Investor Presentaiton

60% 50% 40% 30% 20% 10% Policy option: pro-rated basic component in combination with accruals from the first year of contributions Gross pension benefit (in % of average wage) by career length, for average earners at the statutory retirement age Basic (pro-rated) Earnings related (proposed) Basic (current) - Earnings related (current) Can maintain similar benefits as those provided by the current system Provides benefits in line with contributions to the system 0% 1 2 3 4 5 6 7 8 Source: Figure 1.32. 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 Career length 16

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