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Investor Presentaiton

70 0 60 50 40 40 USD billion 30 A different approach to managing resource revenues 20 20 Short commodity boom 10 10 Long commodity boom 100 90 USD billion 20 2222222 ° 80 70 60 50 0 1 5 9 13 17 21 25 Years Stock of investments in financial assets (savings) Stock of investments in productivity-enhancing assets Non-renewable resource revenue income 1 5 9 13 Years 17 21 25

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