Investor Presentaiton

Price valuation metrics somewhat unclear But the market is not comparable to mid 2000s ECB estimates* indicate that residential prices in Ireland are currently undervalued... ...but by OECD measures they are above long run average 60 50 650 40 30 20 10 0 -10 -20 -30 -40 60% Above zero represents overvaluation 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2018Q1 2019Q1 Maximum Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Average Source: ECB, OECD Minimum 2020Q1 2021Q1 40% 20% 0% Deviation from average price-to-rent ratio (Q2 2021, red dot represent Q1 2008) ** -20% BG UK DN FR NL ES IE BD EA FN PT GR IT *Estimates based on methods relating to housing demand forces and asset pricing framework **Note: Measured as % over or under valuation relative to long term averages since 1980. 76 10

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