Investor Presentaiton

Irish house price valuation is still attractive relative to other European countries Deviation from average price-to-income ratio 60% 40% 20% 0% -20% SD BG NW UK OE DN FR NL LX ES EA IR IT FN BD GR PT Deviation from average price-to-rent ratio 75% 60% 45% 30% 15% 0% -15% -30% SD NW BG UK DN FR LX FN OE IE ES NL DE EA IT GR PT Source: OECD, NTMA Workings Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Note: Measured as % over or under valuation relative to long term averages since 1980. All data updated to Q3 2016 67

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