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Slide1: 

Report on the Actual Situation of the Pension Funds in Venezuela Madrid, April 12, 2000

Context: 

Context I.- Demographics and Macroeconomic Indicators II.- Reforms to the Pension System III.- Concerned Groups IV.- Mercantil Financial Services (MSF)

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I.- Demographics and Macroeconomic Indicators

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Source: O.C.E.I., 12/31/99 I.- Demographics and Macroeconomic Indicators Population 23,769,087 Active Population 10,206,259 Private 68% Macroeconomic 1999 GNP(% Var) (7,2) Inflation 20,0% Loan Rate 27,8% Saving Rate 15,7% Monthly Salary (Average) 330 US$ Govt. 32% Men 64% Women 36% Average Age 26 yrs.

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II.- Reforms to the Pension System

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II.- Social Security Paying Members 2,118,008 Source: IVSS 12/31/99

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1974 1999 % Paying Members vs. Occupied Population Number of Paying Members per Each Retired Source: IVSS, Ministry of Labor and Our Calculations The different variables, such as demography and a less dynamic and informal market, have coincided and created a major financial load on the actual paying members, generating an unviable and unsustainable system in time. 1974 1999 II.- Social Security

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Retirees of I.V.S.S. and Public Administration Population Over 60 yrs. old 964,000 persons without pensions Sources: IVSS, OCEI, Ministry of Labor, Our Research The volatility and the increase on Current Expenditure as well as the financing of other Social Security Benefits has caused a constant reduction on Pensions and lower coverages. Number of Persons 629,000 II.- Social Security

Net Government Expenditure as % of the GNP IVSS -Public Administration - Non Paying Members: 

Net Government Expenditure as % of the GNP IVSS -Public Administration - Non Paying Members % of GNP II.- Social Security Payments to Retirees, Non Paying Members Payments to Retirees, Public Administration Payments to Retirees, IVSS

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2000 2010 2020 80+ 70-79 60-69 50-59 40-49 30-39 20-29 10-19 0-9 80+ 70-79 60-69 50-59 40-49 30-39 20-29 10-19 0-9 80+ 70-79 60-69 50-59 40-49 30-39 20-29 10-19 0-9 Today we have a unique opportunity to come-up with “The Reform” due to the fact that the population pyramid is turning up side down. It will be more difficult to reform in the future. II.-Unique Opportunity Age Age Age % % %

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II.- Social Security Background

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II.- Present Situation Estimated date “Scenario 1” July - August International bid for the SEREISSI and Superintendency August Superintendency Start-up July Law approval November-December Authorization Prerequisites for AFP January Starting Affiliation March Starting dues 2000 2001

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Octuber International bid for the SEREISSI and Superintendency May Starting Affiliation November Superintendency Start-up September-October Law approval 2000 2001 II.- Present Situation Estimated date “Scenario 2” March Authorization Prerequisites for AFP August Starting dues

II.- Characteristics of the Proposed System Systems: 

Mandatory Contribution Mixed System Shared Government Administration Private Administration Accounts IntergenerationalSolidarity In order to complement the Minimal Pension Capitalization Individual In order to pay: Retirement Pension Disability Survivorship II.- Characteristics of the Proposed System Systems

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III.- Concerned Groups

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III.- Concerned Groups Mercantil Mercantil (Vzla) Provincial Grupo BBV-Argentaria (Spain) -Polar (Vzla) Banco Venezuela Grupo Santander (Spain) Citibank Citibank (USA) - Banco Caracas (Vzla) Banco Unión Grupo Unión (Vzla) Banesco Banesco (Vzla) Nuevo Mundo Grupo Pacific (Chile) Adriática de Seguros Grupo Allianz (Germany) Aporta AFP Aporta (Chile) - Seguros La Previsora (Vzla) Seguros Sud América (1) Grupo Zurich (1) Only as insurance provider to the pension system.

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IV.- Mercantil Financial Services M.S.F.

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M S F Main Investment Bank in the Country. Merinvest Banco Mercantil Storage Co. Servibien Mentrasa Universal Bank Agencies Miami, New York and Curacao. Pioneer and Leader in Trust Services, Leader in Low Income Housing Law Loans 298 Agencies Early on 1998, 49.9% of the Insurance Company was sold to Ætna IV.- Mercantil Financial Services First Latin American Bank to obtain permit as a Commercial Bank in Switzerland. Mercantil has been present in Zurich , Switzerland for 12 years. U.S.Financial Institution. Specialized in Retail Banking, Mortgages and International Trade. Financial Institution specialized in International Trade, mainly bilateral between the two countries.

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IV.- Mercantil Financial Services

Contenido: 

Contenido Thank you

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