This version 1 23 06 1 Content This version

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Content This version: 1/23/06 2

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Few MPFs are still in operation This version: 1/23/06 5

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Is the number of MPFs low? This version: 1/23/06 13

Is the asset growth low? This version: 1/23/06 14

Is investment performance low? This version: 1/23/06 15

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AM fees across countries This version: 1/23/06 19

Are current fees high or low? This version: 1/23/06 20

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LR total fees over Av. Assets This version: 1/23/06 22

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Decumulation phase (1/2) This version: 1/23/06 25

Decumulation phase (2/2) This version: 1/23/06 26

Concluding remarks: growth This version: 1/23/06 27

Concluding remarks: fees This version: 1/23/06 28

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Concluding remarks: disclosure This version: 1/23/06 30

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Concluding remarks: retirement This version: 1/23/06 32

Concluding remarks: retirement This version: 1/23/06 33

End This version: 1/23/06 34