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Investor Presentaiton

THE PEW CENTER ON THE STATES OR 86% ID 74% NV 72% States' Public Sector Pensions 78% Funded in FY09 Thirty-one states were below the 80 percent funded threshold for a well-funded pension system. WA 99% MT ND ME 73% 74% 81% MN 77% SD WI 100% NY NH 58% WY 92% MI 101% VT 73% 89% 79% IA PA MA 68% NE 81% 81% OH 88% RI 59% CA 81% UT 86% CO S5 IL IN 66% 51% 67% WV CT 62% 69% 56% VA KS MO KY 80% NJ 66% 64% 58% 79% NC DE 94% OK TN 90% 97% MD 65% AZ 78% NM 76% 57% AR SC 78% 69% States with less than 80% of pension liabilities funded MS AL GA TX 67% 74% 87% 84% LA 60% AK 61% HI 69% Source: Pew Center on the States, 2011 FL 84% 5

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