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Investor Presentaiton

Irrespective of GDP moves, Ireland has had five straight years of fiscal outperformance General Government Balance Deficit forecast to be fully closed in euro terms by 2019 (€bn) 0.0 90 -0.6 -2.0 80 -2.0 -3.7. 70 -5.5 -2.9 60 -4.0 -8.0 10.3 50 -5.1 -6.0 40 30 -8.0 -7.5 -8.6 20 -10.0 -10.6 -12.0 2011 10 0 1995 1999 2003 2007 2011 2015 2019f 2012 2013 2014 2015 2016 I GGB (% of GDP) Outturn GGB (% of GDP) EU target under EDP (Dec 2010) Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta Source: Department of Finance, CSO National Treasury Management Agency Gen. Govt. Expenditure (ex-banking recap) Gen. Govt. Revenue 32

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