Investor Presentaiton

Net core Crown debt contained NZ$b 80 70 60 50 828232° 40 30 20 10 0 2008 2010 2012 Source: The Treasury, HYEFU 2017 2014 2016 Year ending 30 June % of GDP 35 Forecast 55 30 25 20 15 10 5 0 2018 2020 2022 Net core Crown debt -% of nominal GDP (RHS) 15

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