Investor Presentaiton

Economic and interest rate outlook 5.0% Bank of Ireland 2019 Results Announcement Strong growth in Ireland UK remains resilient Lower for longer interest rates 1.50% 1 4.6% 4.6% 3.9% 3.8% 3.8% 1.00% 0.50% BoE 5.8% 0.00% 4.8% 3.6% -0.50% - 1.4% 1.3% 1.4% -1.00% 2019e 2020f 2021f 2019 GDP1 Unemployment Rate 2020f 2021f 2019 ECB 2020f 2021f 2022f 2023f GDP1 Unemployment Rate -EUR2 GBP3 • • Irish economy continues to expand Economic fundamentals in our home market remain supportive although Brexit related uncertainties persist Labour market dynamics are strong Moderate GDP growth forecast Unemployment rate remains low Competitive dynamics have intensified in the mortgage market • Euro and sterling interest rates are expected to remain at historically low levels for a number of years • Inflation remains low in the Euro area (1.2%) and the UK (1.8%) Negative rates increasingly becoming a feature of Corporate and SME deposit market Sources: Bank of Ireland Economic Research Unit; CSO; ONS; Bloomberg; Eurostat 1 Annual real growth 2 Market derived forecasts for the ECB deposit rate at end year 3 Market derived forecasts for the BoE Bank rate at end year 4 Euro area HICP and UK CPI, 2019 annual average rate Bank of Ireland 6

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