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Investor Presentaiton

Indexation of pensions with inflation will reduce expenditures 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Full indexation on nominal wages - Baseline (Inflation + 50% real wages) - Inflation only 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 690> 1907 990 27 27
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