Irish Sovereign Green Bonds Update

Medium term economic challenges - Covid recovery, deficit reduction and possible OECD tax reform Recovery Ireland under strict lockdown in early 2021. But restrictions are easing and vaccine rollout underway Current lockdown will impact H1 growth before recovery can begin in H2 Policy Significant stimulus announced equivalent to 19% of GNI* over 2020 and 2021 Deficits are necessary but in time public support to economy to be reduced Tax Proposed corporate tax reform led by the OECD may impact Ireland's growth model Global minimum tax rate hits at Ireland's FDI proposition to multinationals, possibly reducing future growth Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency 6

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