1. 1 FBD Holdings plc 2007 Preliminary Results

2. 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. 2007 Preliminary Results

3. 3 Contents 2007 Highlights Page Underwriting4 Non-Underwriting8 Corporate9  Summary Financial Statements Income Statement10 Balance Sheet13 Statement of Changes in Equity15 Cash Flow Statement16 Return on Equity17 Gross Claims Run Off18  2007 Market Share 19  Outlook 20

4. 4 4 2007 Highlights : Underwriting Excellent Top line performance FBD Premium…………………up…………… 0.2% Irish Market premium (IIF) …..down…………5.7% Market Share…………… increase to………….11.3% Claims reserves €107m credited to income following review of reserving policy 2007 Preliminary Results

5. 5 Support Centre Purpose: to be an integral, cost efficient, element in FBD’s platform to deliver increased sales and superior customer care. February 2007……commenced, 50 staff December 2007…. 150 staff Calls handled in H2: 2007…….. 340,000 Branch Office migration…………….20 offices at year end Additional time available to branch staff to focus on sales opportunities 2007 Highlights : Underwriting 2007 Preliminary Results

6. 6 2007 Highlights : Underwriting Strategic Developments Unit Established “No Nonsense” car insurance….. New stand-alone internet budget priced car product developed E-commerce development and other initiatives to extend customer reach advanced  Organisation strengthened…. New appointments/new roles Manager – Strategic Developments Manager – I.T. Manager – Insurance Products Manager – E-Commerce Solutions Manager – Retail Sales Manager – Marketing Manager – Sales Operations Manager – Support Centre ……….Sales potential and customer care enhanced……… 2007 Preliminary Results

7. 7 7 2007 Highlights : Underwriting Investments Reduction in equity exposure Restructuring of bond portfolio to reduce volatility 2007 Preliminary Results

8. 8 8 2007 Highlights : Non-Underwriting La Cala 43 property handovers (2006: 38) Sunset Beach Record hotel occupancy… 85,000 apartment nights Record revenues and profits Tower Hotels Budgets surpassed in challenging market Financial Services New business growth ………an increased contribution 2007 Preliminary Results

9. 9 2007 Highlights : Corporate Capital Management Distribution of €177m of reserves (June 2007) Share buybacks of €53m Continued Ordinary Dividend Growth 2007 Preliminary Results Ordinary Dividend Growth (cent)

10. 10 Income Statement 20072006 €000s % Gross written premiums407,953407,256+0.2% Net earned premiums350,321345,959+1.3% Adjusted net claims incurred*(239,054)(224,712)+6.4% Net operating expenses(51,928)(44,705)+16.2% Adjusted Underwriting Result*59,33976,542-22.5% Adjusted Loss Ratio*68.2%65.0% Net Expense Ratio14.8%12.9% Adjusted Combined Ratio*83.0%77.9% 2007 Preliminary Results * Adjusted to exclude impact of change in claims reserving policy

11. 11 2007 €000s 2006 €000s % Adjusted Underwriting Result59,33976,542-22.5% Longer term investment return53,36948,054+11.1% Non underwriting operating income15,17533,919-55.3% Adjusted Operating Profit*127,883158,515-19.3% Change in reserving policy107,627- Operating Profit235,510158,515+48.6% Adjusted Operating Profit by activity*: Insurance underwriting112,708124,596 Non-underwriting Leisure & Leisure Property Development16,10110,092 - Financial services/other5,8824,279 - Capital fund(6,808)15,17519,54833,919 127,883158,515 2007 Preliminary Results Income Statement (contd) * Adjusted to exclude impact of change in claims reserving policy

12. 12 20072006 €000s Operating profit235,510158,515 Profit on sale of land at La Cala-81,774 Short term fluctuation in investment return(69,253)61,350 Finance costs(4,089)(4,859) Profit before tax162,168296,780 Income tax expense(22,093)(49,948) Profit for the year140,075246,832 Adjusted operating earnings per share*316.33376.60 Dividend per share79.5069.00 Income Statement (contd) 2007 Preliminary Results *Adjusted to exclude impact of change in claims reserving policy

13. 13 Balance Sheet : Assets 31/12/0731/12/06 Property & Equipment€000s Hotels/golf192,352180,369 Property – own use32,80633,195 Fixtures & Fittings18,186243,34416,815230,379 Investments Property83,01981,181 Financial823,1511,099,309 Reinsurers’ share of technical provisions50,48372,553 Other receivables/DAC’s85,70599,319 Other Assets Development land30,78132,608 Work-in-Progress34,96433,825 Cash35,618101,36337,423103,856 Total Assets1,387,0651,686,597 2007 Preliminary Results

14. 14 Balance Sheet : Equity & Liabilities 31/12/0731/12/06 Equity €000s Share Capital21,277 Reserves362,312476,242 Shareholders’ funds – equity interests383,589497,519 Preference Share Capital2,923 Minority Interests5,6896,476 Total equity392,201506,918 Liabilities Technical provisions - Unearned premiums199,074197,507 - Claims612,852811,926734,439931,946 Deferred tax27,73833,227 Creditors - Loans60,406112,350 - Other94,794155,200102,156214,506 Total Liabilities1,387,0651,686,597 2007 Preliminary Results

15. 15 Statement of Changes in Equity 31/12/07 €000s 31/12/06 €000s Balance at 1 st January506,918485,473 Profit for the period140,675246,832 Return of capital(175,996)- Special dividend – La Cala-(54,979) Buyback of own shares(52,606)(129,213) Dividends paid(25,430)(22,693) Available-for-sale investments-(26,342) Other(760)7,840 Balance at 31 st December392,201506,918 2007 Preliminary Results

16. 16 Cash Flow Statement 2007 €000s 2006 €000s Net Cash from operating activities121,263180,509 From (used in) investing activities179,790(3,136) Used in financing activities(303,085)(181,574) Net decrease in cash and cash equivalents(2,032)(4,201) Cash and cash equivalents at the beginning of the period37,42341,897 Effect of foreign exchange rate changes227(273) Cash and cash equivalents at the end of the period35,61837,423 2007 Preliminary Results

17. 17 Return on Equity 20032004200520062007 Underwriting50.75%43.78%53.08%58.44%49.46% Non underwriting13.68%8.63%11.63%39.75%2.89% Total35.09%31.61%36.53%50.61%31.69% 2007 Preliminary Results

18. 18 Gross Claims Run-Off Estimate of cumulative claims: Prior Years €m 2001 €m 2002 €m 2003 €m 2004 €m 2005 €m 2006 €m 2007 €m Total Claims Outstanding €m At end of underwriting year -205270262329 394341 One year later-201222225278 306 Two years later-198209206256243- Three years later-182198185224-- Four years later-168174166--- Five years later-163165---- Six Years later-158------ Estimate of cumulative claims 1,1421581651662242433063412,745 Cumulative payments(1,112)(137)(145)(124)(157)(142)(183)(132)(2,132) Claims outstanding3021204267101123209613 2007 Preliminary Results

19. 19 Market Shares Gross Written Premium – 2007 (Provisional) Total Market 2007 -€3,604m: 2006 - €3,822m: 2005 - €3,841m: 2004 - €3,933m : 2003 - €4,239m: 2002 - €3,955m FBD Premium 2007 - €408m: 2006 - €407m: 2005 - €389m: 2004 - €351m: 2003 - €369m: 2002 - €326m 2007 Preliminary Results

20. 20 Outlook : Underwriting 2007 Preliminary Results Premiums - Market Price reductions have continued into 2008 “Hardening of premiums expected in coming months”… (major Irish Insurer) Combined ratios being reported signal inevitability of price increases  Q: How soon? Claims Environment Scope for further incremental improvement (Road Safety: Speed cameras / enforcement)  Premiums - FBD Range of single digit price increases implemented in January 2008 Year to date - Marginal growth in Policy Count Premium income in line with 2007 Year ahead  Market should harden… volumes up, premium income up  FBD well positioned to take advantage of impending price increases

21. 21 Outlook : Underwriting (contd) Claims Year to date  Incidence levels similar to 2007 Year ahead  Budgeting for year to date experience to continue  Average claim costs to rise in line with inflation No-Nonsense Car Insurance Brand building underway Strategic Initiatives E-commerce developments Metro markets New Products Business Support Centre Continuing to enhance capacity 2007 Preliminary Results

22. 22 Outlook : Non-Underwriting Leisure and Leisure Property Development Challenging Marketing Conditions  Innovative Marketing / Cross Selling  Cost Management La Cala Land Sale (Tranche II) Planning expected in 2009 Financial Services Scope / plans to grow in new markets 2007 Preliminary Results

23. 23 Outlook : Corporate Capital Ongoing efficient capital management €94m distribution (re: claims reserves) scheduled for mid year Repatriations since March 2005 - €496m (excluding ordinary dividends) Ordinary Dividend / Earnings Payout continue to grow 2007 Preliminary Results