PREVI - Relatório Anual 2007

Dear participants,

People use to say that a long journey is made step by step. The same happens here at Previ: the outcome comes only after a great deal of work, day after day. Our history also is built year after year, brick by brick. We must be careful in establishing the right bearings and be firm in each of those steps.

In our history, 2007 was another good year. In fact, "good" in this case reflects more a cautious style of speaking than the exceptional results of this last assessment period. It was the 5th. year in we which had results above average, and the 5th consecutive surplus in Plano 1. We had a record figure in new enrollments In PREVI Futuro, an improvement in direct and indirect benefits, new projects, and were successful in the main transactions performed.

Since now, we wish to share those results with all participators, with the PREVI staff, with our Boards and with the members of the boards of the corporations, with the representatives of the participators and of Banco do Brasil. All of them have contributed for us to be able to succeed.

To wish more and more is part of our culture and that is important element to make us move forward. But acknowledging and celebrating are fundamental, as well: reflect our conscientiousness and our appreciation for having reached our goals and results. PREVI is today a successful entity, well-known internationally. After all, we are one of the 50 largest pension funds in the world. Our contributors may consider themselves successful thanks to the quality of the benefits they receive, by the security represented by PREVI and by the way by which every accomplishment is consolidated and shared among all.

PREVI's Board, according to its fiduciary obligations, by means of this report, comes forward to render account of all that happened during 2007. Thus we try here to present the elements which are fundamental for everyone's understanding and reflection.

We will be together during the rendering of Results that will take place in each state. We will listen and clarify all that may be of interest to our participants. Meanwhile, we give you a big hug and inform that are already rushing in order to prepare new projects to, with our best resolve and determination, transform them into achievements during 2008.

So long,
The Executive Board