Investor Presentaiton

Real commercial property prices down 40% from peak (index 1983 = 100) 250 200 150 100 50 Real office property price moves together with Equivalent Rental Value (rents). Price is driven by real demand in the long-run Bubble period 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 Jones Lang LaSalle Real Office Estimated Rent Value (ERV) IPD Real Office Property Price Index Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Source: IPD; NTMA 68

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