3. Accounting Statement Presentation

The 2008 Accounting Statements were prepared in compliance with the accounting practices in effect in Brazil and pursuant to CGPC Resolution # 5, of 01/30/2002 and posterior amendments, following uniform principles, methods and criteria for Accounting Statements for the latest fiscal year.

The consolidated Accounting Statements include the Entity (Administrative Program) and Plano 1, PREVI Futuro, and Capec benefit plan account balances. Each Benefit Plan has its accounting structured based on three programs: Social Security, Administrative, and Investments.