| Message from the Executive Board This is a year to celebrate. In 2008, we celebrated 60 years of important achievements and changes at Grupo Pão de Açúcar, which included our greater efficiency in our management and in the social and environmental responsibility practices. One example is the setting up of a working group with participants from diverse areas of the company, by which created and revamped our programs aimed at conscious consumption and social development, which have become industry benchmarks. We prepared our first GRI report, which will help us evaluate and measure the gains and opportunities from our sustainability practices. In the social sphere, the Company’s focus is on social programs and on improving the quality of life. On the environmental front, we have initiatives focusing on conscious consumption and waste reduction, which are witnessing intense growth. With regard to the financial aspect, we will provide in this report an overview of the information that is available in greater detail in our annual report. With the examples that follow, we are progressing in the path of sustainable development with the constant belief that there will always be opportunities for improvement, progress and growth. We wish you all a happy reading! Hugo Bethlem Executive Vice President |