FBD Holdings plc 2008 Interim Results August 2008 1

Forward Looking Statements 2008 Interim Results Forward Looking Statements This presentation contains certain forward-looking statements. Actual results may differ materially from those projected or implied in such forward-looking statements. Such forward-looking information involves risks and uncertainties that could affect expected results.

Contents H1 2008 Highlights Summary Financial Statements Outlook Page Underwriting 4 Non-Underwriting 9 Corporate 10 Summary Financial Statements Income Statement 11 Balance Sheet 14 Statement of Changes in Equity 16 Cash Flow Statement 17 Return on Equity 18 Outlook 19

H1 2008 Highlights - Underwriting 2008 Interim Results H1 2008 Highlights - Underwriting FBD now 3rd largest non-life insurer in Irish market 4

Market Shares Gross Written Premium – 2007 Total Market 2007 -€3,604m: 2006 - €3,822m: 2005 - €3,841m: 2004 - €3,933m : 2003 - €4,239m: 2002 - €3,955m FBD Premium 2007 - €408m: 2006 - €407m: 2005 - €389m: 2004 - €351m: 2003 - €369m: 2002 - €326m 5

H1 2008 Highlights - Underwriting 2008 Interim Results H1 2008 Highlights - Underwriting FBD now 3rd largest non-life insurer in Irish market Top Line Performance Growth of recent years consolidated Strong new business volumes Retention impacted by unrealistic pricing of certain competitors Underwriting discipline maintained Excellent outcome in a competitive market Support Centre Aim – cost efficient and customer centric delivery and service of personal lines 165 FTE staff 21,000 calls per week 27 branch offices “migrated” 6

H1 2008 Highlights - Underwriting 2008 Interim Results H1 2008 Highlights - Underwriting Business developments “No Nonsense” car insurance launched via Ryanair website Aimed at price-conscious/no frills customer Take up in line with expectations Builds platform for other distribution activities E-Commerce car insurance proposition brought to launch stage Pilot of commercial business via intermediaries Branch network aligned to exploit commercial opportunities - Athlone - Newbridge “Enhancing our business platform and creating capacity to extend our reach by meeting customer needs, cost effectively” 7

H1 2008 Highlights - Underwriting 2008 Interim Results H1 2008 Highlights - Underwriting Investments Continued de-risking of balance sheet 8

H1 2008 Highlights – Non Underwriting 2008 Interim Results H1 2008 Highlights – Non Underwriting La Cala Market environment for property sales challenging Focus on costs Sunset Excellent performance Record revenue and visitor numbers Tower Revenue ahead of 2007 Oversupply in certain market segments Financial Services Contribution from FBD Brokers maintained Reduced customer appetite for retail investment products due to volatile markets Capital Fund Converted to cash 9

H1 2008 Highlights – Corporate 2008 Interim Results H1 2008 Highlights – Corporate Capital Management 10% increase in interim dividend Remain committed to efficient capital management and maximising shareholder returns March 08 – Stated intention of returning €94.2m to shareholders Board reconsidered decision in light of market conditions Decision made to distribute €1.50 per share (€49.8m) in Oct 08 Retain flexibility to repatriate further capital to shareholders subject to market conditions 10

Income Statement H1 2008 H1 2007 €000s Gross written premiums 198,335 2008 Interim Results Income Statement H1 2008 H1 2007 €000s Gross written premiums 198,335 205,445 Net earned premiums 173,853 175,596 Net claims incurred (130,586) (122,777) Net operating expenses (30,451) (26,661) Underwriting Result 12,816 26,158 Loss Ratio 75.1% 69.9% Net Expense Ratio 17.5% 15.2% Combined Ratio 92.6% 85.1%

Income Statement (contd) 2008 Interim Results Income Statement (contd) H1 2008 €000s H1 2007 Underwriting Result 12,816 26,158 Longer term investment return 23,081 27,523 Non underwriting operating income 4,844 11,437 Operating profit 40,741 65,118 Operating profit by activity: Insurance underwriting 35,897 53,681 Non-underwriting - Property/leisure 3,203 7,397 - Financial services/other 2,510 4,267 - Capital fund (869) 4,844 (227) 11,437 40,741 65,118

Income Statement (contd) 2008 Interim Results Income Statement (contd) H1 2008 H1 2007 €000s Operating profit 40,741 65,118 Short term fluctuation in investment return (44,175) (12,458) Finance costs (1,780) (2,912) (Loss) profit before tax (5,214) 49,748 Income tax expense (1,334) (5,048) (Loss) profit for the year (6,548) 44,700

Balance Sheet - Assets 30/06/08 31/12/07 Property & Equipment €000s 2008 Interim Results Balance Sheet - Assets 30/06/08 31/12/07 Property & Equipment €000s Hotels/golf 192,628 192,352 Property – own use 33,446 32,806 Fixtures & Fittings 17,071 243,145 18,186 243,344 Investments Property 69,150 83,019 Financial 786,556 823,151 Reinsurers’ share of technical provisions 54,348 50,483 Other receivables/DAC’s 107,164 85,705 Other Assets Development land 30,781 Work-in-Progress 32,144 34,964 Cash 35,562 98,487 35,618 101,363 Total Assets 1,358,850 1,387,065

Balance Sheet - Liabilities 2008 Interim Results Balance Sheet - Liabilities Equity 30/06/08 €000s 31/12/07 Share Capital 21,277 Reserves 338,057 362,312 Shareholders’ funds – equity interests 359,334 383,589 Preference Shareholders 2,923 Minority Interests 5,620 5,689 Total equity 367,877 392,201 Liabilities Technical provisions - Unearned premiums 198,071 199,074 - Claims 618,136 816,207 612,852 811,926 Deferred tax 22,124 27,738 Creditors - Loans 60,729 60,406 - Other 91,913 152,642 94,794 155,200 Total Liabilities 1,358,850 1,387,065

Statement of Changes in Equity 2008 Interim Results Statement of Changes in Equity 30/06/08 €000s 30/06/07 €000s Balance at 1st January 392,201 506,918 (Loss) profit for the period (6,548) 44,700 Return of capital - (175,645) Buyback of own shares (31,134) Dividends paid (17,277) (15,798) Other (499) 1,173 Balance at 30th June 367,877 330,214

Cash Flow Statement H1 2008 €000s H1 2007 €000s 2008 Interim Results Cash Flow Statement H1 2008 €000s H1 2007 €000s Net Cash from operating activities 11,766 101,271 From investing activities 5,590 125,664 Used in financing activities (16,934) (229,215) Net increase (decrease) in cash and cash equivalents 422 (2,280) Cash and cash equivalents at the beginning of the period 35,618 37,423 Effect of foreign exchange rate changes (478) (121) Cash and cash equivalents at the end of the period 35,562 35,022

Return on Equity 2008 Interim Results 2003 2004 2005 2006 2007 H1 2008 Underwriting 50.75% 43.78% 53.08% 58.44% 49.46% (3.54%) 16.38% Non underwriting 13.68% 8.63% 11.63% 39.75% 2.89% 1.71% 3.42% Total 35.09% 31.61% 36.53% 50.61% 31.73% (1.84%) 10.86%

Outlook : Underwriting 2008 Interim Results Outlook : Underwriting Market premiums in certain lines unrealistic Steady increase in claims costs Severe weather in July / August 2008 Impact FBD Impact Industry Increasing evidence of stabilising rates

Outlook : Underwriting (contd) 2008 Interim Results Outlook : Underwriting (contd) Combined ratios reported in market signal hardening market in near future FBD well positioned to benefit from hardening market Initiatives in progress Internet car insurance offering launch in early September – home insurance before year end Metro markets Enhancing Support Centre delivery 20

Outlook : Non Underwriting 2008 Interim Results Outlook : Non Underwriting Leisure/Leisure Property Development Market conditions will continue to be challenging Marketing/sales initiatives countering market conditions Management focused on operational efficiencies La Cala Land Sale Delivery of planning achievable Financial Services Focus on deposit and protection products Consolidate customer relationships 21

Outlook : Corporate Capital 2008 Interim Results Outlook : Corporate Capital Maximising returns via efficient capital management Progressive dividend policy to continue Repatriation since March 2005 now total €546m. (excl. ordinary dividends) 22

FBD Holdings plc 2008 Interim Results QUESTIONS? August 2008 A. 23