Investor Presentaiton

Growth in number of retirees and associated pension expenditure has stabilized... Total number of pensioners (Annual change, in %) 4 3 2 1 0 Pension expenditures (Last 12 months, in % of GDP) 10.5 10.0 9.5 0.2 9.0 -1 ' j Source: Ministry of Economy and Finance 10.1 8.5 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17 Aug-18 22 22

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