#122 02 20 22 2022 Debt Investor Presentation 30 June 2022 Bank of Ireland#2Empty#3Bank of Ireland Overview Bank of Ireland 2022 Interim Results - Debt Investor Presentation Bank of Ireland 3#4Strong business performance and strategic progress in H1 22 H1 22 Performance €419m Underlying profit before tax . • Bank of Ireland 2022 Interim Results - Debt Investor Presentation Total income modestly higher vs H1 21 (excluding additional gains, valuation items and acquisitions) Maintaining cost discipline while investing to attract customers from exiting banks Adjusted ROTE¹ of 8.1%; on track to deliver sustainable ROTE >10% in near term Strategic Progress 110% Increase in new current accounts State holding <3%; expect to be fully privately owned in 2022 Changing market structure in Irish retail banking; 110% increase in new current accounts opened vs H1 2021, supported by enhanced digital capabilities Increased share of Ireland's attractive wealth market; Davy acquisition completed Competition approval received for KBC Bank Ireland portfolio acquisition Asset Quality 5.4% NPE ratio . Asset quality remains strong; NPE ratio reduced during H1 22 Net credit impairment charge of €47m includes consideration of the uncertain environment Quality of loan books provide reassurance; coverage levels remain at 2.5% Capital & Distributions 15.5% Fully Loaded CET1 ratio Strong business model generating organic capital of 60bps in H1 22; 80bps of capital invested on completion of Davy acquisition in June 2022 CET1 target >13.5%; accommodates increased countercyclical buffers Strong capital position, combined with organic capital generation, support growth in distributions on a prudent and progressive basis 1 Updated basis of calculation for adjusted ROTE, which excludes the pension surplus, is set out on slide 57 Bank of Ireland 4#5Irish economy resilient despite external pressures 6.2% 13.6% 2021a 4.9% Ireland¹ GDP (real annual growth) 9.2% 2022f - 5.1% 4.0% 2023f Unemployment (annual avg) Eurozone interest rate² and Irish inflation' outlook 2.4% -0.5% 8.3% 5.8% 1.1% 0.5% 2021 a 2022f 2023f CPI (annual avg) - 3 Month Euribor (annual avg) 1 Forecasts from Bank of Ireland Economic Research Unit (ERU), CPI = Consumer Price Index 2 Market pricing as at 25/7/22 Sources: Bloomberg; Central Bank of Ireland; CSO; EU Commission - - - - Bank of Ireland 2022 Interim Results - Debt Investor Presentation Irish economy well positioned to face global economic uncertainties Notwithstanding external headwinds, Ireland is forecast to be the EU's fastest-growing economy for a third successive year in 2022, despite a recent moderation in activity Exports expanding apace +14.8% y/y in Q1 2022 Modified domestic demand (excluding multinational sectors and stocks) was +12.6% y/y in Q1 2022 Record total employment of 2.5m in Q1 2022 (+8% since 2019); unemployment rate at 4.8% in June Irish consumers and SMEs are relatively well positioned Household debt and business borrowings remain near multi- year lows Ratio of household debt to disposable income (98.5% in Q4 2021) is the lowest since the series began in 2003 Stock of Irish household deposits at €145bn as of May 2022, +€34bn (+30%) since 2019 Irish businesses have strong balance sheets; core (non- property) SME borrowings have reduced to c.€13bn from c.€34bn in 2010 Irish CPI +9.1% y/y in June 2022 Dampening effect of higher interest rates on economic activity and the easing of supply chain pressures expected to see inflation moderate in 2023 House prices +14.4% y/y in May 2022; increase driven by the continued mismatch between demand and supply Mortgage demand underpinned by demographic fundamentals and robust labour market Bank of Ireland 5#6Responsible and Sustainable Business Bank of Ireland 2022 Interim Results - Debt Investor Presentation (RSB) strategy supports our purpose to enable our Customers, Colleagues and Communities to thrive • • Pillar 1 Enabling all Colleagues to Thrive 11 new agile work hubs formally launched for colleagues; 3 regional hubs on track for H2 delivery c.5,000 (> 50% of total) colleagues visited Careers Lab launched in Q1 77% of colleagues are curious learners, accessing material for their own self-development c.30k digital learning modules consumed by colleagues • RSB - Progress in H1 2022 Pillar 2 Enhancing Financial Wellbeing Global Co-Lead of UNEP FI PRB¹ Commitment to Financial Health & Inclusion Working Group Financial Wellbeing prompts on mobile app generated 1.7m engagements in H1 "Big Move" campaign to support account switching as banks exit market; Irish current account openings +110% y/y Support for Ukrainian nationals; > 3k accounts opened² • • Pillar 3 Supporting the Green Transition Green mortgages 48% of new Irish mortgage lending in H1 22 (35% FY 21). Ireland's leading green mortgage lender at €2.4bn since 2019 €1.6bn of sustainability linked pricing in Corporate lending commitments (+14% vs Dec-21) Largest provider of wholesale finance for electrically chargeable vehicles in Ireland Submission to Science Based Targets Initiative (SBTI) for approval of SBTS expected in H2 New board-level RSB Committee established in February 2022 and new Chief Sustainability Officer appointed Significantly enhanced ESG disclosures following publication of inaugural standalone 2021 RSB report in June 2022 1 UN Environment Programme Financial Initiative Principles for Responsible Banking 2 As at 18 July 2022 Bank of Ireland 6#7Continued strategic progress in the UK Retail UK Net interest income Bank of Ireland 2022 Interim Results - Debt Investor Presentation Strong operating performance in H1 2022 H1 2021 H1 2022 £268m £292m Other income (incl JV) (£6m) £10m Costs (£121m) (£125m) • Operating profit £141m £177m • pre-impairment Impairment (£2m) (£10m) Underlying profit /(loss) £139m £167m Cost income ratio Loan book 45% £23.6bn Deposits £16.9bn NIM 1.95% 43% £20.2bn £13.8bn 2.29% . Sustained improvement in profit and efficiency 60% 56% £141m £177m • 9% increase in net interest income reflects higher net interest margin (+34bps y/y), supported by lower funding costs and strong momentum from 2021 lending activity £4m y/y increase in costs reflects digital and service investment UK macro outlook has softened in 2022, but modest impact on asset quality at end H1 22. Impairment loss of £10 million reflects portfolio activity and the current economic environment Lending balances lower (£20.2bn Jun 22 vs £21.9bn Dec 21), in line with strategy, and commercial focus on value over volume Deposit book lower (£13.8bn Jun 22 vs £15.8bn Dec 21), supporting margin improvement Strategic actions delivering sustainable returns • £111m £97m 45% 43% . H119 H1 20 H121 H1 22 Cost Income ratio • Growth in Bespoke¹ mortgage lending, with higher margins and typically lower LTV vs standard mortgages - Bespoke 53% of new lending in H1 22 (vs 3% in H1 19 and 21% in H1 21) Bespoke margin dynamics outperforming standard in H1 22 Deleveraging expected to continue in H2 22; pace to reflect ongoing pricing discipline Competitive market conditions and macro environment reinforce our UK strategy focused on a smaller, more profitable balance sheet ■Operating profit pre-impairment (incl. JV) 1 Bespoke is a personalised and flexible underwriting service for good quality more complex cases Bank of Ireland 7#8Irish market leader in Wealth Bank of Ireland 2022 Interim Results - Debt Investor Presentation Davy acquisition further strengthens already well diversified Wealth and Insurance model Enhanced market leading capabilities Attractive wealth market backdrop Irish household wealth now at c.€1 trillion' Bank of Ireland Strong market position reflects confidence in outlook €2.7bn €15.8bn €38.9bn IRELAND 18 DAVY €1.0bn SECURING YOUR FUTURE NEW • €630bn • €527bn €396bn €297bn €331bn €356bn -€182bn -€157bn 2012 2015 €390bn -€147bn 2018 €504bn -€140bn 2021 Financial Assets Liabilities Housing Assets Growing Irish household wealth relatively underinvested; c.36% of financial assets held in cash/deposits', high vs many European peers (UK c.26%, EU avg 32%)² Young population³ and ongoing shift from DB to DC pension schemes provides need for more complex long term retirement planning • Majority of market serviced by non- specialist investment providers . 1 Central Bank of Ireland; Q4 2021 Household Financial Balance Sheet 2 Eurostat and UK ONS, end 2020 Combined business offers market leading propositions in retail, mass affluent and high net worth (HNW) wealth advisory segments Range of different channels support c.600k retail and mass affluent customers within Bank of Ireland; investible assets typically < €1m Davy offers wealth advisory to 6.5k affluent and HNW customers; relationship AUM typically > €1m 'Davy Select' provides market leading online execution-only investment platform Synergy opportunities through combined capabilities and customer bases of Bank of Ireland and Davy 3 Ireland median age of population 39 years (2021, Eurostat), second lowest in EU 4 AUM as at end June 2022 €6.0bn €12.0bn €2.0bn BOI Wealth and Insurance business • Davy Total AUM4 Other Pensions Life Wealth Execution only ■Total Total Group AUM almost doubled to €39bn post-Davy acquisition; net inflows of €0.9bn in H1 22 (15% y/y) Ireland's only bancassurer; significant investment in transforming Wealth and Insurance offering in recent years 9% increase in Wealth and Insurance business income y/y (ex Davy) Bank channel penetration 35% (vs 26% in 2018) Bank of Ireland 8#9KBC portfolios will materially enhance Irish franchise Retail Ireland franchise will be enhanced by KBC acquisition¹ Retail Ireland performing strongly Leading Irish retail and SME offering with a unique franchise of c.2.2m customers², €32.4bn of loans and €69bn of deposits; Ireland's only bancassurer No.1 business bank in Ireland; €1.4bn in new SME term lending (+16% y/y), first period of organic³ net growth in SME lending since 2015 Bank of Ireland 2022 Interim Results - Debt Investor Presentation -%- €1.3bn in new mortgage lending in H1 22 (+33% y/y), 24% market share (H1 21 €1.0bn, 23%) KBC transaction going through final approvals, expected to close by end Q1 2023, comprising4: c.€9.0bn of performing loans, primarily residential mortgages • • c.€4.0bn of deposit accounts; cost efficient use of excess liquidity Enhances Irish franchise at low marginal cost Materially accretive to earnings KBC portfolio acquisition will add scale to Irish franchise €31.3bn €22.4bn c.€6.8bn y/y increase in deposits as Irish households (c.32% market share) continue to build savings; positive revenue tailwind as interest rates increase 1 Subject to satisfaction of remaining customary conditions to completion 40% €8.9bn BOI Ireland mortgages (Jun-22) KBC mortgage portfolio (Mar-22) Total (pro forma) 2 This figure refers to active customers who have an open product at end June 2022, had a transaction in the previous 3 months and have a balance that is not equal to zero, for personal and business banking customers 3 Q/Q, excluding disposals 4 Portfolio figures as at 31 March 2022; numbers at completion will reflect amortisation of portfolios now that KBC has ceased new business Bank of Ireland 9#10Unique growth opportunity from Bank of Ireland 2022 Interim Results - Debt Investor Presentation structural change in Irish retail banking market XX Ulster Bank KBC Once-in-a generation opportunity for customer acquisition¹ H1 2021 Ulster Bank and KBC announce plans to exit Irish market. "High street" banks reducing from 5 to 3 > 500,000 accounts will need a new banking provider over the course of 2022 (c.13% of the adult population) > c.€22 billion current and deposit accounts expected to move to another bank (c.10% of total market) Front book market share opportunity mortgage lending c.20%, SME lending c.10% and c.10% of current accounts Bank of Ireland response 5x capacity increase² Prior investment in technology and digital adoption has allowed for safe onboarding at scale "Big Move" Bank of Ireland's marketing campaign launched in May to raise awareness of need to switch accounts > 500 additional colleague resources, at one-off investment of c.€30m, to support customer acquisition Delivering positive customer and commercial outcomes > 145,000 new current and deposit accounts opened in H1 22; +c.80% y/y activity level; c.€2.4bn in balances 70% of current account applications via digital-only channel; completed in c.6 mins 88% of customers signing-up have given consent to engage on other products and services Material commercial opportunity Notwithstanding macro uncertainty, clear confidence in compelling business model which is poised to deliver improving RoTE trajectory 1 Figures are Bank of Ireland estimates based on public financial reports and BPFI data. Market shares based on end 2020 activity, prior to announcement of planned exits. Excludes loan and deposit back books being acquired from KBC by Bank of Ireland 2 Number of accounts that can be opened on a daily basis Bank of Ireland 10#11Bank of Ireland 2022 Interim Results - Debt Investor Presentation Operational Performance Bank of Ireland 11#12Strong business performance in H1 2022 H1 2021 H1 2022 (€m) (€m) Net interest income 1,080 1,072 Business income 282 320 Additional gains, valuation and other items 36 Total Income 1,398 (3) 1,389 Operating expenses (837) (849) Levies and Regulatory charges (96) (95) Operating profit pre-impairment 465 445 Net impairment charges (1) (47) Share of associates /JVs 1 21 Underlying profit/(loss) before tax 465 419 Non-core Items (59) (84) Profit before tax 406 335 H1 2021 H1 2022 (€m) (€m) Net interest margin (NIM) 1.90% 1.73% Cost income ratio¹ 61% 61% Underlying earnings per share 33.6 27.3c Return on Tangible Equity (ROTE) - adjusted² TNAV² 8.8% 8.1% 789c 922c Bank of Ireland 2022 Interim Results - Debt Investor Presentation H1 22 performance³ reflects positive business income momentum and continued focus on cost reduction, offset by market and TLTRO impact Operating profit pre-impairment -4% y/y reflecting Net interest income modestly higher excluding TLTRO impacts Business income4 +16% y/y reflecting increased customer activity and recovery from COVID-19 impacts in H1 21 Additional gains, valuation and other items (€3m) vs €36m in H1 21 Operating expenses +1% y/y; 1% lower excluding acquisitions and one-off investment to capture opportunities from exiting banks Net credit impairment charge of (€47m); consideration given to the current macro uncertainties Non-core items of (€84m); primarily comprise acquisition, Tracker Mortgage Examination and transformation costs Adjusted ROTE² of 8.1% 1 See slide 58 for calculation 2 Updated basis of calculation for adjusted ROTE, which excludes the pension surplus, is set out on slide 57 3 H1 22 reflects stronger yoy performance of €63m in net interest income, business income, costs and share of associates & JVs. Impairments are (€46m) higher and other impacts of (€63m) from lower TLTRO income, valuations, bond sales impact, additional investment costs, partially offset by positive FX impact 4 Including Share of Associates and JVs and excluding Davy Bank of Ireland 12#13Net interest income modestly higher excluding TLTRO impacts €1,076m Net interest income movement €42m €18m (€48m) €1,088m (€16m) €1,072m H1 21 ex Lower FX TLTRO1 deposit funding costs Wholesale funding costs/Other² H1 22 ex TLTRO TLTRO H1 22 €1,080m Net interest income³ €1,139m €1,072m 293bps 304bps 291bps 32% 37% 39% (27bps) (25bps) (23bps) Bank of Ireland 2022 Interim Results - Debt Investor Presentation Net interest income H1 performance modestly higher in H1 22 vs H1 21 excluding TLTRO impacts - Lower funding costs due to improved UK deposit margins and expansion of negative interest rates on deposits, offset by higher wholesale funding costs Positive FX impact of c.€18m Bond sales in H1 22 will reduce 2022 net interest income by c. (€20m), c.(€7m) impact in H1 22 Expect to maintain TLTRO participation to maturity in March 2024, subject to no change in terms and conditions Accounting impact of (€16m) in H1 22 to reverse in H2 22 with FY 22 benefit of c.€19m (H2 22 c.€35m) Pricing discipline maintained; loan asset spread 13bps higher H1 22 vs H1 21 2022 Outlook 2022 net interest income expected to be modestly higher than 2021, based on expectations for interest rates, and projected TLTRO benefit of c.€19m H121 Loan asset spread H122 H2 21 Liquid assets as % of AIEAS Liquid asset spread 1 c.€4m of TLTRO income included in H1 2021 NII of EUR1,080m 2 Other includes lower structural hedge income of €5m and lower liquid asset income of €4m 3 Spread = Loan asset yield or Liquid asset yield less Group's average cost of funds, excludes impact from TLTRO 4 Interest rate assumptions; ECB deposit rate of 75bps, BOE base rate of 280bps and Fed Funds rate of 325bps at end 2022 Bank of Ireland 13#14Net interest income positively geared to higher interest rates Net interest income sensitivity to parallel shift in interest rates (annualised) EUR (Obps) GBP -100bps +50bps +100bps (€160m) (€80m) €25m (€10m) €10m €200m €370m¹ €50m €15m Total (€250m) €235m €435m USD Bank of Ireland 2022 Interim Results - Debt Investor Presentation Key simplifying assumptions • An instantaneous and sustained parallel movement in all interest rates Starting point for ECB deposit rate / Euribor of 0% A static balance sheet in size and composition Assets and liabilities whose pricing is mechanically linked to market / central bank rates assumed to reprice accordingly Certain other assumptions including pass-throughs to assets and liabilities The sensitivities should not be considered a forecast of future performance in these rate scenarios as they do not capture potential management actions Net interest income sensitivities will change depending on interest rate starting point TLTRO . Any incremental benefit from TLTRO is excluded from the sensitivity table above Potential for aggregate incremental net interest income of c.€100m from TLTRO in 2023/24 assuming an ECB deposit rate of 0.75% at end-2022 and 1.25% at end- 2023 and no change to terms and conditions 1 +100bps interest rate sensitivity at FY21 = €190m. The difference to €370m at HY22 is explained by deposit balances (c.€15bn) on negative interest rates, the impact of positive interest rates on Euribor floored loans (€7bn), balance sheet growth in the period and other smaller items Bank of Ireland 14#15Net lending of €1.0bn in Corporate and Retail Ireland; UK deleveraging of €2.0bn in line with strategy New lending¹ by division Bank of Ireland 2022 Interim Results - Debt Investor Presentation €3.3bn €2.7bn €2.2bn €2.6bn €2.3bn €1.8bn €7.7bn €7.2bn Retail Ireland Corporate & Markets Retail UK Total D H121 - H122 €76.3bn €5.9bn Group loan book movement (€4.9bn) (€0.1bn) (€0.6bn) (€2.0bn) Net lending of €1.0bn in Corporate & Markets and Retail Ireland €74.6bn Lending Loan book New Redemptions UK Dec-21 NPE Deleveraging Transactions. FX/Other Loan book Jun-22 1 On a constant currency basis Signs of inflection in Irish retail lending trends Total new lending of €7.7bn in H1 22 Retail Ireland +25% y/y with strong growth across mortgage, business banking and consumer portfolios Corporate & Markets +12% y/y with growth diversified across portfolios Retail UK -19% y/y primarily driven by reduction in mortgages, reflecting pricing discipline and focus on value over volume Net lending of €1.0bn in Corporate and Retail Ireland in H1; further net lending in Retail Ireland anticipated in H2 UK deleveraging of €2.0bn in line with strategy; deleveraging expected to continue in H2 22. Pace to reflect ongoing pricing discipline and market dynamics Bank of Ireland 15#16Business income¹ +16% reflecting improving momentum H1 2021 H1 2022 (€m) (€m) Wealth and Insurance Retail Ireland 105 114 101 131 Retail UK (2) (13) Corporate and Markets 83 85 Group Centre and other (5) (10) Business Income 282 307 Share of associates /JVs 1 21 Business Income incl. JVs (ex Davy) 283 328 Davy 0 13 Total Business Income 283 341 Additional gains 2 83 Valuation and other items 34 (86) Other Income 319 338 1 Including Share of Associates and JVs and excluding Davy • Bank of Ireland 2022 Interim Results - Debt Investor Presentation Wealth & Insurance +9% y/y from higher new life business and improved performance on the existing book Retail Ireland +30% y/y vs H1 21 due to higher current account, card fees and FX commission income. H1 21 impacted by COVID-19 Retail UK fee expense primarily reflects profit sharing arrangement, with benefits reflected in net interest income Associates and JVs benefitting from recovery of UK travel industry Davy reflects one month's income following acquisition completion on 1 June Additional gains reflect H1 22 bond sales (c.€3.6bn) Valuation and other items reflect lower equity and bond markets Bank of Ireland 16#17Costs 1% higher; 1% lower ex Davy and one-off investment €837m H121 (€25m) €17m Bank of Ireland 2022 Interim Results - Debt Investor Presentation Cost Movement €829m €8m €12m €849m Cost efficiencies Inflation/FX H1 221 Davy operating costs Investment in one-off growth opportunity H1 22 reported costs H1 performance Operating cost reduction of 1% y/y reflects ongoing cost efficiencies partially offset by inflation and FX impact² Davy operating costs of €12m reflect one month impact following completion of acquisition on 1 June Additional one-off costs of €8m supporting investment to capture opportunities from exiting banks in Ireland; expect further investment of c.€20m in H2 to support new account acquisition Levies and regulatory charges of €95m in H1; expect full year charge of c.€140m 1 H1 22 operating costs excluding Davy, one-off investment and levies and regulatory charges 2 Inflation €12m and FX €5m Cost outlook 2022 costs to be lower than 2021 after absorbing inflation, excluding acquisitions and one-off investment relating to onboarding customers from exiting banks Expect further reduction in cost base (ex acquisitions and one-off investment for growth opportunities) in 2023 supported by initiatives underway. Reported cost base will also reflect impact of acquisitions One-off costs for growth opportunities not anticipated beyond 2022 Bank of Ireland 17#18Non-core costs H1 2021 H1 2022 Non-core items (€m) (€m) Transformation programme costs (69) (23) Acquisition costs (25) Customer redress charges (5) (26) Investment return on treasury stock held (6) (4) for policyholders Gross-up for policyholder tax in the 15 (8) Wealth and Insurance business Other 6 2 Total non-core items (59) (84) Bank of Ireland 2022 Interim Results - Debt Investor Presentation Transformation programme charge (€23m) primarily relates to Retail UK restructuring Acquisition costs (€25m) relates to the Davy transaction. Further deferred consideration costs of c. €20m expected in H2 22 Customer redress charges (€26m), primarily related to the ongoing Tracker Mortgage Examination review Bank of Ireland 18#19H1 2022 net impairment charge of €47m H1 2022 . IFRS 9 models Bank of Ireland 2022 Interim Results - Debt Investor Presentation Macro-economic update and management adjustment €59m gain Gain of €19m from improved macroeconomic outlook and model updates, partially offset by higher weighting to downside scenarios (+10ppts) relative to December 2021 Reduction in total management adjustment by €40m including Reduction in COVID-19 management adjustment by €70m to €62m, partially offset by New €32m management adjustment related to the uncertain economic environment Stock of management adjustments² assumed to be utilised or brought in model during H2 22 Loan loss experience and portfolio activity €106m charge Net charge primarily reflects Loan loss emergence on stage 3 assets and net losses related to case specific credit events Macroeconomic scenarios¹ updated to reflect changes in economic outlook since 31 December 2021 30 June 2022 2022 FY 22 Outlook Ireland - Probability Weighted Scenario GDP growth Inflation (CPI) Unemployment rate Irish House Price Index Delta vs Central Scenario GDP growth Inflation (CPI) Unemployment rate Irish House Price Index 2023 2024-2026 5.0% 3.7% 3.5% 6.7% 3.7% 1.9% 6.0% 5.9% 5.8% 4.0% -1.9% 0.0% -0.6% -0.9% -0.1% 0.5% 0.5% -0.2% 0.2% 0.7% 0.8% -1.0% -3.9% -1.3% Subject to no material change in the economic conditions or outlook, we expect the 2022 impairment charge to be lower than 20bps 1 See slide 52 for 2022-2026 macro-economic assumptions used in IFRS 9 models 2 Total stock of management adjustments of €352m at June 2022 comprised of: NPES €130m; Mortgage LGD €104m; COVID-19 €62m; economic uncertainty €32m; BBROI PD €24m Bank of Ireland 19 19#2020 20 Well diversified loan book with progress on NPES ■ Property & Construction €8.7bn Group loan book Consumer €5.5bn 7% 11% 30% €76.6bn¹ Non-property 28% SME and corporate €21.6bn Ireland mortgages €22.3bn 24% UK mortgages €18.4bn NPE movements - NPE ratio at 5.4% 4.4% 5.7% 5.5% €4.5bn €4.3bn €3.5bn (€0.1bn) (€0.1bn) 5.4% €4.2bn Bank of Ireland 2022 Interim Results - Debt Investor Presentation Loan book strongly collateralised >80% secured Weighted average LTV of Ireland mortgages 53%; H1 22 new lending 74% c.54% of Irish mortgages originated since introduction of macroprudential rules in 2015; strong affordability; fixed rate mortgages 62% Weighted average LTV of UK mortgages 55%; H1 22 new lending 70% CRE average LTV of 60%; with c.58% with LTV<65% LAF book (€5.2bn, 6.8% of Group) de-risked post FY 21 CRT (c.50% of loans) Consumer portfolios diversified across personal loans, credit cards and car finance Non-performing exposures reduce to €4.2bn NPE ratio reduced modestly by 10bps to 5.4% Proven track record of Sustainable solutions with customers Successful transaction execution Further reductions expected in H2 22 through combination of organic and inorganic activity Dec-19 Dec-20 Dec-21 NPE disposals Net outflows Jun-22 NPE ratio 1 Gross volumes do not include fair value adjustment of (€0.4bn) Bank of Ireland#21Prudent asset quality coverage levels in face of economic uncertainty Group loan book by stage Bank of Ireland 2022 Interim Results - Debt Investor Presentation 21 21 €4.3bn 32.2% €12.4bn €4.1bn 33.6% €10.3bn 3.5% 3.4% €61.2bn €61.8bn 0.3% 0.2% 1.6% Stage 1 Dec-21 Jun-22 Stage 2 Stage 31 Stage ILA coverage % Coverage levels remain conservative 1.5x pre-COVID 2.5% 37% 1.2x pre-COVID 45% Stock of impairment loss allowance of €1.9bn June 2022 coverage of 2.5% unchanged vs Dec 2021; remains prudent given uncertain economic backdrop Management adjustments €352m on balance sheet, 19% of total provision stock (FY 21 20%) - Stage 1, 2 and 3 coverage all above pre-COVID levels Stage 2 volumes reduced from 16% to 13% in H1 22; primarily reflects the net impact of updated COVID-19 post model staging adjustment Prudent provision coverage levels Provision coverage remains well above pre-COVID levels; loan book coverage 1.5x pre-COVID levels, primarily driven by - - - UK mortgage coverage at 1.9x Non-property SME & Corporate at 1.5x Property & Construction at 1.8x NPE coverage at 45% is 1.2x pre-COVID level Jun-22 Dec-19 Jun-22 ILA % of NPES Dec-19 ■ILA % of gross loans 1 Includes POCI Bank of Ireland#22Capital & MREL Bank of Ireland 2022 Interim Results - Debt Investor Presentation Bank of Ireland 22 222#23Capital ratios remain strong RWAs €46.2bn 16.0% Bank of Ireland 2022 Interim Results - Debt Investor Presentation Fully Loaded CET1 ratio 60bps (10bps) (30bps) 20bps (80bps) RWAS €47.3bn (10bps) 15.5% Dec-21 Net organic capital¹ Credit impairment RWA² Foreseeable distribution Pension Other Davy transaction Jun-22 deduction Headroom to 2022 CET1 regulatory capital requirements Dec 2022 regulatory capital requirements (excl P2G) 15.5% 10.07% 16.0% Jun-22 Fully Loaded CET1 Ratio Jun-22 Regulatory CET1 Ratio c.590bps headroom Strong capital position driven by organic capital generation Substantial buffer (c.590bps) to regulatory capital requirements Davy acquisition completed in H1; sufficient capital available for the acquisition of the KBCI portfolios (c.120bps) expected to complete by end Q1 2023 RWAS increased by c.€1.1bn, primarily reflecting loan book mix Target CET1 ratio of >13.5% reflects increased countercyclical buffers Foreseeable distribution accrual at c.50% of FY 21 levels; final full year distribution decision to be taken with FY 22 results 1 Net organic capital generation primarily consists of attributable profit and movements in regulatory deductions excluding impairment. H1 22 includes transformation investment previously excluded from organic capital; H1 21 net organic capital generation of 60bps on a like-for-like basis 2 RWA movements from changes in loan book mix, asset quality and movements in other RWAS Bank of Ireland 23#24Regulatory Ratios RWAS €46.4bn 17.0% Bank of Ireland 2022 Interim Results - Debt Investor Presentation Regulatory CET1 ratio 60bps (25bps) (35bps) (30bps) 20bps (80bps) (10bps) RWAS €47.4bn 16.0% Dec-21 CRD Phasing Net organic capital Credit impairment RWA Forseeable distribution deduction Pension Other Davy transaction Jun-22 24 24 Regulatory Capital Metrics CET1 Ratio Tier 1 Items/Instruments: Tier 1 Ratio Tier 2 Items/Instruments: CET1 Dec-21 Jun-22 17.0% 2.1% 19.1% 16.0% 2.1% Tier 1 & Total Capital 18.0% 3.2% 3.2% Total Capital Ratio¹ Risk Weighted Assets MREL Ratio Leverage Ratio 22.3% 21.2% €46.4bn €47.4bn 31.4% 32.4% 6.6% MREL Movement in Regulatory CET1 ratio broadly aligned with movement in fully loaded ratios Tier 1 and Tier 2 buckets in excess of regulatory requirements; future issuance influenced by market conditions and refinancing/ growth MREL eligible senior debt issuance of c.€1bn in H1 2022; within c.€1bn - €2bn p.a. issuance guidance 6.3% MREL ratio of 32.4% at Jun 2022 1 On 24 August 2022, the Group announced that it will redeem two Tier 2 instruments ($500m and £300m) in full on 19 September 2022 Bank of Ireland#25Balance Sheet Bank of Ireland 2022 Interim Results - Debt Investor Presentation Dec-21 Jun-22 Funding & Liquidity (€bn) (€bn) • LDR reduced modestly from 82% to 81% Customer loans 76 Liquid assets 50 Other assets 29 222 75 52 29 Total assets 155 156 Customer deposits 93 93 Wholesale funding 21 21 Shareholders' equity 10 11 Other liabilities 31 31 Total liabilities 155 156 TNAV per share €8.80 €9.22 Closing EUR/GBP FX rates 0.84 0.86 Dec-21 Jun-22 Liquidity Coverage Ratio 181% 218% • Net Stable Funding Ratio 144% 149% Loan to Deposit Ratio 82% 81% • • • Liquid assets increased by c.€2bn primarily due to, higher gross deposit balances of €1.3 billion (constant currency basis), lower lending volumes of €1.3 billion (constant currency basis), partially offset by Davy acquisition €0.4 billion, lower wholesale funding volumes of €0.1 billion and other flows of €0.4 billion LCR increased from 181% to 218% predominately due to higher deposits and MREL issuance NSFR increased from 144% to 149% primarily driven by higher customer deposits and lower lending Customer deposits: €92.6bn • Growth (excluding fair value hedge of adjustment €1.5bn) of €1.3bn driven by higher household and SME volumes in Ireland and an increase in Corporate and Markets, partially offset by lower UK deposits arising from planned deleveraging Wholesale funding: €21.3bn Capital and MREL requirements primary driver of new wholesale funding Tangible Net Asset Value • TNAV increased c.4% to €9.22 since Dec 21 Bank of Ireland 25#26Significant buffer to potential MDA' restrictions Regulatory CET1 ratio vs. MDA Threshold Bank of Ireland 2022 Interim Results - Debt Investor Presentation 16.0% Jun-22 Regulatory CET1 ratio 32.4% MDA 6.2% MDA Buffer 4.7% Buffer 1.5% 1.5% 1.5% Pillar 1 Pillar 2 CCB 2.5% 2.5% ■O-SII 11.27% 9.77%- 1.27% 1.27% CCYB 4.5% 4.5% Jun-22 Future Regulatory Regulatory CET1 CET1 requirement² ratio requirement MREL ratio vs. MREL-MDA Threshold 7.4%- MDA Buffer MDA Buffer 2.9% c.5.5% 4.0% c.24.0% 20.95% SRB Target CBR • • Regulatory CET1 ratio of 16.0% at Jun 2022 Continued phase-in of existing transitional adjustments expected to consume c.25bps per annum in 2023/2024 Completion of KBCI transaction and transition to IFRS17 expected to consume capital in Q1 2023 Jun 2022 Regulatory CET1 ratio of 16.0% provides a buffer of c.6.2% to current MDA threshold Future regulatory CET1 requirement reflects phase-in of recently announced UK CCYB (1% from Dec 2023; 2% from Jul 2023) and ROI CCуB (0.5% from Jun 2023; expected to increase to 1.5% from mid-2024) Jun 22 MREL ratio of 32.4% (11.4% on a leverage basis) provides a buffer of c.7.4% to current MREL-MDA threshold Future MREL requirement expected to increase to c.29.5%, reflecting phase-in of O-SII and CCYB requirements. MREL requirement of 7.6% on a leverage basis MREL eligible senior debt issuance of c.€1bn-€2bn p.a. anticipated Jun-22 MREL ratio Jan-22 MREL requirement Future MREL requirement² 1 The Maximum Distributable Amount is determined as a percentage of attributable profits earned in the period to which the buffer breach and MDA calculation pertains, and will vary depending on the extent of the breach of the CBR which is measured in quartiles (bottom quartile - 0%, second quartile - 20%, third quartile - 40% and top quartile - 60% of profits) 2 Future capital and MREL requirements reflect expected increase in ROI CCYB to 1.5% and UK CCуB at 2%. The ROI CCYB increase to 1.5% is expected by mid-2024 subject to approval by the Central Bank of Ireland. Bank of Ireland 26#27Risk weighted assets (RWAS) / Leverage ratio Customer lending average credit risk weights - June 20221,2 (Based on regulatory exposure class) Bank of Ireland 2022 Interim Results - Debt Investor Presentation EBA Transparency Exercise 2021 Country by Country Average IRB risk weights Residential Mortgages - Jun 2021 EAD³ RWA Avg. Risk Sweden 3.9% (€bn) (€bn) Weight Netherlands 8.9% Belgium France 10.7% Ireland Mortgages 11.7% 22.1 4.9 22% Denmark 13.4% UK Mortgages 18.9 3.7 19% Austria 13.5% UK 14.1% SME 16.6 11.5 69% Germany 14.4% Corporate 12.0 10.8 92% Portugal 15.2% Spain 15.7% Other Retail 6.1 4.4 72% Finland 19.0% Norway 19.6% Customer lending credit risk 75.7 35.3 45% Italy 19.8% Ireland 30.0% • IRB approach accounts for: 54% of credit EAD (Dec 2021:55%) 70% of credit RWA (Dec 2021: 70%) EBA Risk Dashboard - Jun 2021 Country by Country Average Regulatory Leverage ratios 27 27 Sweden 4.8% Denmark 4.9% France 5.5% Germany 5.6% Spain 5.7% Finland 5.9% Belgium 6.1% Netherlands 6.4% Italy 6.4% Austria 6.5% Portugal 6.9% Ireland 8.5% 0% 2% 4% 6% 8% 10% 1 EAD and RWA include both IRB and Standardised approaches and comprise both non-defaulted and defaulted loans 2 Securitised exposures are excluded from the table (i.e. excludes exposures included in CRT transactions) 3 Exposure at default (EAD) is a regulatory estimate of credit risk exposure consisting of both on balance exposures and off balance sheet commitments Bank of Ireland#28EBA Transparency Exercise 20211 Bank of Ireland 2022 Interim Results - Debt Investor Presentation Bank of Ireland's IRB RWA density across major loan portfolios exceeds a wide distribution of European peers IRB Lending: SME Lending2 IRB RWA: Corporate Lending³ 120% 80% 70% 100% 60% 80% 50% 40% 60% 30% 40% 20% 20% 10% 0% 0% Bank 1 Bank BOI Bank Bank 2 4 3 5 Bank Bank Bank Bank Bank Bank 6 7 8 9 10 1 6 7 3 BOI Bank Bank Bank Bank Bank Bank Bank Bank Bank Bank 5 2 8 9 10 4 IRB RWA: Domestic Mortgage Lending4 Leverage Ratio (Regulatory Basis)5 30% 8% 25% 7% 20% 6% 5% 15% 4% 10% 3% 2% 5% 1% 0% 0% Bank BOI 4 3 1 8 Bank Bank Bank Bank Bank Bank Bank Bank Bank 7 2 6 10 9 5 1 Charts represent 30 June 2021 figures published by the EBA for ABN AMRO, Banco Comercial Português, Groupe BPCE, CaixaBank, Commerzbank, Danske Bank, Erste Group, Svenska Handelsbanken, Intesa Sanpaolo, KBC Group 2 Credit Risk IRB Approach Risk Exposure Amount divided by Exposure Value for "Corporates - Of Which SME" at 30 June 2021 3 Credit Risk IRB Approach Risk Exposure Amount divided by Exposure Value for "Corporates - Excluding SME & Specialised Lending" at 30 June 2021 4 Credit Risk IRB Approach Risk Exposure Amount divided by Exposure Value for "Retail - Secured on Real Estate Property" at 30 June 2021 5 "Leverage Ratio - Using a transitional definition of Tier 1 Capital" at 30 June 2021 Bank of Ireland 28#29Regulatory capital requirements Pro forma CET1 regulatory capital requirements Pillar 1 CET1 Pillar 2 Requirement (P2R) Capital Conservation Buffer (CCB) Ireland Countercyclical buffer (CCyB)1 UK Countercyclical buffer (CCYB) O-SII Buffer Systemic Risk Buffer - Ireland Pro forma minimum CET1 regulatory requirements Pillar 2 Guidance (P2G) Bank of Ireland 2022 Interim Results - Debt Investor Presentation 2021 2022 2023 4.50% 4.50% 4.50% 1.27% 1.27% 1.27% 2.50% 2.50% 2.50% 0.00% 0.00% 0.30% 0.00% 0.30% 0.60% 1.50% 1.50% 1.50% 9.77% 10.07% 10.67% Not disclosed in line with regulatory preference 29 29 Regulatory capital requirements • The Group is required to maintain a CET 1 ratio of 9.77% on a regulatory basis at 30 June 2022, increasing to 10.07% from Dec 2022 and 10.67% in Dec 2023 (excluding P2G) 2022 requirements include the phase-in of the UK CCYB from 0% to 1% from Dec 2022 2023 requirements include the phase-in of (i) the ROI CCyB to 0.5% from Jun 2023; and (ii) the UK CCYB to 2% from Jul 2023 CET1 headroom of c.590bps to Dec 2022 regulatory capital requirements of 10.07% Regulatory total capital ratio of 21.2% at June 2022 provides headroom of c.665bps above 2022 total capital requirement of 14.55% 1 The CBI stated its intention to increase the ROI CCYB to 1.5% in mid-2023 (effective mid-2024) provided the economic recovery continues, which if introduced would increase the Group's capital requirement by a further c.0.6% in 2024 Bank of Ireland#30Credit Ratings Bank of Ireland 2022 Interim Results - Debt Investor Presentation (Stand alone BOIG ratings) GovCo MOODY'S Instrument Ratings Fitch Ratings S&P Global BOIMB BOIG GovCo BOIG GovCo BOIG GovCo (ACS)³ MOODY'S baa11 Stable A1 Stable Investment Grade Aaa Aaa Aaa c AAA AAA AAA AAA Aa1 Aa1 Aa1 AA+ AA+ AA+ AA+ Aa2 Aa2 Aa2 AA AA AA AA Aa3 Aa3 Aa3 AA- AA- AA- AA- A1 A1 S A1 A+ A+ A+ A+ A2 A2 A2 A A A A Fitch Ratings bbb Stable BBB+ Stable A3 S A3 A3 A- A- A- A- Baa1 Baa1 Baa1 BBB+ BBB+ S BBB+ BBB+ Baa2 T2 Baa2 Baa2 BBB S BBB BBB BBB Baa3 Baa3 Baa3 BBB- BBB- BBB- BBB- S&P Global bbb2 Stable A- Stable Sub Investment Grade Ba1 AT1 Ba1 Ba1 BB+ T2 BB+ T2 BB+ BB+ T2 Ba2 Ba2 Ba2 BB BB BB T2 BB Ba3 Ba3 Ba3 BB- AT1 BB- BB- BB- B1 B1 B1 B+ B+ B+ B+ B2 B2 B2 B B B AT1 B B3 B3 B3 B- B- B- B- (...) (...) (...) (...) (...) (...) (...) Covered bond S Senior unsecured T2 Tier 2 AT1 Additional Tier 1 1 BOIG entity rating from Moody's = A3 2 BOIG entity rating from S&P = BBB- 3 BOIMB is the Group's issuer of Irish Covered Bonds (ACS). Moody's has not assigned an issuer rating to BOIMB Bank of Ireland 30#31Corporate Structure Holding company Bank of Ireland 2022 Interim Results - Debt Investor Presentation Bank of Ireland Group plc (BOIG) Bank of Ireland 100% AT1 → Tier 2 Senior unsecured The Governor and Company of the Bank of Ireland (GovCo) → Senior unsecured Capital/MREL Operating subsidiaries • • 100% Bank of Ireland 100% New Ireland Assurance Company plc Bank of Ireland Mortgage Bank Unlimited Company (BOIMB) RELAND Bank of Ireland Irish Covered Bonds (ACS) 100% Bank of Ireland (UK) plc Bank of Ireland UK RMBS Funding Preferred resolution strategy for the Group consists of a Single Point of Entry (SPE) bail-in strategy through the Group holding company (BOIG) Transparent and well-defined resolution strategy in comparison to other jurisdictions In 2017 BOIG introduced on top of the existing group structure supporting an SPE preferred resolution strategy No change to any of the Group's existing operating companies Bail-in at BOIG is the primary resolution tool. MREL requirements are expected to be met through junior and senior issuance from BOIG Losses are passed to BOIG by the write-down of intragroup assets. BOIG investors bear loss in accordance with the resolution² hierarchy. Resolution authorities required to apply the "No creditor worse off" principle in application of the bail-in tool Funding requirements may also continue to be met, as required, through the issue of Irish Covered Bonds (ACS) by Bank of Ireland Mortgage Bank Unlimited Company, Residential Mortgage Backed Securities (RMBS) by Bank of Ireland (UK) plc and senior unsecured issuance by GovCo 1 100% shareholding via intermediate holding company 2 Per Regulations 87 and 96 of the European Union (Bank Recovery and Resolution) Regulations 2015, as amended Bank of Ireland 31#32Summary highlights Bank of Ireland 2022 Interim Results - Debt Investor Presentation 32 32 Capital RWA MREL Economy • • • Asset Quality • Strong organic capital generation in 2022; capital outlook supports continued growth and investment CET1 target >13.5%; accommodates increased countercyclical buffers IRB RWA density across largest customer loan portfolios continues to exceed a wide distribution of European peers RWA density offers potential mitigation against future implementation of Basel IV MREL ratio of 32.4% at Jun 2022, Jan 2022 interim requirement of 24.95%; Future MREL requirement of c.29.5% MREL eligible senior debt issuance of c.€1bn-€2bn p.a. anticipated; Green bonds will continue to form part of capital and MREL issuance Irish economy well positioned to face global economic uncertainties; Notwithstanding external headwinds, Ireland is forecast to be the EU's fastest-growing economy for a third successive year in 2022, despite a recent moderation in activity House prices +14.4% y/y in May 2022; increase driven by the continued mismatch between demand and supply Asset quality remains strong; NPEs to continue to reduce through combination of organic and inorganic activity Quality of loan books provide reassurance; coverage levels remain at 2.5% Bank of Ireland#33Bank of Ireland 2022 Interim Results - Debt Investor Presentation Green Bond Framework Bank of Ireland 33#34Green Bond Framework Bank of Ireland 2022 Interim Results - Debt Investor Presentation Green Bonds are an important part of the Group's Responsible and Sustainable Business Strategy as we look to finance our customers' transition to the low carbon economy and take an active role in combating climate change through sustainable finance. Key Features Green Bond Framework Pillars 2 . Aligned to the Green Bond Principles published by ICMA in 2018 1 Use of Proceeds • An amount equivalent • Second Party Opinion provided by Sustainalytics • The Group will allocate an equivalent amount • . of the net proceeds to lending to eligible Green assets The Framework caters for secured, senior and subordinated issuance A 'lookback' period of 36 months has been applied to the Green Eligible Assets Portfolio ESG Ratings SUSTAINALYTICS MSCI CDP DRIVING SUSTAINABLE ECONOMIES ESG Risk rating 21.5 (Medium Risk). Places the Group in the top 26th percentile of Banks (Industry Group) BBB (average) B (management level) S&P Global 49 3 to net proceeds will be allocated to finance/ refinance: Green Buildings & Energy Efficiency Renewable Energy Clean Transportation Management of Proceeds Net proceeds will be managed on a portfolio basis . The Group will ensure that the balance of the Green Eligible Assets Portfolio matches or exceeds the total balance of Green bonds outstanding 4 Project Evaluation and Selection Criteria Green Bond Working Group is responsible for the evaluation and selection of assets for inclusion in the Green Eligible Assets Portfolio The portfolio is reviewed on a quarterly basis with loans no longer meeting eligibility criteria being removed Reporting & External Review Allocation Report - is published alongside independent external verification Impact Report - the Group provides investors with an impact report on the assets within the Green Eligible Assets Portfolio First published in March 2022 and annually thereafter Bank of Ireland 34#35Use of Proceeds Green Bond Principles Eligible Category Eligibility Criteria Bank of Ireland 2022 Interim Results - Debt Investor Presentation Impact UN SDG Green Buildings & Energy Efficiency - Residential Green Buildings & Energy Efficiency- Commercial Renewable Energy Clean Transportation • • • • Residential property with an energy efficiency rating within the Top 15% in Ireland, equivalent to BER of 'B3' or better Residential property with a date of construction of 2015 or later New buildings where the net primary energy demand of the new construction is at least 20% lower than the primary energy demand resulting from the relevant NZEB requirements; and/or: Renovations to residential property achieving savings in net Primary Energy Demand of 30% Commercial property in Ireland, UK and US holding a BREEAM 'Outstanding' or 'Excellent' or LEED 'Platinum' or 'Gold' Certification Net primary energy demand of the new construction is a Commercial property belonging to the top 15% of buildings in Ireland and UK, in terms of energy efficiency* New commercial property where at least 20% lower than the primary energy demand resulting from the relevant NZEB requirements, and/or: Renovations to commercial property where the renovation achieves savings in net Primary Energy Demand of at least 30% Renewable energy generation facilities including onshore and offshore wind, solar and geothermal Financing of the purchase, manufacture and operation of Battery Electric Vehicles and electrically-powered public transport systems, and the infrastructure that supports clean transportation *As determined by reference to established energy performance benchmarks. Bank of Ireland anticipates drawing on the most current dataset available at the time of the allocation process (including datasets compiled by any retained technical consultants). As average building energy efficiencies and related datasets improve, relevant benchmarks and determinations involving proxies (e.g. Building Energy Ratings) will be updated accordingly. Annual energy efficiency improvements, MWh tCO2e avoided Annual energy efficiency improvements, MWh tCO2e avoided Renewable energy capacity added, MW tCO2e avoided tCO2e avoided AFFORDABLE AND CLEAN ENERGY 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE AFFORDABLE AND CLEAN ENERGY 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE INDUSTRY, INNOVATION AND INFRASTRUCTURE 11 SUSTAINABLE CITIES AND COMMUNITIES Bank of Ireland 35#36Number of Amount (EUR) ISIN Loans Green Bond Allocation Report Eligibility Criteria Green Eligible Assets Portfolio Bank of Ireland 2022 Interim Results - Debt Investor Presentation Green Liabilities Settlement Date Maturity Date Amount (EUR) Green Buildings 9,466 3,345,136,689 XS2311407352 10-Mar-21 10-May-271 750,000,000 - Residential Green Buildings 9 614,931,346 XS2340236327 11-May-21 11-Aug-312 500,000,000 - Commercial Renewable 73 136,423,339 Energy Clean 1,475 30,974,010 Transportation Total 4,127,465,3834 Total 1,250,000,000 Total Green Eligible Assets Portfolio*: Amount of Proceeds allocated to Green Eligible Assets Portfolio (on a portfolio basis): Percentage of Proceeds allocated to Green Eligible Assets Portfolio : Unallocated Green Eligible Portfolio Assets : New eligible loans added since 31 December 2020 : Amount of Green Eligible Assets outstanding as at 31 December 2021. Criteria as outlined in Bank of Ireland Green Bond Framework.5 €4,127,465,383 €1,250,000,000 100% €2,877,465,383 N/A 1 Optional Redemption Date of 10-May-26 2 Optional Redemption Period of 11-May-26 to 11-Aug-26 3 Ireland Only 4 EUR equivalent amount (Exchange rate of 31 December 2021; GBP 1 = EUR 1.1893) 5 https://investorrelations.bankofireland.com/app/uploads/Green-Bond-Framework-March-2021.pdf Bank of Ireland 36#37Outlook Bank of Ireland 2022 Interim Results - Debt Investor Presentation Bank of Ireland 37#38Summary Bank of Ireland 2022 Interim Results - Debt Investor Presentation • Strong business performance in H1 22 reflected in financial performance • • • • • • • Net interest income positively geared to higher interest rates Maintaining rigorous cost discipline, notwithstanding inflationary headwinds Vigilance on credit quality, with a prudent approach to coverage levels Davy acquisition complete; materially increases Bank of Ireland's share of attractive Irish wealth market KBC transaction adds scale to Irish retail franchise (expected to complete by end Q1 2023) Business model positioned to attract customers from exiting banks - once in a generation opportunity; positive start to H1 22 State shareholding <3%; full private ownership in sight On track to deliver sustainable ROTE > 10% in near term Bank of Ireland 38#39Financial benefits of acquisitions €20.0bn €18.5bn €16.4bn €1.0bn DAVY €15.1bn €13.1bn €0.8bn €0.8bn €0.3bn €0.6bn Dec-18 Dec-19 Dec-20 Net inflows Dec-21 AUM Jun-22 Bank of Ireland 2022 Interim Results - Debt Investor Presentation Material enhancement of Wealth franchise Momentum in Davy wealth business translating into strong profit growth; reflects quality of franchise Davy track record of strong net inflows' growth in recent years; H1 performance robust despite challenging market conditions Overall Davy underlying profit of €12m in H1 22², reflecting income of c.€86m and costs of c. €74m. Similar performance expected in H2 22 Financial performance will benefit from BOI's distribution reach over time KBC transaction expected to close by end Q1 2023 Comprises loans of c.€9.2bn and deposits of c.€4.0bn at end March 2022 - KBC Loans include performing mortgages c.€8.9bn, SME/consumer finance of c.€0.1bn and NPEs of c. €0.2bn - Loan portfolios will reduce by completion as KBC has ceased new origination Financial effects remain in line with previous guidance - - Annualised 2023 net interest income benefit of c.€160m, incremental operating expenses of c.€25m; contribution to earnings will reduce over time as the portfolios redeem Capital investment of c.120bps on completion, reflecting RWA impacts and day 1 expected credit loss Group's June 2022 pro forma NPE ratio would reduce by c.0.3% to 5.1% 1 New funds inflows minus redemptions; excludes impact on AUM from market movement 2 On pro forma basis assuming Davy was part of Group from January 1, 2022. Deal actually completed on June 1 2022 Bank of Ireland 39#4040 40 2022 outlook • Profitability Total income (excluding acquisitions) - Modestly higher net interest income Higher business income Unchanged additional gains and valuation items vs H1 22 2022 costs to be lower than 2021 after absorbing inflation, excluding acquisitions and one-off investment relating to onboarding customers from exiting banks One-off investment of c.€30m expected to capture opportunities from exiting banks Davy H2 performance expected to be similar to H1 Bank of Ireland 2022 Interim Results - Debt Investor Presentation Asset Quality Impairment charge to be lower than 20bps subject to no material change in economic conditions or outlook NPEs to continue to reduce through combination of organic and inorganic activity • Capital Strong organic capital generation in 2022; capital outlook supports continued growth and investment CET1 target >13.5%; accommodates increased countercyclical buffers Distributions expected to increase on a prudent and progressive basis Bank of Ireland#41Appendix Bank of Ireland 2022 Interim Results - Debt Investor Presentation Bank of Ireland 41#42Appendix Bank of Ireland 2022 Interim Results - Debt Investor Presentation BOI overview - customer loans / new lending volumes Ireland mortgage loan book Income statement - Net interest income analysis Structural hedge / Liquid assets / Net interest margin / Negative interest rates Asset quality - Non-performing exposures by portfolio Portfolio by stage - Non-property SME and corporate by stage Residential mortgages / Consumer loans Non-property SME and Corporate / Property & Construction Forward looking information - macro-economic scenarios Impairment loss allowance sensitivity analysis - Ireland mortgages Ordinary shareholders' equity and TNAV Capital CET1 ratios Return on tangible equity (ROTE) Cost income ratio Defined benefit pension schemes Forward-looking statement Contact details Page No. 43 44 45 46 47 48 49 50 51 52 53 54 55 59 གཱg6⌘7གླ 60 56 57 58 Bank of Ireland 42 42#43Overview of customer loans Composition (Jun 22) Mortgages Non-property SME and corporate Property & construction Consumer Other² Customer loans (gross) Geographic (%) Retail Ireland Bank of Ireland 2022 Interim Results - Debt Investor Presentation Profile of customer loans' at June 2022 (Gross) Ireland (€bn) UK ROW Total Total (€bn) (€bn) (€bn) (%) 22.3 18.4 0.0 40.7 53% 10.7 5.6 5.3 21.6 28% 5.4 1.5 1.8 8.7 11% 2.0 3.4 0.0 5.5 7% (0.2) (0.2) 0.0 (0.4) 0% 40.3 28.7 7.2 76.2 100% 53% 38% 9% 100% Gross new lending volumes Retail UK Corporate & Markets €1.7bn €0.7bn £0.1bn €1.4bn €0.5bn £0.1bn €0.3bn £0.6bn €0.6bn €0.7bn €0.3bn £1.0bn €1.3bn £1.2bn €1.0bn €1.1bn €1.2bn H1 21 ■Mortgages H1 22 Consumer H1 21 £0.4bn H1 22 H121 Business Banking Corporate Ireland / Property / Non-Core / Markets Acquisition Finance Corporate UK 1 Based on geographic location of customer ² Other reflects fair value hedge adjustments at 30 June 2022 H1 22 Bank of Ireland 43 43#44Ireland Mortgages: €22.3bn New Lending volumes and Market Share 23% 25% 23% Bank of Ireland 2022 Interim Results - Debt Investor Presentation 24% €23.0bn Ireland Mortgages (gross) €22.9bn €22.4bn €22.3bn €11.2bn €12.2bn €13.1bn €13.8bn €1.3bn €3.2bn €2.9bn €1.0bn €0.9bn €1.0bn €2.5bn €2.2bn €8.7bn €7.9bn €6.8bn €6.3bn H119 H1 20 New Lending Volumes H121 H1 22 Market Share Dec-19 Dec-20 Dec-21 Jun-22 Tracker Variable Rates Fixed Rates Pricing strategy Fixed rate led mortgage pricing strategy which provides value, certainty and stability to our customers and to the Group Fixed rate products accounted for c.96% of our new lending in H1 2022, up from c.30% in 2014 Distribution strategy - continued expansion into broker channel . The Group has continued building out The Mortgage Store broker channel in 2022, establishing a large network of active brokers at a national level Wider proposition . 1 6 in 10 Ireland customers who take out a new mortgage take out a life assurance policy through the Bank of Ireland Group 4 in 10 Ireland customers who take out a new mortgage take out a general insurance policy through the Bank of Ireland Group with insurance partners Average customer pay rate of 113bps less Group average cost of funds of 11bps LTV profile Average LTV of 53% on mortgage stock at June 2022 (December 2021:54%) Average LTV of 74% on new mortgages in H1 2022 (2021: 71%) Tracker mortgages • €6bn or 97% of trackers at June 2022 are on a capital and interest repayment basis • 83% of trackers are Owner Occupier mortgages; 17% of trackers are Buy-to-Let mortgages . Loan asset spread on ECB tracker mortgages was c.102bps¹ in H1 2022 Bank of Ireland 44#45Income statement Net interest income analysis Bank of Ireland 2022 Interim Results - Debt Investor Presentation 45 45 H2 2020 Average Gross Gross Volumes Interest Rate (€bn) (€m) (%) Ireland Loans 33.0 546 3.29% 32.8 H1 2021 Average Gross Volumes Interest (€bn) (€m) 537 32.3 H2 2021 Gross Average Gross Gross Rate Volumes Interest Rate (%) (€bn) (€m) (%) 3.30% 3.23% H1 2022 Average Gross Volumes Interest Gross Rate (€bn) (€m) (%) 526 32.2 507 3.17% UK Loans 27.1 349 2.56% 27.8 350 2.54% 26.8 341 2.53% 25.0 351 2.83% C&T 16.9 292 3.44% 17.5 296 3.41% 18.1 317 3.47% 18.8 334 3.58% Total Loans and Advances to Customers 77.0 1,187 3.07% 78.1 1,183 3.05% 77.2 1,184 3.04% 76.0 1,192 3.16% Liquid Assets¹ 28.7 (5) (0.03%) 36.8 (24) (0.13%) 46.2 (32) Total Liquid Assets 28.7 (5) (0.03%) 36.8 (24) (0.13%) 46.2 (32) Total Interest Earning Assets 105.6 1,183 2.22% 114.9 1,159 2.03% 123.4 1,152 Ireland Deposits 21.6 (-) (0.00%) 22.2 6 0.05% 22.5 9 (0.14%) 49.3 (0.14%) 49.3 1.85% 125.3 0.08% (28) (0.11%) (28) (0.11%) 1,164 1.87% 9 Credit Balances² 43.8 12 0.06% 47.1 18 0.08% 50.2 26 0.10% 22.9 53.2 11 0.09% 32 0.12% UK Deposits C&T Deposits 16.5 (60) (0.72%) 15.5 (40) (0.52%) 14.3 (28) 4.2 2 0.09% 3.8 4 0.20% 3.9 Total Deposits 86.1 (46) (0.11%) 88.7 (12) (0.03%) 90.9 4 11 (0.38%) 12.4 0.20% 4.1 0.02% (17) (0.28%) 3 0.15% 92.7 29 0.06% Wholesale Funding 1,3 9.1 (36) (0.78%) 14.6 (30) (0.42%) 20.4 (40) (0.39%) 21.3 (61) (0.58%) Subordinated Liabilities 1.4 (28) (4.02%) 1.5 (30) (3.95%) 1.9 (33) (3.36%) 2.0 (36) (3.69%) Total Interest Bearing Liabilities 96.6 (110) (0.23%) 104.9 (72) (0.14%) 113.3 (61) (0.11%) 116.0 (68) (0.12%) Other 1.4 (20) (5) 48 (24) Net Interest Margin as reported 105.6 1,052 Average ECB Base rate Average 3 month Euribor Average BOE Base rate 1.98% 0.00% (0.50%) 0.10% 114.9 1,080 1.90% 0.00% 123.4 1,139 1.83% 0.00% 125.3 1,072 1.73% 0.00% (0.54%) 0.10% (0.56%) 0.11% (0.44%) 0.71% 1 Volume impact of TLTRO included in liquid assets and wholesale funding; Income impact (€16m) of TLTRO in H1 22 included in Other 2 Credit balances in H1 2022: ROI €41.7bn, UK €5.3bn, C&T €6.2bn 3 Includes impact of credit risk transfer transactions executed in Dec 2016, Nov 2017, Dec 2019, Oct 2021 and Dec 2021 4 Includes IFRS 16 lease expense, interest on certain FVPTL items and adjustments that are of a non-recurring nature such as customer termination fees and EIR adjustments Bank of Ireland#4646 46 Structural hedge, liquid assets, net interestank of Ireland 2022 Interim Results - Debt Investor Presentation margin and negative interest rates Liquid assets² Structural hedge¹ Average volume €35.1bn €38.3bn • €31.0bn €38.5bn €46m €41m €18m €12m (€24m) Interest (€28m) Income €28m €29m + H1 21 GBP H1 22 EUR H121 H122 Liquid Asset interest income NIM movement Application of NIR delivering reduction in funding costs €8.5bn c.7bps (c.9bps) 1.94% 1.92% Year-end deposit TLTRO -8bps TLTRO -19bps volumes on negative rates €30m 1.86% 1.73% €14.8bn €47m FY 21 Pricing discipline & cost of deposit Liquid asset growth/ lower yield H1 22 H1 21 Reduction in funding costs H1 22 1 Gross interest income from fixed leg of hedging swap 2 Excludes any impact from TLTRO on liquid assets Structural hedge & liquid assets Structural hedge and liquid asset income reducing as a result of the negative interest rate environment - Avg structural hedge yield fell from c.26bps to c.21bps between H1 21 and H1 22 Decline in liquid asset income primarily from c. €7.5bn increase in liquid assets (reflecting retail deposit growth), partially offset by increase in avg 3 month Euribor rate (c.10bps) Net interest margin (NIM) • Underlying NIM -2bps vs FY 21 - Pricing discipline on lending and deposits +c.7bps contribution to NIM Growth in volume of liquid assets (ex TLTRO) and lower yields -c.9bps impact on NIM TLTRO mechanically lowers NIM by 19bps Negative interest rates (NIR) • Application of NIR to deposit customers expanded during 2021, minimal attrition during H1 22 Volume of customer deposits on negative rates was €14.8bn at June 2022 Reduction in funding costs of €47m in H1 22 Bank of Ireland#47Non-performing exposures by portfolio Bank of Ireland 2022 Interim Results - Debt Investor Presentation Composition (Jun-22) Advances (€bn) Non-performing exposures (€bn) Non-performing exposures as % of Impairment loss allowance (€bn) Impairment loss allowance as % of advances non-performing exposures Residential Mortgages 40.7 1.6 4.0% 0.5 31% - Republic of Ireland - UK 22.4 0.9 4.0% 0.4 45% 18.4 0.7 4.0% 0.1 15% Non-property SME and corporate 21.6 1.6 7.2% 0.8 49% - Republic of Ireland SME 7.2 0.7 9.5% 0.4 58% - UK SME 1.7 0.1 7.7% 0.0 39% - Corporate 12.7 0.7 5.8% 0.3 43% Property and construction 8.7 0.8 9.6% 0.4 53% - Investment 7.6 0.8 10.6% 0.4 52% - Development 1.1 0.0 2.5% 0.0 73% Consumer 5.5 0.1 2.4% 0.2 116% Other¹ (0.4) 0% Total loans and advances to customers 76.2 4.2 5.5% 1.9 45% Composition (Dec-21) Advances Non-performing Non-performing (€bn) exposures (€bn) exposures as % of Impairment loss Impairment loss advances allowance (€bn) allowance as % of non-performing exposures Residential Mortgages 43.3 1.8 4.2% 0.5 28% - Republic of Ireland 22.4 1.1 4.7% 0.4 39% - UK 20.9 0.7 3.6% 0.1 12% Non-property SME and corporate 20.9 1.3 6.4% 0.8 57% - Republic of Ireland SME 7.0 0.7 9.8% 0.4 61% - UK SME 1.8 0.1 7.8% 0.1 45% - Corporate - Investment 12.1 0.5 4.2% 0.3 55% Property and construction 8.6 1.0 12.2% 0.5 51% 7.6 1.0 13.4% 0.5 50% - Development 1.0 0.0 3.1% 0.0 56% Consumer 5.2 0.2 2.6% 0.2 125% Other¹ (0.1) Total loans and advances to customers 77.9 4.3 5.5% 2.0 0% 46% 1 Other reflects fair value hedge adjustments Bank of Ireland 47#4848 48 Portfolio by stage Composition (Jun-22) Bank of Ireland 2022 Interim Results - Debt Investor Presentation Gross carrying amount (before impairment loss allowance) Impairment loss allowance ILA % Sectoral analysis by stage Residential Mortgages - Ireland - UK Stage 1 €m Stage 2 €m Stage 3 POCI Total €m €m €m 37,278 1,832 1,606 4 40,720 20,141 1,304 884 4 22,333 17,137 528 722 18,387 - UK SME - Corporate - Investment Non-property SME and corporate - Ireland SME Property and construction 15,612 4,475 1,530 16 21,633 4,721 1,819 684 7,224 1,298 293 128 1,719 9,593 2,363 718 16 12,690 4,166 3,710 768 62 8,706 3,525 3,285 740 62 7,612 - Development Consumer 641 425 28 1,094 5,129 233 133 5,495 - Motor Lending UK 1,844 48 25 1,917 - Loans UK 1,370 46 40 1,456 - Motor Lending Ireland 771 - 24 795 - Loans Ireland 684 123 31 838 - Credit Cards Ireland - Other (fair value adjustment) Total 460 16 13 489 LORETORI%2634-26002 Stage 1 €m Stage 2 Stage 3 of gross POCI Total loans €m €m €m €m 54 433 1 511 1.3% 13 43 351 1 408 1.8% 10 11 82 103 0.6% 205 500 3 768 3.6% 38 102 269 409 5.7% 13 26 43 2.5% 18 90 205 3 316 2.5% 9 58 352 25 444 5.1% 47 345 25 423 5.6% 11 7 21 1.9% 45 37 73 155 2.8% 7 4 11 22 1.1% 21 30 73 5.0% 8 14 1.8% 8 10 15 33 3.9% 2 9 13 2.7% (400) (400) -0.0% 61,785 10,250 4,037 82 76,154 137 354 1,358 29 1,878 2.5% Composition (Dec-21) Gross carrying amount (before impairment loss allowance) Impairment loss allowance ILA % Sectoral analysis by stage Stage 1 Residential Mortgages - Ireland - UK Non-property SME and corporate €m 38,708 2,779 1,773 19,573 1,776 1,047 19,135 1,003 726 14,430 5,100 1,305 Stage 2 €m Stage 3 €m POCI Total Stage 1 Stage 2 Stage 3 POCI Total of gross loans €m €m €m €m €m €m €m 2 43,262 28 60 416 504 1.2% 2 22,398 17 47 362 426 1.9% - 20,864 11 13 54 78 0.4% 15 20,850 67 247 439 2 755 3.6% - Ireland SME 4,258 2,076 680 7,014 39 136 258 433 6.2% - UK SME 1,161 450 137 1,748 4 16 30 50 3.0% - Corporate - Investment 9,011 2,574 488 15 12,088 Property and construction 3,280 4,299 970 64 8,613 2,596 3,953 939 64 7,552 - Development 684 346 31 1,061 Consumer 4,863 229 137 5,229 - Motor Lending UK 1,731 46 26 1,803 - Loans UK 1,297 48 43 1,388 - Motor Lending Ireland 720 27 747 -Loans Ireland 653 122 30 805 - Credit Cards Ireland 462 13 11 486 2064572022 95 151 2 272 2.3% 10 78 416 23 527 6.1% 71 408 23 508 6.7% 7 8 19 1.8% 31 76 172 3.3% 3 11 21 1.2% 39 19 33 91 6.6% 8 9 17 2.3% 9 7 16 32 4.0% 2 7 11 2.3% Other (fair value adjustment) (76) (76) 0.0% Total 61,205 12,407 4,185 81 77,878 170 416 1,347 25 1,958 2.5% Bank of Ireland#4949 49 Stage 1 Stage 2 Stage 3 €m €m €m Non-property SME and Corporate by stage¹ Composition (Jun-22) Sectoral analysis by stage 1,2 Bank of Ireland 2022 Interim Results - Debt Investor Presentation Gross carrying amount (before impairment loss allowance) Impairment loss allowance ILA % of gross POCI €m Total €m Stage 1 €m Stage 2 €m Stage 3 POCI Total loans €m €m €m Non-property SME and corporate - Manufacturing 3,631 981 244 4,856 12 51 - Administrative and support service activities 2,337 663 202 16 3,218 37 - Wholesale and retail trade 1,689 351 82 2,122 12 - Accommodation and food service activities 553 879 232 1,664 20 - Agriculture, forestry and fishing 1,304 144 117 1,565 - Human health services and social work activities 865 389 193 1,447 - Financial and insurance activities 981 48 16 1,045 - Transport and storage 501 231 147 879 - Professional, scientific and technical activities 640 87 34 761 - Real estate activities 331 255 111 697 15 - Other services - Education - Other sectors Total Composition (Dec-21) 452 111 72 635 439 30 1 470 - Arts, entertainment and recreation. 224 187 39 450 - 18 1,665 119 40 1,824 5 15,612 4,475 1,530 16 21,633 60 205 883332756221130 25858355-879 279223-22422 143 2.9% 3 130 4.0% 58 2.7% 75 4.5% 51 3.3% 18 46 3.2% 13 1.2% 55 65 7.4% 21 2.8% 47 66 9.5% 39 6.1% 1 4 0.9% 14 32 7.1% 25 1.4% 3 768 3.6% Gross carrying amount Impairment loss allowance ILA % (before impairment loss allowance) Sectoral analysis by stage Stage 1 €m Stage 2 Stage 3 POCI Total €m €m €m €m Stage 1 €m Stage 2 Stage 3 of gross POCI Total loans €m €m €m €m Non-property SME and corporate - Manufacturing 3,239 876 - Administrative and support service activities 1,803 762 - Wholesale and retail trade 1,895 301 111 - Agriculture, forestry and fishing 1,427 159 - Accommodation and food service activities 243 1,231 - Human health services and social work activities 994 604 65 - Financial and insurance activities 988 50 - Transport and storage 568 189 - Other services 619 170 97 - Real estate activities 418 242 - Professional, scientific and technical activities 578 99 - Arts, entertainment and recreation. 199 233 60 - Education 375 28 - Other sectors Total 1,084 156 14,430 5,100 67 221222226-6 4,242 15 2,702 2,307 1,710 11 1,701 1,663 1,054 150 907 886 772 703 492 404 1,307 270 1523254.2M 12 41 10 BARBARTLETT 39 16 7 44 30 4 8 11 15 3 21 1 7 1,305 15 20,850 67 247 22332752626.53 51 49 INITI 83 2.0% 101 3.7% 75 3.3% 54 3.2% 98 5.8% 21 56 3.4% 13 1.2% 67 7.4% 48 61 6.9% 46 66 8.5% 9 16 2.3% 16 37 7.5% - 3 0.7% 15 25 1.9% 439 2 755 3.6% 1 The Non-property SME and corporate portfolio is analysed by NACE code. The NACE code classification system is a pan-European classification system that groups organisations according to their business activities. Bank of Ireland 2 Exposures to NACE codes totalling less than €400 million are grouped together as 'Other sectors'. The NACE codes reported in the table above can therefore differ period on period.#50Residential mortgages / Consumer loans Gross loans by stage Residential mortgages €43.3bn Consumer €1.8bn €40.7bn €2.8bn €1.6bn €1.8bn €5.2bn €5.5bn €0.1bn €0.2bn €0.1bn €0.2bn €38.7bn €37.3bn €4.9bn €5.2bn Dec-21 Jun-22 Stage 1 Stage 2 Stage 3 Dec-21 Jun-22 Stage 1 Stage 2 Stage 3 ILA movement Consumer Residential Mortgages 1.2% €504m €17m (€10m) 1.3% 3.3% (€14m) (€3m) 6511m €172m 2.8% €155m Dec-21 Stage 1/2 Stage 3 Jun-22 Dec-21 Stage 1/2 Stage 3 Jun-22 ILA % of gross loans Bank of Ireland 2022 Interim Results - Debt Investor Presentation Residential mortgages Mortgage portfolios 53% of Group loan book - Average LTV of 53% of stock 94% of the portfolio has LTV >80% Stage 2 loans decreased from €2.8bn at Dec 2021 to €1.8bn at June 2022 due to reductions from FLI/model updates and positive portfolio activity Stage 3 loans reduced by €0.2bn primarily reflecting the NPE mortgage transaction, with stage 3 cover increasing to 27% at June 2022 (24% at Dec 2021) reflecting changes to LGD model and impact of management adjustments €7m increase in impairment loss allowance due to impact of changes to the LGD model components and management adjustments, partly offset by improved FLI update Impairment coverage increased from 1.2% at Dec 2021 to 1.3% at June 2022, and remains above Dec 2019 level of 0.9% Consumer • • • 7% of Group loan book €17m decrease in impairment loss allowance primarily related to FLI model updates Impairment coverage decreased from 3.3% at Dec 2021 to 2.8% at June 2022, primarily due to reduction in COVID-19 PMA Bank of Ireland 50#51Non-property SME and corporate/ Property & Construction Gross loans by stage Bank of Ireland 2022 Interim Results - Debt Investor Presentation Non-property SME and corporate Non-property SME Property and construction and corporate €20.8bn €21.6bn €8.6bn €8.7bn €1.3bn €1.5bn €1.0bn €0.8bn €5.1bn €4.5bn €3.7bn €4.3bn €14.4bn €15.6bn • €4.2bn €3.3bn Dec-21 Jun-22 Dec-21 Stage 1 Stage 2 Stage 3 Stage 1 ILA movement Non-property SME 3.6% and corporate (€49m) Jun-22 Stage 2 Stage 3 Property and construction 3.6% 6.1% 5.1% €62m (€21m) (€62m) €527m €755m €768m Dec-21 Stage 1/2 Stage 3 Jun-22 €444m Dec-21 Stage 1/2 Stage 3 Jun-22 ⚫ILA % of gross loans . 28% of Group loan book, well diversified by geography and sector €0.6bn decrease in Stage 2 loans since Dec 2021 due to a reduction in the COVID-19 PMA and net repayments/ redemptions Impairment coverage was stable at 3.6% at June 22 vs Dec 21, but remains higher than Dec 2019 (2.4%) While impairment coverage has remained stable on a total portfolio basis since Dec 2021, there has been some sub- portfolio movement, including Manufacturing impairment coverage 2.9% (Dec 2021: 2.0%) Accommodation and food services impairment coverage 4.5% (Dec 2021: 5.8%) Wholesale and retail trade impairment coverage 2.7% (Dec 2021: 3.3%) Property and Construction • • 11% of Group loan book; €7.6bn investment property; €1.1bn development lending €0.6bn reduction in stage 2 loans since Dec 21 due to net repayments/ redemptions and a reduction in the COVID-19 PMA, partly offset by increases due to FLI/ model updates Investment property exposures Retail 29%, Office 35%, Residential 18% and Other 18% Impairment coverage decreased from 6.1% at Dec 2021 to 5.1% at June 2022 but remains higher than Dec 2019 (2.8%) Bank of Ireland 51#5252 62 Forward looking information - macro-economic scenarios 30 June 2022 Central scenario - 45% probability weighting GDP growth¹ GNP growth¹ Unemployment rate² Bank of Ireland 2022 Interim Results - Debt Investor Presentation 2022 Ireland 2023 2024-2026 2022 United Kingdom 2023 2024-2026 5.6% 4.6% 3.6% 3.7% 1.2% 1.6% 5.6% 4.1% 3.2% n/a n/a n/a 5.8% 5.2% 5.0% 4.0% 4.3% 4.3% Residential property price growth³ 5.0% 2.0% 1.3% 6.0% (1.0%) 1.0% Commercial property price growth³ 0.5% 1.5% 2.0% 0.5% 1.0% 2.2% Upside scenario -10% probability weighting GDP growth¹ 6.2% 5.2% 3.9% 4.3% 1.7% 1.8% GNP growth¹ 6.2% 4.6% 3.5% n/a n/a n/a Unemployment rate² 5.6% 4.8% 4.5% 3.8% 3.7% 3.6% Residential property price growth³ 7.0% 3.0% 2.0% 7.0% 2.0% 1.7% Commercial property price growth³ 2.0% 2.5% 3.0% 2.5% 3.0% 3.0% Downside scenario 1 -35% probability weighting GDP growth¹ 4.4% 3.2% 3.4% 2.5% (0.4%) 1.4% GNP growth¹ 3.8% 2.6% 3.0% n/a n/a n/a Unemployment rate² 6.6% 6.6% 6.3% 4.7% 5.7% 6.0% Residential property price growth³ 3.0% (6.0%) (1.3%) 2.0% (6.0%) (2.0%) Commercial property price growth³ (3.0%) (2.5%) 0.3% (3.0%) (2.5%) 0.5% Downside scenario 2 - 10% probability weighting GDP growth¹ 2.9% 0.7% 2.9% 1.2% (2.7%) 1.1% GNP growth¹ 2.3% (0.1%) 2.6% n/a n/a n/a Unemployment rate² 7.4% 8.4% 8.5% 5.3% 7.4% 8.3% Residential property price growth³ 0.0% (10.0%) (3.7%) (1.0%) (10.0%) (3.7%) Commercial property price growth³ (8.0%) (6.5%) (1.8%) (8.0%) (7.0%) (1.7%) 1 Annual growth rate 2 Average yearly rate 3 Year-end figures Bank of Ireland#53ILA sensitivity to macro-economic scenarios Bank of Ireland 2022 Interim Results - Debt Investor Presentation The following table indicates the approximate extent to which impairment loss allowance (ILA), excluding Group management adjustments, would be higher or lower than reported were a 100% weighting applied to the central, upside and downside future macroeconomic scenarios respectively 30 June 2022 Multiple scenarios Central scenario Impact of applying only a central, upside or downside scenario rather than multiple probability weighted scenarios¹ Impairment loss allowance €m Total Change in impairment loss allowance Upside scenario Downside scenario 1 Downside scenario 2 Impairment loss allowance €m Impairment Impact % loss allowance €m Impact % Impairment loss allowance €m Impact % Impairment loss allowance €m Impact % 1,524 (80) (4%) (120) (8%) 81 5% 385 25% The following table indicates the approximate extent to which impairment loss allowances for the residential mortgage portfolios, excluding post model Group management adjustments, would be higher or lower than the application of a central scenario if there was an immediate change in residential property prices. Although such changes would not be observed in isolation, as economic indicators tend to be correlated in a coherent scenario, this gives insight into the sensitivity of the Group's impairment loss allowance to a once-off change in residential property values. 30 June 2022 Central scenario Residential property price reduction of 10% Change in impairment loss allowance Residential property price Residential property price reduction of 5% increase of 5% Residential property price increase of 10% Impact of an immediate change in residential property prices compared to a central scenario Impairment loss allowance €m Impairment loss allowance €m Impact % Impairment loss allowance Impact % €m Impairment loss allowance €m Impact % Impairment loss allowance €m Impact % impairment loss allowance Residential mortgages 259 47 18% 1 The scenarios outlined in the table are based on the FLI weightings outlined on page 42 22 8% (19) (7%) (35) (14%) Bank of Ireland 53#54Ireland mortgages Continued proactive arrears management >90 days arrears¹ Industry Average Industry Average 13.9% Bank of Ireland Bank of Ireland 5.3% 4.2% 1.7% Owner Occupier Owner Occupier Buy to let Buy to let >720 days arrears¹ Industry Average Industry Average 10.5% Bank of Ireland Bank of Ireland 3.5% 2.8% 1.0% Owner Occupier Owner Occupier Buy to let Buy to let 1 As at December 2021, based on number of accounts, industry average excluding BOI Bank of Ireland 2022 Interim Results - Debt Investor Presentation >90 days arrears • Bank of Ireland is significantly below the industry average for both Owner Occupier (32% of industry average) and Buy to Let (30% of industry average) >720 days arrears • Bank of Ireland is significantly below the industry average for both Owner Occupier (29% of industry average) and Buy to Let (27% of industry average) Bank of Ireland 54#55Ordinary shareholders' equity and TNAV Bank of Ireland 2022 Interim Results - Debt Investor Presentation Movement in ordinary shareholders' equity Ordinary shareholders' equity at beginning of period Dec-21 Jun-22 (€m) (€m) 8,587 10,304 Movements: Profit (Loss) for the period 1,055 279 Share buy back - repurchase of shares (50) Dividend paid to ordinary shareholders (54) Dividends on preference equity interests Distribution on other equity instruments - additional tier 1 coupon (net of tax) Re-measurement of the net defined benefit pension liability (68) Available for sale (AFS) reserve movements Debt instruments at FVOCI reserve movements Cash flow hedge reserve movements Liability credit reserve movements Foreign exchange movements Other movements Shareholder equity issued during the period (AT1) Reserve for stock to be redeemed Ordinary shareholders' equity at end of period Tangible net asset value ཙྪིགྷེལྐ +Con (33) 597 675 (34) (128) (10) 11 13 184 6 (4) 0 3 10,304 11,022 Dec-21 Jun-22 (€m) (€m) Ordinary shareholders' equity at the end of period Adjustments: 10,304 11,022 Intangible assets and goodwill (852) (1,192) Own shares held for benefit of life assurance policyholders 20 17 Tangible net asset value (TNAV) 9,472 9,847 Number of ordinary shares in issue at the end of the period excluding treasury shares 1,076 1,068 TNAV per share (€) €8.80 €9.22 Bank of Ireland 55#56Bank of Ireland 2022 Interim Results - Debt Investor Presentation Capital - Strong fully loaded and regulatoryank CET1 ratios Capital ratios - 30 June 2022 Total equity Less Additional Tier 1 Deferred tax¹ Intangible assets and goodwill Foreseeable dividend Expected loss deduction Pension Fund Asset IFRS 9 Regulatory Add-back Other items² Common Equity Tier 1 Capital Credit RWA Operational RWA Market, Counterparty Credit Risk and Securitisations Other Assets / 10% / 15% threshold deduction Total RWA Common Equity Tier 1 ratio Total Capital ratio Leverage ratio Phasing impacts on Regulatory ratio Regulatory ratio Fully loaded ratio (€bn) (€bn) 12.0 12.0 (1.0) (1.0) (0.8) (1.1) (0.9) (0.9) (0.1) (0.1) (0.0) (0.0) (1.2) (1.2) 0.0 0.0 (0.4) (0.4) 7.6 7.3 36.0 36.0 4.6 4.6 2.6 2.6 4.2 4.1 47.4 47.3 16.0% 15.5% 21.2% 20.7% 6.3% 6.1% Deferred tax assets - certain DTAs are deducted at a rate of 80% for 2022, increasing annually at a rate of 10% thereafter until 2024 • IFRS 9 - the Group has elected to apply the transitional arrangement. The transitional arrangement allows a 75% add-back in 2022 decreasing to 50% and 25% in subsequent years. The IFRS 9 add-back to the regulatory ratios is €22m at Jun 22 (Dec 21: €151m) 1 Deferred tax assets due to temporary differences are included in other RWA with a 250% risk weighting applied 2 Other items includes other capital deductions, principal ones being prudential valuation adjustment, 10% / 15% deduction and calendar provisioning deduction Bank of Ireland 56#57Return on tangible equity (ROTE) H1 2022: Headline vs Adjusted Bank of Ireland 2022 Interim Results - Debt Investor Presentation H1 2022 Headline (€m) Additional gains & valuation items, net of tax Profit for the period 279 Non-core items including tax 51 Coupon on Additional Tier 1 securities (33) Preference share dividends (4) Adjusted profit after tax 293 3 Annualised profit after tax¹ 617 6 At June 2022 Shareholders' equity 11,022 Intangible assets (1,192) Shareholders' tangible equity 9,830 Average shareholders' tangible equity 9,855 Return on tangible equity (ROTE) 6.3% • H1 2022 Adjusted return on tangible equity is adjusted for: - Additional gains and valuation items, net of tax (€3m) Adjustments Adjusted for CET1 ratio at 13.5% Pension Surplus H1 2022 Adjusted (€m) 296 623 (839) (1,382) 8,801 (1,192) (839) (1,382) 7,609 (1,088) (1,121) 7,646 8.1% Average shareholders' tangible equity calculated on a CET1 Ratio at 13.5% - €1,088m Removal of average pension surplus €1,121m Tangible Net Asset Value (TNAV) as at end June 2022 was €9.22, or €7.93 excluding the pension surplus 1 Annualised profit after tax assumes a FY 2022 effective tax rate of c.18% Bank of Ireland 57#58Cost income ratio: June 2022 Headline vs Adjusted Bank of Ireland 2022 Interim Results - Debt Investor Presentation H1 2022 Headline (€m) 1,072 Pro forma adjustments (€m) H1 2022 Pro forma (€m) 1,072 320 83 (86) (86) 1,389 3 1,392 Net interest income Other income - Business income - Additional gains - Other valuation items Total Income Costs - Operating expenses Costs Cost income ratio 320 83 (849) (849) 61% • Cost income ratio excludes: Levies and regulatory charges Non-core items • (849) (849) 61% H1 2022 adjusted cost income ratio is adjusted for: Additional gains and valuation items of (€3m) Bank of Ireland 58#59Defined benefit pension schemes Group IAS19 Defined Benefit Pension (deficit)/surplus Bank of Ireland 2022 Interim Results - Debt Investor Presentation Total Group defined benefit pension scheme assets (%) 3.45% €7.2bn €7.2bn €8.4bn €8.9bn €9.6bn €7.7bn 2.10% 2.00% 1.30% 1.35% 55% 58% 0.80% €1.38bn 65% 65% 69% 66% €0.60bn (€0.23bn) (€0.14bn) (€0.13bn) (€0.48bn) Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Jun-22 21% 23% 23% 32% 21% 24% 24% 12% 12% 10% 10% 10% + Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Jun-22 Listed equities Diversified assets¹ Credit/LDI/Hedging IAS19 DB pension (Deficit) / Surplus EUR Discount Rate IAS19 pension sensitivities (Dec 2017 / Dec 2018 / Dec 2019 / Dec 2020 /Dec 2021/Jun 2022) Euro €m 118 102 Interest rates¹ Credit spreads² 116 128 S Inflation3 Global equity4 1 Sensitivity of Group funding position to a 0.25% decrease in interest rates 2 Sensitivity of IAS19 liabilities to a 0.10% decrease in credit spread over risk free rates 3 Sensitivity of Group funding position to a 0.10% increase in long term inflation 4 Sensitivity of Group funding position to a 5% decrease in global equity markets with allowance for other correlated diversified asset classes • . 1 Diversified assets includes infrastructure, private equity, hedge funds and property IAS19 net pension surplus of €1.377bn at June 2022 (€0.6bn net surplus Dec 2021). Schemes in surplus €1.382bn, schemes in deficit €0.005bn Both euro and sterling discount rates increased significantly over the half year (210 bps and 195 bps respectively) due to increases in long term risk free interest rates and corporate bond credit spreads The discount rate increases resulted in a reduction in Group DB pension scheme liabilities, somewhat offset by a corresponding reduction in the interest rate hedging assets Long term euro inflation assumptions increased in the period (by 25bps) while long term sterling inflation assumptions reduced marginally, with the resulting increase in liabilities partially offset by the increase in inflation hedging assets The decrease in asset valuations over the period has changed the percentage mix in the overall asset portfolio, which is being rebalanced to strategic asset allocations Bank of Ireland 59#6060 60 Forward-looking statement Bank of Ireland 2022 Interim Results - Debt Investor Presentation This document contains forward-looking statements with respect to certain of the Bank of Ireland Group plc (the 'Company' or 'BOIG plc') and its subsidiaries' (collectively the 'Group' or 'BOIG plc Group') plans and its current goals and expectations relating to its future financial condition and performance, the markets in which it operates and its future capital requirements. These forward-looking statements often can be identified by the fact that they do not relate only to historical or current facts. Generally, but not always, words such as 'may,' 'could,' 'should,' 'will,' 'expect,' 'intend,' 'estimate,' 'anticipate,' 'assume,' 'believe,' 'plan,' 'seek,' 'continue,' 'target,' 'goal,' 'would,' or their negative variations or similar expressions identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Examples of forward-looking statements include, among others: statements regarding the Group's near term and longer term future capital requirements and ratios, level of ownership by the Irish Government, LDRs, expected impairment charges, the level of the Group's assets, the Group's financial position, future income, business strategy, projected costs, margins, future payment of dividends, future share buybacks, the implementation of changes in respect of certain of the Group's pension schemes, estimates of capital expenditures, discussions with Irish, UK, European and other regulators, plans and objectives for future operations, and the impact of the COVID-19 pandemic and / or the invasion of Ukraine particularly on certain of the above issues and generally on the global and domestic economies. Such forward-looking statements are inherently subject to risks and uncertainties, and hence actual results may differ materially from those expressed or implied by such forward- looking statements. Such risks and uncertainties include, but are not limited to, those as set out in the Risk Management Report in the Group's Annual Report for the year ended 31 December 2021. Investors should also read 'Principal Risks and Uncertainties' in the Group's Interim Report for the six months ended 30 June 2022 beginning on page 29. Nothing in this document should be considered to be a forecast of future profitability, dividend forecast or financial position of the Group and none of the information in this document is or is intended to be a profit forecast, dividend forecast, or profit estimate. Any forward-looking statement speaks only as at the date it is made. The Group does not undertake to release publicly any revision to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date hereof. Bank of Ireland#61Contact Details For further information please contact: • Group Chief Financial Officer Mark Spain tel: +353 12 50 8900 ext. 43291 Bank of Ireland 2022 Interim Results - Debt Investor Presentation [email protected] Investor Relations Darach O'Leary Eamonn Hughes Owen Callan Philip O'Sullivan Group Treasury Tony Morley Alan Elliott Alan McNamara Redmond O'Leary tel: +353 12 50 8900 ext. 44711 tel: +353 12 50 8900 ext. 35055 tel: +353 12 50 8900 ext. 45092 tel: +353 12 50 8900 ext. 35328 tel: +353 12 50 8900 ext. 41974 tel: +353 12 50 8900 ext. 44371 tel: +353 12 50 8900 ext. 48725 tel: +353 12 50 8900 ext. 44198 Investor Relations website www.bankofireland.com/investor [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] Bank of Ireland 61#62Empty