Irish Sovereign Green Bonds Update

Irish house price valuation metrics remained well below 2008 levels throughout last cycle 60% 40% 20% 0% Deviation from average price-to-income ratio (Q2 2020, red dot represent Q1 2008) 0 -20% BG SD OE NL LX NW DN FR ES IE PT EA UK BD GR FN IT Deviation from average price-to-rent ratio (Q2 2020, red dot represent Q1 2008) 100% 80% 60% 40% 20% 0% -20% SD NW BG UK LX FR DN ES NL IE OE FN EA BD PT GR IT Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Source: OECD, NTMA Workings Note: Measured as % over or under valuation relative to long term averages since 1980. 67

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