Investor Presentaiton

The Widening Gap, 2009 For the first time since Pew began tracking public sector retirement obligations, the unfunded liabilities for pensions is larger than retiree health care and other benefits. funded unfunded $659 billion $2.3 trillion $31 billion $604 billion Pensions - $2.94 trillion 78 percent funded OPEB-$635 billion 5 percent funded Source: Pew Center on the States, 2011 THE PEW CENTER ON THE STATES 4

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