1 FBD Holdings plc 2008 Preliminary Results March 2009

2 2 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 Preliminary Results

Highlights Operational  Growth in Market Share  Premium rates hardening  Cost improvements and claims initiatives  Internet developments  Realignment of local offices Financial  Solid trading performance  Adjusted operating profit of €65.8m  Operating contributions from all divisions  Continued de-risking of balance sheet  Loss net of valuation adjustments 2008 Preliminary Results FBD will benefit from positive operating leverage as prices rise

4 Continuing Growth in Market Share Market share up from 11.3% to 11.6% Sustainable growth from core markets Increasing Dublin penetration Eighth consecutive year of growth Third largest non-life insurer in Ireland Market share growth validates rate increases Underwriting discipline maintained Excellent result in competitive market Market GWP down 7.5% FBD Average premium up 0.3% FBD policy volume down 5.7% FBD GWP down 5.5% 650,000 policies at 31/12/08 Growing market share, profitably 2008 Preliminary Results

5 5 Market Shares Gross Written Premium – 2008 Provisional Total Market €3,333m: €3,604m: €3,822m: €3,841m: €3,933m : €4,239m: €3,955m FBD Premium €386m: €408m: €407m: €389m: €351m: €369m: €326m 2008 Preliminary Results

6 Premium Pricing Market rates hardening since late 2008 Covers wider / insured values higher Claims costs increasing FBD will benefit from positive operating leverage as prices rise Turning Point in Insurance Cycle 2008 Preliminary Results

7 Claims Trends Claims ratio up from 68.2% to 79.1% Unusual weather events in August 2008 Higher property related claims – persistent poor weather Risk of increase in “recessionary” claims Claims initiatives Increased resources to counter fraud Continuing innovation in technology and process to improve settlement costs We aim to achieve early and cost effective settlements while providing our customers with a professional claims service that can realise competitive advantage through reduced premiums Loss Ratio FBD Preliminary Results

8 Distribution Platform Changing FBD.ie NoNonsense.ie Broker Initiatives Metro Markets In response to changing customer behaviour sales offices will focus on Agri & commercial business Personal lines by phone or internet Mullingar support centre investment completed Enhancing our business platform and operating capacity to extend our reach by meeting customers needs, cost effectively 2008 Preliminary Results

Highlights – Non Underwriting La Cala Lower property sales Focus on costs / special offers / new markets Sunset Excellent performance Another record year Tower Oversupply in the market We are outperforming competitors Financial Services Contribution from FBD Brokers maintained FBD Life refocused on pension and protection products Capital Fund Converted to cash 2008 Preliminary Results Solid result in difficult trading conditions Protecting Competitiveness Cost Savings Special offers Developing new markets Access to FBD database

10 Financial Highlights Solid trading performance - €65.8m Lower Long term return Loss net of valuation adjustments Continued de-risking of balance sheet Strong capital base Final dividend of 10c per share Positive claims run-off 2008 Preliminary Results Total assets of €1,278m Three times minimum statutory solvency Prudent reserving policy Well placed financially for growth

11 Income Statement 2008 €000s 2007 €000s Gross written premiums385,638407,953 Net earned premiums343,075350,321 Net claims incurred(271,205)(239,054) Net operating expenses(58,470)(51,928) Adjusted Underwriting Result13,40059,339 Loss Ratio79.1%68.2% Net Expense Ratio17.0%14.8% Combined Ratio96.1%83.1% Positive operating leverage as prices rise 2008 Preliminary Results

€000s 2007 €000s Underwriting Result13,40059,339 Longer term investment return43,93053,369 Non underwriting operating income8,45315,175 Adjusted operating profit65,783127,883 Adjusted operating profit by activity: Insurance underwriting57,330112,708 Non-underwriting - Property/leisure5,99116,101 - Financial services/other3,3295,882 - Capital fund(867)8,453(6,808)15,175 65,783127,883 Income Statement (contd) 2008 Preliminary Results Profitable at all points in the cycle

€000s Adjusted operating profit65,783127,883 Fluctuation in investment return(92,307)(69,253) Restructuring costs(7,609)- Change of reserving policy-107,627 Finance costs(4,474)(4,089) (Loss) profit before tax(38,607)162,168 Income tax credit/(expense)5,607(22,093) (Loss) profit for the year(33,000)140,075 Income Statement (contd) 2008 Preliminary Results Valuation adjustments of €126.5m

14 Underwriting Business – Asset Allocation €m% % German government gilts46645%48242% Deposits and cash20720%948% Loans and accrued interest717%857% Investment properties535%837% Own land and buildings242%333% Quoted equities and corporate bonds384%16315% Other16916%21018% 100% 1,028100%1, Preliminary Results Three times minimum statutory solvency requirements

15 Group Assets – Valuation Adjustments 2008 Preliminary Results Properties independently valued by professional external valuers At start of year €m At end of year €m Total Adjustments €m % German government gilts Hotel and golf resorts (25.1)(13%) Quoted equities and corporate bonds (46.1)(25%) Deposits and cash Loans and accrued interest (15.7)(18%) Investment properties (30.5)(37%) Inventories Insurance own land and buildings (9.1)(28%) Other Total 1,387.01,277.8(126.5)(9%) Adjustments made in income statement(92.3) Adjustments made directly to reserves(34.2) Total valuation adjustments(126.5)

16  20 CLAIMS OUTSTANDING Prior Years Total €ms Estimate of cumulative claims: At end of underwriting year One year later Two years later Three years later Four years later Five years later Six Years Later Seven Years Later156 Estimate of cumulative claims1, ,050 Cumulative payments(1,114)(140)(146)(135)(173)(162)(208)(188)(159)(2,424) Claims outstanding Run-off Gross Claims Run-off 2008 Preliminary Results Validates Reserve Release in 2007

17 Dividend Policy FBD is committed to a robust capital position and well-managed balance sheet Given market uncertainty it is appropriate to be prudent at this time Recommended final 2008 dividend of 10c Total 2008 dividend of 40.25c 25% payout ratio, same as 2007 Committed to progressive dividend policy Repatriations since 2005 of €546m Special distribution of €1.50 in October Preliminary Results

18 Outlook : Underwriting A period of unprecedented economic volatility FBD’s underwriting business, by it’s defensive nature, will be cushioned Premium rates hardening Further premium increases in market necessitated because: Premiums have reduced too far Increase in claims costs - weather and property Severe weather in January 2009 Lower investment returns 2008 Preliminary Results FBD well positioned to benefit from hardening market

19 Outlook : Non Underwriting  Leisure/Leisure Property Development  Market conditions will continue to be challenging  Marketing/sales initiatives to counter market conditions  Management focused on operational efficiencies  La Cala Land Sale  Parallel planning procedure initiated  If successful, substantial proportion will be delivered  Dependent on local authorities  Financial Services  FBD Brokers will benefit from hardening market  Focus on pension and protection products in FBD Life  Consolidate customer relationships 2008 Preliminary Results Difficult environment, but focus on maintaining profitability

20 Proposition Robust underwriting business Positive operating leverage as prices rise Appropriate plans, people and infrastructure Growing market share, profitably Quality portfolio of property & leisure businesses Strong capital base and balance sheet Prudent reserving policy Continued de-risking of balance sheet Well positioned  To benefit from hardening market  To deliver long-term profitable growth  To produce superior returns for shareholders 2008 Preliminary Results

21 FBD Holdings plc 2008 Preliminary Results QUESTIONS? A. March 2009

22 Balance Sheet - Assets 31/12/0831/12/07 Property & Equipment€000s Hotels/golf167,088192,352 Property – own use24,33532,806 Fixtures & Fittings17,236208,65918,186243,344 Investments Property52,53883,019 Financial768,420823,151 Reinsurers’ share of technical provisions58,99450,483 Other receivables/DAC’s91,09285,705 Other Assets Development land30,80630,781 Work-in-Progress31,57834,964 Cash35,71398,09735,618101,363 Total Assets1,277,8001,387, Preliminary Results

23 Balance Sheet - Liabilities Equity 31/12/08 €000s 31/12/07 €000s Share Capital21,40921,277 Reserves214,031362,312 Shareholders’ funds – equity interests235,410383,589 Preference Shareholders2,923 Minority Interests4,1515,689 Total equity242,484392,201 Liabilities Technical provisions - Unearned premiums188,017199,074 - Claims626,188814,205612,852811,926 Deferred tax15,06227,738 Creditors - Loans110,96860,406 - Other95,081206,04994,794155,200 Total Liabilities1,277,8001,387, Preliminary Results

24 Cash Flow Statement 2008 €000s 2007 €000s Net cash from operating activities26,315121,263 From investing activities1,949179,790 Used in financing activities(27,099)(303,085) Net increase (decrease) in cash and cash equivalents1,165(2,032) Cash and cash equivalents at the beginning of the period35,61837,423 Effect of foreign exchange rate changes(1,070)227 Cash and cash equivalents at the end of the period35,71335, Preliminary Results