1. FBD Holdings plc
2008 Interim Results
August 2008 1

2. 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.

3. 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

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

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

6. H1 2008 Highlights - Underwriting
2008 Interim Results
H 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

7. H1 2008 Highlights - Underwriting
2008 Interim Results
H 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

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

9. H1 2008 Highlights – Non Underwriting
2008 Interim Results
H 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

10. H1 2008 Highlights – Corporate
2008 Interim Results
H 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

11. 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%

12. 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

13. 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

14. 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

15. 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

16. 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

17. Cash Flow Statement H1 2008 €000s H1 2007 €000s
2008 Interim Results
Cash Flow Statement
H €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

18. 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%

19. 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

20. 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

21. 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

22. 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

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