Top pension funds: ranked by assets under management as of December 31, 2004.

Top Pension Funds Ranked by assets under management as of December 31, 2004 RANK AFPS COUNTRY

1 Previ Brazil

2 Provida Chile

3 Habitat Chile

4 Cuprum Chile

5 Banamex Mexico

6 Petros Brazil

7 Bancomer Mexico

8 Santa Maria Chile

9 Summa Bansander Chile 10 Funcef Brazil 11 Sistel Brazil 12 Profuturo GNP Mexico 13 ING Mexico 14 Origenes Argentina 15 Santander Mexicano Mexico 16 Fundacao CESP Brazil 17 Consolidar Argentina 18 Inbursa Mexico 19 Porvenir Colombia 20 Siembra Argentina 21 Banorte Generali Mexico 22 Proteccion Colombia 23 XXI Mexico 24 Planvital Chile 25 Integra Peru 26 Maxima Argentina 27 Centrus Brazil 28 Valia Brazil 29 Itaubanco Brazil 30 Union Vida Peru 31 Nacion Argentina 32 Horizonte Peru 33 Horizonte Colombia 34 Principal Mexico 35 Colfondos Colombia 36 Forluz Brazil 37 HSBC Mexico 38 Arauca Bit Argentina 39 Santander Colombia 40 Real Grandeza Brazil 41 Profuturo Peru 42 Banesprev Brazil 43 Fapes Brazil 44 Confia El Salvador 45 Crecer El Salvador 46 Fundacao Copel Brazil 47 Telos Brazil 48 Republica Uruguay 49 BBVA Prevision Bolivia 50 Postalis Brazil 51 HSBC Fundo de Pensao Brazil 52 Futuro de Bolivia Bolivia 53 Fundacao Refer Brazil 54 Eletroceee Brazil 55 MET Argentina 56 Funbep Brazil 57 CX Usiminas Brazil 58 IBM Brazil 59 Economus Brazil 60 Eletros Brazil 61 Capef Brazil 62 Fachesf Brazil 63 CBS Brazil 64 Serpros Brazil 65 Ceres Brazil 66 Aerus Brazil 67 PSS Brazil 68 Previsol Argentina 69 Fusesc Brazil 70 Prorenta Argentina 71 Skandia Colombia 72 Elos Brazil 73 Attilio Fontana Brazil 74 Bandeprev Brazil 75 Volkswagen Brazil 76 Citiprevi Brazil 77 Geap Brazil 78 Fibra Brazil 79 Celos Brazil 80 Femco Brazil 81 Fundacao Banrisul Brazil 82 Fundacao Itausa Brazil 83 Unileverprev Brazil 84 Afinidad Uruguay 85 Braslight Brazil 86 Union Capital Uruguay 87 Instituto Ambev Brazil 88 Acos Brazil 89 Previminas Brazil 90 Previrb Brazil 91 Sabesprev Brazil 92 Funssest Brazil 93 Faelba Brazil 94 Azteca Mexico 95 Prece Brazil 96 Infraprev Brazil 97 Fundacao Brtprev Brazil 98 BB Previdencia Brazil 99 Futura Argentina 100 Previnorte Brazil

ASSETS AFFILIATES

US$ % US$ %

millions change millions change RANK AFPS 2004 '04/'03 2004 '04/'03

1 Previ 26,540.4 32.6 78.0 4.5

2 Provida 19,050.7 22.1 2,936.3 0.2

3 Habitat 14,438.5 21.9 1,716.7 3.9

4 Cuprum 10,127.3 29.1 465.5 2.2

5 Banamex 9,492.7 15.1 5,822.2 3.7

6 Petros 9,428.8 24.7 39.2 0.7

7 Bancomer 8,780.6 15.8 4,324.3 -0.1

8 Santa Maria 7,422.1 19.4 974.4 -1.8

9 Summa Bansander 6,991.7 25.0 579.8 7.7 10 Funcef 6,791.5 31.4 49.3 0.0 11 Sistel 4,561.6 20.5 29.9 -1.0 12 Profuturo GNP 4,419.9 18.7 3,361.5 7.6 13 ING 4,124.7 25.5 2,626.5 -2.4 14 Origenes 3,704.3 6.8 2,316.0 -0.1 15 Santander Mexicano 3,612.3 15.9 3,176.2 -2.1 16 Fundacao CESP 3,596.1 28.6 18.6 -3.1 17 Consolidar 3,511.4 9.5 1,535.1 1.2 18 Inbursa 3,488.5 32.3 2,510.9 18.4 19 Porvenir 2,999.3 49.8 1,485.0 13.2 20 Siembra 2,834.4 9.2 1,361.7 1.6 21 Banorte Generali 2,791.6 26.8 2,901.6 4.2 22 Proteccion 2,662.1 54.8 1,215.3 15.6 23 XXI 2,653.9 12.6 2,212.9 -0.3 24 Planvital 2,504.2 17.7 408.0 -0.6 25 Integra 2,474.6 22.4 873.5 6.2 26 Maxima 2,433.4 3.3 1,324.6 -1.9 27 Centrus 2,340.9 31.3 0.1 5.8 28 Valia 2,319.4 28.1 30.3 7.7 29 Itaubanco 2,269.0 28.3 31.6 -5.0 30 Union Vida 2,151.9 24.0 812.9 5.7 31 Nacion 2,077.3 67.2 895.3 10.4 32 Horizonte 2,013.1 24.4 893.1 6.5 33 Horizonte 2,005.9 49.3 1,173.6 7.8 34 Principal 1,875.1 22.8 3,227.8 0.5 35 Colfondos 1,690.4 50.3 893.1 8.4 36 Forluz 1,587.1 30.8 10.7 -5.3 37 HSBC 1,548.6 43.3 1,431.8 16.5 38 Arauca Bit 1,482.6 22.4 816.7 29.1 39 Santander 1,353.0 48.9 936.2 4.2 40 Real Grandeza 1,272.7 20.7 4.4 0.0 41 Profuturo 1,254.3 26.2 817.5 7.2 42 Banesprev 1,249.3 29.5 10.7 -10.5 43 Fapes 1,152.1 32.5 2.0 8.9 44 Confia 1,119.4 35.8 531.3 12.1 45 Crecer 1,029.0 37.6 635.3 5.8 46 Fundacao Copel 987.2 32.8 7.4 8.0 47 Telos 979.4 28.7 8.0 3.6 48 Republica 948.8 35.6 249.2 3.2 49 BBVA Prevision 894.8 15.1 473.4 5.0 50 Postalis 848.7 32.9 100.5 5.3 51 HSBC Fundo de Pensao 846.6 25.5 43.2 0.0 52 Futuro de Bolivia 821.3 14.8 404.9 2.4 53 Fundacao Refer 771.8 16.1 6.9 -2.9 54 Eletroceee 768.1 27.9 6.7 1.2 55 MET 725.7 28.2 278.6 42.3 56 Funbep 706.0 29.1 2.6 -15.5 57 CX Usiminas 701.0 50.0 14.5 6.3 58 IBM 691.4 30.1 4.8 13.8 59 Economus 682.7 27.9 12.3 -9.3 60 Eletros 568.8 30.0 2.0 4.0 61 Capef 543.5 16.5 2.8 -4.4 62 Fachesf 515.5 38.7 5.5 0.0 63 CBS 505.6 30.1 7.4 -1.2 64 Serpros 499.7 53.7 7.6 3.8 65 Ceres 498.6 31.3 8.9 -0.8 66 Aerus 496.1 15.6 27.6 -4.8 67 PSS 488.8 20.7 10.5 18.3 68 Previsol 426.5 13.7 328.2 2.3 69 Fusesc 413.2 22.6 3.5 6.8 70 Prorenta 389.5 12.0 442.1 1.3 71 Skandia 364.7 63.8 44.3 12.8 72 Elos 347.3 33.2 2.0 0.0 73 Attilio Fontana 346.9 30.6 20.8 -11.5 74 Bandeprev 344.1 21.3 0.5 -9.5 75 Volkswagen 334.7 22.8 30.5 3.9 76 Citiprevi 334.1 27.4 11.4 -3.2 77 Geap 333.9 32.6 78.1 -5.1 78 Fibra 330.1 29.3 1.5 -0.1 79 Celos 321.4 31.7 4.2 0.5 80 Femco 318.2 19.1 5.9 1.7 81 Fundacao Banrisul 316.7 29.5 8.1 -0.4 82 Fundacao Itausa 315.9 129.8 9.3 113.5 83 Unileverprev 313.0 30.7 13.0 -4.4 84 Afinidad 299.3 37.3 190.6 1.9 85 Braslight 293.2 25.0 3.8 0.8 86 Union Capital 289.6 37.5 127.8 5.6 87 Instituto Ambev 289.4 33.5 2.9 -1.9 88 Acos 281.2 25.4 4.4 5.3 89 Previminas 278.1 25.9 22.8 3.3 90 Previrb 276.5 25.1 0.6 12.9 91 Sabesprev 268.7 30.4 17.9 -3.2 92 Funssest 268.1 30.4 4.2 4.7 93 Faelba 262.2 26.1 3.2 0.0 94 Azteca 249.2 295.1 822.0 84.0 95 Prece 245.5 27.9 6.5 -4.0 96 Infraprev 244.1 29.0 8.3 6.2 97 Fundacao Brtprev 233.0 -- 1.9 -- 98 BB Previdencia 229.3 56.4 38.7 18.9 99 Futura 226.3 10.2 158.7 -2.9 100 Previnorte 221.8 37.7 2.9 1.1 SOURCE: Abrapp, Pension funds regulators of Argentina, Bolivia, Chile, Dominican Republic, El Salvador, Peru and Uruguay, Consar, Banking Superintendency of Colombia, LATIN TRADE