Interim Results for six months ending

1

• Interim Results for six months ending
• 30 June 2005

2
Results Continuing Activities

• Six Months Six
  Months ended ended
• 30.06.05 30.06.04
• 000 000
• Turnover 42,523 40,366
• (excluding employee leasing)
• Turnover 42,523 44,965
• Profit Before Tax 4,434 4,930
• Recurring Income 13,666 11,960
• Adjusted EPS in cent (pre IFRS) 6.26 c 6.03
  c
• Basic EPS IFRS 5.13 c 6.21 c
• Dividend in cent 0.95 c 0.76 c

3
Banking Deferred Consideration

• Half Year Year Ended Half Year Half Year Half
  Year
• 30.06.05 31.12.04 30.06.04 31.06.03
  30.06.02
• m m
  m m m
• Investment Related Debt
  3.8 3.8 4.5 6.0 49.8
• Core Debt 34.7 30.2 33.9 45.4
  51.9
• Total Debt 38.5 34.0 38.4 51.4
  101.7
• Contingent deferred consideration
  - 2.7 2.8 11.4 27.1
• _____ _____ _____ _____
  _____
• Total combined debt and deferred 38.5
  36.7 41.2 62.8 128.8
• consideration
• 
  
• Reduction of 90.3 million in period since
  30.06.02
• Total Debt of 29 million at 31.08.05

4
Banking and Covenants - Limits

• The Financial Covenant limits
• (1) The total Net Debt including Guarantees must
  not exceed 3 times the Group earnings before
  interest, tax, depreciation and amortisation.
• i.e. Debt EBITDA lt 3.00
• (2) The earnings before interest, tax,
  depreciation and amortisation must exceed 2 times
  Interest.
• i.e. EBITDA Interest gt2.0 (Moving to 3/4 under
  new facilities)

5
Banking and CovenantsProjected Performance
against Covenants

• IFGs current performance against these covenants
  is as follows
• Actual Actual Projected
• _at_ Half Year _at_ Year end _at_ Year end
• Covenant
  30.06.05 31.12.04 31.12.05
• Limits
• Debt Ebitda (lt/ 3.0) 2.7 2.9
  2.0
• EbitdaCore Interest (gt/ 2.0) 4.6
  4.8 4.4

6
Banking and CovenantsBanking Developments

• Payment of 6 million scheduled for year end.
• Amortization of Senior Debt Scheduled for 4
  million for year end.
• Cash generation a focus of second half.

7
Trading Businesses

• Core Core Activities Activities
• Operating Operating
• Profit Profit
• Half Year Ended Half Year Ended
• 30.06.2005 30.06.2004
• 000 000
• International
• International and Corporate Services
  2,954 2,765
• UK
• Actuarial and Pensioneer Trustee 1,622
  1,575
• Financial Services 309 (5)
• Ireland
• Mortgages Title Insurance 1,865 1,518
• Financial Services including Central Overhead
  (447) 1,115 _______
  ______
• Operating profit before non recurring and IFRS
  adjustment 6,303
  6,968
• 
  

8
Trading Businesses
Core activities Operating performance

• International Corporate and Trustee business
• Half Year ended Half Year ended
• 30.06.05 30.06.04
• 000 000 Change
• Turnover 10,163 8,618 18
• Profit 2,954 2,765 7
• Margin 29.3 32.1
• Business delivery set to continue underpinned
  by significant expansion of work carried out for
• Menatep. (3 year contract signed with up
  front 7.5 million (10.9 m) in August
• TFC profit in 04 replaced by growth in
  corporate business

9
Trading Businesses
Core activities Operating performance

• UK - Actuarial
• Half Year ended Half
  Year ended
• 30.06.05 30.06.04
• 000 000 Change
• Turnover 4,699 4,618 2
• Profit 1,622 1,575 3
• Margin 34.5 34.1
• - Business recovered from second half in 2004
• - Manchester coming under control (now under
  London central management)
• - Bristol continuing to deliver to expectations
• - Set to benefit from A day in 06

10
Trading Businesses
Core activities Operating performance

• UK - Financial Services Niche/fee earning
• Half Year ended Half Year
  ended
• 30.06.05 30.06.04
• 000 000 Change
• Turnover 8,844 9,543 -7
• Profit 309 (5)
• Margin 3.5 -0.1
• - London business performed well (A day will
  promote growth in 06)
• - Siddalls, (Fareham) performed to
  expectation
• - Complaints across business appear to have
  peaked at this point
• - Poor performance continues in the
  traditional IFA IFG Financial Services
• - Remuneration review ongoing

11
Trading Businesses
Core activities Operating performance

• Mortgages Title Ireland
• Half Year ended Half
  Year ended
• 30.06.05 30.06.04
• 000 000 Change
• Turnover 13,688 11,854 16
• Profit 1,865 1,518 23
• Margin 13.6 12.8
• - Mortgages reached 1 bn in September
• - Prime business cheque issue strong
• - Expect growth in excess of 20 year on year
• - Non-prime meeting expectations - JV working
  toward new earnout deal
• - Mortgage related life assurance recovering
• - Title Insurance volumes up 37 - profit
  recovery and administration backlog being solved
  without comprising performance recovery
  from poor second half in 04

12
Trading Businesses- Ireland
Mortgages Title Insurance
Title Insurance - RFIs Received
Cheques issued and business submitted
m
13
Trading Business- Ireland

• Financial Services and Other
• Half Year ended Half Year
  ended 30.06.05 30.06.04
• m m
• Pension (Individual Group) 0.4 0.4
• Trade Credit Insurance 0.4 0.6
• Non pension business
• Endowment Trading, Investment Management (0.7) 0
  .6
• Central Overhead (0.6)
  (0.5)
• (0.5) 1.1

14
Group Recurring Income
m
- Continues to be a key indicator
15

Developments during First Half

• Past Business Review - BJFS
• Holding 2.4 million in total 2.0 million for
  past review
• Methodology is long term restructure or cash
  sum
• Indications are that latter will be preferable
  in majority of cases
• Expect conclusion by year end
• Complaints in UK
• - First half was as expected
• - Second half will be as expected or
  marginally more

16

Developments during First Half

• IMC Acquisition
• Acquisition of IMC our International
  business made a small bolt
• on acquisition as it needed an Irish platform
• Consideration 985k (net asset 340k)

17

IFRS

• IFRS - Impact
• IFRS has required a restatement of all results
  from opening balance sheet in 04
• Impact on P/L (material)
• Share based payments (options - 217k) will
  double in full year
• Annual leave - 200k will reverse at year end
• Impact on Balance Sheet
• Defined benefit IAS 19 - 881k
• Business Combinations - 4,773k reduction now
  retranslated on balance
• sheet to date to avoid a double Hedge

18

The Future
Continuing focus on - Organic Growth -
Debt reduction - Narrowing Business Focus
19

• Mr Richard Hayes, Chief Executive IFG Group plc
• Mr Mark Bourke, Deputy Chief Executive IFG Group
  and
• CEO IFG Ireland

IFG Group plc IFG House Booterstown Hall Co.
Dublin Tel 00353 (0)1 2752800 www.ifggroup.com