Irish Sovereign Green Bonds Update

Covid-19 impact on prices muted as both supply and demand impacted, but rents have come off highs House prices up 3.7% in the year to March 2021 Rents pressures returning - more so in the regions rather than Dublin 30% 20% 10% 0% -10% -20% -30% 2005 2007 2009 2011 2013 2015 2017 2019 National (Y-o-Y %) Dublin (Y-0-Y %) Ex Dublin (Y-o-Y %) Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Source: CSO; RTB 180 160 140 120 100 80 60 40 20 0 2005 2006 Prices were above rents 2007 2008 2009 2010 2011 2012 2013 2014 Rents (100 = 2005) Rents now well above prices 2015 2016 2017 2018 2019 2020 2021 Price 66

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