suscription, excluding that one suspended by complaint, dead or pension procedure.

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ANEXO IV / ANNEX IV ESTRUCTURA DE COTIZACION POR PAIS AL 31.12.2002 / CONTRIBUTION STRUCTURE BY COUNTRY AS OF 12.31.2002

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Contribution Schedule Following is a table showing the average percentages charged by the pension fund administrators in each country: Country

Argentina Bolivia Bulgaria (*) Colombia Chile El Salvador Mexico (**) Peru Dominican Republic Uruguay

Contribution (% of taxable salary) (3) = (1) + (2) 5.00% 12.21% 2.00% 13.50% 12.26% 12.98% 6.50% 11.51% 7.00% 15.00%

Individual Capitalization Account (1) 2.75% 10.00% 1.90% 10.00% 10.00% 10.00% 4.82% 8.00% 5.00% 12.37%

Administrator’s Commission (2) 2.25% 2.21% 0.10% 3.50% 2.26% 2.98% 1.68% 3.51% 2.00% 2.63%

(2) Commission charged by the Administrator that includes variable commissions and the Insurance Company premium. This information is shown under Annex V of the present Bulletin. In the case of Mexico, however, this commission does not include the Disability and Life Insurance premium since it is managed by the Mexican Institute of Social Security (IMSS). (*) Bulgaria: Information corresponding to the universal funds. The contributions to the professional funds are 7% and 12%, respectively, depending on the type of worker. (**) Mexico: since the Afores charge different types of commission (See Annex V), the National Commission of the Retirement Savings System (CONSAR) calculates an average equivalent commission, which is of 1.7% of taxable income as of June 2002.

Argentina The contribution to the integrated Retirement and Pension System includes a 5% worker contribution – in case the latter opts in favor of an individual savings and capitalization system – and an 11% in case the worker opts in favor of the pay-as-you-go (PAYG) pension system, plus a 16% employer contribution to finance the pay-as-you-go system. The drop in the contributions made by workers in the individual savings and capitalization system from 11% to 5% was established by Decree N° 1,387 of November 1, 2001, for a period of 1 year, and it can be extended for one additional year. Another norm gradually

83

reestablishes the 11% contribution by means of 2-percentage-point contributions in the months of March, July and October of the year 2003. The 5% contribution made by each worker is distributed according to the following percentages (established by law): 2.75% 0.69% 1.56%

Individual Capitalization Account Disability and Survival Insurance Premium AFJP Commission

Bolivia The contribution is comprised by a 12.21% contribution from the worker’s taxable salary, which is distributed as follows: 10.00% 1.71% 0.50%

Individual Capitalization Account Premium for disability & death accidents (Common Risk). AFP Commission

Employers make an additional 1.71% contribution toward an illness insurance premium or Disability and death accidents (Professional Risk). Pension fund administrators manage 2 funds: - The Individual Capitalization Fund (FCI), comprised of a 10% mandatory contribution; and, - The Collective Capitalization Fund (FCC) comprised of the Capitalization of Public Companies by the State. AFPs manage the shares that correspond to 50% of the value of the capitalized companies (25% for each AFP). The disability and death premium funds managed for common risk and professional risk were transferred to the Underwriting Entities awarded in the bidding process on November 2001. The AFPs are subcontracted by these entities for the preparation, qualification and issuance of the judgment of disability and origin of death, for which they charge the Insurance Companies a commission of 11% over the amount of the premiums. Bulgaria In the Mandatory Complementary System, the 2% contribution to the Universal Fund is contributed by the employer and the employee and it is itemized as follows: 1.90%

Individual Capitalization Account

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0.10%

AFP Commission

In the case of Professional Funds, the 12% or 7% contribution – depending on the type of worker – is contributed by the employer. Colombia The contribution to either system – whether the Medium Premium or the Individual Savings System – is the same. Contributions – in the case of dependent workers – are the equivalent of 13.5% of their contribution base monthly salary, with a maximum of 20 Minimum Salaries or US$ 3,000. Of such 13.5%, 75% is payable by the employer and 25% by the worker. In the case of independent workers, such 13.5% is fully financed by the affiliate member. The 13 % contribution is distributed as follows: 10.00% 1.58% 1.92%

Individual Capitalization Account Management Commissions (system average) Disability and Survival Insurance (system average)

If the worker’s salary is equal to or greater than 4 Minimum Legal Salaries (as of December 31, 2002 the Minimum Legal Salary stood at Col$ 309,000 pesos; equivalent to US$ 107.86 dollars, at the exchange rate of Col$ 2,867.79 pesos per dollar), i.e. US$ 431.45, the worker is obligated to make an additional 1% contribution to the Solidary Pension Fund. The enactment of Law 797 – which amends Law 100 of the year 1993 – the rate of contributions will increase progressively according to the following schedule: Year 2003 Year 2004 Year 2005 the worker contributes 25% and the employer 75% of this rate. Year 2006 Year 2008 Beginning on January 1, 2008, the government shall be entitled to increase the mandatory contribution by 1 percentage point, for one time only, provided that the country’s GDP growth would have expanded by 4% or better during the 2 preceding years. Costa Rica The individual savings contribution is equivalent to 4.25% of the worker’s salary and it is contributed as follows:

85

Contributor

Contribution

Allocation (*)

Worker

1%

Banco Popular - bank

Employer

0,25%

Banco Popular - bank

Employer

1,5

National Insurance Institute and National Learning Institute

Employer

3%

Labor Capitalization Fund (**)

(*) Prior to Law 7983, which provides for a redistribution of the existing charges. (**) 50% of this contribution is transferred over to the worker’s mandatory individual savings account.

Chile Every worker affiliated to an AFP is obligated to make social security contributions as indicated below, calculated as a percentage of the respective taxable salary, with a maximum ceiling of 60 UF (Unidades de Fomento – Inflation Index Units): - 10% toward financing the worker’s old-age, disability and survival insurance pension; and, - An additional contribution - fixed by each Administrator (2.26% on the average) allocated to pay for an Insurance Company premium to cover the worker’s Disability and Death risks (0.80%) and to finance the AFP management costs (1.46%). There are no employer contributions; the latter only acts as a withholding agent. El Salvador The contribution amounts to 12.98% of each worker’s salary. 10% of it goes to the worker’s Individual Capitalization Account. The 2.98% that is contributed by each worker corresponds to the AFP management commission and goes to pay the Disability and Survival insurance premium (1.47%) and the management cost of the individual accounts (1.51%). Spain

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In the individual system – since it is voluntary – the contribution depends of the personal decision of each affiliate member within certain maximum tax-deductible contribution limits. In the employment system, the employer contribution will depend, in each case, of the amount negotiated by the employer with the worker representatives, within certain maximum tax-deductible contribution limits. Likewise, the affiliate is entitled to make its own contributions to the employment system, in which case the individual system limits shall be computed. Kazakhstan Workers contribute 10% of their income. Mexico Contributions toward the Retirement Sub-account, Advanced-Age Unemployment and Old Age (Sub Cuenta de Retiro, Cesantía en edad avanzada y Vejez, RCV) corresponds to 6.5% of the base contribution salary, which is contributed from 3 different sources, as follows: - Worker - State - Employer

: 1.125% : 0.225% : 5.150%

The 2% employer contribution quota corresponds to the former SAR system. The 6.5% contribution is distributed as follows: 4.82% 1.68%

Individual Capitalization Account. Equivalent average commission charged by the Afores (since the Afores charge their commissions in different manners, an average and single commission is calculated for all Afores across the board, according to the flow of contributions, pursuant to the methodology established by the CONASAR).

Additionally, the State adds a 5.5% social quota (solidary contribution) of the Minimum General Salary in effect in the Federal District. The Disability and Life Insurance (IV) is managed by the Mexican Institute of Social Security (IMSS) and it represents 2.5% of the contribution-base salary. The contribution is made from 3 different sources: the Employer (1.75%); the Worker (0.62%); and the State (0.13%).

87

In Mexico, workers also make contributions to the Housing Sub-account. Here, the employer contributes 5% of the contribution-base salary to the National Housing Fund, managed by INFONAVIT. For the contributions to the RCV and Housing sub-accounts, a maximum ceiling was established in the year 1997 equivalent to 15 times the minimum general salary in effect in the Federal District, which will increase at the rate of 1 such salary per year for each subsequent year until reaching 25 such salaries in the year 2007. The New Pension System includes a third Voluntary Contributions Sub-account, where each worker may make additional savings – either by him/herself or through his/her employer – with the possibility of making withdrawals once every 6 months, notifying the administrator within certain time periods pre-approved by the Commission. Peru The workers’ contribution to their individual capitalization account is 11.51% of each worker’s taxable income, as follows: 8.00 % 3.51 %

Individual Capitalization Account. AFP (system average); of which 1.24% is allocated to the Insurance Company (toward disability, survival and burial costs) and 2.27% to finance the administrator’s management costs.

The disability and survival insurance premium has a maximum ceiling of US$ 1,600, approximately. Poland The system’s contribution corresponds to 36.59% of the worker’s base salary, which is contributed both by the employer (17.88%) and the worker (18.71%): 7.30 % 29.29 %

allocated to the individual capitalization system. for the pay-as-you-go (PAYG) pension system.

Dominican Republic The social security contributions to the new pension system – which begins operating in February 2003 – correspond, initially, to 7% of the worker’s salary and it continues to progressively increase throughout a 5-year period up to 10% of such salary. Such contributions are payable both by the worker (30%) as well as by the employer (70%).

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Moreover, the employer will contribute 0.4% of the worker’s taxable salary to cover the Social Solidarity Fund. This contribution will be distributed as follows: 5% - 8% 1% 0.4% 0.5% 0.1%

to the affiliate’s individual account (depending on the contribution, amounting to 7% in the first year until reaching 10% on the fifth year). Maximum percentage for the Life Insurance Company. Social Solidarity Fund Management costs of the respective AFP. financing of the activities of the operations of the Pension Superintendence.

Additionally, the employer – in an exclusive manner – contributes to the Social Solidarity Fund with 0.4% of the worker’s total taxable income. Uruguay The contribution of each worker is equivalent to 15% of his/her salary; of such 15%, a variable percentage goes to the Individual Capitalization Fund (approximately 12.37%) and the remaining 2.63% (system average) goes to the AFAP. The percentage receives by the AFAP is distributed as follows: - Insurance Company - AFAP Commission

0.90% 1.73%

Venezuela The contribution rate varies according to each worker’s income level (12% for those who earning fewer than 4 minimum salaries and 1 additional percentage point for those exceeding such figure). The contribution is made both by the employer (75%) and the worker (25%).

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ANEXO V / ANNEX V ESTRUCTURA DE COMISIONES POR PAIS AL 31.12.2002 / COMMISSION STRUCTURE BY COUNTRY AS OF 12.31.2002

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Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

ARGENTINA ESTRUCTURA DE COMISIONES AL 31.12.2002 COMMISSION STRUCTURE AS OF 12.31.2002 Administradoras

Comisión Fija (US$)

Administrators

Fixed Commission (US$)

Arauca - Bit Consolidar Futura Máxima Met Nación Orígenes Previsol Profesión + Auge Prorenta Siembra Unidos SISTEMA DICIEMBRE 2002

-

Comisión Variable (% del salario) % Comisión % Prima Cía. de Administradora Seguros Variable Commission (% of salary) Administrator % Insurance Commission % Commission

1,52 1,52 1,45 1,39 1,23 1,95 1,55 1,69 1,60 1,89 1,65 1,58 1,56

0,25 0,80 0,90 0,90 0,72 0,25 0,80 0,60 0,68 0,50 0,65 0,80 0,69

-

-

0,77

-

-

-

2,25

SYSTEM DECEMBER 2002 SISTEMA DICIEMBRE 2001

Comisión Variable (% fondo administrado) Comisión Variable (% rentabilidad fondo) Variable Commission (% of fund managed Variable Commission (% over profit)

2,28

1,50 2,27

SYSTEM DECEMBER 2001

Fuente / Source: Boletín Estadístico Mensual SAFJP Enero 2002 / Statistical Monthly Bulletin SAFJP January 2002 La comisión a nivel sistema corresponde a un promedio ponderado de acuerdo a la recaudación de los últimos seis meses / The commission to the system correspond to a average weighted by the funds collected in the las six months. Por Decreto N° 1495/01, del mes de noviembre de 2001, se estableció que la comisión por aportes obligatorios sólo podrá establecerse como un porcentaje de la base imponible que le dio origen, lo que implica la eliminación de las comisiones fijas / Decree N° 1495/01, of November 2001, established that commission by mandatory contribution only could be established as a percentage of taxable base, this mean the elimination of fixed commissions. Las comisiones se cobran sobre los salarios devengados en el mes indicado / Commissions are collected over the salaries earned in the indicate month.

BOLIVIA ESTRUCTURA DE COMISIONES AL 31.12.2002 COMMISSION STRUCTURE AS OF 12.31.2002 Administradoras

Comisión Fija (US$)

Administrators

Fixed Commission (US$)

Futuro de Bolivia

-

Comisión Variable (% del salario) % Comisión % Prima Cía. de Administradora Seguros Variable Commission (% of salary) Administrator % Insurance Commission % Commission

0,50

1,71

Comisión Variable (% fondo administrado) Comisión Variable (*) (% rentabilidad fondo) Variable Commission (% of fund managed) Variable (*) Commission (% over profit) 0,2285 para fondo < US$ 1.000 M

-

0,14 para fondo > US$ 1.000 M y < US$ 1.200 M 0,067 para fondo > US$ 1.200 M y < US$ 1.500 M

Previsión BBV

-

0,50

1,71

0,2285 para fondo < US$ 1.000 M

-

0,14 para fondo > US$ 1.000 M y < US$ 1.200 M 0,067 para fondo > US$ 1.200 M y < US$ 1.500 M SISTEMA DICIEMBRE 2002

-

0,50

SISTEMA DICIEMBRE 2001 SYSTEM DECEMBER 2001

1,71

-

1,71

-

2,21

SYSTEM DECEMBER 2002

-

0,50 2,21

Fuente / Source: Futuro de Bolivia AFP (*) Para el cálculo de esta comisión se considera el fondo acumulado por cada administradora sumando el Fondo de Capitalización Individual (FCI) y el Fondo de Capitalización Colectiva (FCC) / To calculate this commission is considered the funds accumulated by each administrator in the Individual Capitalization Fund and the Collective Capitalization Fund.

93

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

BULGARIA ESTRUCTURA DE COMISIONES AL 30.06.2002 COMMISSION STRUCTURE AS OF 06.30.2002 Administradoras

Comisión Fija (US$)

Administrators

Fixed Commission (US$)

Pension Ass. Co. "Doverie" Pension Ins. Co. "Saglassie" Bulgarian Pension Ins. Co. Saving Coop. Pension Sec. Co. "Rodina" "Allianz" Bulgarian Pension Fund Manag. Co. ING Pension Ins. Co. Social Sec. Fund "Newton-SILA" Pension Ins. Co. "Lukoil Garant Bulgaria"

-

SISTEMA JUNIO 2002

Comisión Variable (% del salario) Comisión Variable Comisión Variable (% fondo (% rentabilidad % Comisión % Prima Cía. de administrado) fondo) Administradora Seguros Variable Variable Commission (% of salary) Variable Administrator % Insurance Commission (% of Commission (% Commission % Commission over profit) fund managed 0,10 0,35 o 0,6 1 0,10 0,35 o 0,6 1 0,10 0,35 o 0,6 1

-

0,10

0,35 o 0,6

1

-

-

0,10 0,10 0,10 y menos

0,35 o 0,6 0,35 o 0,6 0,35 o 0,6 y menos

1 1 1

-

-

0,10 0,10

0,35 o 0,6 -

1

1

-

-

0,10

-

1

-

SYSTEM JUNE 2002 SISTEMA JUNIO 2001 SYSTEM JUNE 2001

COLOMBIA ESTRUCTURA DE COMISIONES AL 31.12.2002 COMMISSION STRUCTURE AS OF 12.31.2002 Administradoras

Comisión Fija (US$)

Administrators

Fixed Commission (US$)

Colfondos Horizonte Porvenir Protección Santander Skandia SISTEMA DICIEMBRE 2002

Comisión Variable (% del salario) Comisión Variable Comisión Variable (% fondo (% rentabilidad % Comisión % Prima Cía. de administrado) fondo) Administradora Seguros Variable Commission (% of salary) Variable Variable Administrator % Insurance Commission (% of Commission (% Commission % Commission fund managed over profit)

-

1,50 1,52 1,75 1,50 1,56 1,50 1,58

-

1,57

-

-

1,92

-

-

3,50

SYSTEM DECEMBER 2002 SISTEMA DICIEMBRE 2001

2,00 1,98 1,75 2,00 1,56 1,99 1,92

3,49

SYSTEM DECEMBER 2001

Fuente / Source: Asofondos de Colombia Promedio Sistema: promedio ponderado por el promedio de saldos diarios de los fondos / Average System: average weighted by the average of daily balance of the funds. Comisión % calculada sobre el ingreso base de cotización / % Commission calculated over the base income of contribution.

94

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

COSTA RICA ESTRUCTURA DE COMISIONES AL 31.12.2002 COMMISSION STRUCTURE AS OF 12.31.2002 Administradoras

Comisión Fija (US$)

Administrators

Fixed Commission (US$)

Banco de Costa Rica Interfin - Banex BN - Vital San José Pensiones Cuscatlán INS Pensiones Popular Pensiones Vida Plena CCSS SISTEMA DICIEMBRE 2002

Comisión Variable (% del salario) Comisión Variable Comisión Variable (% fondo (% rentabilidad % Comisión % Prima Cía. de administrado) fondo) Administradora Seguros Variable Commission (% of salary) Variable Variable Administrator % Insurance Commission (% of Commission (% Commission % Commission fund managed over profit)

-

-

-

-

3,00 8,50 8,00 8,50 8,00 8,00 8,00 10,00 6,00 7,56

-

-

-

-

7,50

SYSTEM DECEMBER 2002 SISTEMA OCTUBRE 2001 SYSTEM OCTOBER 2001

Fuente / Source: Superintendencia de Pensiones. Las comisiones se calculan sobre los rendimientos diarios de los Fondos / Commissions are calculated over the income of the managed funds.

CHILE ESTRUCTURA DE COMISIONES AL 31.12.2002 COMMISSION STRUCTURE AS OF 12.31.2002 Administradoras

Comisión Fija (US$)

Administrators

Fixed Commission (US$)

Cuprum Habitat Magister Planvital Provida Santa María Summa Bansander SISTEMA DICIEMBRE 2002

Comisión Variable (% del salario) Comisión Variable Comisión Variable (% rentabilidad (% fondo % Comisión % Prima Cía. de fondo) administrado) Administradora Seguros Variable Commission (% of salary) Variable Variable Administrator % Insurance Commission (% of Commission (% Commission % Commission fund managed over profit)

0,00 1,11 0,97 1,40 0,55 0,98 0,97 0,76

1,70 1,33 1,84 1,93 1,41 1,36 1,61 1,46

0,82

1,48

-

-

0,78

-

-

2,26

SYSTEM DECEMBER 2002 SISTEMA DICIEMBRE 2001

0,79 0,76 0,71 0,62 0,84 0,93 0,72 0,80

2,26

SYSTEM DECEMBER 2001

Fuente / Source: Asociación AFP A.G. Chile / AFP Association of Chile (*) Promedio Sistema: promedio ponderado por número de cotizantes totales de cada AFP / Average System: average weighted by the number of contributors of each AFP. Prima Cía. de Seguros: Costo real por concepto de prima de seguro de invalidez y sobrevivencia. / Insurance Commission: Real cost by concept of prima of disability and survival insurance.

95

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

EL SALVADOR ESTRUCTURA DE COMISIONES AL 31.12.2002 COMMISSION STRUCTURE AS OF 12.31.2002 Administradoras

Comisión Fija (US$)

Administrators

Fixed Commission (US$)

Confía Crecer Profuturo (1) SISTEMA DICIEMBRE 2002

-

Comisión Variable (% del salario) Comisión Variable Comisión Variable (% rentabilidad (% fondo % Comisión % Prima Cía. de fondo) administrado) Administradora Seguros Variable Commission (% of salary) Variable Variable Administrator % Insurance Commission (% of Commission (% Commission % Commission fund managed over profit)

1,62 1,67 1,25 1,51

-

-

1,28%

-

-

2,98

SYSTEM DECEMBER 2002 SISTEMA DICIEMBRE 2001

1,38 1,28 1,75 1,47

-

1,69% 2,97%

SYSTEM DECEMBER 2001

Fuente / Source: Superintendencia de Pensiones de El Salvador / Pension Superintendence of El Salvador NOTA: La Ley del Sistema de Ahorro para Pensiones establece, para los años 1999 y 2000, una comisión total máxima de 3,25%, y a partir del año 2001, la comisión máxima que pueden cobrar a sus afiliados es de 3,0% / Law of Save to Pensions System establish, to years 1999 and 2000, a total maximum commission of 3,25%, and from year 2001, the commission can be 3,0%. (1) AFP Profuturo se autoasegura con un fondo de reserva propio equivalente al 1,5% de la comisión / AFP Profuturo has its own reserve fund equivalent to

MEXICO ESTRUCTURA DE COMISIONES AL 31.12.2002 COMMISSION STRUCTURE AS OF 12.31.2002 Administradoras

Comisión Fija (US$)

Administrators

Fixed Commission (US$)

Allianz Dresdner Banamex Bancomer Banorte Inbursa ING Principal Profuturo GNP Santander Tepeyac XXI SISTEMA DICIEMBRE 2002

-

Comisión Variable (% del salario) Comisión Variable Comisión Variable (% fondo (% rentabilidad % Comisión % Prima Cía. de administrado) fondo) Administradora Seguros (*) Variable Commission (% of salary) Variable Variable Administrator % Insurance Commission (% of Commission (% Commission % Commission (*) fund managed over profit)

1,60 1,70 1,68 1,40 0,00 1,68 1,60 1,67 1,60 1,60 1,40 1,45

0,50 0,00 0,00 0,70 0,00 0,00 0,45 0,70 1,00 0,15 0,20 0,34

33,00 3,00

-

0,36

3,00

1,45

SYSTEM DECEMBER 2002 SISTEMA DICIEMBRE 2001

-

-

1,46 1,46

SYSTEM DECEMBER 2001

Fuente / Source: Administradoras de Fondos de Inversión y Fideicomisos del Ecuador / Investment and Fideicomisos Fund Administrators.

(*) No hay un porcentaje destinado al pago de la prima a una Cía. de Seguros, porque el Seguro de Invalidez y Sobrevivencia es administrado por el Instituto Mexicano del Seguro Social (IMSS) / There are not a percentage to pay the prima to a Insurance Co., because the Disability and Survival Insurance is managed by the Mexican Institute of Social Security (IMSS). 96

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

PANAMA ESTRUCTURA DE COMISIONES AL 31.12.2001 COMMISSION STRUCTURE AS OF 12.31.2001 Administradoras

Comisión Fija (US$)

Administrators

Fixed Commission (US$)

Progreso (SIACAP) Progreso (Pensiones y Cesantías) Profuturo (SIACAP) Profuturo (Pensiones y Cesantías) Horizonte (SIACAP) Seguro Social (SIACAP) Credicorp CFPC SISTEMA DICIEMBRE 2002

Comisión Variable (% del salario) Comisión Variable Comisión Variable (% fondo (% rentabilidad % Comisión % Prima Cía. de administrado) fondo) Administradora Seguros Variable Commission (% of salary) Variable Variable Administrator % Insurance Commission (% of Commission (% Commission % Commission over profit) fund managed

31 4,38

0,65 2,50 - 1,00 0,65 3,00 - 1,00 0,65 0,65 -

-

-

-

-

0,90

-

-

-

SYSTEM DECEMBER 2002 SISTEMA DICIEMBRE 2001 SYSTEM DECEMBER 2001

Fuente / Source: AFP Progreso.

PERU ESTRUCTURA DE COMISIONES AL 31.12.2001 COMMISSION STRUCTURE AS OF 12.31.2001 Administradoras

Comisión Fija (US$)

Administrators

Fixed Commission (US$)

Horizonte Integra Profuturo Unión Vida SISTEMA DICIEMBRE 2002

Comisión Variable (% del salario) Comisión Variable Comisión Variable (% fondo (% rentabilidad % Comisión % Prima Cía. de administrado) fondo) Administradora Seguros Variable Variable Variable Commission (% of salary) Administrator % Insurance Commission (% of Commission (% Commission % Commission over profit) fund managed

8,00 8,00 8,00 8,00 8,00

2,25 2,10 2,45 2,27 2,27

-

2,39

-

-

1,34

-

-

3,51

SYSTEM DECEMBER 2002 SISTEMA DICIEMBRE 2001

1,25 1,35 1,17 1,18 1,24

3,73

SYSTEM DECEMBER 2001

Fuente / Source: Superintendencia de Banca y Seguros / Superintendence of Bank and Insurance Las comisiones se calculan sobre la base de los salarios mensuales. / Commissions are calculated over the monthly salaries La prima del Seguro de Invalidez y Sobrevivencia tiene un tope de aproximadamente US$ 1.600 / The Disability and Survivorship Insurance Premium has a top of US$ 1.600

97

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

URUGUAY ESTRUCTURA DE COMISIONES AL 31.12.2001 COMMISSION STRUCTURE AS OF 12.31.2001 Administradoras

Comisión Fija (US$)

Administrators

Fixed Commission (US$)

Afinidad Integración República UniónCapital SISTEMA DICIEMBRE 2002

Comisión Variable (% del salario) Comisión Variable Comisión Variable (% fondo (% rentabilidad % Comisión % Prima Cía. de administrado) fondo) Administradora Seguros Variable Commission (% of salary) Variable Variable Administrator % Insurance Commission (% of Commission (% Commission % Commission fund managed over profit)

0,48 0,18

1,95 1,21 1,79 1,98 1,73

-

1,98

SYSTEM DECEMBER 2001

0,0027 0,0026 0,0026 0,0025 0,0026

-

0,76

-

-

2,63

SYSTEM DECEMBER 2002 SISTEMA DICIEMBRE 2001

0,85 1,21 0,75 0,78 0,90

2,74

Fuente / Source: República AFAP Las comisiones se calculan en base al salario / Commissions are calculated over salary

98

ANEXO VI / ANNEX VI PARTICIPACION ACCIONARIA DE LAS ADMINISTRADORAS POR PAIS AL 31.12.2002 / SHAREHOLDING STRUCTURE OF ADMINISTRATORS BY COUNTRY AS OF 12.31.2002

99

xxxxxxxxxxxxxxxxxx

100

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

ARGENTINA PARTICIPACION ACCIONARIA DE LAS ADMINISTRADORAS AL 31.12.2002 SHAREHOLDING STRUCTURE OF ADMINISTRATORS AS OF 12.31.2002 Arauca - Bit Accionistas / Shareholders

OSDE Banco B. I. Creditanstalt S.A.

Consolidar %

Accionistas / Shareholders

99,00% BBVA Banco Francés S.A. 1,00% Banco Bilbao Vizcaya Argentaria

100,00%

Máxima Accionistas / Shareholders

HSBC Chacabuco Inversiones New York Life International Inc. HSBC Bank Argentina S.A. HSBC La Bs. As. Seguros. S.A. HSBC Salud Argentina S.A. Ataide, Oscar Alejandro

Bank of Boston AIG Co.

Accionistas / Shareholders

45,02% Metropolitan Life Seg. de Vida 24,97% Metropolitan Life Seg. de Retiro 17,00% 10,00% 3,00% 0,01% 100,00%

Accionistas / Shareholders

Adm. Bcos. Lat. Santander Grupo BAPRO S.A.

23,38%

Provincia Seguros S.A. Holbah Merchant Co. Ltd.

7,22% 2,18%

Banco Río de la Plata S.A.

0,02% 100,00%

Prorenta Emprendimiento Compartido S.A. Profuturo Cía. de Seguros de Retiro S.A

Nación %

Accionistas / Shareholders

95,00% Banco de la Nación Argentina 5,00% Fundación Bco. de la N. Argentina

100,00%

Accionistas / Shareholders

99,99% Cía. Previsional Citi S.A. 0,01% Citicard S.A.

100,00% Fuente / Source: Memoria Trimestral SAFJP N° 34 / Quarterly Report SAFJP N° 34

101

%

99,9982% 0,0019%

100,00%

Profesión + Auge %

Accionistas / Shareholders

%

70,16% Consejo Prof. de Cs. Eco. Ciudad 49,36% A. BA 13,56% 29,84% Mutual del Fondo Compensador para Jub. y Pen. de Personal Civil Mutualidad Fondo Comp. Pers. 13,56% Civil del Ejér. Y Gendarmería Nacional Fund. Fondo Compensador Móvil 12,24% Banco San Luis S.A. Bco. Com. 5,97% Minorista Provincia de San Luis 4,35% Otros 0,97% 100,00% 100,00%

Siembra %

%

53,89% Fed. Arg. de Trab. de Luz y Fuerza 88,00% 46,11% Fed. Nac. Trab. de Obras Sanitarias 4,00% Sindicato del Seguro de la R. Arg. 4,00% Sindicato Unico de Trab. del Estado 4,00% de la Ciudad de Bs Aires 100,00% 100,00%

Previsol %

40,00% Grupo Previsional Cooperativo Diacronos S.A. 27,20% CNP Assurances S.A.

Accionistas / Shareholders

Accionistas / Shareholders

Met %

Orígenes Accionistas / Shareholders

Futura %

Unidos %

Accionistas / Shareholders

99,62% Probenefit S.A.

%

78,00%

0,38% Asociación Mutual Sancor 8,00% Asociación Mutual Pnal. Sancor 5,00% Sancor Coop. de Seguros Ltda. 3,00% Uncoga Fed. Coop. Agrop. Coop. 2,00% Ltda. Asoc. de Trab. Ind. Lechera R.A 2,00% Asoc. Mutual Social y D. Rafaela 2,00% 100,00% 100,00%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

BOLIVIA PARTICIPACION ACCIONARIA DE LAS ADMINISTRADORAS AL 31.12.2002 SHAREHOLDING STRUCTURE OF ADMINISTRATORS AS OF 12.31.2002 Futuro de Bolivia Accionistas / Shareholders

Zurich South América Invest LTD SIDESA La Boliviana Ciacruz Seguros Personales S.A. Fortaleza I.H.C. Alianza S.A.

Previsión BBV Accionistas / Shareholders

%

71,58% 13,00% 8,42% 3,50% 3,50%

Banco Bilbao Viscaya Argentaria Bienestar Incorporated BBV Pensiones S.A. Larga Vida S.A. Rutolur S.A. Murzier Corp S.A. Compañía Semilux S.A.

100,00% Fuente / Source: Futuro de Bolivia AFP

102

%

75,00% 6,00% 5,00% 4,00% 4,00% 3,00% 3,00% 100,00%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

BULGARIA PARTICIPACION ACCIONARIA DE LAS ADMINISTRADORAS AL 30.06.2002 SHAREHOLDING STRUCTURE OF ADMINISTRATORS AS OF 06.30.2002 Pension Assurance Company "Doverie" Accionistas / Shareholders

Bulgarian Insurance and Pension Holding AD Confederation of Independent Trade Unions in Bulgaria Five Branch Federations

Pension Insurance Company "Saglasie" Accionistas / Shareholders

%

85,33% "Orel Invest Holding" AD 13,17% "Orel - G Holding" AD 1,50% Bulgarian Industrial Association Insurance Company "Vitosha" AD "Bulbank" AD Commercial Bank "Holding - Center" AD Other 100,00%

Bulgarian Pension Insurance Company Accionistas / Shareholders

Bulgarian Insurance and Pension Holding AD "DZI" - State Insurance Institute Others

Accionistas / Shareholders

Accionistas / Shareholders

%

67,00% Bulgarian-American Enterprise Fund 27,00% Bank "DSK" 6,00% Central Cooperative Union 100,00%

"Newton Financial Management BG" Others

20,00% 15,00% 6,00% 1,70% 0,20% 100,00%

%

36,20% 59,30% 4,50% 100,00%

ING Pension Insurance Company Accionistas / Shareholders

%

65,40% ING Continental Europe Holding 34,00% "Doverie - Capital" 0,60% 100,00%

Social Security Fund "Newton-SILA" Accionistas / Shareholders

16,20% 40,90%

Saving Cooperative Pension Security Company "Rodina"

"Allianz" Bulgarian Pension Fund Management Company

"Allianz Bulgaria Holding" National Electric Company Others

%

%

89,00% 11,00% 100,00%

Pension Insurance Company "Lukoil Garant Bulgaria" Accionistas / Shareholders

%

98,75% "Lukoil - Bulgaria" 1,25% "Lukoil Neftochim - Bourgas" AD 100,00%

Fuente / Source: State Insurance Supervision Agency, SISA

103

%

50,00% 50,00% 100,00%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

COLOMBIA PARTICIPACION ACCIONARIA DE LAS ADMINISTRADORAS AL 31.12.2002 SHAREHOLDING STRUCTURE OF ADMINISTRATORS AS OF 12.31.2002 Colfondos Accionistas / Shareholders

Citibank Overseas Investment Co. Caja de Compensación Familiar (CAFAM)

Horizonte Accionistas / Shareholders

%

80,00% Banco Bilbao Vizcaya Argentaria S.A. 20,00% Granahorrar 100,00%

Porvenir Accionistas / Shareholders

26,32% Inversura S.A. 20,00% Corporación Financiera Nacional y Suramericana S.A.

Provida Internacional S.A. Banco de Occidente S.A. Fiduciaria de Bogotá Fiduciaria de Occidente S.A.

20,00% 18,82% 8,68% 6,18%

Caja Colombiana de Subsidio Familiar Corporación Nacional de Ahorro y Vivienda Conavi Banco Industrial Colombiano -BICReaseguradora Colombia Otros

100,00%

Santander Holding Santander Central Hispano S.A. Administración de Bancos Latinoamericanos Santander S.L. Santander Inv. Colombia S.A. Santander Investment S.A. Bansaleasing Colombia S.A. CFC

80,27% 19,73% 100,00%

Protección Accionistas / Shareholders

%

Banco de Bogotá S.A. Grupo Aval Acciones y Valores S.A.

Accionistas / Shareholders

%

%

31,34% 22,03% 16,82% 16,02% 7,42% 6,35% 0,02% 100,00%

Skandia Accionistas / Shareholders

%

54,56% Fiduciaria Skandia S.A. 39,86% Skandia Holding de Colombia S.A. 2,95% Compensar 2,10% Lloyds TSB Bank 0,53% Banco de Crédito Banco Unión Comfenalco Valle Comfenalco Antioquia Otros 100,00%

Fuente / Source: Asofondos de Colombia

104

%

42,94% 30,55% 11,44% 3,24% 3,24% 3,24% 2,67% 2,67% 0,01% 100,00%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

CHILE PARTICIPACION ACCIONARIA DE LAS ADMINISTRADORAS AL 30.06.2002 SHAREHOLDING STRUCTURE OF ADMINISTRATORS AS OF 06.30.2002 Cuprum Accionistas / Shareholders

Empresas Penta S.A. Sun Life Inversiones S.A. Depósito Central de Valores S.A. Larrain Vial S.A. Corredora de Bolsa Inversiones Tacora Ltda. Santiago Corredores de Bolsa Ltda. Barron Adrian René Vicentella Huerta Freddy Fundación Van Buren Inversiones Unión Española S.A. Otros

Habitat Accionistas / Shareholders

%

31,72% Inversiones Previsionales S.A. 31,72% Inversiones Union Española S.A. 13,67% Genesis Chile Fund Limited 0,89% Collados Nuñez Modesto 0,58% Inmobiliaria Villuco Ltda. 0,44% Bancard S.A. 0,31% Inversiones Koikenes S.A. 0,28% Inversiones Tacora Ltda. 0,27% Inversiones Covadonga S.A. 0,27% Inmobiliaria e Inversiones Las Hualtatas S.A. 19,85% Otros 100,00%

Magister Accionistas / Shareholders

Inverlink Capitales S.A. Inversiones Soria S.A. Inverlink Holding de Inversiones S.A. Sociedad de Inversiones Pizarro S.A. Sociedad de Inversiones Piu Ltda. Caja de Compensación Javiera Carrera Corp. de Recreac. y Extenc. Javiera Carrera Otros

BBV Pensiones Chile S.A. The Bank of New York (A.D.Rs) Bolsa de Comercio de Santiago Genesis Chile Fund Alfa Corredores de Bolsa S.A. Bolsa Electronica de Chile The Emerging Markets Chile Fund. Empresas Penta S.A. Banchile Corredores de Bolsa S.A. Gonzalez Munoz Inelda Otros

80,46% 3,71% 2,06% 1,00% 0,93% 0,79% 0,60% 0,56% 0,56% 0,53% 8,80% 100,00%

Planvital Accionistas / Shareholders

%

68,23% Asesorías e Inversiones Los Olmos S.A. 13,89% Varas Guzmán Gabriela 9,01% 5,70% 1,24% 1,01% 0,30% 0,62% 100,00%

Provida Accionistas / Shareholders

%

%

99,98% 0,02%

100,00%

Santa María Accionistas / Shareholders

%

51,62% ING S.A. 24,69% Inversiones Oro S.A. 5,32% Au Wong Francisco 2,77% Canales Neira Enrique 2,33% Hidalgo Rodríguez Orlando 1,08% Suc. Figueroa Martínez Pedro 0,33% Pinto Araya María Teresa 0,28% Banchile Corredores de Bolsa 0,20% Guidi Machuca Jorge Franco 0,18% Cabezas Aguilera Pedro Nolasco 11,20% Otros 100,00%

%

97,59% 0,23% 0,18% 0,05% 0,05% 0,04% 0,03% 0,03% 0,02% 0,02% 1,76% 100,00%

Summa Bansander Accionistas / Shareholders

Santander Chile Holding S.A. Inversiones Santander S.A.

%

99,99% 0,01% 100,00%

Fuente / Source: FECU (Ficha Estadística Codificada Uniforme) de cada AFP al mes de mayo de 2002 / FECU of each AFP in may of 2002.

105

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

ECUADOR PARTICIPACION ACCIONARIA DE LAS ADMINISTRADORAS AL 31.12.2002 SHAREHOLDING STRUCTURE OF ADMINISTRATORS AS OF 12.31.2002 Adpacific Accionistas / Shareholders

Banco del Pacífico

AFP Génesis Accionistas / Shareholders

%

100,00% Provida Internacional S.A. BBVA Pensiones Chile S.A. 100,00%

Fondos BG Accionistas / Shareholders

Banco de Guayaquil

Fondos Pichincha Accionistas / Shareholders

%

Produbanco

%

100,00% Banco del Pichincha

100,00%

100,00%

100,00%

Produfondos Accionistas / Shareholders

%

99,999787% 0,000213% 100,00%

%

100,00% 100,00%

Fuente / Source: Asociación de Administradoras de Fondos de Inversión y Fideicomisos del Ecuador. Association of Investment and Fideicomisos Fund Administrators.

106

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

EL SALVADOR PARTICIPACION ACCIONARIA DE LAS ADMINISTRADORAS AL 31.12.2002 SHAREHOLDING STRUCTURE OF ADMINISTRATORS AS OF 12.31.2002 Confía

Crecer

Accionistas / Shareholders

Accionistas / Shareholders

%

Citi Inversiones , S.A. de C.V. Citibank Overseas Investment Corporation Bienes y Servicios, S.A. de C.V. Grupo Financiero Cuscatlan , S.A. Otros

48,73% 44,63% 2,77% 2,77% 1,10%

Argentaria Participaciones Financieras, S.A. BBV Pensiones, S.A. Provida Internacional, S.A. Corporación Excelencia, S.A. de C.V. Valores de El Salvador, S.A. Fondo Universal, S.A. Francisco Ernesto Fernández Holmann International Finance Corporation Otros

100,00%

Profuturo Accionistas / Shareholders

Corporación Nacional de Inv., S.A. de C.V. Diseño, Supervisión, Const., S.A. de C.V. A.Q.S.A., S.A. de C.V. Armando Bukele Kattan Ramón Quintanilla Figueroa Carlos Enrique Corado Lanza Mercedes Patricia Lazos de Parras Alfonso Tomás Carbonel José Ricardo Perdomo Aguilar Avance Ingenieros, S.A. de C.V. Otros

%

25,36% 10,14% 10,14% 10,11% 9,54% 6,53% 6,00% 5,70% 3,78% 2,50% 10,20% 100,00%

Fuente / Source: Superintendencia de Pensiones de El Salvador Pension Superintendence of El Salvador

107

%

23,08% 19,20% 19,00% 7,60% 7,60% 7,28% 7,00% 3,42% 5,82% 100,00%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

MEXICO PARTICIPACION ACCIONARIA DE LAS ADMINISTRADORAS AL 31.12.2002 SHAREHOLDING STRUCTURE OF ADMINISTRATORS AS OF 12.31.2002 Allianz Dresdner Accionistas / Shareholders

Dresdner Pension Fund Holdings, LLC Allianz México, S.A., Compañía de Seguros

Banamex Accionistas / Shareholders

%

95,00% Banco Nacional de México, S.A., Institución de Banca Múltiple, Grupo Financiero Banamex-Accival

BBVA Bancomer, S.A., Institución de Banca Múltiple Grupo Financiero BBVA Bancomer Aetna Internacional y Cía., S. de R.L. de C.V. Banco Bilbao Vizcaya Argentaria S.A. Provida Internacional, S.A.

Banorte Generali Accionistas / Shareholders

%

51,00% Banco del Centro, S.A., Institución de Banca Múltiple, Grupo Financiero Banorte 33,00% Participatie Maatschappij Graafscghap Holland, N.V. 11,20% Belgica Insurance Holding, S.A. 4,80% 100,00%

Inbursa Accionistas / Shareholders

Banco Inbursa, S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa General Electric Assurance Company

Principal International, Inc. Principal Holding Company

94,30% ING America Insurance Holdings, Inc. 5,70% ING Assets Management 100,00%

Instituto Mexicano del Seguro Social Prudential international invesment corparation DMO México

99,90%

Profuturo GNP Accionistas / Shareholders

%

%

99,999904% 0,000096% 100,00%

Tepeyac Accionistas / Shareholders

%

75,00% Mapfre Amèrica Vida

XXI Accionistas / Shareholders

%

0,10% 100,00%

25,00% Corporación Internacional Caja de Madrid E.T.V.E., S.L. Seguros Tepeyac 100,00%

Santander Investment, S.A.

24,50%

ING

Santander Mexicano Banco Santander Mexicano, S.A., Institución de Banca Múltiple, Grupo Financiero Santander Mexicano

51,00%

100,00%

99,99% Grupo Nac. Provincial Pensiones, S.A. de C.V. 0,01% Nalterfin, S.A. de C.V. 100,00%

Accionistas / Shareholders

%

24,50%

Accionistas / Shareholders

%

Principal Accionistas / Shareholders

89,76% 10,24% 100,00%

5,00% Aegon México Holding B.V 100,00%

Bancomer Accionistas / Shareholders

%

%

50,00% 48,81% 1,19%

100,00% Fuente / Source: Comisión Nacional del Sistema de Ahorro para el Retiro, CONSAR. National Commission of Save to Retirement System, CONSAR

108

%

51,00%

33,00% 16,00%

100,00%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

PANAMA PARTICIPACION ACCIONARIA DE LAS ADMINISTRADORAS AL 30.09.2002 SHAREHOLDING STRUCTURE OF ADMINISTRATORS AS OF 09.30.2002 Caja de Seguro Social Accionistas / Shareholders

Caja de Seguro Social

Credicorp Bank S.A. Accionistas / Shareholders

%

100,00% Cía Internacional de Seguros, S.A. Credicorp Bank S.A. 100,00%

Horizonte Accionistas / Shareholders

BBVA Banco Wall Street Securities S.A

90,00% Multicredit Bank 10,00%

%

100,00%

100,00%

Progreso AFP, S.A.

Profuturo AFP, S.A. Banco General S.A Citibank Banco Continental ASSA Seguros Otros

50,00% 50,00% 100,00%

Multicredit Bank Accionistas / Shareholders

%

100,00%

Accionistas / Shareholders

%

Accionistas / Shareholders

%

33,30% 33,30% 20,00% 13,30% 0,10%

BBVA Banco Primer Banco del Istmo S.A Banco Intl. de Panamá Compañía Nacional de Seguros Aseguradora Mundial Banco Panameño de Vivienda Otros

100,00%

109

%

25,00% 16,60% 16,60% 16,60% 12,50% 12,50% 0,20% 100,00%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

PERU PARTICIPACION ACCIONARIA DE LAS ADMINISTRADORAS AL 30.09.2002 SHAREHOLDING STRUCTURE OF ADMINISTRATORS AS OF 09.30.2002 Horizonte Accionistas / Shareholders

Holding Continental S.A. Banco Bilbao Vizcaya Argentaria Provida Internacional S.A. Corporación General Financiera S.A. otros

Integra Accionistas / Shareholders

%

54,36% Inversiones Wiese del Perú S.A. 24,85% ING Pensiones Perú S.A. 15,87% ING Latin American Holdings B.V. 4,91% ING Insurance International B.V. 0,01% Negocios e Inmuebles S.A. Otros 100,00%

Profuturo Accionistas / Shareholders

Citibank Overseas Investment Corp. Transacciones Especiales S.A. Comercial del Pacífico S.A. Latin Invest S.A. Inmobiliaria 301 S.A. Banco Construcción C.A. Caserta Business Corp. Tri Investment Company, Inc. Otros

%

29,50% 29,50% 20,00% 10,70% 3,11% 7,19% 100,00%

Unión Vida Accionistas / Shareholders

%

42,15% Grupo Santander Central Hispano 19,17% Otros 15,39% 11,55% 4,56% 2,46% 2,03% 1,86% 0,83% 100,00%

Fuente / Source: Superintendencia de Banca y Seguros / Superintendence of Bank and Insurance

110

%

99,97% 0,03%

100,00%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

REPUBLICA DOMINICANA PARTICIPACION ACCIONARIA DE LAS ADMINISTRADORAS AL 31.12.2002 SHAREHOLDING STRUCTURE OF ADMINISTRATORS AS OF 12.31.2002 BBVA Crecer AFP Accionistas / Shareholders

Caribalico Accionistas / Shareholders

%

n.d.

100,00%

n.d.

100,00%

Popular Accionistas / Shareholders

Grupo Popular AFP Integra

%

n.d. Grupo Caribalico

Porvenir Accionistas / Shareholders

%

%

90,00% Banco Intercontinental 10,00% Seguros Intercontinental Banco Mercantil Inversiones Cosecha Porvenir (Colombia) 100,00%

Reservas Accionistas / Shareholders

Banco de Reservas Corporación Dominicana de Electricidad Corp. de Acueductos y Alcantarillados de Sto. Dgo. Instituto Nacional de Recursos Hidraulicos Banco Agricola Corporacion De Fomento Industrial Banco Nacional de la Vivienda

n.d. n.d. n.d. n.d. n.d. n.d.

Siembra Accionistas / Shareholders

%

n.d. Grupo BHD n.d. Grupo Financiero Nacional n.d. Citibank n.d. n.d. n.d. n.d. n.d.

Fuente / Source: Asociación Dominicana de Administradoras de Fondos de Pensiones Dominican Association of Pension Funds Administrators

111

%

30,00% 35,00% 35,00%

100,00%

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

URUGUAY PARTICIPACION ACCIONARIA DE LAS ADMINISTRADORAS AL 31.12.2002 SHAREHOLDING STRUCTURE OF ADMINISTRATORS AS OF 12.31.2002 Comercial - Santander AFAP (Afinidad) Accionistas / Shareholders

Banco Comercial S.A. HOLBAH Limited

Integración AFAP Accionistas / Shareholders

%

50,00% COFAC 50,00% CACDU FUCAC 100,00%

Banco de la República Oriental del Uruguay Banco de Previsión Social Banco de Seguros del Estado

75,48% 10,02% 14,50% 100,00%

UniónCapital AFAP

República AFAP Accionistas / Shareholders

%

Accionistas / Shareholders

%

51,00% Banco de Montevideo S.A. 37,00% Citibank Overseas Investment Corporation 12,00% Boston International Holding Corporation 100,00%

Fuente / Source: República AFAP

112

%

33,33% 33,33% 33,33% 100,00%

III.- INFORMACION ECONOMICA RELEVANTE POR PAIS

113

xxxxxxxxxxxxxxxxxx

114

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

INFORMACION ECONOMICA FIAP / ECONOMICAL INFORMATION FIAP Paises Latinoamericanos Latin American Countries Argentina (1) Bolivia Brasil (2) Colombia Costa Rica Chile Ecuador El Salvador México (3) Perú (4) República Dominicana Uruguay Venezuela (2)

Paises Europeos European Countries Bulgaria (2) España (2) Federación Rusa (5) Kazakhstan (6) Polonia (7)

PIB (Millones de US$) PBI (US$ Million) 2.002 2.001 236.631 8.160 502.593 71.297 n.d. n.d. n.d. n.d. 584.147 56.739 22.757 12.321 124.949

271.428 7.954 555.114 82.720 15.781 67.236 20.505 14.000 648.182 54.024 21.288 18.566 115.900

PIB (Millones de US$) PBI (US$ Million) 2.002 2.001 13.557 574.315 n.d. 6.987 343.934

12.596 563.737 467.160 6.127 302.491

Población Population 2.002 2.001 34.223.000 8.501.042 174.820.942 42.746.000 n.d. 15.659.000 n.d. n.d. 97.483.412 26.748.972 8.910.000 3.360.868 24.632.000

PEA EAP 2.002

33.712.000 8.274.325 169.799.170 42.035.000 4.030.000 15.473.000 12.879.499 6.400.000 97.483.412 26.379.917 8.750.000 3.341.521 24.690.000

2.001

14.336.000 4.123.005 64.774.700 19.995.000 1.552.924 6.002.840 n.d. n.d. 45.692.163 10.553.000 n.d. n.d. 11.105.000

Población Population 2.002 2.001

2.002

8.119.000 41.116.842 n.d. 14.896.000 38.644.200

3.406.700 17.815.000 n.d 7.000.000 n.d

14.208.000 3.864.110 63.418.686 20.080.000 1.586.491 5.947.010 1.778.434 n.d. 44.507.370 10.387.000 3.943.463 1.269.400 10.259.161

PEA EAP

8.190.876 40.499.791 147.100.000 14.957.791 38.653.600

2.001 3.431.400 17.857.000 78.000.000 7.064.200 n.d

Inflación (%) Inflation (%) 2.002 2.001 41,00 2,45 5,16 6,90 10,00 2,80 n.d. n.d. 5,70 1,52 10,50 25,94 12,10

-1,10 n.d. 9,12 7,70 10,00 2,60 20,00 1,40 4,40 -0,13 4,40 3,59 5,80

Inflación (%) Inflation (%) 2.002 2.001 2,20 3,60 n.d. 8,20 6,70

2,60 3,40 8,20 17,80 8,20

Desempleo (%) Unemployment (%) 2.002 2.001 17,80 11,60 7,50 15,60 6,40 8,90 n.d. 6,20 2,80 8,70 16,10 17,00 15,00

18,30 9,40 6,70 13,50 6,10 9,10 9,00 7,00 2,40 8,90 15,60 15,30 13,20

Desempleo (%) Unemployment (%) 2.002 2.001 18,56 8,03 n.d n.d 17,40

16,30 8,37 11,20 13,50 15,10

n.a.: no aplica; n.d.: no disponible / n.a.: no apply; n.d.: no disposable Información al tipo de cambio de cada año / Information considering the exchange rate of each year. Producto Interno Bruto (PIB), Población total y Población Económicamente Activa (PEA) al 31 de diciembre de cada año. (1) PIB al 30.09.2002 y 30.09.2001. Población, PEA y tasa de desempleo al 31.10.2002 y 30.10.2001 / PBI as of 09.30.2002 and 09.30.2001. Population, EAP and Unemployment Rate as of 10.31.2002 and 10.31.2001. (2) Información al 30.06.2002 y 30.06.2001 / Information as of 06.30.2002 and 06.30.2001 (3) PIB al 30.09.2002 y 31.12.2001 / PBI as of 09.30.2002 and 12.31.2001 (4) PIB promedio estimado. PEA al 31.12.2001 y 31.12.2000 / PBI avergae estimated. EAP as of 12.31.2001 and 12.31.2000 (5) Datos al 31.12.1998 / Datum as of 12.31.1998 (6) PIB, Población y PEA proyectado al 30.06.2000 y 31.12.1999. Tasa de desempleo al 31.12.1999 / PBI, Population and EAP projected to 06.30.2000 and 12.31.1999. Unemployment rate as of 12.31.1999 (7) PIB y Población al 31.12.2000 y 31.12.1999. Inflación al 30.06.2001 y 31.12.2000 / PBI and Population as of 12.31.2000 and 12.31.1999. Inflation as of 06.30.2001 and 12.31.2000.

115

Federación Internacional de Administradoras de Fondos de Pensiones / International Federation of Pension Fund Administrators FIAP

SISTEMA PREVISIONAL FIAP / PREVISIONAL SYSTEM FIAP Paises Latinoamericanos Latin American Countries

Fondo/PIB (%) Fund/PBI (%) 2.002

Argentina (1) Bolivia Brasil (3) Colombia Costa Rica (5) Chile Ecuador El Salvador México Perú República Dominicana Uruguay Venezuela

Paises Europeos European Countries

2.001

4,82 14,02 12,64 7,69 n.d. n.d. n.d. n.d. 5,43 7,98 0,81 7,25 n.d.

0,40 6,80 17,23 1,41

2.002

7,66 11,76 12,40 5,99 0,13 49,48 0,07 5,57 4,19 6,70 0,79 5,63 n.d.

Fondo/PIB (%) Fund/PBI (%) 2.002

Bulgaria (7) España Kazakhstan (8) Polonia (9)

Ingreso Promedio Imponible (US$) Taxable Average Salary (US$)

Rentabilidad Real (%) Rate of return adjusted by inflation (%) Histórica / Average Anual / Annual Annual

2.001 548,50 n.d. n.a. 306,00 n.d. 308,85 n.d. n.d. 464,09 n.d. n.d. n.d. n.d.

883,50 350,00 n.a. 286,00 120,00 302,74 n.d. 309,00 398,24 n.d. n.d. n.d. n.d.

Ingreso Promedio Imponible (US$) Taxable Average Salary (US$)

2.001 0,33 6,20 12,64 0,82

2.002

10,45 8,62 n.a. 9,66 n.a. 10,30 n.d. n.d. 8,5 6,57 n.d. 15,01 n.d.

Rentabilidad Real (%) Rate of return adjusted by inflation (%) Histórica / Average Anual / Annual Annual

2.001 109,60 n.d. n.d. n.d.

30,95 10,00 n.a. n.a. 17,61 3,00 n.d. 2,41 4,69 11,25 n.d. 40,6 n.d.

101,74 n.d. 134,40 n.d.

-0,70 n.d. 8,34 n.d.

n.a.: no aplica; n.d.: no disponible / n.a.: no apply; n.d.: no disposable Información al tipo de cambio de cada año / Information considering the exchange rate of each year. (1) Ingreso Promedio Imponible al 31.05.2002 / Taxable Average Salary as of 05.31.2002 (3) PIB al 30.11.2000 y 31.12.2000 / PBI as of 11.30.2000 and 12.31.2000 (5) Rentabilidad de los fondos de pensiones en colones al 30.06.2002 / Profitability of pension funds in colones as of 06.30.2002 (7) Ingreso promedio imponible al 30.06.2001 y 30.06.2000. Rentabilidad a septiembre de 2001 / Taxable average salary as of 06.30.2001 and 06.30.2000. Profitability as of september 2001. (8) Datos al 30.06.2000 y 31.12.1999 / Datum as of 06.30.2000 and 12.31.1999 (9) Datos al 31.12.2000 y 31.12.1999 / Datum as of 12.31.2000 and 12.31.1999

116

n.d. n.d. n.d. n.d.

IV.- GENERAL CHARACTERISTICS OF THE SOCIAL SECURITY SYSTEMS OF FIAP’s MEMBER COUNTRIES

117

118

FIAP Countries that have implemented the Savings and Individual Capitalization Regimes (Chart 1) COUNTRY

LAW

ARGENTINA

DATE OF THE REFORM September 23, 1993

Law 24.241

SYSTEM TYPE (SEE AFFILIATION BENEFITS NOTE 1) Mixed Integrated Mandatory for dependent and independent Aging, Disability and Survival workers, who freely choose between the Pensions. capitalization and the pay as you go systems.

BOLIVIA

November 29, 1996

Law 1.732

Sole

BULGARIA

June 20, 1999 / December 17, 1999

Law of Complementary Security Mixed Integrated Voluntary Pensions / Mandatory Social Security Code

In the Mandatory Complementary Pension The Government System System, the affiliation to the Universal Funds is assures the aging, disability mandatory for all workers born after January and death risks, while the 1st 1960, while for the Professional Funds, it is Private system secures a mandatory for all of those working under risk complementary life long conditions. pension and covers the death risk.

CHILE

November 4, 1980

Law Decree 3,500

Mandatory for all dependent workers.

COLOMBIA

December 1993

Law 100/93

COSTA RICA

February 18, 2000

ECUADOR

November 2001

Mandatory for dependent workers voluntary for the independent ones.

Sole

and Aging, Disability, Death and professional risks Pensions.

Retirement due to aging, disability and survival.

Mixed in Competition Mandatory for dependent workers, who have to Covers the contingencies of choose between the Solidary and the Individual aging, disability, death and Savings Regime. funeral expenses assistance. Law 7,983 or Worker Protection Mixed Integrated Mandatory. Grants pension plans for Law aging, disability and survival.

Law 55

Mixed Integrated

Mandatory for all workers, with a dependent Covers the contingencies of relationship or without it. aging, disability and survival.

EL SALVADOR December 1996

Pension Savings System Law

Sole

Mandatory for dependent workers voluntary for independent ones.

KAZAKHSTAN June 20, 1997

Pension Reform

Sole

Mandatory.

119

and Aging, common disability and survival Pensions.

MEXICO

December 21, 1995

Social Security Law

Sole

Mandatory for workers affiliated to the Aging, unemployment at Mexican Social Security Institute. advanced age, disability and survival Pensions.

PERU

December 06, 1992

Law 25,897

POLAND

November, 1998 / December, 1998

DOMINICAN REPUBLIC

May 10, 2001

Law 87/01 for Social Security

Sole

Mandatory for dependent workers from the Aging, total or partial private sector. Public employees must choose disability, unemployment in between the pay as you go and the individual advanced age and survival capitalization system. Pensions.

URUGUAY

September 3rd, 1995 September 21, 1995

Law 16,713 / Decree 359/995

Mixed Integrated

Mandatory for all people under 40 years by Covers the risks of aging, total 04.01.1996, and the ones going into the labor or partial disability and market working in activities covered by the survival. Social Security Bank after that date. The obligation of contributing to the individual savings regime is established for salaries over US $ 805, approximately.

Mixed in Competition The affiliation to a Pension Funds Aging, disability and survival Administrator is voluntary for all workers, pensions. since they have to choose between the individual capitalization and the pay as you go systems. Social Security System Law / Mixed Integrated The affiliation to the individual capitalization Social Security Pension Funds system is mandatory for everyone who is Law professionally active, up to 30 years old, and optional for those between 31 and 50 years.

120

FIAP Countries that have implemented the Savings and Individual Capitalization Regimes (Chart 2) COUNTRY ARGENTINA

MANAGING ENTITY SUPERVISORY ENTITY MINIMUM PENSION RECOGNITION BONUS Retirement and Pension Funds Retirement and Pension Funds State Guaranteed. Grants a Basic Universal Granted by the State to those who made Administrators (AFJP) Administrators Superintendence Coverage (BUC) to those who have reached contributions in the old system and transferred the retirement age and have contributed, at to the savings and individual capitalization least, during 30 years. system.

BOLIVIA

Pension Funds Administrators Pensions, Values and Insurance No. (AFP) Superintendence

BULGARIA

Private Pension Companies

CHILE

Pension Funds Administrators Pension Funds Administrators State Guaranteed to the ones unable to finance Granted by the State to those who made (AFP) Superintendence it with the amount accumulated in their contributions in the old system and transferred individual account and complying the to the savings and individual capitalization requirements established by law. system.

COLOMBIA

Pension Funds Administrator Societies

Banking Superintendence

COSTA RICA

Complementary Pension Plan Operators (OPC)

Pensions Superintendence

Government Supervision Agency

Insurance

Social Security Savings Banking Superintendence Investment Agencies (ACAP) EL SALVADOR Pension Funds Administrators Pension Superintendence (AFP) ECUADOR

Granted by the State to those who made contributions in the old system and transferred to the savings and individual capitalization system.

State Guaranteed.

Granted by the State to those who made contributions in the old system and transferred to the savings and individual capitalization system.

State Guaranteed. State Guaranteed to those that comply with the Granted by the State to those who made requirements established by law. Affiliates contributions in the old system and transferred pensioning themselves for anticipated aging to the savings and individual capitalization are not entitled to it. system.

KAZAKHSTAN Pension Assets Managing Companies

121

MEXICO

PERU

POLAND DOMINICAN REPUBLIC URUGUAY

Retirement Funds Administrators (AFORE)

National Commission for State Guaranteed to workers that comply with No. Retirement Savings System the requirements to retire, and do not have (CONSAR) sufficient resources to cover a pension equivalent to one Minimum General Salary of the Federal District. Pension Funds Administrators Banking and Insurance Law N° 27,617 (01.01.2002) establishes the Granted by the State to those who made (AFP) Superintendence minimum pension, for affiliates older than 65 contributions in the old system and transferred years, that were born not earlier than dicember to the savings and individual capitalization 31, 1945; with a minimum of 20 years of system. contributions in both systems, with a salary not less than the minimum vital wage Universal Pension Societies Pension Funds Superintendence State Guaranteed. (PTE) (UNFE) Pension Funds Administrators Pensions Superintendence State Guaranteed (AFP) Social Security Savings Funds AFAP Control Division of the No. Administrators (AFAP) Central Bank of Uruguay

122

FIAP Countries that find themselves in the Process of Reform COUNTRY BRAZIL

STAGE OF SYSTEM TYPE AFFILIATION MANAGING SUPERVISORY BENEFITS REFORM (SEE NOTE 2) ENTITY ENTITY Preparation Complementary In the official Social Security, it is Private Social Security Social Security and Social Retirement due to disability, mandatory for all the workers, while in is managed by private Assistance Ministry aging, and special and in relation the Complementary is voluntary. entities, open and (closed entities) and to time served. closed ones. finance Ministry (open entities) Preparation

Complementary

Preparation RUSSIAN FEDERATION

Complementary

GUATEMALA Preparation

Complementary

SPAIN

The affiliation to the Complementary Managing companies, Supervisory Commission Pension Plans is voluntary, for either the may also be Insurance (formed by representatives individual level or the business one. companies authorized of salesmen, participants to operate in the life and beneficiaries); General insurance area, if they Insurance Direction (is part have the minimum of the Finance Ministry). financial reserves that are required.

Voluntary.

HONDURAS

Preparation

UKRAINE

Underway Complementary Voluntary. for Approval Underway Mixed Integrated Voluntary. for Approval

VENEZUELA

Grants pensions for disability, aging and survival

Covers the risks of aging, disability, survival, and funeral service and wedding assistance.

123

A

Kinds of Systems NOTE 1: - Sole System: The affiliation to the system has a mandatory character for the dependent workers. The funds are managed by private entities, supervised and controlled by a public entity. This system completely replaces the previously existent pay as you go system. Mexico differentiates itself because their management is multiple (private, public, cooperatives, etc.) and the benefit may be undefined or defined, given that the workers that were affiliated to the pay as you go system at the time of the reform may choose, at the time they retire, between the amount accumulated in their individual account or the pension calculated as per the regulations of the foregoing public system. In these countries, the affiliates to the old system have had several options: In Chile they had a time granted to decide if they wanted to stay or if they wanted to change; In El Salvador only the intermediate age group has the same option (the elderly have to stay while the young have to change themselves); and in Bolivia and Mexico, all affiliated to the old system have to obligatorily transfer to the new one. - Mixed Integrated System: There is a coexistence between the individual capitalization and the pay as you go regimes. The contribution as a percentage of the worker’s salary is distributed amongst both regimes. The affiliation to one of the two regimes is mandatory and chosen by the workers (Argentina), as per level of income (Uruguay), by age (Bulgaria and Poland) and by line of work (Bulgaria). - Mixed in Competition: The individual capitalization and the pay as you go regimes compete amongst themselves. The employees (including the ones affiliated at the moment of the reform and the newly initiated in the labor market) are obliged to choose between one of these regimes. The worker’s contribution is integrally destined to the chosen regime.NOTE 2: - Complementary systems: Mandatory for the pay as you go system financed by the State, businessmen and employees; and voluntary and individual for the capitalization system.

124