1 FBD HOLDINGS PLC 2005 PRELIMINARY RESULTS

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

3 Introduction to FBD Holdings plc Core business …insurance underwriting. –leading position in target markets –strong brand identity Non – Core –property/leisure –financial services Excellent growth record.

4 Operational Highlights of 2005 Underwriting Strong new business volumes more than offset reducing premium rates. Policy count at 31 st December 2005 up 12.5% on 2004 figure. Branch network enhanced. Dublin Market targeted New products introduced (Shops, Trades, Breakdown / Claims Assist 24 Hour service) Increased investment in infrastructure and human resources

5 Operational Highlights of 2005 Non-Underwriting 40 Residential units sold at La Cala Resort Third championship golf course (“The Europa”) opened for play at La Cala. Castlerosse Hotel, Killarney sold. Castleknock Hotel & Country Club opened.

6 Operational Highlights of 2005 Corporate KBC disposed of its 22% shareholding. –FBD partakes in KBC sale…(€81m buyback) –Free float increased to 58%

7 Financial Highlights % €000s Gross written premiums389,472351, % Net earned premiums332,371296, % Underwriting result90,45065, % Operating profit162,624124, % Cent Operating earnings per share % Dividend per share % Net asset value per share1, % % Return on equity

8 Preliminary Results: Year to 31 st December 2005 Income Statement €000s % Gross written premiums389,472351, % Net earned premiums332,371296, % Net claims incurred(202,475)(197,784)+2.4% Net operating expenses(39,446)(32,514)+21.3% Underwriting Result90,45065, % Loss Ratio60.9%66.7% Net Expense Ratio Combined Ratio 11.9% 72.8% 11.0% 77.7%

9 Preliminary Results: Year to 31 st December 2005 Income Statement…. Contd.

10 Preliminary Results: Year to 31 st December 2005 Income Statement….. Contd €000s Operating profit162,624124,794 Short term fluctuation in investment return25,95610,298 Finance costs(3,425)(3,116) Profit before tax185,155131,976 Income tax expense(23,701)(16,968) Profit for the year161,454115,008

11 Preliminary Results: As at 31 st December 2005 Balance Sheet - Assets 31/12/0531/12/04 Property & Equipment€000s Hotels/golf168,258148,582 Property – own use28,66527,935 Fixtures & Fittings13,302210,22510,547187,064 Investments Property48,85624,200 Financial1,061,846999,080 Reinsurers’ share of technical provisions66,03465,765 Other receivables/DAC’s73,05868,825 Other Assets Development land36,16334,105 Work-in-Progress26,33336,438 Cash41,897104,39351,362121,905 Total Assets1,564,4121,466,839

12 Preliminary Results: As at 31 st December 2005 Balance Sheet - Liabilities 31/12/0531/12/04 Equity€000s Share Capital23,55725,151 Reserves452,570381,302 Shareholders’ funds – equity interests476,127406,453 Preference Shareholders2,923 Minority Interests6,42316,333 Total equity485,473425,709 Liabilities Technical provisions - Unearned premiums188,953184,954 - Claims699,397888,350658,431843,385 Deferred tax33,87325,787 Creditors - Loans99,83180,476 - Other56,885156,71691,482171,958 1,466,839 Total Liabilities1,564,412

13 Preliminary Results: Year to 31 st December 2005 Statement of Changes in Equity 31/12/0531/12/04 €000s Balance at 1 st January425,709326,696 Profit for the year161,454115,008 Gain on available-for-sale investments10,1964,681 Re-issue of ordinary shares1,4092,716 Buyback of own shares(81,238)- Dividends paid(18,158)(12,614) Purchase of minority interests(9,864)(495) Actuarial loss on pension fund revaluation(3,802)(9,031) Other(233)(1,252) Balance at 31 st December485,473425,709

14 Preliminary Results: Year to 31 st December 2005 Cash Flow Statement 31/12/0531/12/04 €000s Net Cash from operating activities141,626157,394 Used in investing activities(54,411)(156,735) Used in financing activities(96,744)25,057 Net (decrease) increase in cash and cash equivalents(9,529)25,716 Cash and cash equivalents at the beginning of the year51,36225,275 Effect of foreign exchange rate of changes64371 Cash and cash equivalents at the end of the year41,89751,362

15 5 Year Financial Performance /05 €000s % Inc Gross written premiums247,959325,809368,619351,448389,47257% Net earned premiums192,864240,325290,320296,237332,37172% Underwriting result(15,088)(5,266)60,96765,93990,450 Operating profit30,18437,531110,456124,724162,624439%

16 5 Year Financial Performance %%% Loss ratio Net expense ratio Combined ratio

17 5 Year Financial Performance /05 Cent % Inc Operating earnings per share % Dividend per share % Net asset value per share , %

18 Return on equity Underwriting50.75%43.78% 53.08% Non underwriting13.68%8.63%11.63% Total35.09%31.61%36.53%

19 Gross Claims Run-off

20 Market share (IIF) Gross written Premium 10% 8.8% 8.2% 7.7% € m

21 Post Balance Sheet Events 23 rd February 2006, –Conditional agreement to sell 96 hectares of development land at La Cala –Total consideration €201m. in cash, in phased payments. –Estimated profit after tax… €90 m. –Intention to distribute the net cash proceeds, estimated at €120m. in two special dividends.

22 OUTLOOK Underwriting Year to date trading on target Price competition continues Ambitious new-business volumes targeted Further investment in people and infrastructure planned Road accident trends negative, pending Government action Increased claims incurred charge….higher exposures No significant changes in claims reserving approach envisaged, in the short term Combined ratio to move towards European norms

23 OUTLOOK… Contd. Non -Underwriting Property / Leisure –Operating environment to remain challenging –New marketing strategies being implemented Financial Services –Falling premiums pressurising income –Increased sales activity planned

24 OUTLOOK… Contd. Capital Retained Increasing dividend payout Opportunities to invest capital in core / related financial service businesses to be investigated All options to maximise returns to shareholders under ongoing review……. ………meanwhile, prudent investment.