Investor Presentaiton

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) Jul 2017: Assigned BBB- (Stable) rating to newly established holding company Dec 2017: Affirmed the BBB- and BBB ratings on BOIG and GovCo respectively, outlook revised to Positive from Stable on both Further reductions in non- performing loans Additional loss-absorbing capacity (ALAC) uplift MOODY'S Baa3 (Positive) Baa1 (Positive) Jun 2017: 1 notch senior unsecured upgrade for GovCo from Baa2 to Baa1 (outlook remains Positive) Jul 2017: Assigned Baa3 (Positive) rating to newly established holding company Improvements in capital metrics, while maintaining stable profitability, funding and liquidity metrics Further reductions in non- performing loans Fitch Ratings BBB (Stable) BBB (Stable) Jul 2017: Assigned BBB- (Positive) rating to newly established holding company Nov 2017: 1 notch upgrade for both BOIG and GovCo issuer ratings to BBB, Stable outlook Further reductions in non- performing loans Strong internal capital generation and strengthening capital ratios Irish Covered Bonds (ACS) Bank of Ireland Group Aaa MOODY'S 17

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