Investor Presentaiton

Credibility in achieving forecasts Source: The Treasury Forecast Net Debt as % of GDP % of GDP 28 22222222 27 26 25 24 23 -May-14-Dec-14-May-15-Dec-15-May-16-Dec-16-May-17 21 20 19 18 2013 2014 2015 2016 2017 2018 2019 2020 2021 15

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