Investor Presentaiton

Credibility in achieving forecasts Forecast Net Debt as % of GDP % of GDP 28 27 26 25 24 23 22 21 20 19 -May-14-Dec-14-May-15-Dec-15- -May-16 -Dec-16-May-17 18 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: The Treasury 16

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