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Investor Presentaiton

State pension reforms: 2001 to 2010 THE PEW CENTER ON THE STATES WA ME MT ND OR MN SD WI NY WY MI ΙΑ PA NE VT Reduced benefits Increased employee contributions NV OH UT IL IN NH CA CO 54 KS MO VA KY MA NC RI Both TN AZ OK NM AR SC CT MS AL GA NJ TX DE 5 No reforms MD AK FL HI Source: Pew Center on the States, 2011 15

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