| Message from the CEO [GRI 1.1 e 1.2] The year 2008 was marked by adjustments and by the focus on greater efficiency in all areas of the company through a series of initiatives capable of making us more efficient and competitive, thus underlining our values and commitment to all the stakeholders. We made signifi cant progress in the area of social and environmental responsibility, which will, for the fi rst time, be disclosed in our Sustainability Report being produced according to version G3 of the Global Reporting Initiative (GRI) standards. This transparent and detailed report brings information about our practices and the advances we have made, which we consider a signifi cant achievement. Grupo Pão de Açúcar is guided by values inherent in the concept of corporate responsibility, which place the Company at the forefront of the industry with practices that go beyond its business activities. As a result of this policy, the Group has been a signatory to the Global Compact since 2001 and began adopting the GRI directives this year to guide our management. Our commitment to sustainable development drives us to constantly seek viable and environmentally correct alternatives that help us to control costs and maximize operating resources in the entire value chain, generating benefi ts in terms sustainability for the whole society. In addition, aware of our responsibility and the impacts of our business, we invite our customers to practice conscious consumption and work with us in building a more egalitarian society with better quality of life for all. This endeavor of ours to lead the sector in the issue of sustainability guides us to underline our track record of operating always in line with the best market practices, which can be seen in this report. That is why this Report has come at the right time. Happy reading! Claudio Galeazzi CEO |