Investor Presentaiton

Gradual rise in inflation 9 % 7 5 3 Ma Annual % change 6 Forecast 4.5 1 2000 2003 2006 2009 2012 2015 2018 2021 Quarterly Source: The Treasury, HYEFU 2017 -90-day interest rate CPI inflation (RHS) 1.5 10

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