1. Brazilian Private Pension System Brazilian Private Pension System Hélio Portocarrero Ministry of Finance SUPERINTENDENCY OF PRIVATE INSURANCE (SUSEP)

2. Brazilian Private Pension System Open Pension Funds Ministry of Finance National Council of Private Insurance - CNSP Superintendency of Private Insurance - SUSEP Insurance Companies and Open Pension Funds  T he products are available for any customer, by individual or group contracts, sponsored or not. Ministry of Finance SUPERINTENDENCY OF PRIVATE INSURANCE (SUSEP)

3. Brazilian Private Pension System Closed Pension Funds Ministry of Social Security Closed Pension Management Council - CGPC Closed Pension Funds Secretary - SPC  T he products are only available for specific groups, linked to a sponsor, who may be an employer, a manager of association or union - Law 109/01 (occupational funds and union funds) Ministry of Finance SUPERINTENDENCY OF PRIVATE INSURANCE (SUSEP)

5. Open Pension Plans Benefits by: survivorship; disability; death. Payment as an annuity or as a lump sum. Full portability, during the accumulation phase, to transfer the funds to another open or closed pension provider company. Withdrawal of the contributor’s accumulated balance, after a period established by the company - limited to 24 months. Ministry of Finance SUPERINTENDENCY OF PRIVATE INSURANCE (SUSEP)

6. Open Pension Plans Traditional products – Defined benefits only. New line of products – defined contributions mostly. Liabilities are linked to shares of special mutual funds - PGBL, PAGP e PRGP: PGBL - It doesn’t guarantee minimum rate of return and has several alternative investment options. PAGP - The accumulation rate is guaranteed at a specified index, and there is a surplus share. PRGP - Besides the index and the surplus, there is a specified rate of return. Ministry of Finance SUPERINTENDENCY OF PRIVATE INSURANCE (SUSEP)

12. Mixed Plans Besides the survivorship benefits, they pay benefits in case of death and/or disability of the contributor. The company can use resources from the survivorship provision to finance other benefits (Communicability). They offer better disclosure terms to customers. They make easy for customers to remain in the plan, until the retirement date. The companies have more flexibility to remunerate agents. Ministry of Finance SUPERINTENDENCY OF PRIVATE INSURANCE (SUSEP)