FBD Holdings plc

1. FBD Holdings plc 2006 Preliminary Results 7th March 2007 A.

2. 2006 Preliminary 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. 2006 Preliminary Results FBD Holdings plc

4. 2006 Preliminary Results FBD Holdings plc……… ………. Founded in 1970 ………. Stock Exchange, 1989 ………. Insurance Underwriting (Property/Casualty) ………. Leisure/Property Development ………. Financial Services ……… “TSR” 55% p.a., last 5 years. ………. Shareholders, customers, staff. ………. Maximising shareholder value. • Indigenous Irish company • Primary Business • Other Interests • Excellent growth record • Committed to • Key Business Driver

5. 2006 Preliminary Results • Mission Statement “In our target markets, to be the leading customer focused insurance group, delivering long term sustainable value.”

6. 2006 Preliminary Results Operational Highlights Group • Net assets per share grew by 13.9% to 1,424.76c Underwriting • Strong new business volumes more than offset reduced premium rates. • Policy count at year end up 11.8% on December 2005. • Branch network enhanced. Dublin personal lines unit grown. • Continued growth in Dublin market. • Increased investment in infrastructure and people - VOIP/Business Support Centre – (Mullingar) - Workflow systems enhancing efficiency - New off-site IT availability for resilience/flexibility

7. 2006 Preliminary Results Operational Highlights (contd) Non-Underwriting – Leisure/Property Development La Cala • €201m land sale agreed, February 2006. • €100m (Tranche 1) initial consideration, received, June 2006. • €21m (Tranche 1 balance) payable on 30th June 2007. • €80m (Tranche 2) payable when Regional planning approval received ……anticipated early 2008 • €55m profit – after tax (Tranche 1) recognised in 2006. Sunset • Visitor numbers up – improved trading. Tower • Visitor numbers up – improved trading.

8. 2006 Preliminary Results Operational Highlights (contd) Non Underwriting: Financial Services FBD Life • Improved trading FBD Brokers • Maintained performance Capital Fund • Excellent returns ………. Growth opportunities availed of ………. Premium reductions. ……….Benefiting from strong equity markets.

9. 2006 Preliminary Results Operational Highlights (contd) Corporate • Farmer Business Developments plc share placing. • 4.5m shares (11.6% of issued capital). • Shareholding moves from 34% to 24.4%. • FBD buys 3.8m shares for €129m….. Shares cancelled. • Free float moves to 67%. • La Cala Dividend. • €1.60 Special Dividend in August in relation to Tranche 1 land

10. 2006 Preliminary Results Operational Highlights (contd)

11. 2006 Preliminary Results Operational Highlights (contd)

12. 2006 Preliminary Results Income Statement

13. 2006 Preliminary Results Income Statement (contd)

14. 2006 Preliminary Results Income Statement (contd)

15. 2006 Preliminary Results Balance Sheet - Assets

16. 2006 Preliminary Results Balance Sheet - Liabilities

17. 2006 Preliminary Results Reconciliation of Movement in Shareholders’ Funds

18. 2006 Preliminary Results Cash Flow Statement

19. 2006 Preliminary Results Return on Equity

20. 2006 Preliminary Results Gross Claims Run-Off

21. 2006 Preliminary Results Market Share Gross Written Premium – (2006, provisional) Total Market 2006 - €3,840m: 2005 - €3,841m: 2004 - €3,957m : 2003 - €4,239m: 2002 - €3,955m FBD Premium 2006 - €407m: 2005 - €389m: 2004 - €351m: 2003 - €369m: 2002 - €326m

22. 2006 Preliminary Results Outlook Group • Confident that successful development will continue. Underwriting • Intense price competition and discounting to continue…. eroding margins. • Further ongoing claims costs savings from existing and new “reform” initiatives required to delay convergence of Irish & European Combined Ratios. • FBD – targeting strong new business volumes. – focusing on growing efficiently, sustainability and profitably. • – investing further in people and business infrastructure to achieve our growth plans. • – Reserving policy………under ongoing review.

23. 2006 Preliminary Results Outlook (contd) Non-Underwriting • Leisure/Property Development • Businesses on course to deliver satisfactory performances. • Disposal of development land at La Cala confirms ongoing commercial assessment of all businesses. • Financial Services • Opportunities for further growth in Life/Investment product sales to continue. • Falling premium levels will continue to impact insurance broking revenue growth. • Capital Fund • Positive outlook for Stock Markets.

24. 2006 Preliminary Results OUTLOOK…Contd. Capital • Capital efficiency is fundamental principle applied in all businesses. • Proactive approach to capital management confirmed; €265m repatriated since March 2005. • Dividend payout to continue to increase. • Utilisation of capital to maximum benefit of shareholders determined in context of development strategies which Group pursues. • Ongoing attention to use of capital. • ……. Meanwhile, prudent investment.