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Investor Presentaiton

ECB action has helped Ireland's bond performance 86 7 6 OMT and QE (PSPP) have both helped Ireland and other EA sovereigns Purchases of IGBs under PSPP will slow in 2017 to c.€6bn but still significant 5 4 3 2 1 0 -1 OMT QE Billions € 200 160 120 80 60 40 40 GG Debt Estimated Universe Estimated Eurosystem Holdings Eurosystem Holdings Total PSPP-Eligible 01/12 07/12 01/13 10 Year 07/13 01/14 07/14 01/15 07/15 01/16 07/16 15 Year 7 Year 30 year 01/17 Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Source: DataStream, Bloomberg; ECB, NTMA Analysis Note: As of end-Q1 2017 42

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