1. 1 FBD HOLDINGS PLC 2006 INTERIM RESULTS

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

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

4. 4 Operational Highlights of 2006 to date Underwriting Strong new business volumes more than offset reduced premium rates. Policy count at 30th June 2006 up 7% on December 2005. Branch network enhanced and Dublin personal lines unit strengthened. Growth in Dublin market continuing Increased investment in infrastructure and people - VOIP/Business Support Centre – (Mullingar) - Workflow systems to enhance efficiency - New off-site IT availability for resilience/flexibility

5. 5 Operational Highlights of 2006 to date Non-Underwriting La Cala Conditional agreement to sell 96 hectares of development land at La Cala entered into on 23 rd February 2006 for a total consideration of €201m in phased cash payments, apportioned between two tranches of land. Initial consideration payment of €100m arising on the Tranche I land was received on 22 nd June 2006. Balance of Tranche I consideration of €21m due on 30 th June 2007. Profit before tax of €83.6m on Tranche I land recognised. Caracala Spa opened at La Cala resort. Sunset/Tower Improvement in visitor numbers

6. 6 Operational Highlights of 2006 to date Corporate Farmer Business Developments plc reduces shareholding from 34% to 24.8% via placing of 4.5m shares. (11.6% of share capital). –FBD partakes in the placing…….buys back 3.8m shares (10% of share capital) for €129m….. shares cancelled. –Free float moves to 67% Special dividend of €1.60 per share declared on foot of receipt of consideration for tranche I land at La Cala – total of €55m paid 11 th August 2006.

7. 7 Financial Highlights H1 2006H1 2005% €000s Gross written premiums203,996192,360+6.0% Net earned premiums173,166164,515+5.3% Underwriting result41,64952,044-20.0% Operating profit75,72186,849-12.8% Profit on sale of land at La Cala83,626-- Profit before taxation157,445106,769+47.5%

8. 8 Financial Highlights Contd H1 2006H1 2005 Cent Operating earnings per share173.11192.07-9.9% Interim dividend proposed per share24.0020.00+20.0% Special dividend paid per share – La Cala land sale160.00-- % Return on equity26%23% 31/12/05 Net asset value per share1,311.351,250.62+4.9%

9. 9 2006 Interim Results Income Statement H1 2006H1 2005 €000s % Gross written premiums203,996192,360+6.0% Net earned premiums173,166164,515+5.3% Net claims incurred(108,558)(91,727)+18.3% Net operating expenses(22,959)(20,744)+10.7% Underwriting Result41,64952,044-20.0% Loss Ratio62.7%55.8% Net Expense Ratio Combined Ratio 13.2% 75.9% 12.6% 68.4%

10. 10 2006 Interim Results Income Statement … Contd H1 2006 €000s H1 2005 €000s % Underwriting Result41,64952,044-20.0% Longer term investment return23,77321,781+9.1% Non underwriting operating income10,29913,024-20.9% Operating profit75,72186,849-12.8% Operating profit by activity: Insurance underwriting65,42273,825 Non-underwriting - Property/leisure3,7286,355 - Financial services2,7402,521 - Capital fund3,83110,2994,14813,024 75,72186,849

11. 11 2006 Interim Results Income Statement … Contd H1 2006H1 2005 €000s Operating profit75,72186,849 Profit on sale of land at La Cala83,626- Short term fluctuation in investment return31821,738 Finance costs(2,220)(1,818) Profit before tax157,445106,769 Income tax expense(34,845)(12,849) Profit for the year122,60093,920

12. 12 2006 Interim Results Balance Sheet - Assets 30/6/06 €000s 31/12/05 €000s Property & Equipment Hotels/golf170,876168,258 Property – own use28,72328,665 Fixtures & Fittings13,759213,35813,302210,225 Investments Property59,91648,856 Financial1,115,8671,061,846 Reinsurers’ share of technical provisions 79,49466,034 Other receivables/DAC’s104,38573,058 Other Assets Development land27,72336,163 Work-in-Progress31,76126,333 Cash37,74797,23141,897104,393 Total Assets1,670,2511,564,412

13. 13 2006 Interim Results Balance Sheet - Liabilities Equity 30/6/06 €000s 31/12/05 €000s Share Capital21,27723,557 Reserves429,317452,570 Shareholders’ funds – equity interests 450,594476,127 Preference Shareholders2,923 Minority Interests6,4246,423 Total equity459,941485,473 Liabilities Technical provisions - Unearned premiums196,150188,953 - Claims725,738921,888699,397888,350 Deferred tax32,07733,873 Creditors - Loans100,80399,831 - Other155,542256,34556,885156,716 Total Liabilities1,670,2511,564,412

14. 14 2006 Interim Results Statement of Changes in Equity 30/6/0630/6/05 €000s Balance at 1 st January485,473425,709 Profit for the period122,60093,920 Buyback of own shares(129,212)(81,238) Dividends paid(14,277)(10,298) Available-for-sale investments(6,325)861 Purchase of minority interests-(9,956) Other1,6822,152 Balance at 30 th June459,941421,150

15. 15 2006 Interim Results Cash Flow Statement 30/6/0630/6/05 €000s Net Cash from operating activities129,96358,589 From investing activities10,43810,846 Used in financing activities(144,217)(85,639) Net decrease in cash and cash equivalents(3,816)(16,204) Cash and cash equivalents at the beginning of the period41,89751,362 Effect of foreign exchange rate changes(334)1,395 Cash and cash equivalents at the end of the period37,74736,553

16. 16 Financial History 20012002200320042005H1 2005H1 2006 €000s Gross written premiums247,959325,809368,619351,448389,472192,360203,996 Net earned premiums192,864240,325290,320296,237332,371164,515173,166 Underwriting result(15,088)(5,266)60,96765,93990,45052,04441,649 Operating profit30,18437,531110,456124,724162,62486,84975,721

17. 17 Financial History 20012002200320042005H1 2005H1 2006 %%%% Loss ratio94.991.866.566.760.955.862.7 Net expense ratio12.910.412.511.011.912.613.2 Combined ratio107.8102.279.077.772.868.475.9

18. 18 Financial History 20012002200320042005H1 2005H1 2006 Cent Operating earnings per share59.5975.34227.38256.18363.54192.07173.11 Dividend per share19.5022.0027.5040.0057.5020.0024.00 Net asset value per share483.11510.13701.94969.641,250.621,087.211,311.35

19. 19 Return on equity 200320042005H1 2005H1 2006 Underwriting50.75%43.78%53.08%31.44%23.36% Non underwriting13.68%8.63%11.63%6.79%30.0% Total35.09%31.61%36.53%22.90%26.46%

20. 20 Market Share – Gross Written Premium – 2005 (IIF)All Business Total Market 2005 - €3,841m: 2004 - €3,957m : 2003 - €4,239m : 2002 - €3,955m FBD Premium 2005 - €389m : 2004 - €351m. : 2003 - €369m : 2002 - €326m

21. 21 OUTLOOK Group On schedule to deliver a full year operating performance which will fulfil expectations. Underwriting Price competition and discounting continuing and will continue to impact margins into the future. Further volume growth targeted. Further infrastructural and people investment planned. Recent Government initiatives – outcome awaited. Claims reserving policy under ongoing review. Combined ratio to gravitate to European norms.

22. 22 OUTLOOK … Contd. Non-Underwriting Property/Leisure - Businesses to deliver improved performances in challenging environment. - Operational plans being implemented/ modified to further improve returns. Financial Services - Falling commercial premiums will impact income of general insurance brokerage. - Impact to be mitigated by excellent retention levels and activity in other financial services businesses.

23. 23 OUTLOOK… Contd. Capital Proactive approach to capital management confirmed. - Share buyback in June 2006 - Distribution of proceeds of La Cala land sale. Dividend payout to continue to increase. Continuing assessment of opportunities to invest in core/related financial businesses with a view to maximising shareholder returns ……. Meanwhile, prudent investment.