For the second year our annual report includes the report of the independent auditor (PricewaterhouseCoopers) on the summarized consolidated financial statements derived from the consolidated financial statements prepared by AVINA’s management according to International Financial Reporting Standards.

The audit of consolidated financial statements is augmented by an internal auditing service provided by KPMG. This includes a review of various administrative aspects in the countries where AVINA operates, the results of which are presented to the Board of Directors’ Audit and Risk Committee.

AVINA’s Sources of Funding

Activities developed by AVINA in 2008 were financed by the VIVA Trust. AVINA also entered into co-investment alliances in areas of shared strategy with institutional partners. In December AVINA signed an agreement with the Bill & Melinda Gates Foundation and received funds to be administered on behalf of an alliance to strengthen and expand the movement of collectors of recyclable materials in Latin America and thereby encourage their economic and social inclusion. The agreement involves an annual contribution of USD 1 million over a five-year period, for which AVINA will provide counterpart funding of USD 1.25 million. AVINA also established a partnership with the Inter-American Development Bank to develop an online database of philanthropic organizations from Latin America, Europe and the United States that invest in Latin America. It will be known as the Latin America Donor Index and launches in April of 2009.

Financial contributions in 2008 to AVINA activities:

Social investments in Latin America since 1994