Meet the Management AIB Investor Day London, 8 th November 2006 Gerry Byrne Managing Director - AIB Poland Division

2 A number of statements we will be making in our presentation and in the accompanying slides will not be based on historical fact, but will be “forward- looking” statements within the meaning of the United States Private Securities Litigation Reform Act of Actual results may differ materially from those projected in the forward looking statements. Factors that could cause actual results to differ materially from those in the forward looking statements include, but are not limited to, global, national and regional economic conditions, levels of market interest rates, credit or other risks of lending and investment activities, competitive and regulatory factors and technology change. Any ‘forward-looking statements made by or on behalf of the Group speak only as of the date they are made. visit Forward looking statements

3 Why is AIB in Poland ? Large Market – 39m people with considerable employment potential GDP per capita is 46% versus EU15 One of the fastest growing economies, GDP now growing at c. 5% Total banking assets / GDP at 68% (EU15 203%) Only 60% of the population have bank accounts Branch coverage at 50% of EU average Excellent cultural fit

4 Banking environment (1995 – 2005) Key Headings – 2005 GDP5.6%3.0% Unemployment13%19% Inflation15%3% Fixed Investment14%-2% Interest Rates21%8% Banking SectorFirst Mover advantageIncreasing Competition AIB Strategic Action BZ AcquisitionBusiness Re-alignment

5 Our 5 year performance People employed  from 10.2k to 7.8k Cost / income ratio  from 80% to 52% Impaired loans  from 20% to 6% Bank Zachodni WBK S.A to H1, 2006 PLN bn PBT CAGR + 50%Loans CAGR 9% / Deposits + Funds CAGR 14.5% PLN m 571 H1, 2006

6 Evolution of income & costs – carefully chosen growth Loan Interest Income exceeds Deposit Interest Income

7 Reshaping our business – continuous improvement WARSAW POZNAN WROCLAW KRAKOW GDANSK Branches  372 branches, 605 ATMs  30 new branches planned for 2007  Expansion in key markets SZCZECIN LODZ KATOWICE Corporate Business Centres  Large commercial & corporate focus  Warsaw, Poznan, Wroclaw, Krakow, Gdansk  65% total loans under CBC mgt.  3 New Locations in 2007 – Katowice / Szczecin / Lodz External Channels  Direct banking  Intermediaries  Mobile sales

8 Profit & Loss Total Operating Income + 26% Operating Expenses + 9% Provisions- 2% Profit before Tax + 62% 2006 Profits: Expected to be materially greater than 2005 Our reshaped business – reaping the rewards Balance Sheet / Products Corporate / SME + 10% PLN Mortgages+ 23% Personal Loans+ 93% Leasing+ 16% Mutual Funds+ 230% Deposit Volumes+ 7% E Banking/Payments+ 13% H v H1 2005

9 Our reshaped business – developing our market position Number 1 for asset quality with c. 6% impaired loans Number 1 for investment performance / number 2 in investment funds Number 1 in stockbroking Business loan growth 2x market level Top 3 ROE performance Number 2 for % gap between income and cost growth Peer benchmarking in 2006

10 Positive economic growth indicators % Growth (F)2007 (F) Inflation (YoY)2.1%1.2%2.5% GDP (YoY)3.3%5.2%5.0% Unemployment (Y/e)17.6%15.4%14.2% Interest Rates (Avrg.)5.4%4.0%4.25% Exports (YoY)14.7%19.5%15.0% Fixed Investment (YoY)6.2%12.6%10.0%

11 Targeting outperformance in a high growth market High quality well spread sources of income Strong momentum in business / retail loans, deposits / investment funds, leasing, brokerage & credit cards Further efficiency gains enabled by highly scaleable platform Risk firmly managed by top class people, scoring and decision engines

12 5 years to what you can expect from us Maintenance of material income / cost gap Further % reduction in level of impaired loans ROIC to continue increasing from the current 25% Primed to continue significant, well balanced growth