Investor Presentaiton

Elements of re-opening and energy evident Detailed inflation data suggest inflation is unlikely to remain elevated (above 4%) Biggest pick-up in inflation concentrated in energy and Covid- hit sectors "Transitory" areas seeing double-digit inflation, but there may be continued pressure on rents -505 10 15 20 All items Food & non-alcoholic bev. Alcoholic bev. & tobacco Clothing & footwear Housing & utilities Furnishings & hh equip. Health Transport Communications Recreation & culture Education Restaurants & hotels Misc. goods & services Selected sub-indices inflation readings, Nov 2021 (y-o-y %) Liquid fuels (home heating oil) 71.4 Passenger transport by air 64.8 Diesel 29.2 Natural gas 27.9 Petrol 26.0 Accommodation services 21.8 Electricity 20.9 Purchase of vehicles 9.0 Nov-21 3yr average Actual rents paid by tenants 7.3 Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Source: CSO, NTMA analysis 21 21

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