Investor Presentaiton

ONE INVESTMENT GOVERNMENT REVENUES ■Municipalities have 9% of revenues 67% of assets Sales of Goods and Services、 8% Other Taxes 4% Social Security Plans. 6% Health Premiums 1% Consumption Taxes 21% Investment Income 8% Other Own Source Revenue 2% Property Related 9% Income Taxes 41% Municipal spending responsibilities and revenues don't align! 43

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