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Investor Presentaiton

Operating surpluses sustained NZ$b 15 10 5 0 -5 -10 -15 -20 -25 1997 1999 2001 2003 2005 2007 2009 2011 2013 Source: The Treasury, HYEFU 2017 Year ending 30 June ―OBEGAL (Operating Balance Excluding Gains and Losses) 2015 2017 2019 2021 Forecast 12
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