2019 Interim Results Credit Presentation

24 24 BOI Credit Ratings Investment grade ratings for BOIG and GovCo BOIG Issuer Ratings GovCo Issuer Ratings Progress on BOI Credit Ratings Key Rating Drivers Upside could develop from: STANDARD & POOR'S BBB- (Positive) BBB+ (Positive) Oct 2018: GovCo rating upgraded one notch from BBB to BBB+ and BOIG rating BBB- affirmed (outlook remains Positive) Dec 2018: Affirmed the BBB- and BBB+ ratings on BOIG and GovCo respectively (outlook remains Positive) • Significant improvement in asset quality metrics, while at the same time capitalisation remains a ratings strength and internal capital generation improves Positive outlook reflects BOI's superior asset quality track record relative to domestic peers MOODY'S • • MOODY'S Baa3 (Positive) A2 (Stable) Dec 2018: GovCo rating upgraded one notch from Baa1 to A3 and BOIG rating Baa3 affirmed (outlook remains Positive) Jul 2019: GovCo rating upgraded one notch from A3 to A2 (outlook revised to Stable) and BOIG rating Baa3 affirmed (outlook remains Positive) Further significant reductions in non-performing loans or improvements in provision coverage Maintenance of good capitalisation and risk absorption capacity, while maintaining; stable profitability, funding and liquidity metrics 2019 Interim Results Credit Presentation Fitch Ratings BBB (Stable) BBB (Positive) Nov 2017: One notch upgrade for both BOIG and GovCo issuer ratings to from BBB- to BBB, Stable outlook Nov 2018: Affirmed the BBB ratings on BOIG and GovCo; GovCo outlook revised to Positive from Stable (BOIG outlook remains Stable) Further reductions in non- performing loans; while reducing capital encumbrance Successful execution of strategy to improve cost efficiency and profitability Irish Covered Bonds (ACS) Aaa Bank of Ireland

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