2020 Results Announcement

Further strategic progress in the UK in 2020 Bank of Ireland 2020 Results Announcement Progress on UK repositioning continued in 2020 Underlying PBT Retail UK 2019 2020 • Net interest income £494m £497m Other income (£13m) (£2m) Costs (excl. intangibles) (£288m) (£263m) Operating profit £193m £224m¹ - Impairment (£71m) (£238m) JV income £30m (£1m) Underlying profit/(loss) £152m (£15m) Cost income ratio 60% 53% Loan book £24.8bn £24.5bn £19.1bn 1.75% £18.3bn 1.73% - Deposits NIM Stable net interest income; supported by rising margins on new mortgage lending, Q4 exit NIM of 1.82% Reduced operating costs by £25m or 9%; positive JAWS of 12% JV income, FX joint venture with PO, impacted by UK travel restrictions Balance sheet New lending volumes £1bn lower in 2020, reflecting improved business mix; c.£0.6bn of Bespoke mortgage lending since launch Reduction in lending volumes supported a £0.8bn reduction in more expensive deposits Further strategic actions to improve returns underway Northern Ireland strategic review complete Decision taken to materially restructure the business c.50% of branches to close; Northern Ireland initiatives over next 18 months will reduce NI gross costs by over 15% in the medium term² Simplification of product offering and physical footprint to align with GB strategy; leverage expertise in car finance and mortgages 1 Includes £8m goodwill intangible write-off 2 Before investment initiatives 2021 UK outlook • Loan book to reduce by c.10%; with reduced deposits • Margins in line with 2020 exit NIM • Operating costs to reduce c.3% Material reduction in impairment charges • Building blocks to increase UK returns remain Higher new lending margins . Reduced funding costs • Lower operating costs • Smaller balance sheet Bank of Ireland 13

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