H1 2018 Highlights

14 Macro Environment Ireland • Irish economy performing strongly GDP +7.2% 2017 +6.7% 2018 forecast • SEM Electricity demand growth • Irish sovereign rating strengthened SEM¹ System Demand Growth (%) ES3 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 2016 2017 2018F 2019F 2020F 2021F A+ Stable (S&P) and A2 Stable (Moody's) 1 Single Electricity Market = Republic of Ireland and Northern Ireland GB • UK GDP +1.7% 2017 & +1.3% 2018 forecast Brexit Uncertainty persists but prudent financial management protecting ESB's credit metrics; Sterling assets matched with sterling funding; SEM underpinned by pre-existing legislation in NI and ROI; ESB's Networks businesses have no volume risk with NIE having revenue visibility out to Q1 2024 UK Capacity Market Under review following suspension but minimal financial impact for 2018/2019 Source: Eirgrid Energy for generations Forecast Irish GDP Source: Central Bank of Ireland UK GDP Source: Office of Budget Responsibility esb.ie/ir

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