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Investor Presentaiton

Ireland's current account in surplus but heavily affected by MNC activity and re-domiciled PLCs 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% Historically-high current account surplus (% of GDP) is flattered by re-domiciled PLCs and intangible assets -20.0% 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Published Current Account 4 Quarter Average Source: CSO Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency * For discussion on the undistributed profits of redomiciled PLCs see Fitzgerald, J. (2013), 'The Effect of Redomiciled PLCs on GNP and the Irish Balance of Payments' 56

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