TOP SCORES FOR EARNINGS - (EXCL PENSION AND SHARES) at Irish Life & Permanent PLC -------------Chronologiogal Order

by FY -----------Name Total Over 10 -Years Denis Casey 9,998,000 Incl Payment in lieu - 1,249,000 Peter Fitzpatrick 7,098,000 Incl Payment in lieu - 540,000 Kevin Murphy 6,132,000 David McCarthy 549,000 David Went 6,626,000 Brian McConnell 1,970,000 Harry Lorton 566,000 Billy Kane 190,000 Gillian Bowler 1,834,000 Breffni Byrne 665,000 Bernard Collins 47,000 Danuta Gray 438,000 Margaret Hayes 143,000 Eamonn Heffernan 506,000 Roy Keenan 356,000 Sandy Kinney 19,000 Ray MacSharry 127,000 Liam O'Reilly 130,000 Pat Ryan 68,000 Finbar Sheehan 597,000 David Byrne 274,000 Kieran McGowan 491,000 Philip Lynch 126,000 Roy Douglas 638,000 Monthy Hilckoitz 98,000 Richard Hooper 98,000 Patrick Kenny 98,000 Patrick O'Neill 118,000 Muriel Scorer 98,000 John Burke 15,000 Neville Bowen 15,000 Michael Donnelly 19,000 Brendan Halligan 15,000 Conor McCarthy 15,000 40,177,000

Role Executive Executive Executive Executive Executive Executive Executive Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive

TOP SCORES FOR EARNINGS - (EXCL PENSION AND SHARES) at Irish Life & Permanent PLC - from 2001 - 2010 -------------"Highest-Paid" Order -----------Role Name Total Over 10 -Years Executive Denis Casey 9,998,000 Incl Payment in lieu - 1,249,000 Executive Peter Fitzpatrick 7,098,000 Incl Payment in lieu - 540,000 Executive David Went 6,626,000 Executive Kevin Murphy 6,132,000 Executive Brian McConnell 1,970,000 Non-Executive Gillian Bowler 1,834,000 Non-Executive Breffni Byrne 665,000 Non-Executive Roy Douglas 638,000 Non-Executive Finbar Sheehan 597,000 Executive Harry Lorton 566,000 Executive David McCarthy 549,000 Non-Executive Eamonn Heffernan 506,000 Non-Executive Kieran McGowan 491,000 Non-Executive Danuta Gray 438,000 Non-Executive Roy Keenan 356,000 Non-Executive David Byrne 274,000 Executive Billy Kane 190,000 Non-Executive Margaret Hayes 143,000 Non-Executive Liam O'Reilly 130,000 Non-Executive Ray MacSharry 127,000 Non-Executive Philip Lynch 126,000 Non-Executive Patrick O'Neill 118,000 Non-Executive Monthy Hilckoitz 98,000 Non-Executive Richard Hooper 98,000 Non-Executive Patrick Kenny 98,000 Non-Executive Muriel Scorer 98,000 Non-Executive Pat Ryan 68,000 Non-Executive Bernard Collins 47,000 Non-Executive Sandy Kinney 19,000 Non-Executive Michael Donnelly 19,000 Non-Executive John Burke 15,000 Non-Executive Neville Bowen 15,000 Non-Executive Brendan Halligan 15,000 Non-Executive Conor McCarthy 15,000 40,177,000

Period: 2001 - 2010

Total 10-Year Earnings Paid to Executive and Non-Executive Members of the Board of Irish Life Permanent
McC onne ll k McC arthy

** Excl. Pension Costs Shares

itzpa tric

Bow ler

Bref fni B yrne

Harr y Lo rton

Case y

Colli ns

hy

Gray

Davi d We nt

Bern ard

Pete rF

Danu ta

Billy K

Gillia n

Executive PAY 2010 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 1,070,000 2009 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 6,551,000 2008 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 2,889,000 2007 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 3,783,000 2006 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 3,307,000 2005 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension

Non-Executive Pay

497,000

500,000

200,000

84,000

47,000

56,000

34,000 4,000

31,000 4,000

722,000

369,000 1,249,000 26,000 2,930,000

497,000 63,000 540,000 64,000 52,000

538,000 515,000

35,000 483,000

200,000 200,000

84,000 103,000

47,000

56,000 69,000

33,000 196,000

27,000 4,000

812,000

4,574,000 890,000 32,000 20,000

719,000 540,000 48,000 400,000

744,000 525,000 34,000 400,000

514,000

200,000 288,000

103,000 113,000

69,000 78,000

934,000

942,000 694,000 617,000 32,000 21,000

988,000 515,000 382,000 48,000 6,000

959,000 492,000 380,000 34,000 19,000

524,000

288,000 320,000

113,000 127,000

78,000 78,000

12,000 7,000

909,000

1,364,000 348,000 209,000 28,000 17,000

951,000 468,000 280,000 36,000 4,000

925,000 335,000 201,000 29,000 17,000

543,000 800,000 480,000 32,000 23,000

320,000 300,000

127,000 129,000

78,000 75,000

823,000

602,000 322,000 240,000 28,000 17,000

788,000 434,000 316,000 38,000 1,000

582,000 310,000 200,000 26,000 17,000

1,335,000 725,000 360,000 31,000 22,000 156,000

300,000 240,000

129,000 84,000

75,000 63,000

12,000 1,000

Page 3

Marg a

Deni s

Kevi n

Davi d

Bria n

ret H a

Murp

ane

yes

Period: 2001 - 2010

Total 10-Year Earnings Paid to Executive and Non-Executive Members of the Board of Irish Life Permanent
McC onne ll k McC arthy

** Excl. Pension Costs Shares

itzpa tric

Bow ler

Bref fni B yrne

Harr y Lo rton

Case y

Colli ns

hy

Gray

Davi d We nt

Bern ard

Pete rF

Danu ta

Billy K

Gillia n

Executive PAY Shares taken up Benefit 3,256,000 2004 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 3,225,000 2003 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 3,022,000 2002 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 2,964,000 2001 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 3,062,000

Non-Executive Pay 694,000

607,000 309,000 167,000 25,000 16,000

789,000 417,000 240,000 37,000 1,000

553,000 299,000 161,000 26,000 17,000

1,138,000 680,000 299,000 25,000 21,000

169,000 300,000 150,000 21,000 14,000

240,000 155,000

84,000 25,000

63,000 19,000

541,000

517,000 291,000 160,000 24,000 15,000

695,000 390,000 215,000 32,000 1,000

503,000 279,000 156,000 25,000 13,000

1,025,000 630,000 278,000 18,000 20,000

485,000 285,000 157,000 21,000 12,000

155,000 55,000

25,000

19,000

595,000

490,000 276,000 165,000 25,000 11,000

638,000 330,000 180,000 29,000 1,000

473,000 266,000 160,000 25,000 11,000

946,000 563,000 223,000 18,000 18,000

475,000 266,000 165,000 16,000 8,000 196,000

55,000 39,000

12,000

491,000

477,000 241,000 145,000 26,000 13,000

540,000 298,000 164,000 30,000 1,000

462,000 241,000 121,000 18,000 13,000

822,000 489,000 293,000 18,000 17,000

455,000 241,000 120,000 16,000 9,000

208,000 185,000 160,000 13,000 119,000 71,000

39,000 37,000

527,000

425,000

493,000

393,000

817,000

386,000

358,000

190,000

37,000

Total 10-Year Earnings

33,129,000 40,177,000

7,048,000

9,998,000 40,177,000

7,098,000

6,132,000

549,000

6,626,000

1,970,000

566,000

190,000

1,834,000

665,000

47,000

438,000

Page 4

Marg a

Deni s

Kevi n

Davi d

Bria n

ret H a

Murp

ane

yes

Period: 2001 - 2010

Eam onn Heffe rnan

Total 10-Year Earnings Paid to Executive and Non-Executive Members of the Board of Irish Life Permanent
McG owan Mon thy H ilcko itz

** Excl. Pension Costs Shares

Shee han

ret H ayes

d Ho oper

ry

Liam O'Re illy

a Gr ay

Phili p Ly nch

Davi d By rne

Scor er

Kinn e

enan

ugla s

Pat R yan

Ray Ma

Roy Do

Roy Ke

Patri ck

Patri ck

Burk e

64,000

25,000

83,000

19,000

56,000

25,000

63,000

64,000 77,000

25,000 78,000

83,000 95,000

19,000 -

56,000 69,000

25,000 78,000

63,000 5,000

38,000

77,000 2,000

78,000 85,000

95,000 85,000

69,000 2,000

78,000 27,000

5,000

38,000 102,000

75,000

77,000

2,000

85,000 78,000

85,000 77,000

2,000

27,000

102,000 78,000

75,000 68,000

77,000 83,000

78,000 75,000

77,000 16,000

78,000 83,000

68,000 65,000

83,000 80,000

75,000 63,000

16,000

83,000 94,000

65,000 63,000

80,000 63,000

24,000

Page 5

Nevi lle

Kiera n

Rich ar

Finb ar

Sand y

Marg a

Murie l

John

Bow en

cSha r

O'Ne ill

Kenn y

Period: 2001 - 2010

Eam onn Heffe rnan

Total 10-Year Earnings Paid to Executive and Non-Executive Members of the Board of Irish Life Permanent
McG owan Mon thy H ilcko itz

** Excl. Pension Costs Shares

Shee han

ret H ayes

d Ho oper

ry

Liam O'Re illy

a Gr ay

Phili p Ly nch

Davi d By rne

Scor er

Kinn e

enan

ugla s

Pat R yan

Ray Ma

Roy Do

Roy Ke

Patri ck

Patri ck

Burk e

63,000 57,000

94,000 73,000

63,000 3,000

63,000 57,000

24,000 57,000

95,000

57,000 45,000

73,000 64,000

3,000

57,000 55,000

57,000 45,000

95,000 215,000

22,000

22,000

22,000

28,000

22,000

45,000

64,000 39,000

55,000 39,000

45,000

215,000 169,000

22,000 39,000

22,000 39,000

22,000 39,000

28,000 49,000

22,000 39,000

39,000 26,000

39,000 37,000

169,000 159,000

39,000 37,000

39,000 37,000

39,000 37,000

49,000 41,000

39,000 37,000

15,000

26,000

37,000

159,000

37,000

37,000

37,000

41,000

37,000

15,000

143,000

506,000

356,000

19,000

127,000

130,000

68,000

597,000

274,000

491,000

126,000

638,000

98,000

98,000

98,000

118,000

98,000

15,000

Page 6

Nevi lle

Kiera n

Rich ar

Finb ar

Sand y

Marg a

Murie l

John

Bow en

cSha r

O'Ne ill

Kenn y

Period: 2001 - 2010

n

Total 10-Year Earnings Paid to Executive and Non-Executive Members of the Board of Irish Life Permanent
Cono r Mc Cart hy allig a

** Excl. Pension Costs Shares

Nevi lle B owe n

Burk e

onne lly

Mich ael D

Bren dan H

Page 7

Period: 2001 - 2010

n

Total 10-Year Earnings Paid to Executive and Non-Executive Members of the Board of Irish Life Permanent
Cono r Mc Cart hy allig a

** Excl. Pension Costs Shares

Nevi lle B owe n

Burk e

onne lly

15,000

Mich ael D

19,000

Bren dan H

15,000

15,000

15,000

19,000

15,000

15,000

15,000

19,000

15,000

15,000

Page 8

Reports: 2010-11

http://www.irishlifepermanent.ie/investor-relations/reports-and-presentations/presentations/2011.asp Senior management KevinMurphyGroup Chief Executive Appointed Group Chief Executive in June 2009. An actuary and an employee of Irish Life since 1972 DavidMcCarthyGroup Finance Director Appointed to the Board of Irish Life & Permanent in March 2009, prior to this appointment he was G DavidGuinaneChief Executive permanent tsb He was appointed to his current position of Chief Executive - permanent tsb in November 2007.

BillHannanGroup Head of Risk & Compliance Appointed to his current position in 2009. Prior to this Bill was Group Head of Compliance, and, Chie

DavidHarneyChief Executive Irish life Corporate Business David joined Irish Life in 1986 and has worked in various roles in Corporate Business since 1998. D

GerryHassettChief Executive Irish Life Retail Gerry has been Chief Executive of Irish Life Retail since 2007. He joined Irish Life in 1987 where he BrendanHealyGroup Chief Information Officer Brendan has been the Groups Chief Information Officer since 2004. Tony HessionGroup Head of HR and Organisation Development Joined Irish Life & Permanent in his current role in 2007.

GerryKeenanChief Executive Irish Life Investment Managers Gerry has been Chief Executive of Irish Life Investment Managers (ILIM) since 2005. Prior to this Ge DervlaTomlinChief Actuary Board Committees Audit Breffni Byrne (Chairman) Margaret Hayes Roy Keenan Pat Ryan

Remuneration and Compensation Danuta Gray (Chairman) Alan Cook Ray MacSharry Pat Ryan

Senior Independent Director Roy Keenan

2010

Directors: Gillian Bowler (Chairman) Kevin Murphy David McCarthy Breffni Byrne

Bernard Collins Danuta Gray Margaret Hayes Roy Keenan Sandy Kinney Ray MacSharry Pat Ryan

Total group earnings, albeit still negative, improved significantly for the period, with a los equity holders of 141m (2009: 313m loss).

Directors The names of the directors are listed in the Company Information section of this report. B to the board in March 2010 as a non-executive director. Eamonn Heffernan and Liam O the board in May 2010 at the companys Annual General Meeting. Sandy Kinney was co August 2010 as a non-executive director. Gillian Bowler, Breffni Byrne and Danuta Gray at the 2011 AGM and will not offer themselves for re-appointment. All other directors will and, being eligible, will offer themselves for re-appointment by election. Details of the dir interest in the share capital of the company and of transactions involving directors are se parties to the financial statements. None of the directors service contracts have notice p months. Loss after tax attributable to owners of the parent (141) (313)

These committees are the Audit Committee, the Risk and Compliance Committee, the Remuneration and Compensation Committee and the N

The amount of fees paid to external auditors for audit fees was 1.7m (including VAT) pa 1.6m (including VAT) was payable to KPMG Ireland and 0.1m (including VAT) was pa affiliates. 0.6m (including VAT) was paid to KPMG Ireland for other assurance services VAT) was paid in respect of tax advisory services and non-audit services (1.2m (includi and 0.3m (including VAT) to KPMG overseas affiliates).

Risk and Compliance Committee The Risk and Compliance Committee comprises Pat Ryan (Chairman), Breffni Byrne, Be and Sandy Kinney. The Group Board ensures that the chairman of the committee has re and / or compliance experience

Audit Committee The Audit Committee comprises Breffni Byrne (Chairman), Margaret Hayes, Roy Keenan

The Remuneration and Compensation Committee comprises Danuta Gray (Chairman), G MacSharry and Pat Ryan.

Nomination Committee This committee comprises Gillian Bowler (Chairman), Breffni Byrne, Danuta Gray, Roy K MacSharry. The committee is charged with responsibility for bringing recommendations t appointment of new directors.

The group has in place a Speaking Up (or "whistle-blowing") Policy, which allows all staf work with or for the group, to raise any concerns they may have about suspected wrongd

Basic salary The basic salary is reviewed annually having regard to competitive market practice and G No increases in basic salary were granted to executive directors in 2010.

Benefits Executive directors are entitled to a company car or a car allowance. The group also pay on behalf of the executive directors and their families. In addition, executive directors ma house purchase loans.

2009 Directors: Gillian Bowler (appointed 12 October 2009) Breffni Byrne (appointed 12 October 2009) Danuta Gray (appointed 12 October 2009) Margaret Hayes (appointed 12 October 2009) Eamonn Heffernan (appointed 12 October 2009) Roy Keenan (appointed 12 October 2009) Ray MacSharry (appointed 12 October 2009) David McCarthy (appointed 30 September 2009) Kevin Murphy (appointed 30 September 2009) Liam O'Reilly (appointed 12 October 2009) Pat Ryan (appointed 15 December 2009) Bernard Collins (appointed 02 March 2010) Secretary: Ciarn Long (appointed 29 September 2009)

Aggregate remuneration for executive directors amounted to 11.1m (2008: 3.1m).

Denis Casey retired from the board on 28 February 2009. Denis Caseys employment te 2009; salary payments are included up to this date. In addition to salary Denis Casey rec lieu of notice 1,249,000 in accordance with his contractual entitlements.

2008

2007

2006

The board is very optimistic about the outlook for the group

A year of outperformance 2006 was another year of great success for the group with each of our core businesses outperforming their respective markets. Operating profits were strong in both the life and banking businesses and operating earnings per share, reported on an embedded value basis, increased by 31% compared to 2005. This is a tremendous result and management and staff deserve our congratulations and thanks for delivering this performance.

2005

2004

The groups performance is firmly set in the context of its Ireland First strategy

Corporate Governance The group is committed to maintaining the highest standards of corporate governance and we are committed to ensuring that a culture of compliance is embedded within all of our business units and activities. 2004 saw the group deliver another very satisfactory performance. Total profits after tax were ahead 57% to a411.2m compared to a261.8m. Credit Risk Management Credit risk throughout the group is approved and managed in line with a set of clearly defined policy statements, which have been approved by the board. Credit activities are monitored and controlled by the Group Credit Committee which is chaired by the Chief Executive of permanent tsb and comprises members of senior management (including executive directors). The Group Credit Committee is responsible for developing and implementing credit policy within the context of the overall credit policy approved by the board. The group credit policy statement provides for tiered levels of discretion with regard to acceptance of credit exposures. All exposures above a certain level

require the approval of either the board or the Group Credit Committee, depending on the size of the exposure. Individual discretion limits are set by reference to the extent of the individual's experience, proven competence and the nature and scale of lending undertaking in the relevant business units. Lending proposals above individual discretion limits are referred to business unit credit committees, the Group Credit department, Group Credit Committee or the board, as appropriate.

2004

2004

2003

2003

2003

2002

2001

2000

1999

entations/presentations/2011.aspx

n employee of Irish Life since 1972, he was appointed a main Board Director following the merger of Irish Life and Irish Permanent in 19

rior to this appointment he was Group Financial Controller since the merger of Irish Life and Irish Permanent in 1999.

anent tsb in November 2007.

up Head of Compliance, and, Chief Operating Officer Irish Life Retail. Before the merger of Irish Life and Irish Permanent in 1999, he

Corporate Business since 1998. David is an actuary.

joined Irish Life in 1987 where he enjoyed a variety of roles in the sales and marketing area, most notably the development of the Grou

(ILIM) since 2005. Prior to this Gerry was responsible for development of ILIM's investment services and for client portfolio managemen

nificantly for the period, with a loss after tax attributable to

nformation section of this report. Bernard Collins was coopted . Eamonn Heffernan and Liam OReilly retired from al Meeting. Sandy Kinney was co-opted to the board in r, Breffni Byrne and Danuta Gray will retire from the board ppointment. All other directors will retire at the 2011 AGM ment by election. Details of the directors and secretarys sactions involving directors are set out in Note 53, Related s service contracts have notice periods exceeding 12

mpensation Committee and the Nomination Committee

ees was 1.7m (including VAT) payable to KPMG, of which nd 0.1m (including VAT) was payable to KPMG overseas and for other assurance services and 1.5m (including non-audit services (1.2m (including VAT) to KPMG Ireland

yan (Chairman), Breffni Byrne, Bernard Collins, Roy Keenan chairman of the committee has relevant risk management

an), Margaret Hayes, Roy Keenan and Pat Ryan

prises Danuta Gray (Chairman), Gillian Bowler, Ray

reffni Byrne, Danuta Gray, Roy Keenan and Ray y for bringing recommendations to the board regarding the

wing") Policy, which allows all staff and other people, who may have about suspected wrongdoing within the group,

competitive market practice and Government guidelines. directors in 2010.

ar allowance. The group also pays private health insurance n addition, executive directors may avail of subsidised

ed to 11.1m (2008: 3.1m).

09. Denis Caseys employment terminated on 14 May addition to salary Denis Casey received a payment in ctual entitlements.

140k

30 21.01

125834 8195

success for the group s outperforming their ofits were strong in sses and operating an embedded value ed to 2005. This is a ment and staff deserve or delivering this

ed to maintaining the highest e governance and we are g that a culture of compliance is of our business units and

sh Life and Irish Permanent in 1999.

manent in 1999.

and Irish Permanent in 1999, he was Managing Director and Actuary of Irish Progressive Life Assurance Company.

ably the development of the Groups Bancassurance businesses.

nd for client portfolio management.

nce Company.

PAY

2010

Ref 1 2 3 4 5 6 7 8 9 10

Notes Shows excess level of basic pay since 2001 ? Who set these levels and why? Bonus set at up to 50% of basic - Why ? Bonues' are really set as standard payments - should be banned Excludes Cost of Pensions - defined benefit schemes Excludes realised gains on Share options Need to map real value of company tp Payouts Analysis of Pay and Benefits % growth yr-on-yr Map these levels vs Current ceiling on Public Pay for Senior Executives Which Executives added negative worth during their tenure? What amounts can be recovered for not carrying out fiduciary duties?