Investor Presentaiton

-2 4 9 1997 1998 1999 Inflation at 5.4% in Ireland There are transitory and pandemic elements but core inflation also rising. Inflation has jumped after subdued decade Energy prices driving a proportion but core inflation also rising 2001 2002 ⚫HICP Ireland 2004 2005 2006 2008 2009 2011 2012 2014 2015 2016 2018 2019 2021 HICP Euro area PCE US Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Source: CSO, DataStream, NTMA analysis 86 420 ~ + -2 1996 1998 1999 2001 2002 2004 2005 2006 2008 2009 2011 2012 2013 -HICP Core HICP 2015 2016 2018 2019 2021 20 20

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