Irish Sovereign Green Bonds Update

-100 -50 1987 1989 0 50 100 150 Migration has improved Ireland's human capital; post- Covid migration to be closer to zero given travel bans Latest Census data show net migration positive since 2015 - mirroring economy Migration inflow particularly strong in highly educated cohort - work in MNCs attractive 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 Emigration (000s) I Immigration (000s) Net Migration (000s) ...Net Migration (% of Pop, RHS) Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Source: CSO 3.0% 120 90 2.0% 60 60 1.0% 30 0.0% 0 -1.0% -30 -2.0% -60 -90 -120 Third level Other Education Net Migration 2009-2013 ■2015-2019 53

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