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permanent tsb Group

Credit Investor Update

March 2015

Please refer to the important information in disclaimer on pages 43 to 44 before continuing

Table of Contents

1

Section 1 Comprehensive Assessment and Capital Plan

Section 2 Overview of PTSB Group

Section 3 Financial Performance

Section 4 Asset Quality

Section 5 Capital

Section 6 Funding & Liquidity

Section 7 Summary

Section 8 Appendix

Section 9 Legal Disclaimer

Section 1

Comprehensive Assessment and Capital Plan

Comprehensive Assessment And Capital Plan: An Overview

3

• SSM Outcome

‒ Provisioning levels validated by the Asset Quality Review

‒ Sufficiently capitalised in the Baseline Scenario

‒ Capital shortfall of €855m identified in the Adverse Scenario

‒ The Group’s Capital Plan is ‘Endorsed’ by the ECB/JST(a) with no major amendments

• Capital Plan

‒ At least €330m of Management Actions

‒ €525m of new capital (€400m equity + €125m AT1)

‒ Use of Funds includes repurchase of State Contingent Capital Note (CCN) of €400m (ineligible instrument for

Capital Plan unless converted)

(a) Joint Supervisory Team

Asset Quality Review (AQR) Baseline Stress Test Scenario Adverse Stress Test Scenario

Comprehensive Assessment: Outcome

Capital

Buffer vs

8.0%

(€m)

860 812

Capital

Buffer vs

8.0%

(€m)

812 145

Capital

Buffer vs

5.5%

(€m)

1,232 (855)

Capital Surplus in the AQR and Baseline Stress Test Capital Shortfall in the Adverse Stress Test

Note: The AQR adjusted CET1 ratio of 12.8% is the starting point for the baseline and adverse scenarios

Min. CET 1

Ratio (8.0%) Min. CET 1

Ratio (8.0%)

Min. CET 1

Ratio (5.5%)

4

13.1% 12.8%

(0.3)%

0%

5%

10%

15%

2013 Available Capital

AQR Impact 2013 Capital Post-AQR

CE

T1

Ra

tio

vs R

eq

uir

em

en

ts, Y

ea

r-E

nd

AQ

R

12.8%

8.8%

(4.0)%

0%

5%

10%

15%

2013 Capital Post-AQR

Baseline Scenario Impact

Minimum Test Capital

CE

T1

Ra

tio

vs R

eq

uir

em

en

ts, Y

ea

r-E

nd

Ba

se

line

S

ce

na

rio

12.8%

1.0%(11.9)%0%

5%

10%

15%

2013 Capital Post-AQR

Adverse ScenarioImpact

Minimum TestCapital

CE

T1

Ra

tio

vs R

eq

uir

em

en

ts, Y

ea

r-E

nd

Ad

ve

rse

Sce

na

rio

>5.5%

1.0%

>1.4%

>3.1%

0%

2%

4%

6%

8%

10%

CA Outcome Management Actions And Technical

Adjustment

Combination Of New Equity And

AT1

CA Outcome Post-Capital

Plan

Advers

e S

tress T

est S

cenario C

ET

1 R

atio

(Tra

nsitio

nal)

Capital Plan

Capital Plan: The Capital Plan Has Been ‘Endorsed’ By ECB/JST

Resulting 2016

Capital

Post-Capital Plan

Min. CET1 Ratio (5.5%)

Capital

Buffer/

(Shortfall)

(€m)

(855) >330 525 >0

• €855m capital shortfall in the Adverse Stress Test

excluded the €400m CCN which only qualifies as

available capital upon conversion

• Capital Plan submitted to address shortfall included:

– €525m of new capital, through a combination of Equity

and AT1; and

– At least €330m of capital from ‘Management Actions’

(2014 actual performance, asset sales, technical

items)

• The Group’s Capital Plan is ‘Endorsed’ by the ECB/JST

with no major amendments

• Formal approval of the Capital Plan is subject to its

implementation – the Group has until July 26th to execute

the outstanding elements of the plan; in particular, the

Capital Raise

5

Section 2

Overview of PTSB Group

‒ Full service retail bank across Current

Accounts, Deposits, Mortgages, Credit

Cards and Personal Loans

‒ Dedicated Asset Management Unit (AMU)

platform for arrears management(a)

Group Organisation

Group (Net Loans: €28.2bn)

Non-Core (Net Loans: €8.2bn)

Core Bank (Net Loans: €20.1bn)

UK Non-Core (Net Loans: €6.7bn)(b)

RoI Non-Core (Net Loans: €1.5bn)

‒ Commercial Real

Estate assets

‒ Sale of €0.8bn net loans

announced

‒ Remaining assets to be

deleveraged over next 12

months

‒ Predominately CHL; a good

credit quality but low yield

Buy-To-Let mortgage book

‒ Sale of €3.5bn(c) net loans

announced

‒ Remaining assets to be

deleveraged over next 12

months subject to minimum

price thresholds

Note: Figures are net loans as at 31 December 2014 and include assets classified as held for sale. See Appendix for full explanation of Core Bank/Non-Core split and for pro-forma for sales announced in

March 2015

(a) Also manages CRE Non Performing (Residential) loans which are part of Non-Core

(b) FX rate of EUR:GBP 0.78 as at 31 December 2014

(c) €3.5bn gross (€3.5bn net) based on FY2014 figure and FX rate of EUR:GBP 0.73 as at 28 February 2015. €3.2bn gross (€3.2bn net) based on FY2014 and FX rate of EUR:GBP 0.78 as at 31

December 2014

7

Core HL53%

Core BTL17%

Consumer Finance

1%

Non-Core29%

Group Overview

Group Loans

FY2014 Financials

Group Net Loans: €28.2bn

Note: See Appendix for full explanation of Core Bank/Non-Core split and for pro-forma as of June 2015

(a) Permanent Bank International Limited ("PBI") is a deposit business in the Isle of Man which, while considered core to the overall business of the Group, has historically been included in the Non-Core to

enable the Group to hedge its GBP foreign exchange exposure more efficiently

(b) Adjusted for non-recurring items. See Appendix for more details

(€bn Unless Stated) Core Non-Core Group

Deposits 19.8 0.6 20.4

Net Loans 20.1 8.2 28.2

Provisions 2.5 1.2 3.7

RWA 11.3 3.5 14.8

Equity 2.3

Total Operating Income (€m) 310 (2) 308

Total Operating Expenses (€m) (356) (33) (389)

Pre-Provision Loss (€m) (46) (35) (81)

Writeback/(Charge) Of Impairments (€m) 51 (9) 42

Exceptional Items (€m) 0 (9) (9)

Profit/(Loss) Before Taxation (€m) 5 (53) (48)

NIM (pre-ELG Fees) 1.21% na 0.90%

Underlying Cost:Income Ratio(b) 86% nm 97%

RoE na na (4.6)%

LDR 101% nm 138%

CET1 Ratio (Transitional) 14.2%

CET1 Ratio (Fully Loaded) 12.4%

8

Group Deposits

Core Bank

Net Loans:

€20.1bn

Total Deposits: €20.4bn

Non-Core

Net Loans:

€8.2bn

Retail(ex-Current Accounts)

57%

Institutional14%

RetailCurrent

Accounts13%

Corporate13%

PBI (IoM)(a)

3%

Non-Core: Focused Deleveraging Means ‘Group Will Equal Core

Bank’ By The Middle of 2016

9

Overview Exit Strategy

Non-Core RoI

• €2.0bn CRE Non Performing portfolios

• €0.6bn CRE Performing portfolios

• Sale of €1.5bn of gross (€0.8bn net) assets announced

• Management targeting a sale of remaining loans over the

next 12 months

Non-Core UK(a)

• €6.5bn CHL portfolio

‒ Low LTV, predominantly Trackers

• €0.3bn IPI(b) closed mortgage book

• Sale of €3.5bn(c) of gross (€3.5bn net) assets (c.50% of the

outstanding CHL) and the CHL underwriting platform

announced

• Management targeting a sale of remaining CHL assets to

be agreed at no more than a 10% discount to gross assets

over next 12 months

Note: Figures are gross loans as at 31 December 2014

(a) Non-Core UK also includes Permanent Bank International Limited ("PBI") deposits of €0.6bn. PBI is a deposit business in the Isle of Man which, while considered core to the overall business of the Group,

has historically been included in the Non-Core to enable the Group to hedge its GBP foreign exchange exposure more efficiently

(b) Irish Permanent Isle of Man (IoM) Limited; a closed mortgage book in the Isle of Man comprising €0.3bn residential loans

(c) €3.5bn gross (€3.5bn net) based on FY2014 figure and FX rate of EUR:GBP 0.73 as at 28 February 2015. €3.2bn gross (€3.2bn net) based on FY2014 and FX rate of EUR:GBP 0.78 as at 31 December

2014

Core Bank: Focused Domestic Retail Bank Well Positioned To Grow

RoI Current Account Market Share

RoI Total Deposits (€bn)

RoI Gross Residential Mortgages (€bn)

Note: Data is stock market share calculated based on results of polling

Source: RedC Brand and Ad Tracking, Q4 2014 poll commissioned by PTSB

(a) Excludes PBI deposits

Source: FY2014 for PTSB, AIB and BoI; FY2013 for Ulster and KBC

Source: FY2014 for PTSB, AIB and BoI; FY2013 for Ulster and KBC

PTSB Overview

• Focused Domestic Retail Bank well placed to capture market

share:

– 1 million plus customers

– 77 branches plus phone and web capability

– 2,321 FTEs

• Pure retail offering with full service product suite

• Well positioned to benefit from profitable growth opportunities in

a consolidated market and increasing credit demand

• Aiming for growth to achieve 13-17% share in key products:

– Current Accounts

– Retail Deposits

– Residential Mortgage Lending

• Seeking to explore opportunities in:

– SME

– Consumer Finance

10

(a)

36%30%

17%13%

AIB BoI PTSB Ulster

51.2

37.0

19.8 19.2

3.5

AIB BoI PTSB Ulster KBC

36.3

25.622.9

20.1

11.3

AIB BoI PTSB Ulster KBC

House Prices Market Mortgage Drawdowns

Strong Macro-Economics Support Increasing Demand For Credit

Unemployment Domestic Consumption

GDP Growth Business Confidence

Note: Data shown is the percentage fall of HPI Index from its peak

Source: Goodbody (January 2015)

Source: CBI Quarterly Bulletin (January 2015)

Source: CBI Quarterly Bulletin (January 2015)

Source: Banking and Payments Federation Ireland

11

Note: Growth in consumer spending

Source: Ulster Bank RoI Quarterly Economic Update (August 2014)

Note: Based on quarterly average for the calendar year

Source: Quarterly Trends Survey, Irish Small and Medium Enterprises Association

(46)%(37)% (33)%

(28)%

(60)%

(40)%

(20)%

0%

2013 2014 2015F 2016F

13.1%

11.4%

10.4%

9.3%

2013 2014 2015F 2016F

0.2%

5.1%

3.7% 3.8%

2013 2014 2015F 2016F

2.5 2.6 2.53.9

14.3 15.9 15.0

22.1

2011 2012 2013 2014

Value (€bn) Volume ('000s)

(11%) (8%)

21%

42%

2011 2012 2013 2014

(1.1%)(0.8%)

1.1%

2.0%

2012 2013 2014F 2015F

Growing Retail Deposit Base Growing Mortgage Lending Flow

The Group Has Scale Natural Market Share In Key Products

Note: Market share for lending is flow, for deposits is stock. Deposit volumes reflect RoI only (PBI excluded)

Source: PWC/IBF Quarterly Mortgage Data, CBI Data

12

81

209

429

67

290

485

3.1%

8.3%

11.1%

0

100

200

300

400

500

600

2012 2013 2014

Mortgage Drawdowns (€m) Mortgage Approvals (€m)

Market Share of Mortgage Drawdowns (%)

13.2

13.6

14.3

11.9%

12.1%

12.7%

12.0

12.5

13.0

13.5

14.0

14.5

15.0

2012 2013 2014

Retail Deposit Volumes (€bn) Market Share (%)

11%

13% - 17%

2014 2018E Target

Business Plan Underpinned By Grounded Assumptions

Current Accounts Deposits

Credit Cards Term Loans SME

Increased Cross-Selling Supported By Current Account Growth

Note: Graph shows % of PTSB primary current account holders with a PTSB

term loan compared to % of BoI, AIB or Ulster Bank primary current

account customers that have a personal loan with that same bank

Source: RedC Brand and Ad Tracking, Q4 2014 poll commissioned by PTSB

Strong Growth In Current Accounts Driven By Switchers

Increased Cross-Selling To Existing Customer Base Capturing Credit Opportunities In A Concentrated Market

Source: ISME Quarterly Bank Watch Survey (December 2013)

• 59% of firms say banks making it more difficult to

access finance

Balancing Growth And Attractive Customer Pricing

Note: RoI Deposits Only

Source: CBI Data

1.75%

1.30%

0.99%

0.81%

0.50%

13

Mortgages

Maintaining Share In A Recovering Market

Note: Mortgage Drawdowns

(a) Investec (February 2015)

Source: IBF Data (for 2014), Internal Management Assumptions

Gross

Lending

Value (€bn)

3.9 >8.0(a)

0.75%

Note: Figures are new accounts opened in given year

Note: Figures are new accounts opened in given year

0.0%

0.5%

1.0%

1.5%

2.0%

Dec 13 Mar 14 May 14 Jul 14 Sep 14 Dec 14

Blended Market Rate Blended PTSB ROI Retail Rate

28.2k

41.9k

56.2k

2012 2013 2014

0.8k

3.2k

7.6k

2012 2013 2014

5%

12%

PTSB Market

Section 3

Financial Performance

15

Group Result

Pre-Tax Loss REDUCED 93%

from €668m to €48m

Profit Before Impairments,

Non-Recurring and

Exceptional Items:

Group: €8m

Core Bank: €45m

Further Progress:

Group: 90bps (+8bps)

Core Bank: 121bps (+24bps)

Impairments

Operating Profit

System Funding Capital

NIM

€1bn reduction from 2013

€42m write-back in 2014

System Funding down 29%

€4.9bn at year-end, down

from €6.9bn

CET1% of 14.2%

Up 1.1% on prior year

Financial Headlines

Group Income Statement

Group Income Statement Summary

(€m) FY 2012 FY 2013 FY 2014

Interest Income 1,200 973 874

Interest Expense (900) (664) (545)

Net Interest Income (excl ELG) 300 309 329

ELG Fees (165) (105) (59)

Other Income 62 48 38

Total Operating Income 197 252 308

Total Operating Expenses (283) (300) (389)

Pre-Provision Loss (86) (48) (81)

Writeback/(Charge) Of Impairments (891) (929) 42

Profit/(Loss) Before Exceptional Items (977) (977) (39)

Exceptional Items (Net) 58 309 (9)

Loss Before Taxation (919) (668) (48)

Net Non-Recurring Items (24) 17 89

Profit/(Loss) Before Impairments, Non-

Recurring And Exceptional Items (110) (31) 8

Key Ratios

Group Bank NIM(a) 0.72% 0.82% 0.90%

Underlying Group Cost:Income Ratio(b) 166% 113% 97%

Group Cost of Risk 2.7% 3.0% (0.1)%

(a) Excludes ELG fees

(b) Adjusted for Non-Recurring Items. See Appendix for more details

(c) €3.1bn Own Use Bond cancelled in December 2014 as per the Related Parties note in the Annual Report, the Group has a five year government guaranteed bond maturing in March 2015, on which the

outstanding balance at the year end was €1.3bn, representing 47% of the Group’s total covered liabilities

• Steady NIM improvement of 18bps, despite falling ECB rates (95bps

fall since start of 2012), driven by lower cost of funds

• ELG fees continuing to decline rapidly, reducing to immaterial levels

from 2016 as covered balances mature(c)

• Underlying Non Interest Income stream from fee earning products is

stable; 2012 and 2013 impacted by significant one-offs

• Increase in headline Operating Expenses largely driven by one-off

provisions for legacy legal and compliance issues and introduction of

the Bank Levy; underlying costs are stable

• Underlying Cost:Income Ratio is continuing to decline

• Net writeback of Impairments in 2014 mainly driven by reduced new

default flow and provision releases as restructured loans are

recognised as ‘cured’

• Profit Before Impairments, Non-Recurring and Exceptional Items

achieved in 2014. Non-Recurring Items primarily composed of one-off

legal provisions. Further details in Appendix

16

Core Bank Income Statement: Profitable in 2014

(a) Exceptional items in 2013 primarily comprised of gain on the wind-up of the Group’s Defined Benefit pension scheme. Split of gain attributable to Core Bank unavailable

(b) Excludes ELG fees

(c) Adjusted for non-recurring items. See Appendix for more details

Core Bank Income Statement Summary

(€m) FY 2013 FY 2014

Net Interest Income (excl ELG) 287 334

ELG Fees (103) (59)

Other Income 48 35

Total Operating Income 232 310

Total Operating Expenses (282) (356)

Pre-Provision Profit/(Loss) (50) (46)

Writeback/(Charge) Of Impairments (644) 51

Profit/(Loss) Before Exceptional Items (694) 5

Exceptional Items (Net)(a) 0 0

Profit/(Loss) Before Taxation (694) 5

Net Non-Recurring Items 16 91

Profit/(Loss) Before Impairments, Non-Recurring

And Exceptional Items (34) 45

Key Ratios

Core Bank NIM(b) 0.97% 1.21%

Underlying Core Bank Cost:Income Ratio(c) 116% 86%

Core Bank Cost of Risk 3.0% (0.2)%

Core Bank Loan to Deposit Ratio 108% 101%

17

• Core Bank NIM improved to 1.21% in 2014 from 0.97% in 2013,

demonstrating considerable progress towards the medium term

target of 1.70%

• Movements in ELG Fees, Other Income and Operating Expenses

driven by same factors as outlined in respect of the Group, including:

– ELG Fees reducing rapidly as covered balances mature

– Underlying Other Income stable; 2013 includes one-off gains on certain asset disposals

– 2014 Operating Expenses impacted by legacy legal provisions and introduction of Bank Levy

• Net impairment credit driven by provision write-backs in the year.

Potential for further write-back outlined previously

• Expect return to sustainable profitability from 2016 onwards (not

reliant on HPI provision write-backs)

c.10.0%

2014E Core Bank

RoE

AssetBackbook+Frontbook

MarginManagement

DepositMix/

Pricing

ELG Fees LegacyFundingCosts

CostReduction

2018ECore Bank

Target

Core Bank NIM c.1.70%

Core Bank Cost:Income Ratio c.50%

Core Bank Cost of Risk <0.4%

Core Bank RoE(a) c.10.0%

(a) RoE target based on a notional fully loaded CET1 ratio of 11%

(b) Legacy Funding Costs include CCN and deposit intangibles amortisation

Medium-Term Targets: Trending To Attractive Returns

Medium-Term Targets Core Bank RoE Target of c.10%(a)

Representative only:

not intended to portray actual

contributions from each category

18

(b)

na

1.21%

0.97%

1.19%

1.70%

Core Bank NIM

2013

Core Bank NIM H1 2014

Core Bank NIM

2014

Legacy Funding Costs

Falling Cost of

Deposits

Change in Deposit

Mix

Back Book

Run-Off

Front Book

Growth

Core Bank NIM

2018 Target

NIM Trending Towards 170bps

Target NIM Of 170bps By 2018 Core Bank NIM

• Cost of funds expected to continue to fall as the back book tail rolls off and as we continue to re-price to the market

• Potential further upside from adjusting the deposit mix

• Expected repurchase of CCN to contribute to reduction in legacy funding costs

• 2011/12 spread compression driven by a requirement to build scale into our deposit base

• Asset yields impacted by lower interest rate environment, in particular RoI tracker mortgages, as the ECB rate has decreased by 95bps since start of 2012

• NIM improvement driven by larger fall in cost of funds including cost of retail deposits, change in deposit mix and lower cost of System Funding

19

Note: Figures exclude ELG fees Note: Figures exclude ELG fees

(a) Legacy funding costs include CCN and deposit intangibles amortisation

(a)

Representative only:

not intended to portray actual

contributions from each category

2.66%2.49% 2.49% 2.40%

1.73%1.44%

1.30% 1.17%

H1 2013 H2 2013 H1 2014 H2 2014

Core Bank Asset Yield Core Bank Cost of Funds

1.19% 1.23%

0.93% 1.05%

Section 4

Asset Quality

21

Asset Quality: Significant Progress Has Been Made

Significant Progress In

Addressing Legacy

Poor Quality Portfolios

• Risk management has been strengthened (People & Systems)

• AMU established in 2012

• Specific strategies in place for resolution of defaulted HL and BTL portfolios

Provisioning

Coverage Rates Are

High

• Core Bank provisions increased to €2.5bn

• Asset Quality Review (AQR) confirmed adequacy of the Group’s Provisions

• Despite 2014 write-back provision coverage remains stable

Improving Asset

Quality

• Early arrears decreased by c.3ppt(a) since June 2012 for both HL and BTL

• New defaults have significantly reduced

• >90 Days In Arrears cases continue to decrease

• Seasoned portfolio given vintages

• Low redefault rate on treated loans

Non Performing Loans

Are Improving

• NPLs have peaked and are gradually reducing

• NPL composition is changing and loss severity varies by cohort

• All NPLs are not the same

Negative Equity • Negative equity has decreased by over 30% since December 2013

• Core Bank NPL negative equity balances of €1.2bn are supported by €2.5bn of provisions

New Lending

Exhibiting Low

Arrears

• Core Bank has returned to the market for both secured and unsecured products

• Recent arrears vintages are low and improving

(a) Percentage of Total Book (see slide 79)

NPL Trends: Fewer Defaults, More Cures And An Increasing Number

of Treatments Are Reducing NPLs

New Defaults (€m)

• New defaults are slowing, mainly driven by improvement in Home Loans

• Recent new defaults mainly reflect defaults of assets which have

exhibited stress in the past

39.1% As % of

NPLs(a) 35.8% 12.3%

Cures (€m)

• Cures steadily increasing

• 2014 cures higher than 2013

13.1% As % of

NPLs(a) 9.6% 14.3%

Note: Data is for the entire RoI Residential Mortgage portfolio including CRE Performing and Non Performing (Residential)

(a) Annual new default/cure as a % of opening stock of NPLs

22

1,616

1,869

861

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2012 2013 2014

324256

142 139

Q1-14 Q2-14 Q3-14 Q4-14

294

200263 245

Q1-14 Q2-14 Q3-14 Q4 -14

540 500

1,002

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2012 2013 2014

3.15 3.42 3.462.93

2.38

0.040.18

1.031.62

1.853.19

3.61

4.49 4.554.23

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Dec-12 Jun-13 Dec-13 Jun-14 Dec-14

2.01 1.75 1.52 1.42 1.25

0.020.23

0.95 1.010.99

2.04 1.98

2.47 2.432.24

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Dec-12 Jun-13 Dec-13 Jun-14 Dec-14

Non-Performing Loans – Home Loan (€bn)

23

NPL Trends: Increasing Number Of Treatments Leading To Reducing

NPLs

Non-Performing Loans – Buy-To-Let (€bn)

NPLs As %

Of Gross

Loans 18% 21% 26% 31% 30% 38%

NPLs As %

Of Gross

Loans

• NPLs represent c.28% of the mortgage portfolio

• HL NPLs peaked in Q2 2014 and are gradually reducing. Similarly BTL NPLs peaked in Q4, 2013 and are gradually reducing

• NPLs will remain elevated for some time given regulatory and IFRS classification of treated assets

27% 38%

2.041.75 1.52 1.35 1.35

0.000.23 0.73

0.67 0.66

2.04 1.982.25

2.02 2.01

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Dec-12 Jun-13 Dec-13 Jun-14 Sep-14

>90 days in arrears <90 days in arrears and impaired

36% 26%

Note: Data is for the entire RoI Residential Mortgage portfolio including CRE Performing and Non Performing (Residential)

48% 43% 39%

9% 6% 11%

9% 12% 10%

4% 3% 2%

31% 34% 35%

0% 3% 4%

2.47 2.43 2.24

Dec-13 Jun-14 Dec-14

56%

40% 33%

12%

10% 14%

7%

7% 5%

4%

1% 1%

16%

19% 20%

5%

23% 27%

4.49 4.55 4.23

Dec-13 Jun-14 Dec-14

Home Loan NPLs (€bn)

Treatment Mix: Loss Severity Expected To Change Over Time As

Treatment Mix Varies

Buy-To-Let NPLs (€bn)

• Increasing proportion of total NPL stock is in treatment

• >90 days in arrears or Legal is reducing significantly

• ‘Treated But Impaired’ i.e. Split Mortgages, are a key feature of PTSB’s approach to resolution. However, Splits results in NPL stock reported remaining

elevated due to IFRS definitions

• Future NPL ratio will be driven by volume of Splits, Technically Held and >90 or Legal Cases as the remainder should exit NPL over the long term

25%

43% 48%

35% 39% 41%

Note: Technically Held relate to assets which have not breached the standard delinquency triggers, but are classified as default, typically through association with other defaulted assets. Data is for the entire RoI

Residential Mortgage portfolio including CRE Performing and Non Performing (Residential)

In

Treatment

In

Treatment

24

48% 47% 39% 9% 7% 11% 9% 13% 10% 4% 3% 2% 31% 24% 35% 0% 5% 4% 2.47 2.19 2.24

0.0

0.5

1.0

1.5

2.0

2.5

Dec-13 Jun-14 Dec-14

>90days or Legal Closures Technically Held Short Term Long Term Treated Splits

1,444 1,539 1,549 1,551 1,514

1,117 1,110 1,088 1,029

934

98 101 77 78

96

2,659 2,750 2,714 2,658

2,544

2013 Q1 2014 H1 2014 Q3 2014 2014

HL BTL Consumer Finance

Provision Coverage: Loan Book Adequately Provisioned

25

Provisions and Provision Coverage Ratio (€m)

• €2.5bn provisions against €22.5bn RoI gross residential and

consumer loans

• ECB SSM/AQR confirmed adequacy of provisioning stock as at 31

December 2013

• PCR(a) at 45% is a moderate increase from December 2013 given

improved portfolio performance and modest change in

provisioning parameters reflecting economic improvement

44% PCR%(a) 43% 45% 44%

Note: Data is for the Core Bank RoI Residential mortgages only; excludes CRE (Residential)

(a) Provision Coverage Ratio, calculated as total provisions divided by NPLs greater than 90 days

in arrears and/or impaired loans

44%

2.2 2.1

1.3

1.6 1.5

1.1

€3.8bn

€3.5bn

€2.4bn

Dec 13 Jun 14 Dec 14

Performing (€bn) Non Performing (€bn)

Collateral Coverage: NPL Negative Equity Balance Of €1.1bn Offset By

€2.5bn Of Provisions

(€m) Non

Performing Performing Total Cumulative

Cumulative

As % Of

Total

<70% 840 5,268 6,108 6,108 26.9%

70% – 90% 700 2,956 3,656 9,764 43.0%

90% – 110% 1,065 2,899 3,964 13,728 60.4%

110% – 130% 1,333 2,758 4,091 17,819 78.4%

130% – 160% 1,514 2,037 3,551 21,370 94.1%

160% – 180% 440 180 621 21,991 96.8%

> 180% 508 106 613 22,604 99.5%

Not Applicable(a) 68 43 111 22,715 100.0%

Total 6,468 16,247 22,715(b)

Loan Split by LTV Negative Equity Falling

(7)%

(32)%

Note: Data is for the entire RoI Residential Mortgage portfolio including CRE Performing and Non

Performing (Residential) Note: Data is for the entire RoI Residential Mortgage portfolio including CRE (Residential)

(a) ‘Not applicable’ loans are loans where no known collateral value exists from which to derive LTV.

Figures are gross loans indexed linked as of 31 December 2014

(b) Excludes €137m of deferred fees, discounts and fair value adjustment (€1m out of total €138m

relates to Consumer Finance)

• Rising house prices have driven improved LTVs. Negative equity balances

for the overall portfolio have reduced by 37% since December 2013:

– As per CSO, HPI has improved from a peak to trough fall of 46% in

December 2013 to 38% in December 2014, circa 16% improvement

• NPL negative equity balance of €1.1bn supported by €2.5bn of existing

provisions

26

Section 5

Capital

Maintaining A Strong Capital Position: Indicative Pro-Forma

28

RWA 14.8 (1.4) 13.4 n/a 13.4

CET1 (Fully Loaded) 1.8 (0.3) 1.5 0.4 1.9

Tangible Book Value 2.2 (0.3) 1.9 0.4 2.3

4.5% 5.5% CRD IV Fully Loaded

Leverage Ratio:

Note: All figures in table are €bn. FX rate of EUR:GBP 0.78 as at 31 December 2014 has been used for above calculations

(a) Impact of deleveraging announced in March 2015

4.1%

(0.9)%

12.4%11.5%

2.8% 14.3%

2014 CET1Fully Loaded

Impact Of Announced Deleveraging

2014 CET1 Fully Loaded Pro-Forma For Deleveraging

Capital Raise 2014 CET1 Fully Loaded Pro-Forma For Capital Raise

• Management targeting a sale of remaining CHL and CRE loans in next 12 months

• CHL subject to maximum haircut of 10% of gross assets, in addition to c.€80m expected transaction costs

• CRE expected to be broadly capital neutral

(a)

Section 6

Funding & Liquidity

15.116.6

19.520.4

c.60% of Group Funding

227%

191%

151%138%

<130%

2011 2012 2013 2014 2018E Target

Customer Deposits (€bn) LDR

Funding: Rightsizing Deposits And System Funding

System Funding Returning To Normalised Levels Significant Growth In Customer Deposits

• 2011: System funding peaked in July at €19.5bn including a component of Emergency Liquidity Assistance (ELA)

• 2014: €14.7bn of System Funding re-paid

• 2018: Maintain a component of System Funding at <15% of Group funding

• 2011: Deposit base neglected and sub-scale with an LDR of 227%

• 2014: Strong growth in deposit base with sustainable LDR of 138%

• 2018: Core Bank LDR target of <130%

30

(a) Historic figures include funds placed by a government institution, comprising cash deposits and funds placed under repurchase agreements (‘Repos’). As at 2013 and 2014 the cash segment was €0.5bn and

€0.4bn respectively, the Repos were €2.2bn and €1.9bn respectively, giving a total of €2.7bn and €2.3bn respectively

(b) Includes inter-group deposit balance of €0.7bn

(c) Includes Corporate and Institutional deposits

(c)

15.116.6

19.520.4

c.60% of Group Funding227%

191%

151%

133% <130%

2011 2012 2013 2014 2018E Target

System Funding (€bn) LDR(a) (a)

14.0

10.7

6.9

4.9

<15% of Group Funding

2011 2012 2013 2014 2018E Target

(b)

40.7

Funding: Mix And Maintenance Led

Funding: Composition

33.3

Total

Funding

(€bn)

• Retail Deposits:

– Base is ‘right sized’

– Maintenance with 1-1.5% organic growth per annum

• Corporate Deposits:

– Expensive backbook tail running off, the last of which will

mature in 2017

– Volumes managed such that cost will reduce below Retail

Deposits

• Institutional Deposits:

– Priced away as C/A volumes increase, which are lower cost

and more beneficial from liquidity perspective

• Wholesale Funding:

– May increase (secured and unsecured) over medium term,

targeting c.20% of overall funding mix

31

34%

15% <15%

7%

13%c.20%

37% 61%

c.60%

21%10% <2.5%

1% 1% <2.5%

100% 100% 100%

2011 2014 2018E target mix

System Funding Wholesale Funding Customer Deposits

Debt Securities Subordinated Liabilities

(a) Includes inter-group deposit balance of €0.7bn

(a)

Liquidity Buffer (€bn)(a)

• The Group has significantly improved its Liquidity Buffer by a

combination of:

– Growing unsecured liabilities

– External securitisations

– Collateral optimisation (driving down asset encumbrance)

– Deleveraging and balance sheet run down

– Cancelled €3.1bn Own Use Bond (“OUB”) in December 14

– Redeemed the €1.4bn of MTNs that matured on 10th March 2015

• Liquidity Buffer is made up of cash, cash equivalents and

unencumbered collateral (including Basel 3 definition High Quality

Liquid Assets)

• Basel 3 Liquidity Coverage Ratio(b) of 160% at 2014YE

• Glide path towards compliance with the 2019 Basel 3 Net Stable

Funding Ratio requirements

Liquidity: Significantly Improved

(a) Includes Retained Securitisation Bonds which are eligible for use as collateral at the ECB

Liquidity Portfolio Composition

Total Liquidity Buffer: €5.3bn

32

Total HQLAs(a):

€3.2bn

(a) HQLAs: High Quality Liquid Assets

(b) Ratio of the stock of high quality liquid assets to expected net cash outflows over the next 30 days under a stress scenario. CRD IV requires that this ratio exceed 60% on 1 January 2015 and 100% on 1 January

2018

2.7

0.2

2.2

4.0

5.3

2011 2012 2013 2014

Liquidity Balances OUB

Bank Paper3%

Government Bonds34%

NAMA Bonds24%

Irish RMBS35%

Credit Line4%

• Non-Core RoI includes CRE Non Performing loans

– Sale of €1.5bn gross (€0.8bn net) loans announced in March 2015

– Management targeting a sale of remaining assets in next 12

months. Capital impact expected to be broadly neutral

• Non-Core UK comprises:

– Capital Home Loans (CHL); predominantly UK BTL portfolio

– Sale of €3.5bn(b) gross (€3.5bn net) assets announced in

March 2015

– Management targeting a sale of remaining assets to be agreed

at no more than a 10% haircut to gross assets in the next 12

months in addition to expected transaction costs of c.€80m

– IPI closed mortgage book(a)

• Execution against Non-Core deleveraging plan expected to result in

approximately €3bn of cash being returned to the Group:

– Provides opportunity to re-price aggressively non-retail deposit

base

– Potential for future acquisitions of profitable mortgage books

– Available for general corporate purposes

– Continue to build liquidity portfolio

• CHL related secured funding costs, including the costs associated

with hedging arrangements, amount to c.€100m in 2014

Liquidity: Deleveraging Supports ‘Cash Generation’

33

Note: CRE Performing and CRE Non Performing both include a Residential and a Commercial Segment

(a) Irish Permanent Isle of Man (IoM) Limited

(b) €3.5bn gross (€3.5bn net) based on FY2014 figure and FX rate of EUR:GBP 0.73 as at 28 February

2015. €3.2bn gross (€3.2bn net) based on FY2014 and FX rate of EUR:GBP 0.78 as at 31 December

2014

Non-Core Loan Book Summary

RoI UK

Total

CRE

Performing

CRE Non

Performing CHL IPI(a)

Gross Loans

(€bn) 0.6 2.0 6.5 0.3 9.3

Provisions

(€bn) 0.1 1.1 0.1 0.0 1.2

Net Loans (€bn) 0.6 0.9 6.4 0.3 8.2

NPLs (€bn) - 2.0 0.2 0.0 2.2

NPL% of Gross

Loans 0% 100% 3% 1% 23%

PCR % 9% 54% 27% 36% 54%

RWAs (€bn) 0.7 0.5 2.2 0.1 3.5

Section 7

Summary

Our Strategy

Capturing Profitable

Growth

• Increasing demand for credit as Irish economy recovers

• Full service domestic retail bank well placed to capture market share

• Attractive front book margins

• Entry into SME market via OME(a) provides potential for further upside

Managing The Legacy

• NIM drag expected to be reduced by decreasing cost of funds

• Funding and Liquidity expected to be strengthened by active balance sheet management

• Arrears Management expected to be enhanced by focus on best practice

• Non-Core deleveraging plan clearly defined and under way

Maintaining A Strong

Capital Position

• Strong pro-forma capital position with potential for dividends in the future

• CCN to be repurchased and capital stack normalised

• Additional capital provides buffer for future stress tests, flexibility to accelerate deleveraging and potential for

additional growth

Trending To

Attractive Returns

• Phase 1 cost base restructuring complete. Defined benefit pension schemes wound-up

• Well provisioned asset book and improving profitability metrics across Core Bank

• Robust management targets including a Core Bank RoE of around 10% by 2018

• Potential upside from provision releases and lower cost of deleveraging remaining Non-Core assets

Delivering Through A

Robust Management

Model

• Experienced and committed management team with a track record of delivering change

• Strong corporate governance with supportive majority shareholder

• Integrated approach between strategy and finance

(a) Owner Managed Enterprises; OME segment has <10 employees and either <€2m turnover or <€2m balance sheet

35

36

Clear Points of Departure and Arrival

• New Senior Management

Team appointed

• Established dedicated

AMU to address non-

performing loans

2012

• Creation of Core Bank

• Return to lending

• Captured deposits

• Demonstrated product

relevance; in particular,

Current Accounts

• Return to wholesale

funding markets

2013

• Passed AQR and baseline

stress test

• Capital shortfall under

adverse stress test

2014

• Restructuring Plan

approval

• Implement Capital Plan

• Targeted growth in

key products

• Sale of Non-Core RoI and

half of CHL

2015

• Non-Core deleveraging

complete

• Sustainable profitability in

Core Bank from 2016

2016 • Target RoE of c.10%

• Clear path to enhanced

RoE beyond 2018

2018

2012

2013

2014

2015

2016

2017

2018

• Cost of Risk normalising

• Legacy costs reducing

2017

Section 8

Appendix

Group Balance Sheet

Group Balance Sheet Summary

(€bn) FY 2012 FY 2013 FY 2014

Cash and Bank Placements 1.7 1.4 1.9

Net Loans 31.8 29.3 27.2

Investments 6.8 6.0 6.4

Other Assets 0.6 0.9 0.8

Total Assets 40.9 37.6 36.3

Customer Deposits 16.6 19.5 20.4

System Funding 10.7 6.9 4.9

Repos 3.1 3.8 4.2

Debt Securities 6.5 4.1 3.4

Subordinated Liabilities 0.3 0.4 0.4

Other Liabilities 1.0 0.5 0.7

Total Equity 2.7 2.4 2.3

Total Liabilities and Equity 40.9 37.6 36.3

Key Ratios

Group Loan to Deposit Ratio 191% 151% 138%

CET1 (Transitional) na 13.1% 14.2%

LCR na na 160%(a)

• Recovery in new lending leading to significant front book growth

offset by amortisation and run-off of the back book

• Investments include €1.3bn NAMA Bonds (2013: €2.1bn). The pace

of repayments accelerated notably during 2014 such that the Agency

is now targeting the full repayment of all senior bonds by mid 2018

• Included in Other Assets are Deferred Tax Assets of €0.4bn (2013:

€0.4bn)

• Strong growth in Customer Deposits, such that they represented 61%

of total funding at the year-end; LDR improved to 138% as a result

(2012: 191%)

• System Funding reduced by 54% in the period 2012-2014; down two

thirds from peak levels in 2011

38

(a) Calculated based on the current guidelines

(€bn Unless Stated) Home Loan Buy-To-Let

CRE

(Residential) Consumer Core Bank

Accounts (000s) 134.9 22.4 1.7 189.0 344.5

Gross Loans 16.4 6.3 0.5 0.3 22.5

Provision 1.6 1.1 0.2 0.1 2.5

Net Loans 14.9 5.2 0.3 0.2 19.9

<90 Days In Arrears

(Not Classified As NPLs) 0.4 0.1 0.0 0.0 0.5

NPLs 4.2 2.2 0.4 0.1 6.2

Loans In Forbearance 3.1 1.3 0.1 0.0 4.4

o/w Performing In

Forbearance 0.9 0.4 0.0 0.0 1.3

o/w Non Performing In

Forbearance 2.2 1.0 0.1 0.0 3.1

Loans In Closures 0.6 0.3 0.0 0.0 0.9

Loans In Legal Process 1.1 0.6 0.0 0.0 1.7

Asset Quality: Overview of the Book

• Core Bank gross loans of €22.5bn with c.73% performing or in

early arrears (<90 days in arrears)

• €16.3bn (73%) performing and €0.5bn in arrears <90 days (2)%

• €6.2bn (27%) classified as non performing but only 16% >90

days in arrears

– €3.1bn in Forbearance (i.e. Treatment)

– €1.7bn in Legal

– €0.9bn in Closure

– €0.4bn in Untreated

• €2.5bn provision stock equivalent to coverage ratio of 45% of

NPLs(b)

• €1.3bn loans in Forbearance and classified as ‘Performing’ (i.e.

have been treated and no redefault for 12 months or greater and

are not split mortgages)

39

Note: HL and BTL in above table include CRE (Residential) loans which are classified as Non-Core. These should be subtracted from the sum of Home Loan, Buy-To-Let and Consumer to get Core Bank

(a) Excludes €138m of deferred fees, discounts and fair value adjustment

(b) 45% Provision Coverage Ratio (PCR) calculated as total provisions divided by NPLs greater than 90 days in arrears and/or impaired loans. Provisions divided by total NPLs is 41%

(a)

Group Capital Position

FY 2014

Pro-forma For

Deleveraging

Pro-forma For

Capital Raise

(€bn) Transitional Fully Loaded Transitional Fully Loaded Transitional Fully Loaded

RWAs 14.8 14.8 13.4 13.4 13.4 13.4

Risk Weighting as % Total Loans 53% 53% 55% 55% 55% 55%

Share Capital, Share Premium and Reserves 2.2 2.2 1.9 1.9 2.3 2.3

Available for Sale (AFS) (0.1) 0.0 (0.1) 0.0 (0.1) 0.0

Cash Flow Hedge (CFH) 0.1 0.1 0.1 0.1 0.1 0.1

Intangibles (0.1) (0.1) (0.1) (0.1) (0.1) (0.1)

Deferred Tax Assets (DTA) 0.0 (0.4) 0.0 (0.4) 0.0 (0.4)

Common Equity Tier 1 2.1 1.8 1.8 1.5 2.2 1.9

AT1 0.0 0.0 0.0 0.0 0.1 0.1

Tier 1 2.1 1.8 1.8 1.5 2.3 2.0

Subordinated Liabilities (including CCN) 0.0 0.0 0.0 0.0 0.0 0.0

Regulatory Adjustments & Tier 2 0.1 0.1 0.1 0.1 0.1 0.1

Total Capital 2.2 1.9 1.9 1.6 2.4 2.1

CET1 Ratio 14.2% 12.4% 13.5% 11.5% 16.2% 14.3%

Tier 1 Ratio 14.2% 12.4% 13.5% 11.5% 17.1% 15.2%

Total Capital Ratio 14.9% 13.1% 14.3% 12.3% 17.9% 15.9%

CRD IV Leverage Ratio 5.1% 4.5% 4.8% 4.1% 6.1% 5.5%

Note: Data is as of 31 December 2014. Pro-forma figures calculated on €400m equity raise and €125m AT1 issuance, subject to regulatory and other approvals

40

• Equity capital increase and AT1 issuance will further strengthen and improve the quality of the capital base:

– €400m primary equity

– €125m AT1 capital issuance

Draft Restructuring Plan Term Sheet Commitments

Commitment Description

Balance Sheet • Limit the maximum size of the Balance Sheet

• Deliver on Loan Treatment targets for residential NPLs, broadly consistent with CBI targets

Deleveraging • Deleverage mostly Non-Core assets within a defined realistic timeframe, subject to defined maximum haircuts

Costs • Limits on marketing spend

• Manage costs so that operating expenses and CIR remain below pre-defined thresholds

Competition

Restrictions

• Provide Service and Customer Mobility packages to relevant competitors if the Group’s market share exceeds

defined thresholds

• Limit activities outside Ireland, consistent with the Group’s strategy

• Commit not to deviate materially from the Group’s current activities

Acquisitions • No material acquisitions that would materially change the Group’s current business model

Dividends • The Group will limit distribution of dividends, subject to repurchase of the CoCo and such that capital is

adequately maintained to deliver on the restructuring plan commitments

41

SUBJECT TO FINAL DECISION BY THE EUROPEAN COMMISSION

Business Plan Reflects Term Sheet Commitments

Section 9

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Important: By attending or participating (in person or otherwise) in any oral presentation made in conjunction with this presentation or by accepting or receiving this presentation you will be taken to have represented, warranted and

undertaken that you have read and agree to comply with the contents of this notice and disclaimer. This presentation document, together with the oral presentation accompanying this document provided by the Company (as defined

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permanent tsb Group Holdings p.l.c. (the "Company", and together with its subsidiaries, the "Group"). This presentation is made available to you for informational and background purposes only and does not, and is not intended to,

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The information and opinions contained in this presentation are provided as at the date of the presentation and do not purport to be all inclusive or to contain all the information that may be required or desired in considering any potential

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Legal Disclaimer (1/2)

43

Legal Disclaimer (2/2)

44

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possession of this presentation or other information referred to herein should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of

such jurisdictions and neither the Company nor any other person accepts liability to any person in relation thereto.

The securities in the Company are only suitable for investors who understand the potential risk of capital loss and that there may be limited liquidity in the securities of the Company, for whom an investment in the securities is part of a

diversified investment programme and who fully understand and are willing to assume the risks involved in such an investment programme. This presentation does not constitute a recommendation concerning the issue. The price and

value of securities may go down as well as up. When considering what further action you should take you are recommended to immediately consult, if you are resident in Ireland, a professional adviser who is authorised or exempted

under the European Communities (Markets in Financial Instruments) Regulations (Nos. 1 to 3) 2007 or the Investment Intermediaries Act 1995 (as amended) or if you are resident in the United Kingdom, a professional adviser who is

authorised or exempted under the Financial Services and Markets Act, 2000, or another appropriately authorised professional adviser if you are in a territory outside Ireland or the United Kingdom.