Bank of Ireland H1 2020 Credit Presentation

Stable net interest income €1,069m 285bps (17bps) Net interest income¹ / NIM €1,081m 280bps (21bps) H1 2019 H2 2019 H1 2020 Loan asset spread² Liquid asset spread² 2.14% (6bps) NIM movement (4bps) (2bps) Bank of Ireland H1 2020 Credit Presentation €1,079m 278bps (24bps) Stable net interest income / NIM 2.02% Net interest income benefitting from loan book growth since 2017 and reduced liability costs offsetting lower structural hedge income and UK competitive pressures NIM 2.02% is 12bps lower than FY 2019 reflecting: Growth in liquid assets - - Impact of low rate environment on structural hedge Competitive pressure in the UK mortgage market Strong commercial pricing discipline Q2 exit NIM 1.97% Outlook . FY 2020 NIM to be c.1.95% primarily reflecting: - Lower new lending volumes Growth in liquid assets Impact of low rate environment on structural hedge Net interest income in 2020 to be c.5% lower than 2019 2.02% FY 2019 Liquid asset growth Structural hedge UK competitive pressures H1 2020 1 Excludes IFRS income classifications which are included in NIM calculation 2 Spread Loan asset yield or Liquid asset (excl. NAMA bonds) yield less Group's average cost of funds Bank of Ireland 12

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