2. COUNTRIES REPORT Mexico INVERCO April 12, 2000

3. Mexico Pension System Results in 1999  Total Affiliation: 15’594,503 workers.  Around 40% de la Economicaly Active Population (PEA).  65% Man, 35% Woman.  60% of total affiliates receive contributions in the last two months of 1999.  85.4% of the affiliated workers have less than 45 years old.

4. Mexico Pension System Results in 1999  Average Salary: Around 455 USD Monthly.  Total Accumulated Funds invested in the SIEFOREs reached 11,423 millon USD.  97.4% are invested in Government Securities and 2.6% in private instruments with a high calification grade.  Returns in 1999 reach 26.86% in nominal terms and 13.07% in real terms. Note: 1 USD = 9.50 pesos, M.N. at December 31, 1999.

5. Mexico Pension System Results in 1999  The Voluntary Contributions reach 34.8 Millon USD.  In average a worker has accumulated 1,163 USD in the Subaccount of Retirement and 893 USD in Housing.  The Number of Accumulated transference between Afores are 39,926.

6. Mexico Challenge and Tasks for the year 2000  System Consolidation.  Ammendements to the Actual Investment Regime.  Create New SIEFOREs.  Create a savings´ Culture in the Population, that Incentive the Voluntary Contributions.  Maintain the dissemination of the New Pension System.  Make a Mechanism that allocate the Cuenta Concentradora ( Service to Workers That Have Not Chosen a Retirement Fund Manager ( Afore) ).