FBD Holdings plc 2007 Interim Results August 2007 A.

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 Interim Results

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4 Indigenous Irish company Primary Business Other Interests Excellent growth record Committed to Key Business Driver ………. Founded in 1970 ………. Stock Exchange, 1989 ………. Insurance Underwriting (Property/Casualty) ………. Leisure/Property Development ………. Financial Services ……… “TSR” 46% p.a., last 5 years ………. Shareholders, customers, staff ………. Maximising shareholder value 2007 Interim Results

5 Mission Statement “In our target markets, to be the leading customer focused insurance group, delivering long term sustainable value.” 2007 Interim Results

6 Operational Highlights: H Underwriting Strong new business volumes offset reduced premium rates Premium income ahead of 2006 Policy count up 3% on December 2006 Business Support Centre (“BSC”) commenced operations in February FTE staff - 12,500 phone calls on average per week - Phone traffic to 12 offices migrated to BSC - Branch staff freed up to focus on sales Progress in Dublin market maintained Platform for business growth enhanced….. technology based efficiencies advanced 2007 Interim Results

7 Non-Underwriting – Leisure/Property Development La Cala Property handovers ahead of comparable 2006 period Improved trading in hotel and golf activities Sunset Excellent performance Record visitor numbers Tower Visitor numbers up – improved trading 2007 Interim Results Operational Highlights: H1 2007

8 FBD Life Continued strong growth FBD Brokers Maintained performance Capital Fund Balance in fund reduced arising from decision to return capital ………. Customer and product opportunities exploited ………. In highly competitive environment ……….Remaining fund impacted by weak equity markets 2007 Interim Results Operational Highlights: H Non Underwriting – Financial Services

9 Corporate Capital Management - €176m of capital distributed to shareholders on 27 th June Flexible capital return mechanism devised to maximise returns for all shareholders - Buy back of 957,000 shares in June 2007 for €31.1m Organisation - Management capacity enhanced by key appointments - Formation of dedicated strategic developments unit 2007 Interim Results Operational Highlights: H (contd)

10 H1 2007H1 2006% €000s Gross written premiums205,445203, % Net earned premiums175,596173, % Underwriting result26,15841, % Operating profit65,11875, % Financial Highlights 2007 Interim Results

11 H1 2007H Cent Operating earnings per share % Dividend per share % Distribution of financial reserves per share /12/06 Net asset value per share , % Return on equity (6 months)11%26% Financial Highlights (contd) 2007 Interim Results

12 Income Statement H1 2007H €000s % Gross written premiums205,445203, % Net earned premiums175,596173, % Net claims incurred(122,777)(108,558)+13.1% Net operating expenses(26,661)(22,959)+16.1% Underwriting Result26,15841, % Loss Ratio69.9%62.7% Net Expense Ratio15.2%13.2% Combined Ratio85.1%75.9% 2007 Interim Results

13 Operating profit by activity: Insurance underwriting53,68165,422 Non-underwriting - Property/leisure7,3973,728 - Financial services/other4,2672,740 - Capital fund(227)11,4373,83110,299 65,11875,721 Income Statement (contd) 2007 Interim Results H €000s H €000s % Underwriting Result26,15841, % Longer term investment return27,52323, % Non underwriting operating income11,43710, % Operating profit65,11875, %

14 H1 2007H €000s Operating profit65,11875,721 Profit on sale of land at La Cala-83,626 Short term fluctuation in investment return(12,458)318 Finance costs(2,912)(2,220) Profit before tax49,748157,445 Income tax expense(5,048)(34,845) Profit for the year44,700122,600 Income Statement (contd) 2007 Interim Results

15 Balance Sheet - Assets 30/06/0731/12/06 Property & Equipment€000s Hotels/golf181,661180,369 Property – own use32,73533,195 Fixtures & Fittings17,307231,70316,815230,379 Investments Property81,29181,181 Financial939,8671,099,309 Reinsurers’ share of technical provisions81,14472,553 Other receivables/DAC’s93,02599,319 Other Assets Development land31,54932,608 Work-in-Progress38,00433,825 Cash35,022104,57537,423103,856 Total Assets1,531,6051,686, Interim Results

16 Balance Sheet - Liabilities Equity 30/06/07 €000s 31/12/06 €000s Share Capital21,277 Reserves299,378476,242 Shareholders’ funds – equity interests320,655497,519 Preference Shareholders2,923 Minority Interests6,6366,476 Total equity330,214506,918 Liabilities Technical provisions - Unearned premiums200,698197,507 - Claims751,500952,198734,439931,946 Deferred tax31,52033,227 Creditors - Loans103,492112,350 - Other114,181217,673102,156214,506 Total Liabilities1,531,6051,686, Interim Results

17 Reconciliation of Movement in Shareholders’ Funds 30/06/07 €000s 30/06/06 €000s Balance at 1 st January506,918485,473 Profit for the period44,700122,600 Return of capital(175,645)- Buyback of own shares(31,134)(129,212) Dividends paid(15,798)(14,277) Available-for-sale investments-(6,325) Other1,1731,682 Balance at 30 th June330,214459, Interim Results

18 Cash Flow Statement H €000s H €000s Net Cash from operating activities101,271129,963 From investing activities125,66410,438 Used in financing activities(229,215)(144,217) Net decrease in cash and cash equivalents(2,280)(3,816) Cash and cash equivalents at the beginning of the period37,42341,897 Effect of foreign exchange rate changes(121)(334) Cash and cash equivalents at the end of the period35,02237, Interim Results

19 Return on Equity H1 2007H Underwriting50.75%43.78%53.08%58.44%16.38%23.36% Non underwriting13.68%8.63%11.63%39.75%3.42%30.00% Total35.09%31.61%36.53%50.61%10.86%26.46% 2007 Interim Results

20 Market Shares Gross Written Premium – 2006 (IIF) Total Market €3,822m: €3,841m: €3,933m : €4,239m: €3,955m FBD Premium €407m: €389m: €351m: €369m: €326m 2007 Interim Results

21 Outlook Group Expect to achieve analysts’ full year operating earnings forecast Underwriting Insurers expect price competition to abate Further reductions in premium only justifiable if progress on claims reform agenda sustained Further improvement in claims environment possible Confident that we will continue to grow our customer base Ongoing investment in our operational platform will deliver growth - Business Support Centre - Technology enhancements programme - New strategic developments unit 2007 Interim Results

22 Outlook Non-Underwriting Leisure/Leisure Property Development  Businesses on course to deliver performances ahead of 2006  Anticipate regional planning approval necessary to trigger La Cala Tranche II €80m land sale payment in H Financial Services  Businesses on course to deliver performances ahead of 2006  Continued growth in investment/life product sales 2007 Interim Results

23 Outlook Capital Efficient capital management will continue Repatriations of €472m since March 2005 evidence of attention to capital management Growth in dividend/earnings payout ratio to be maintained 2007 Interim Results