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Investor Presentaiton

High frequency indicators also show Ireland's recovery is broad based Ireland composite PMI is expanding - manufacturing hurt in mid-2016 by Brexit Recovery is broad based (PMI chg. as cumulative index level, June 2000=100) 70 70 65 60 350 300 250 55 M 200 50 45 45 40 40 35 30 2000 2002 2004 2006 2008 2010 2012 2014 2016 Services Manufacturing Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Composite 150 100 50 0 Growth of services is much stronger than rest 2000 2002 2004 2006 2008 2010 2012 2014 2016 PMI Manufacturing PMI Services PMI Construction Source: Markit; Bloomberg; Investec ; NTMA workings 12

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