Investor Presentaiton

Recovery has not been driven by credit Lending for House Purchase positive for first time since 2009 (Єbn net transactions) Billions € 8.0 7.0 6.0 New credit to Businesses only now outweighing deleveraging efforts (y-o-y) 50% 40% 30% 5.0 Econ. growth 4.0 positive in 20% 2013-16 3.0 10% 2.0 0% 1.0 -10% 0.0 -20% -1.0 2006 2008 2010 2012 2014 2016 -2.0 2006 2008 2010 2012 2014 2016 Principal Dwelling Buy-to-Let Total Total Annual Growth Total ex Financial Intermediation Total ex Financial Intermediation and Property Source: CBI Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency 22 22

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