H1 2020 Credit Presentation

Economic activity has increased but uncertainties remain Bank of Ireland H1 2020 Credit Presentation 5.0% 5.6% 2019a Ireland 13.5% (7.0%) 2020f GDP1 Unemployment² • 8.2% • 6.0% • • 2021f UK 7.0% 5.8% 3.8% 1.5% 2019a (9.5%) 2020f GDP1 Unemployment² 6.7% 2021f Significant contraction in our core markets March - May 2020, but high frequency data points to an improving environment in Q2 2020 Reopening of the Irish economy accelerated during Q2 €7.4bn additional fiscal stimulus announced in July to provide further support towards economic recovery Irish government's response now c.€24bn / c.11% of GNI* Claimants of Pandemic Unemployment Payment down to 48% of peak; supportive of continued recovery in H2 2020 Consumer spending, investment and exports will make positive contribution to Irish GDP growth in 2021 Alert to risks such as a potential second wave and on-going Brexit uncertainties Sources: Forecasts (July 2020) by Bank of Ireland Economic Research Unit; CSO; Department of Finance; Department of Employment Affairs and Social Protection; Department of Taoiseach; ONS Bank of Ireland 1 Annual real growth 2 Annual average rate 8

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