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Investor Presentaiton

Operating surpluses sustained NZ$b 15 10 5 -5 Forecast -10 -15 -20 -25 2008 2010 2012 2014 2016 2018 2020 Year ending 30 June 2022 Source: The Treasury, HYEFU 2017 -OBEGAL (Operating Balance Excluding Gains and Losses) 13
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