PitchSend

Investor Presentaiton

A growing annual bill The annual bill to fund all 50 states' pension obligations has risen 152 percent since 2000. THE PEW CENTER ON THE STATES $ = In billions $68 $64 $61 $55 $50 $42 $34 $29 $27 $27 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Source: Pew Center on the States, 2011 6

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