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Bank of Ireland Life Income Statement (IFRS) Income* Mar 06 Mar 05 % €m €m Change ◉ 208 172 21 Operating Expenses (95) (93) 2 Operating Profit 113 79 Discount Rate Change 4 Investment Variance 17 2 اله Profit Before Tax** 134 81 65 43 43 * Net of increase in insurance contract liabilities and claims **Excludes policyholders' tax gross up (Mar 06 €69m and Mar 05 €26m) 31 % PBT PBT +65% 9% ☐ Excellent profit growth - - Strong APE sales growth +30% Tight cost control +2% IT enabled efficiency gains PBT benefited from non-recurring items Reduction in discount rate of 0.5% to 7.5% Positive investment variance Very positive outlook - Strong economy Favourable demographics Bank of Ireland Group

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