1. PARTE 2

2. Periodo Rentabilidad Nominal Hist ó rica Fondos Pensiones M í nima Exigida CitiColfondo s Horizonte ING Porvenir Protecci ó n Skandia Skandia Alternativo Sistema Jun 30/95 43.77% 38.43% 41.61% 43.05% 49.19% ND ND 43.17% 38.43% Dic 31/95 36.59% 39.80% 39.30% 32.30% 36.64% ND ND 36.69% 31.58% Dic 31/96 35.52% 36.78% 36.04% 34.96% 37.19% ND ND 36.24% 31.6% Dic 31/97 31.37% 31.13% 32.53% 30.82% 31.62% ND ND 31.41% 28.46% Dic 31/98 28.19% 28.19% 30.89% 28.85% 29.19% 32.78% ND 29.91% 25.5% Dic 31/99 27.34% 27.19% 28.58% 28.85% 27.17% 29.21% ND 27.89% 24.92% Dic 31/00 23.33% 23.60% 23.76% 23.93% 23.14% 24.24% ND 23.59% 20.25% Dic 31/01 20.34% 20.01% 20.10% 19.22% 20.42% ND ND 19.97% 18.4% Dic 31/02 18.03% 17.72% 18.24% 17.23% 20.04% ND ND 18.22% 16.18% Dic 31/03 16.93% 16.07% 16.43% 5.17% 19.52% ND ND 17.08% 15.15% Dic 31/04 17.14% 16.19% 15.33% 16.77% 20.34% ND ND 17.39% 11.69% Dic 31/05 19.14% 18.65% 18.56% 18.17% 22.60% ND ND 19.58% 14.07% Dic 31/06 15.45% 14.87% 15.41% 15.31% 18.51% 16.10% 8.24% 16.07% 11.9% Dic 31/07 11.38% 10.99% 12.20% 11.65% 13.41% 12.27% 8.29% ND ND Feb 29/08 8.68% 8.46% 8.89% 9.29% 10.53% 9.55%

3. EL MERCADO DE CAPITALES