Investor Presentaiton

Pension Reform Key reforms recommended by EC to relieve pressure on public financing: Provide economic incentives to prolong working lives + Limit access to early retirement schemes + Strengthen link between contributions and entitlements + Curtail future public spending requirements by instituting more appropriate pension indexation mechanism + Spread future pension-related risks across several pension pillars SLOVAK REFORM IMPLEMENTS ALL THESE RECOMMENDATIONS + Radical reform of 1st pillar (pay-as-you-go pillar) + Introduction of the 2nd pillar (private pension accounts invested in capital markets) + Improving the regulatory environment for efficient functioning of the 3rd pillar H 15

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