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Investor Presentaiton

60 50 40 30 20 10 0 -10 -20 -30 -40 Price valuation metrics somewhat unclear But the market is not comparable to mid 2000s ECB estimates* indicate that residential prices in Ireland are currently undervalued... ...but by OECD measures they are above long run average price to rent metrics 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1 2014Q1 National Treasury Management Agency 2015Q1 80% Above zero represents overvaluation 60% 2016Q1 2017Q1 2018Q1 2019Q1 2020Q1 Maximum Average Minimum Source: ECB, OECD Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta 2021Q1 40% 20% 0% *Estimates based on methods relating to housing demand forces and asset pricing framework **Note: Measured as % over or under valuation relative to long term averages since 1980. Deviation from average price-to-rent ratio (Q4 2021, red dot represent Q1 2008) ** -20% LX BG UK DN NL FR OE ES IE BD EA FN PT GR IT 71

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