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50th anniversary of the mutuality of the airlines sector. We want to take care of your future, to continue flying together

We celebrate 50 years of life proud of the path we have walked until this 2022, but also excited about
the future that we are already beginning to trace. Improving and growing, being profitable and providing
the best service and well-being, have been our leitmotiv of these five decades. In Loreto Mutua we
have always been guided by the objective of obtaining the greatest benefit to give better benefits, with
responsible management and controlling risk, looking for opportunities to meet the goal of being the
best caregivers of those who make us who we are: our mutualists, the true architects and owners of the

We were born as an avant-garde, almost revolutionary idea for workers in the airline sector and with
the help of a company such as Iberia. Over the years, we have been incorporating many more airlines,
adding ground staff, technicians, crew, pilots … This diversity of mutual society members and their
solidarity character, which was already present in their origins and which remains today, partly explain
the success of their validity after these fifty years. Since 1970, when we started with a small office with
two rooms and three typewriters, no one could imagine that we would get where we are; Suffice as an
example the current headquarters, the building of Castellana 40.

These are 50 years of a collective effort and a particular philosophy. Nowadays, when it is common
practice in the financial sector to end up passing on costs to customers or profits, in Loreto profitability
is distributed in solidarity. It is part of the mutual spirit. This is what distinguishes us from other entities.
Low management costs is another of our values. And it’s an important difference, a difference that
counts. Mutual society members and shareholders pay management costs that do not exceed 0.4%,
while in other entities they can be between 1.2 and 1.5%.

Our hallmarks to work with have been commitment, unity and solvency. We have always worked with
an investment policy that over the years has grown its assets with solidity and security. Always with that
philosophy of step by step, which leads us to achieve, for example, since 2001, an average profitability
of 5.00% in the Mutuality. And also honesty, in the same period we have only had three exercises of
(minimally) negative profitability.

But if there is a value that stands out, it is the personalized management in the attention to each of our
mutualists. Meet them and call them by name. That is our differential value: Loreto belongs to the
mutualists and is due to them. To move in time, in the last 20 years, Loreto Mutua has processed
almost 1,500 million euros in benefits that represent a deserved and quiet retirement for thousands of
mutual society members and their families and, in fact, currently, the Mutuality is formed by more than
24,000 professionals in the air sector, who have chosen us. Why? Because since our beginnings, the
focus has been on people and their well-being, we have always sought agreements and solutions that
could add value to mutual society members beyond their retirement.

A flight of height: Loreto Inversiones

But we did not settle and in 2018 we dared to jump: Loreto Inversiones was born, an exciting project for
everyone, which is opening new paths and expectations of expansion in fund management. And why
did we dare? We looked around and saw that we had to answer the questions and needs of the mutual
society members themselves with other savings products. Many of them demanded it and sought in the
financial sector an investment fund manager with the Loreto DNA.

The best flight companion of your life: retirement

As pensions have evolved, there seems to be no doubt about the need for workers to supplement the
pension they will get thanks to their contributions. Currently, the average pension is between 80 and
85% of the salary. What will happen in the future? In a few years, workers who retire could receive
around 70/ 65% of their salary. This is a loss of purchasing power that will have a decisive impact on
the family economy. Hence the importance of having cost-effective and effective tools to supplement
the pension. Savings in social security products such as Loreto, gives greater assurance that at the
time of retirement no quality of life will be lost, with a complementary benefit to the public pension. And
it is also a solution for companies, both in the airline sector and in other sectors, to offer an additional
measure of well-being for employees, contributing to their loyalty and reinforcing the retention of
internal talent.

In Spain there is still a lot of room to develop and strengthen complementary social security, which
requires a greater commitment on the part of authorities and entrepreneurs to improve the future of our
welfare system. There is enormous potential to move forward with the employment plans of any sector
and company, for example, with an employment plan such as Loreto Empresas, which already has
1,400 participants. The future of savings for so many active population goes through plans like this, in
which companies and workers participate, mainly for the well-being of all. We have an excellent letter of
introduction and a track record that supports us. We are convinced that our culture and our way of
doing things will also attract new companies.

It seems clear that we face the future with new perspectives in complementary social security and the
rest of the products, our Loreto Óptima individual pension plan and the management of funds through
Loreto Inversiones. And we will remain open to exploring new opportunities that will help us drive our
growth. However, as the good must be maintained, we will continue to work with solidarity, closeness
and professionalism, being efficient and always being together with the partners of Loreto. Our goal is
and will continue to be to obtain the highest profitability to deliver it to each and every one of the mutual
society members.

We have completed half a century of life, but we are not satisfied. We do things with excellence and
commitment, but we want more. We want Loreto to project another 50 years, opening ourselves to the
launch of new services that add value, that take advantage of the synergies and experience
accumulated during these years, consolidating each step we advance to continue with our expansion in
a safe and solid way. We want not only more mutual society members, but also more families satisfied
with their retirement; that Loreto is projected another 50 years. Thanks to those who are and were, to
the mutualists and to the entire aviation sector.