2020 Results Announcement

Continued economic strengthening in 2021 expected 5.0% 18.7% Ireland 16.0% 6.8% • Bank of Ireland 2020 Results Announcement Ireland is a very open economy; imports and exports sum to c.240% of GDP, and leveraged to international developments Ireland's 2020 performance benefited from strong exports; more than offsetting weak domestic performance Two-speed Irish economy reflected in industrial production data: 5.6% 5.0% 5.8% 3.7% 2019a 2020f 2021f 2022f - GDP1 Unemployment² 3.8% 4.5% 1.4% (9.9%) UK 5.7% 6.0% 6.8% 4.6% • . multinational-oriented sectors grew by 7.3% y/y in 2020 domestic-oriented sectors contracted by 5.3% last year Brexit outcome provides greater certainty to support investment; 16% of Irish services exports and 9% of goods exports go to UK Irish government's fiscal measures total €38bn (19% of GNI*3) in fighting the effects of COVID-19 High frequency data show that economic activity in Ireland is heavily influenced by COVID-19 policy measures 2019a 2020a 2021f 2022f GDP1 Unemployment² Sources: Forecasts (February 2021) by Bank of Ireland Economic Research Unit; CSO; ONS 1 Annual real growth 2 Annual average rate 3 GNI*, or Modified Gross National Income, is an indicator designed to exclude globalisation effects that are disproportionally impacting the measurement of the size of the Irish economy Bank of Ireland 8

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