Irish Sovereign Green Bonds Update

External environment supportive - 2021 should see the global economy rebound given large stimulus & vaccines 2020 2021 Exports driven by demand for multinationals products - Pharma. and Tech EA Monetary Policy Maximum accommodative Maximum accommodative 50% 40% EU Fiscal Policy Expansionary Expansionary 30% US Monetary Policy Maximum accommodative Maximum accommodative 20% US growth Covid-19 shock Rebound 10% 0% TT TTTT TITTITI Significantly down Oil price Rising despite rebound -10% Covid-19 shock; Brexit resolved; -20% UK growth Brexit unresolved Rebound 2000 Euro Growth Covid-19 shock Rebound Euro currency Strengthening vs. Dollar Unclear 2003 2006 2009 2012 2015 2018 Exports Chemical Products and Computer Services Exports ex. Chem & Comp Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Source: NTMA analysis, DataStream, CSO 19

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