pension - New Ireland Assurance

PENSIONS 

PENSION INVESTMENT PLUS 

quarter 1, 2012

Contents 

Market Commentary 2 

Key Metrics 3 

Our Investment Partners 4 

Highlighted Fund for Quarter 1 

Elements (pension) 5 

Investing & Risk 6 

Lifestyle Pension Funds 

Retirement Funds (IRIS) 8 

Consensus IRIS 10 

Pension Indexed Eurozone Long Bond Fund 11 

Low Risk Pension Funds 

Pension Cash Fund 12 

Medium Risk Pension Funds 

Pension Gilt Fund 13 

Elements (pension) 14 

Protected Assets Fund (pension) 15 

BNYM Global Real Return Fund (pension) 16 

Medium to High Risk Pension Funds 

Income & Growth Fund (pension) 17 

Pension Evergreen Fund 18 

Pension Managed Fund 19 

Ethical Managed Fund (pension) 20 

Pension Consensus Fund 21 

KBI Pension Managed Fund 22 

Friends First Mixed Fund 23 

Bloxham Defensive High Yeild Pension Fund 24 

High Risk Pension Funds 

Pension Bloxham High Yield Equity 25 

Trilogy II Fund (pension) 26 

Discovery (pension) 27 

Innovator (pension) 28 

Alternative Energy (pension) 29 

Water Fund (pension) 30 

Spotlight (pension) 31 

Pension Equity Fund 32 

Pension International 33 

Ethical Equity Fund (pension) 34 

Pension North American 35 

Pension UK Equity Fund 35 

Pension European Fund 36 

Euroland Equity Fund (pension) 36 

Pension Pacific Basin 37 

Pension Japanese Fund 37 

Pension Property Fund 38 

Pension Index Funds 39 

Pension Indexed All Equity Fund 40 

Very High Risk Pension Funds 

Pension Irish Equity 41 

Bloxham Geared High Yield Fund (pension) 42 

Performance Summary 

IRIS 43 

Pension 44 

Pension 45 

1

2 

MARKET COMMENTARY 

MARKET 

Turmoil Returns 

COMMENTARY 

2011 turned out to be another difficult year as markets More significantly the investment journey provided by our 

were hit by a number of issues that dented investor medium months risk of concerted funds, including political effort. our hugely While this successful goes on, 

confidence. 

After a relatively 

The early 

calm 

part 

first 

of 

half 

2011 

of 

showed 

the year 

some 

and a 

strong 

quiet 

Protected markets will Assets remain Fund, volatile. has been much smoother for 

Background 

Although it it is is useful in in these pages to to focus focus on on where where rate In short, environment. there is is no Turmoil doubt in that Libya the the last is last unlikely decade to was affect was a a oil 

equity July, things gains with changed commentators in August quite and optimistic September. on theA 

investors So there when is a lot compared of good news to traditional the economic managed front funds. but 

The wave the markets world last of quarter uncertainty continues are at has at a point a seen to washed point be a an continuation time, interesting over time, it’s markets important it’s of place important many as that and politics of that 

the prices 

a There very few difficult very are much, 

large a one number unless one risks for for of it investors. spreads 

the positives, economic This to however. This was other 

recovery the was and first Volatility the bigger 

that first need 

oil is 

global economy. However, the Libyan crisis, the When the Eurozone debt crisis escalated we had very 

Sunshine first every quarter now and of then 2011 then we was we take take very a step a eventful. step back back and Markets think and think are producing decade in many nations. many where Finally, where risk dominated government risk dominated reward. debt is reward. likely to 

Japanese and issues economics that 

earthquake 

have repeatedly disrupted 

and more 

investment clashed, significantly leaving markets 

the investors over 

various 

the The few to not be Local calls overcome. bad from Market – investors volatile There markets in these no easy can funds. offer fix and Why? rich these pickings Because issues for 

The about how our funds are performing in in the longer term. be However, a big problem even if if for this peripheral was the case, eurozone the figures countries above in the 

down feeling last 12 strong overall months battered 

market in and Euro and continued rally 

bewildered. 

terms of late to the contribute 2011 

First first has 3 we to months had investors’ so far 

EU/IMF bailouts all served to dampen this optimism. the of Globalisation these They are, after all, long term funds – they are designed short-term will active take funds time managers delivered doesn’t show that, and for those a to big work mean and on who problem out. what investors customers Global they willing promised. had for the the stomach rest policy make to of makers the ride During same out the hang West are the 

on on in 

continued 

The 2011, amazing concerns. last mainly quarter 

into 

spectacle Sovereign 2012, as has a result leaving 

seen of debt of the 

the issues negative Eurozone US 

average 

Government continued returns debt 

managed 

crisis in to March. nearly 

fund be takea 

decisions these to provide a good balance of risk and reward for money 

the working storm turbulent in through 

long 

are hard term. in every often on times long marketplace, rewarded they term protected solutions. for even their investors see patience the from same the and 

up the worst of times, the the downside wasn’t as as 

centre Many major running 

some of stage concern. 8%* the 

that investors 

out yet in human want 

of 

the again. In cash 

first May, stories The 3 months 

to to put put away 

because Portugal markets – from of became the 

away for for the 

Republicans confidence the year. revolution the Were in latest 

the long long run. run. For 

and the it in products. severe determination. ups Most and downs Irish Globally, investors of the most markets. face companies a somewhat remain unusual in 

not For 

extreme as the peak-to-trough figures would have you 

ability Tunisia Eurozone Democrats 

for the of and country the losses 

instance, take couldn’t Egypt Eurozone to many to Evergreen agree the investors countries an 

as as a despair 

an budget. EU/IMF are and to bailout 

an example This 

still destruction protect looking 

of a of typical led package. 

a typical to their US 

to in choice However, Outlook solid shape, believe. 

even with with lower increasing levels interest of debt, rates higher borrowing cash 

Outlook 

– a portfolio of global assets, mainly shares with a 

recoup, currency Japan Portugal – have non-guaranteed 

joined enormous diversified 

Ireland consequences managed 

and Greece for fund where 

in people’s seeking 

many remains 

Different 

quite 

fund 

cheap. 

managers 

Global 

will have 

economic 

different 

growth 

opinions 

remains 

on 

Government 

I suspect waivered. 

debt 

a 

losing 

Italian lot of 

its 

money 10 

coveted 

year managers bond 

AAA 

yields 

status 

would stayed 

from 

be bit The balances of short bonds, and term with lower outlook little cost or bases no always exposure than 5 is years to uncertain. Ireland ago. Finally, itself, The 

happy worryingly lives assistance investors but probably invested when it not in became the much last no of decade. an longer impact There possible on is is the no no for global point it to strong where It’s vital 

and equity however 

companies markets 

that that we are will 

learn we 

generally move in 

learn from the from 

in decade. very the 

the 

good short 

decade. 

shape term. 

rating 

to 

agency 

leave over it the 

S&P 

at that 7% 

for the 

and level 

first 

sit with in 

time 

cash Spanish 

in 

for 

70 

the yields 

years. 

rest also of 

Of managed Eurozone lost among by debt a the crisis global noise will asset of remain global manager; centre markets or stage a has deposit markets been with the 

the rising economy. raise in talking funds They about on international are, Evergreen’s however, markets 9%* 9%* another return return – at in layer least 2010 in of 2010 not and risk at and the for – Interestingly Investment so there is risk, a the positive consensus which for backdrop view 

for many years for years stock appears seemed markets, to be 

like like a 

that 

course, 

year. significantly. 

there 

Perhaps 

was 

even This 

very 

more resulted 

little chance 

encouragingly, yet another 

the US 

market 

would an look quietly Irish to European bank, remarkable typically leaders improvement with to take some strong in form Ireland concerted of underlying Inc. action The 

a the 

volatility emergency 

markets price 10%* being return to worry asked in 2009 about by investors. without and their acknowledging impact should the the falls not falls in be in short equities theory, term will 

proved at perform least. itself itself to 2011 positively 

to be be all looks too between 

all too real. like real. being Unprotected now 

Unprotected a and tale the of funds end 

actually 

– 

run 

which meeting 

out of 

spiked of EU 

cash, 

sharply leaders 

but problem 

the in second December 

was triggered 

half that of guarantee to economy stabilise from now the looks the currency Irish set to State. and grow the at Most Eurozone a faster retail pace customers economy. in 2011 two 

2011 finally 

dismissed 2007 and 2008. too lightly. Further unrest in the Arab world worlds of like funds 

the Evergreen year. 

like – developing Evergreen 

I am can however provide can countries provide 

a excellent strong outgrowing excellent 

believer returns that 

returns for investors 

West, short 

by the 

– saw has some 

much 

come concrete 

broader 

down considerably. proposals put 

issue of the 

Investors forward 

huge amount 

are to deal no 

of view Global than the expected growth latter is offering expected – despite as to the be the slowdown sluggish “risk free and rate”, there global for the will 

with 

could The ongoing 

some of 

increase Greece 

the fundamental 

an already debt saga volatile continued 

issues facing 

oil price with 

the 

to levels the latest 

Euro 

longer that companies 

term but investors they the need but markets 

having they to be need able very 

is notoriously little be withstand able debt to difficult 

while withstand periods to 

Governments 

of call periods extreme so I do 

money the 

quick 

US 

to 

owes; 

take fright 

it also highlighted 

every bit of 

the 

bad 

deepening 

news or continue 

economy. 

to be 

Irish 

concerns 

Government 

over the 

Bonds 

major world 

meanwhile 

economies 

have 

currency. This included increased fiscal unity among 

benchmark by which other potential investments should 

negative would aid You instalment are seriously very very likely of likely hamper €12 aware aware billion economic that euro that Evergreen, being Evergreen, growth. released like Meanwhile most like by most the 

have not volatility. of extreme try far to call too volatility. 

much, short term. peripheral The issues eurozone that drive countries short 

divisions 

headline, 

on Capitol 

it seems. 

ability to stay out of recession. Markets will continue to 

Eurozone countries and Hill a more and raises active serious role for the questions ECB. be 

the managed nuclear funds, crisis suffered in suffered Japan a peak-to-trough is a already peak-to-trough having fall of 

grapple 

been measured. one 

with 

of 

these 

the With best 5 

issues 

year performing deposit 

over 

assets 

the 

rates 

next 

of in over the 

number 

5% world, p.a. 

of 

as 

EU/IMF. This followed a divisive Greek parliament serious fall vote of struggling term market while movements the big core change countries too frequently. 

over the management of the economy and country as a (gross) months. investors readily realise accessible, that the Irish why Government take the push risk for probably of structural putting will 

Clouds 

Towards political which approximately passed impact a 40% around further in in the the austerity the 

period period world 

from package from – 

the 

while the collapse amid collapse the riots Green 

of on of 

Outlook 

whole. The the 

Lehmans to to the 

words end of 

the “double December 

bottom of of the market 

dip recession” the ECB offered 

market in March in March 2009. 

started your changes pay money its debts in into return after volatile all. for The markets? loans. graph Plenty below In fact, of shows opportunities 2012 the may recent be 

Of 

for 

2009. 

Although it it can be be difficult to to lift lift our our heads heads out out of our 

Party the course streets. risks Ireland Work remain is continuing and the issues 

without a on single a second that led 

Dail bailout to all the 

Eurozone seat, the for I prefer to focus on the longer term picture which of our is in 

reappearing. 

banks access to 3 year term funding in an the It That figure casts casts a long a long shadow shadow over over the fund the but 

investors increase is also year worth that but 

to in 

domestic make price noting many money, of that Irish the 

economic but Government customers global a 

problems, our 

need economy 

our to finally keep bonds a continues become 

funds 

close from 

funds are 

eye just 

market 

effort German Greece to 

volatility which alleviate doesn’t tell 

Green is in due 

tell the the full 

party possible 

the to past 

story 

is be 

full story of 

now finalised strains 

few years 

how of Evergreen 

the on by dominant bank 

have mid September. funding 

not gone 

how Evergreen has 

force in keeping with my own long term investment ideals. I 

investors 

to 

on €0.60 grow. 

has driven risk 

are driven by 

to along 

Globally, 

again. 

the 

almost the 

most 

by global 

We way. €0.95. 

the global economy 

all 

companies 

know It will 

economy and 

that be remain 

and the 

a deposit 

outlook 

bit of solid 

rates time shape, 

the outlook is on 

can’t before 

away. 2012. is on 

Baden With no Württemberg, sign a permanent 

performed for for investors a 

investors over stronghold solution, 

over the term of 

the of Angela you can 

their Merkel’s expect assess my investment prospects by asking simple 

Just as A As 

the total I write 

US of crisis €489 this commentary, 

began billion to in fade, funds the 

the were headline 

eurozone lent in to the 

crisis the with lower levels of debt, higher cash balances and lower 

term of their 

remain economic balance 

higher growth 

positive. 

than As mortgage translates always, As always, risks rates into abound. indefinitely better employment 

risks abound. 

but with 

business banks In 

ruling Greece’s investments. 

party debt for issues past to 6 influence decades. investment World economic markets questions such as ‘Do I believe economies will continue 

re-erupted 

on news these sections 

and another 

terms. reads It 

dread-word 

was “Spain hoped bond 

– 

that yields 

“contagion” 

the banks jump cost bases than 5 years ago. There remains plenty of 

– Irish numbers In particular, and 

pressures we have on 

a couple the the euro euro 

of area more 

area tough well are 

budgets 

would well 

growth for some use 

is time some 

unlikely come. of this money to buy the debt of room 

banks 

to grow for over further 

now 

the improvement 

among the best 

longer term’ or as ‘Do equity 

capitalised 

I think markets 

in Europe, 

above 6%”, as if we needed a reminder that the 

that the remain issues 

came back into common to be affected, usage. but the This attractiveness 

time it was the on documented. the way, but Equally for our there customers are are concerns – the about Irish about how people how the – 

peripheral Eurozone countries and so help alleviate the far 

troubling 

below need the to 

markets 

high fill the points deposit 

at present 

achieved book 

will 

in at 

be 

2007. any cost is fast 

eurozone credit crisis has a long way to run yet. US 

resolved positively 

debt 

from troubles The Fund an investment Centre on on our our perspective website is is a of very very clean useful vs. tool tool dirty for US will US fare will when fare when monetary monetary support support comes comes to an end. to industries for 

Even crisis. 

in 

judging judging 

the mighty While 

Greece 

this 

the the probably long long 

US is 

and 

term term a having step 

their 

in 

continuing 

will performance performance 

strong the right 

(the Kleinworth of of 

questions direction 

inability 

funds. funds. You asked it is 

to disappearing. there may finally The be first light two at pillars the end of the of Irish the tunnel. banking As 

employment numbers, a key measure of the strength of over the longer term?’ If the answer is ‘Yes’ then I can 

not collect Benson can end. 

Investors can about likely taxes, 

graph graph its ability to be cut sufficient costs 

the Alternative progress the progress to manage and/or 

of Energy the of the its its 

unit unit debt. own. pay 

Fund price price The There what 

for is up one for US 

to up congress they no short owe. system Investing uncertainty have is the begun and commitment affordability the process of are money of the cutting two order biggest deposit to achieve barriers rates. 

the world’s largest economy, have disappointed 

of the to the the 

more is expect 

last few 10 On the other my investment side, fears to of a perform double well dip recession (over the in longer 

term French, the 

equity last set to 

fix German 

years. 10 agree 

to the 

funds At years. an 

the in At time positive the increase 

fundamental and Italian banks 

of time writing territory of in writing the 

and 

US 

complex have considerable 

the this most the debt 

quarter). most ceiling 

problems For 

a to financial customers the remaining 

return. doing In 

state-owned 

the business case of with our 

banks, 

investment us, this the is situation good funds news this 

of 

often than not of late. Performance of the 

recent recent other above big is term). 

price was US a long 

On are This 

the fading. term is the commitment. 

other side, In essence Germany, of While 

fears of confidence long term it is important investing. 

a double dip levels recession are to very pay 

facing exposure the to Euro. Greek Markets government are looking debt, for leading reassurance to fears Irish for taxpayers our industry subsidising too. high deposit rates must surely in 

engine price $14.3 

for 31 was of trillion world 

December for 31 in growth, December the 

2010. 

next China, 2010. I 

few is 

produced I as produced weeks. much dependent 

a 

While a graph graph this attention 

of strong. the US Worldwide, to the short 

are fading. corporates term market 

In Germany, are confidence for movements the most levels part and in 

that European recent bank leaders recapitalisation are committed efforts to protecting were the not be are 

The of agreement Evergreen Evergreen US continues prices is prices practically which which to a allowed grow, certainty, allowed me albeit me warnings compare compare at a from the the slightly price debt particular Many coming 

managing risks how to 

very strong. costs remain an this end. 

Worldwide, very impacts in 1 

well the year market 

corporates and on deposit the keeping as investors discussed rates look 

are a close risk 

for the eye above destined 

on politics as economics and the impact of the current 

appetite, 

most on that 

Euro enough. currency Italian and sovereign are willing bond to yields take the rose strong to worrying action to 

disappointing agencies price that investor an about investor pace, might rating might China have downgrades have paid continues for paid a for unit US to a in unit grow debt the in fund the are at at 

a 

it will debt. is dip important 

part managing 

make below for 3% not 

costs 

turbulent to and lose the Irish sight average 5 

very well 

markets Year of the managed long 

and keeping 

in the term 

a 

short fund nature has 

handover close eye 

term. 

that levels; needed. 

of leadership 

Government Bond Price 

fund anytime at 

Italy’s 

anytime 

credit The deal 

over the over 

rating previous the previous 

was December 

the Communist 

cut 

10 years 10 

and should years 

rumours go 

party with price the 

had some 

is 

of 

to returned the 

slightly new issue alarming for markets pace to contend and a with. two-tier Neither Europe the as US is at However, investment. 8%* 

on debt. over the I the am past longer once 3 months, again term reminded I maybe believe Irish of these a investors Warren 

something will be 

way 95 

be price quashed to providing no-one 

31 December at 31 that this in 

December France reassurance. the West can 

2010. It is useful 2010. might It to is lose Ultimately, predict 

break useful its 

the to AAA a with solution any 

decade break status. the may Buffet 

into This is the nature of investment. The risk and rewards 

struggling or investment to pull markets together. themselves At time are of used writing to any resolved actually quote 

90 simply consider “I never 

because investing attempt 

they again to make 

must. in 2012? money on the 

certainty. to 

We have seen 

Politicians 

the Euro the 

decade three: into scrambled 

problems 

three: 

will 

contain 

be reached 

the crisis 

because 

but struggled 

simply stock 

go hand 

market. 

in hand. 

I buy 

The 

on 

wide 

the 

range 

assumption 

of funds 

that 

included 

they could 

ECB question looks being about raised to announce about the an increase world’s number in interest 1 possibly 85 

put, there is no alternative. 

This is the (and nature hopefully) of investment. the worst The fall risk in markets and rewards any of 

to agree, or act quickly enough, or provide enough * close 

here NIA the Pension market 

80allows investors Consensus the next 

choose Fund day and 

the up mix 7.9% not reopen 

that for they Q1 it 

are 2012. for ten 

Bright 

rates economy’s spells go hand in hand. The wide range of funds included 

1. Those and who Portugal ability with to a risk 

invested looks repay of 

in set debt. heavy 

the to A showers 

period get real a January so-called sign of the 

2001 bailout times us are likely experience in the run up to the equity 

detail to give investors the confidence and reassurance to Source: years.” 

comfortable 75 www.newireland.ie 

The with. With all of the funds the best risk 

(in 

1. Those who invested in the period January 2001 to here allows investors choose the mix that they are 

December 

we the live global escalating 

form in. outlook Eurozone could be debt summarised crisis erased follows: the equity the market bottom March 2009. It is worth noting that the 

2004 of a very and remain expensive invested: loan – whatever about 70 

eurozone gains they management tool is time. 

December 

so of desperately earlier economy 2004 in and the is sought likely year remain and to struggle, invested: sent many possibly index slipping returns Happy S&P comfortable New 

65 500 index Year. with. has With nearly all of doubled the funds (in the local best currency risk 

a These bail-out investors it’s certainly suffered the not full a brunt hand-out). of the market Increasing 

back into On These the into the economic investors recession red. This suffered front, this impact in year; the was the Eurozone full naturally US brunt economy there of much the continues is market likely more management tool is time. 

interest collapse. However, none of these investors were down 

terms) 60 

* Performance 

since that 

is quoted 

market 

gross 

bottom. 

of taxation 

This is reflected 

and net of 

in the 

severe Against 

collapse. 

rates this 

However, 

backdrop while several 

none 

the 

of 

average countries 

these investors 

managed are suffering 

were 

fund rising 

down 

was 

∗ 

unemployment on 

to be 

their 

a 

for 

divergence 

the European 

original investment 

between 

indices; 

at the 

stronger 

the S&P 

end of 2010. 

core 

500 

countries 

finished Source: Bloomberg & Factset. Returns are local 

to grow, albeit quite slowly; and the Chinese economy 

On performance 1.5% p.a. fund of management our equity based charges. investment The figures funds, given with 

the down on year their some back original 6% where and investment it struggling August started at while and to the make another end Eurostoxx of ends 2010. 2.5% meet 50 On in currency and for prices indices. 

will average of probably Germany they do are quite and up by well, France, somewhere assuming whose in politicians the economies region don’t of do are our are 

* Performance 

estimates managed fund only 

is quoted increasing are 

gross 

not by a 

of 

reliable approx. taxation 

guide 55%* and 

to since net 

the 

of that 

fell suggests September, average by almost they a lot leading 18%*. more are up effort Despite to by a and somewhere loss the political of US around losing will the is 9% its needed region coveted for the tof 

** Source: www.newireland.ie Performance is quoted 

anything 12%*. performing crazy. strongly, Against and this the backdrop, weaker peripheral global market performance 

1.5% p.a. bottom. fund 

of your There management 

investment. is still ground charges. 

Past to performance be The made figures up 

make 

is but 

AAA quarter 12%*. status, the (figures eurozone 10 year quoted work. US treasuries gross of tax were and one charges). of the best Not gross of tax and charges. 

corporations countries who should continue continue to struggle. to make This steady disparity profits. will this Source: not 

given 

a does reliable 

are New estimates 

show Ireland. guide the to 

only 

future power 

and 

performance. 

of 

are 

the 

not 

market 

a reliable 

to 

guide 

performing 

resolve 

only was the assets scale of of the year, loss troublesome as strong demand for investors led The 2. Those who invested between January 2005 and 

to the performance of your investment. Past 

yields Despite likely extent result 

July 

2. Those the 

2008 

who difficulties, in further 

and remain 

invested the interest 

invested: 

between global rate economy hikes as 

January continues the ECB 

2005 and to serious issues given the time. The key for us at times 

but the falling 

to 

manner from 

which 

3.3% 

economic 

of the to loss 1.9% too over 

growth 

– 12 markets months*. 

and corporate 

regularly performance is not a reliable guide to future 

profitability perform keeps its 

These 

July 2008 well eye is reflected 

investors 

and and on inflation. 

remain the corporate stock market 

are still 

invested: sector growth remains depends, low in such 

currently down on their 

performance. 

as these is to maintain our focus on the longer term 

oscillated between strong growth in the morning and big 

to I debt 

investments. 

These 

think a large and it 

investors 

is extent, quite worth profitable. on drawing 

The worst 

are 

whether 

affected 

still 

attention Most investors 

currently metrics remain the 

were those 

down suggest performance sanguine 

who 

on stock their picture. 

markets The 

losses 

US economy 

the afternoon; 

invested 

investments. are around continues 

or 

in May 

The “fair 

07 and 

worst value”, to 

vice 

be 

versa, 

they 

affected but quite with resilient 

depending 

are currently 

were plenty 

down 

those of and overand 

whether 

we 

on 

or of our scared medium at risk the funds risks during play; this period in the where current they 

by 

who 

behaved 

around 

invested under-valued now 

the exactly 

20%*. 

in 

seen 

latest May companies 

On average 

07 

as 8 

news 

continuous 

was coming 

and 

we would 

those 

they the are 

have quarters 

from 

mix. 

who 

currently 

liked of them invested in 

down 

positive 

US, 

environment, greed can turn to panic in a matter of to * Source: Moneymate. Performance of the Pension Managed 

this 

by 

behave. economic 

Europe or Asia. 

days. 

period 

around 

are 

20%*. 

In growth. particular, 

down 

On 

approximately 

average This the has BNY 

those supported Mellon 

10%*. 

who invested 

Global US markets Fund from 10 

in 

Real 

this 

th March 2009 to 30 th June 2011 is quoted gross 

Return Outlook though period are 

fund concerns down 

produced 

approximately still remain a positive over 10%*. how performance the economy during will of tax and fund management James charges. Skehan, 

2011 Outlook 

The react credit of when 2.3%** crisis the with started stimulus Elements in the measures commercial falling by are just sector removed. 0.9%**. 

Pension Sales Manager, 

with 

This sub-prime 

3. Many Those of the who key invested influencers since of July market 2008 returns and remain over the 

New Ireland 

Concerns 

is remarkable 

invested: 3. Those who continue mortgages performance 

invested to and grow since 

a about collapsing given 

July China’s 

the 

2008 

banking year 

economy and 

system. that we 

remain as 

had. It 

next 

has The few 

now average months 

largely 

will managed shifted 

be political. fund to the fell Unfortunately, 

sovereign by some 2.5%**. sphere 

as we 

– 

Again, inflation invested: 

corporate have seen all becomes of debt so these often 

a 

is pretty investors bigger the 

and 

low, past are bigger 

government up and on to their issue. 

such debt investments. This 

extremes 

looks 

is pretty 

In likely Again, fact to those result all who of in higher these invested interest investors after rates March are which 2009 up will did on dampen very their 

enormous. recently, markets Risks tend remain to expect high action in many much areas. faster 

well investments. indeed. In fact those who invested after March 

Quantitative economic 

than politicians 

activity. easing can 

Recently, 

deliver (Governments it. 

China 

Solving printing once 

the money) current 

again 

cannot displayed 2009 Warning: did 

continue 

very Past 

the well sheer forever, 

indeed. performance is not a reliable guide to future performance. 

Greek crisis (“solving” 

scale 

really nor of can its 

means the capabilities current stopping low in opening interest it from 

the 

spreading 

Jiaozhou 

to 

bay 

other 

bridge, 

countries; 

the worlds 

Greece 

longest 

itself is 

cross 

in for 

sea 

a 

bridge 

couple 

which 

of very 

is 

tough 

a staggering 

decades) 

26 

is 

miles 

likely 

long. 

to take many

KEY METRICS 

KEY MACRO FACTORS INFLUENCING FUND PERFORMANCE IN QUARTER 1 

Numerous economic factors may create either a positive or negative impact on the performance of investment funds and 

specific asset classes over time. We have captured below a number of key metrics, some of which will have had an 

influence on New Ireland's Investment funds over the past number of months. 

Interest Rates* 

Current rate as at 

31 March 2012 

31 December 2011 31 March 2011 

EUR 1 1 1 

GBP 0.5 0.5 0.5 

USD 0.25 0.25 0.25 

Source: Bloomberg & Factset 

Stock Markets** 

As at 31 March 2012 1 Month change QTD change 12 Months change 

S&P 500 1408.47 2.58 10.71 5.87 

Nasdaq 100 2755.27 4.42 17.33 15.11 

FTSE 100 5768.45 -2.76 3.40 -2.43 

Eurostoxx 50 2474.79 -1.88 7.07 -18.22 

Topix 854.35 1.86 14.72 -1.76 

ISEQ 3254.81 2.26 10.85 11.68 

Source: Bloomberg & Factset. Price Return in Local Currency of each Index 

Exchange Rate Movements** 


EUR/ GBP 0.8335 -1.69 -0.22 -6.22 

EUR/ USD 1.3317 -0.80 2.52 -6.56 

GBP/ USD 1.1998 1.66 0.22 5.86 

EUR/JPY 109.5906 1.38 8.86 -7.32 


Commodities** 


Brent Crude Index ($) 123.67 -0.48 12.98 6.88 

Gold USD/oz 1668.35 -6.95 6.27 14.15 


10 Year Government Bond Yields 

Current Yield As at 

31 March 2012 

31 December 2011 31 March 2011 

US 2.21 1.88 3.47 

UK 2.20 1.98 3.69 

Germany 1.79 1.83 3.35 

China 3.52 3.44 3.91 


* Interest rates quoted are the ECB main refinance rate, UK Bank of England official bank rate and the Fed funds target rate. 

** Note: Figures are based on movements from 01 March 2012 to 31 March 2012, from 01 January 2012 to 31 March 2012 and 01 April 2011 to 31 March 2012. 

3

OUR INVESTMENT PARTNERS 

About New Ireland 

Established in 1918, New Ireland Assurance was the 

first wholly Irish owned life assurance company to 

transact business in the country. A wholly owned 

subsidiary of Bank of Ireland since 1997, New Ireland 

is one of Ireland's largest life assurers, providing a 

comprehensive range of investment, protection, 

savings and pensions products. 

New Ireland has evolved and grown over what is 

nearly a century of business to ensure that our clients' 

changing needs are always met through a quality, 

professional service. Headquartered in Dublin, New 

Ireland Assurance employs over 1,000 people 

throughout Ireland. 

Since its launch in 2001 and in conjunction with our 

investment partners, we have won 17 of MoneyMate's 

Investment Fund Awards. 

In today's investment market investors have many 

different needs and wants. To ensure that we can 

meet this array of needs we have chosen a range of 

investment partners that combine different strengths 

which present a robust investment offering such as a 

choice of investment styles, from active to passive 

investing across asset classes, countries and sections. 

These partners include: State Street Global Advisors 

(SSgA), Bloxham, Kleinwort Benson Investors and 

BNY Mellon Asset Management. 

State Street Global Advisors 

State Street Global Advisors (SSgA), the asset 

management business of State Street Corporation, 

established its 10th investment centre, State Street 

Global Advisors Ireland Limited, with the acquisition of 

Bank of Ireland Asset Management in January 2011. 

State Street Global Advisors is a global leader in asset 

management relied on by sophisticated investors 

worldwide for their disciplined investment process, 

powerful global investment platform and access to 

every major asset class, capitalization range and style. 

SSgA is the asset management business of State 

Street, one of the world's leading providers of financial 

services to institutional investors. 

Bloxham 

Bloxham is an independent financial services provider 

that has been operating in Ireland for over 100 years. 

Bloxham's Wealth Management division was set up in 

2000, and aims to add value for investors through 

objective analysis and innovative strategic thought. 

Bloxham manages a number of funds available to New 

Ireland including Trilogy II, Discovery, Bloxham High 

Yield Fund and Bloxham Geared High Yield Fund. 

Kleinwort Benson Investors 

Kleinwort Benson Investors (formerly KBC Asset 

Management) is known for developing and managing a 

diversified range of unique investment products for both 

Irish and international clients. The company has a 

global client base with clients located in Ireland, US, 

Canada, UK, Japan, Korea, and Taiwan. The company 

is part of the RHJI Group and is a sister company of 

Kleinwort Benson, the UK financial services institution 

with roots dating back to the 1850s. RHJI is publicly 

listed on the Brussels Euronext stock exchange and 

has offices in Tokyo, Brussels, Zurich, London and New 

York. 

BNY Mellon Asset Management 

BNY Mellon Asset Management is a global investment 

leader. The company operates a multi-boutique model 

with a number of expert boutique investment managers. 

This allows BNY Mellon to benefit from international 

scale yet harness the skill of world-class specialists, 

including for example, Newton Investment 

Management. Each investment manager employs their 

own unique investment philosophy and proprietary 

investment management process and each are leaders 

in their field. The BNY Mellon structure provides these 

boutique investment managers with access to the 

resources and financial backing of a global investment 

firm. This allows them to stay ahead of market trends 

and to be at the forefront of investment management. 

BNY Mellon Asset Management is represented 

internationally with offices based in major financial 

centres throughout the globe. 

4

HIGHLIGHTED FUND FOR QUARTER 1 - 

ELEMENTS (PENSION) – 2 YEARS ON 

“We Elements define recently risk as passed losing its money second for birthday our clients” having Mr By Continuous default, development a passive or and consensus refinement type of the offering Elements will 

With James 

achieved over Harries, 

a €65m very 

Fund 

solid invested Manager, 

return in for just BNY 

investors. over Mellon. 6 Up months, to the end our period subsequently 

portfolio has - already including 

hold increased a 

the 

similar 

addition as weighting. early of growth some 

However in new the asset fund with 

Protected We have recently Assets Fund launched is one a new of the fund fastest in conjunction growing has financial seen stocks the protection leading level the rise decline to 95.3% in global (as of equities June 

2011 of March clearly 2012, illustrated the fund again, returned just in how excess volatile of +10.6%* markets 

• classes If equity e.g. markets Emerging fall Markets in value equity then typically with dividend the value bias 

funds in the Irish market. Uncertainty in the global 6during Spotlight As 

with 

pension 

Bloxham, 

offers investors 

the 

investors 

Bloxham 

get close access to 

Defensive 

their to retirement SSgA 

High 

Ireland’s date, 

Yield 

th )*. of The the 

put result month 

options of of this August 

rise. early Hence, 

2011, growth our 

if is BNY that markets between Mellon 

were 

Global now 

can cumulatively be over since the inception. short term, and how traditional 

to 

Participate in any market recovery - many of the 

economic it is very important recovery that is clearly they protect coming the through fund that in they stock and 

Real 

and Emerging 

leading 

Fund. 

existing 

experience the 

Return 

year protected end 

Fund 

Markets 

significant the 

had 

solutions most 

no 

debt 

the falls exposure 

- help to 

available fund in value, can 

to 

further 

today fall 

this then (from 

sector 

diversify 

run 

the 

the its profits 

risk price 

the 

the 

managed portfolio funds, of while stock providing ideas and solid reflects diversification the stock for market fund and 

market have built volatility up over over time, the to past safeguard few months the pension with investors that on of clients June on the during to reduce 

6th) missing 

put no options this the period dependence 

longer out would 10% market but help (Source: on traditional 

recoveries in fact off set BNY 

just some Mellon, asset 

4.7%. due to 

of 

the 

the 

picking clients, Who might still skills do Elements not of a allow be 

select fund suitable 

team managers for? 

of analysts. the scope As be a December classes. 

remaining can The be current bought very volatility cautious retirement. of share in their Typically, prices approach is this making to involves investing, clients bulk losses 2011). 

of clients' within The 

money the decision 

actually fund (N.B. of the 

being this fund 

in cash fund manager 

in order does to 

not 

concentrated 

able Investors manage are rational 

reducing the 

fund 

short – 

exposure 

– it 

term they 

typically 

volatility expect 

of an investment 

holds 

or additional 

between 

market risk. reward 

to equities. 

15 and 

With 

demanding greater downside risk protection. 

The 

to hold 

reluctant to invest. This new fund aims to provide protect provide result 

any 

values of capital financial 

all in of a these protection). stocks 

falling key market. points 

came from 

This that 

their 

simply the 

belief 

Protected 

that 

volatility return for likely additional to be here risk to stay and over also the recognise coming years, the 

can not 

40 While stocks equities – is offer a pure the and greatest honed long expression term potential, of SSgA happen 

the Why downside Elements 

in the 

risks different 

Protected 

of holding - managing 

Assets 

financials market 

Fund. The 

outweighed risk 

Fund has 

the 

clients importance opportunity continue to of share patience. to in market demand However, returns much not but everyone greater without has all risk of a Assets Fund provides your clients with: 

Ireland’s over the value short term philosophy they can of investing experience high significant quality been potential Elements aims 

designed gain, to 

so again maximise 

that exposure highlighting return subject 

to equities how to active a risk limit 

can rise risk 

Protected management 

businesses fluctuations 

long the risks. time horizon Assets of their Fund 

which in price 

and investments. some is a unique 

SSgA which 

investors offering, 

Ireland is believe not suitable 

are simply unlike 

trade cheap for 

more any 

an to quickly It management of is 9% important per 

once 

annum. 

markets is to at note the To that stabilise. very put the core this amount of in every context, of decision insurance a broad made that all 

other protected fund in the Irish market today. We have • A passive investment approach 

their 

investor cautious 

fair value. 

close by nature, to retirement. especially in today’s world. can within equity 

all learned from the past that funds offering protection in • 

be fund this 

Benefit 

purchased would fund, typically 

of dividends 

will and depend no have constraint a 

by linking 

upon risk of the between of 

to total 

amount relative 17% 

return 

of 

When • we Returns launched - continues our BNY Mellon the successful Global Real strategy Return 

Elements may be a solution for these investors as of it 

Unlimited income benchmarking! 

and 20% 

indices that per 

growth the annum. fund potential 

This can risk 

- generate there 

limit 

are 

obliges from no limits 

the selling manager 

or any 

a Fund volatile in March high market yield 2010 typically equity we wanted investing have to to move bring an a large international 

call 

The Our aims new fund to actively Protected not constrained manage Assets investment Fund by its provides benchmark risk by amount 

a limiting new (the restrictions the upside growth potential for clients of 

of 

fund 

MSCI option clients’ • manager Risk 

World for money reduction to 

pension into 

the Irish 

Index) investors safe – risk market 

assets management 

and simply as such 

with a 

selects they as 

proven 

approach cash strategy with 

track to 

options. to pay • attention A Hence dynamic to the market investment level developments of protection strategy, will and with vary sell explicit riskier on a 

a 

record 

exposure 

in 

to 

reduce absolute 

riskier assets. 

Overall the strategy of the fund is structured such that the 

the return risk that investing, comes with from a investing the clear most and in 

the quarter assets Protected by downside if and quarter Assets when protection basis. necessary. Fund. Decisions Some on selling investors call options take a 

large 

compelling 

retirement, number one of 

stock 

that these 

ideas 

can funds 

regardless 

offer becoming the growth ‘cash 

of geography 

potential locked’. of 

manager maintains a core of return seeking assets, 

transparent equities. investment The fund offering may for your forego clients. some of the or and long • buying term No risk (strategic) put of options being approach cash will be locked at which the and discretion precluded indifferent of from the to 

This equities A review effectively while of the explicitly last meant 2 years managing that clients market had risk: little or no 

which is then supplemented with a range of hedging or 

industry. upside For example, returns in if contrast markets to rally its benchmark, strongly, but the the The fund Protected any Assets recovery fund is after an ideal a period solution, of decline 

risk 

short manager. reduction 

term market 

assets 

moves. 

that they 

But 

can 

for 

use 

those 

to offset 

whether investors 

prospect of getting back into equities subsequently 

fund 

For Elements’ traditional 

currently fund first is benchmarked 2 

holds expected years were 

no utility to outperform investment marked by 

stocks. In if funds, 

a markets major 

similar 

the bouts fall. vein, 

fund of 

the 

looking • No for cap a single on upside investment growth or for a fund to act as 

volatility concerned or risk with within short the term core. market risk, Elements goes a 

managers becoming Growth volatility in - are precluded growth investment motivated potential from markets. to any compete for upturn clients Notable against or causes recovery the either Fund were an in part of an overall portfolio. This truly unique new fund 

the 

comes 

fund’s 

from 

exposure 

exposure 

to 

to five 

Hong 

mainstream 

Kong-listed 

global 

stocks 

stock 

is Summary step • further Return by keeping linked an to eye the on more performance immediate of term 5 

index markets. the 1. Stock Japanese or indeed selection earthquake, each process other. tsunami As a result, and at the times resulting fund can act as mainstream the foundation global or stock-market core part of indices. any pension or 

driven market by indices*, the cheap namely quality Eurostoxx stocks 50 we (50%), find there S&P 500 and So 

investment 

(tactical) how has developments all of this theory 

portfolio. 

and responding worked reality? appropriately Over the in 

managers nuclear incident, may lose the sight loss of whether its triple an A status investment by the is The 

not (25%), Protected by FTSE its weight 100 Assets (10%), in Fund the Nikkei is benchmark linked 225 to (10%) the – performance 

incidentally and MSCI 

calendar 

The 

an attempt 

issues year facing 

Protected 

to of 

Assets 

dampen 2011 many the 

Fund 

the 

investors fund 

is 

impact produced are 

available 

of 

to 

across 

extreme a try positive to achieve 

the 

market return 

attractive New 

Spotlight’s Emerging 

USA, The fund a slowdown in invests valuation in 

recent Markets 

in around terms 

exposure (5%). 

growth as 40-45 they 

The 

within large focus Hong Fund 

major global upon 

Kong aims 

developed relative stocks 

stocks take 

reasonable of 

of five mainstream global stock market indices, namely was Ireland * 

moves. 2%* with 

The indices product 

Facilitating 

returns a volatility whilst 

and platform relative 

this of 

and exposure 

active 

at 6.2%*. the 

suitable 

response 

same This compares time 

to for each both index single 

to 

reducing 

market very 

and cand 

almost 

advantage economies which not pay absolute out and higher valuation! 

double 

of the than 

its exposure 

both ongoing average Clients dividend yields. The 

the 

to Swiss 

growth crisis are in no 

stocks. 

and the longer 

income eurozone. willing unnecessary favourably risk within portfolios. We believe that Eurostoxx be varied at any time. 

opportunities fund accept seeks a 50 claim out (50%), offered 

of stocks outperformance S&P from which 500 exposure (25%), are by FTSE in only 

to a being 

company 100 position (10%), down 

regular 

developments 

with 

premium 

is 

the 

products. 

important 

Consensus 

The 

– hence 

fund, 

fund is 

the 

a fair 

daily 

focus 

proxy 

priced 

on 

for 

liquid 

the 

Against this volatile background, Elements sought to new average Bloxham managed Defensive fund, which High produced Yield Fund a negative will with help -2.7 

Nikkei 18% shares progressively in 225 value by including (10%) when grow and the their market MSCI benefits dividends Emerging is down from over 20%! dividends. Markets the medium (5%). The n 

investments 

o minimum lock 

and 

in 

the 

period, 

capacity 

and offers 

to 

a 

make 

unique 

agile 

solution 

and 

The protect fund investor manager capital achieves from this the portfolio worst positioning declines and by in %* vestors over the achieve same this period aim with on a medium volatility term of 10.2%*. basis. Since 

The importance term. percentage Dividends of can exposure dividends be an indicated important should was source never at of time return be 

to ** meaningful For act as the the Protected asset 

foundation 

allocation Assets or core 

changes. Fund, part the of 

The Governor any 

fund’s 

pension and asset 

The 

or 

working The importantly 

underestimated. BNY closely Mellon allowed with Global Dividend the them Real research to Return benefit 

payments team Fund during distilling benchmark periods 

can a list of ninception ew fund in could March be 2010 used the as fund the has core produced component a return 

ais 

of a 

Company of the Bank of Ireland is the current provider 

launch from investing and this in equities. can vary. For The example, fund between aims to 1950 take investment portfolio. Full details of the Protected Assets 

of significant thoroughly contributor researched to investors' investment long ideas term returns. into a of diversified 

of allocation 11.67%* is 

the protection portfolio 

versus driven Consensus by valuation 

to New offering Ireland. investors 

return and risk, of 

New Ireland exposure 

4.16%*, it is therefore 

will to 

with 

pass high 

a 

to recovery. achieve an absolute return of 4% above cash 

advantage and 2010, of dividend both the income growth accounted and income for opportunities 

44% of the Fund little unconcerned over 

portfolio of high conviction stocks offering an attractive on quality the 

are 

full global available half by the peer volatility. 

value equities. of the 

from 

group 

amounts 

your 

positioning. 

More Broker 

it information receives 

Consultant 

from about Bank 

or in 

of 

the 

(Euribor) over 3 to 5 year rolling periods. It aims to 

the 

offered total return from these of indices S&P500 which * . Another are total advantage return indices of fund Ireland brochure to investors. available If for on www.newireland.ie 

any reason Bank of Ireland 

risk-reward achieve The nimbleness this 

Managing market profile. by investing of the fund 

risk The - fund in served a 

a two manager wide to range protect 

pronged therefore of investors’ assets 

approachdraws 

such Bloxham The In turbulent BNY Defensive Mellon periods Global High the formal Real Yield Return risk Fund management can fund be truly found offers in very you the 

or investing equivalent in high and yielding therefore stocks include is that, the typically, benefit these of cannot meet its obligations, investors could lose some 

firstly 

as capital 

1. Dynamic 

shares, as the 

on the 

government asset mix in 

investment depth and 

and breadth management 

corporate fund was changed 

of experience 

bonds, 

strategy 

alternative swiftly 

of SSgA - the fund brochure. 

dividends. all of their investment in this Fund. 

Ireland’s first tend level to out-perform of As 

research risk the management fund the broad based 

team and within index 

uses the on when 

his Fund passive markets 

experience, is similar equity are 

For 

and agile your 

the 

asset clients 

Protected 

allocation the opportunity 

Assets 

approach 

Fund, 

in of Elements market 

the Governor 

related works returns, well 

and 

to 

assets when necessary, such as using commodities the expertise and of a course specialist cash team and in 

but 

money investment, 

analysis 

to declining the market concept * . it does instruments. 

and judgement 

we not introduced involve As manager the 

in constructing 

with benchmark risk. 

Company 

protect with significantly the 

of the 

investor. reduced 

Bank of 

Indeed, risk. 

Ireland is 

Elements 

the current 

could 

provider 

be 

of 

a 

State Street Global Advisors Ireland Limited. our 

a 

hugely is an 

* Source: Bloxham 

absolute 

portfolio 

successful benchmark Secure Advantage rather than series relative of (which investments we have the 

suitable 

protection 

‘core’ 

and 

investment 

the return 

for 

to New 

investors 

Ireland. 

with 

New 

a medium 

*Source: MoneyMate. Performance of the BNY Ireland Mellon 

which Managing The • stocks aims 

Increase 

to market selected outperform 

client's risk: will the The exposure ensure market. 

**Call options: The buyer of a call option has the right (but is not obliged) 

been This ongoing used to active in the asset past) allocation it allows Protected the has broad to fund resulted 

stock diversification 

Assets manager markets 

in the Fund the will 

risk 

pass 

tolerance. 

on the full value of the amounts it receives from 

to Global buy an Real asset at Return a predetermined Fund series price on 6 or and before the a fixed New date Ireland in the 

freedom uses 

following both a terms dynamic during to distribution manage of times geography risk 

as the of at 

management fund stock the and end from market industry of both March 

strategy, stability a sectors. risk 2012: and - which to return gainis 

Bank future. Pension of Ireland Consensus to investors. Fund series If for any 6 from reason 1/1/2011 Bank of to 

Because 

prospective, from of its potential high-conviction positive market nature performance. the fund is 

based on a very without simple having concept; any concern about what Ireland 01/01/2012 cannot is quoted meet its gross obligations, of tax and investors fund management could lose 

suitable other 2. Using • managers Corporate Reduce to options investors are exposure Bonds doing. generate who Differently to stock have income markets also an 38.79% (to appropriate traditional purchase during some 

+Put charges. options: 

or all of 

The 

their 

owner 

investment 

of a put 

in 

option 

the fund. 

has the 

The 

right 

protection 

(but is not 

in 

investment managed 

• Government 

protection) 

Increase times funds, horizon of the uncertainty exposure 

and fund 

Bonds are can willing 

to use - to stock derivative limit to accept exposure 10.08% 

markets instruments the higher 

during from obliged) to sell an asset at a predetermined price on a fixed date in the 

the fund is before charges are deducted. 

level of risk times 

any that market 

of is stability associated falls. 

to gain with from this potential type of strategy. future. 

such 

• 

as 

Global 

put and 

Equities 

call options to further manage 

25.74% 

some positive of 

• Emerging Markets 7.62% 

As the The downside a Bloxham concentrated market risk performance 

Defensive of holding fund High the it may assets. Yield be Fund suited will to use a * Performance is quoted gross of tax and fund management charges. 

• Alternative Investments 9.29% 

core-satellite 2. options Explicit Reduce to downside generate approach exposure income protection where to stock for the investors markets fund. The during allocate fund times will a 

portion 

This 

• 

The sell 3 Protected strategy 

Property 

month of their uncertainty call 

effectively Assets assets options to to Fund limit an ** allows 

on active includes exposure some 

the 

higher of 

fund 

4.84% 

another from risk 

manager 

stocks any layer strategy market held ofto 

hold 

• 

while 

protection the 

Cash 

within retaining the falls assets 

fund. 

for clients. they 

This the bulk essentially 

By want using to hold, 

of their 

a 

exchanges 

protection rather 

3.64% 

than 

assets in 

policy, assets 

some a more of 

the 

the 

they Fund have provides to hold an explicit because promise of their that benchmark! in any calendar 2011 

moderate 

year, 

potential upside 

value 

risk strategy. 

With the fund now of 

in 

an 

the 

up investment 

share price 

and running to 

the 

generate 

since Fund September (before 

income. 

James Skehan, 

has Source: given SSgA us 31 a March number 2012 of prime examples of just where 

Pension Sales Manager, 

charges This income are deducted) will typically can be never used to fall buy below protection, 90% ofas 

The 2010, this simple 

its highest success this process point has 

value of this can huge 

in that approach be relevance. clearly seen Using 

calendar is evident to an be example working 

New Ireland 

described below. 

year**. This the 

exceptional effectively of the MSCI 

provides explicit 

with World 

performance the 

protection 

equity Index 

of exposure against which 

for the times Spotlight to 

of 

date many 

severe fund having passive 

over market 

been the 

three as 

and 

disruption. 3. low 

indeed 

Focus years as 45% 

active 

on to added and 

funds 

the as end protection high 

are 

of as 

benchmarked, 

February 90%. 

this index at 

Warning: The value of your 

the end of August 2011 held just under 2011. investment 

24% The weighting fund may go down as well as up. 

outperformed Warning: the benchmark If you invest by 22.08% in this en fund route you to could a lose some of all of the money you invest. 

Explicit to financial downside stocks. protection: The Protected Assets 

cumulative The fund aims return Warning: to of use 31.2%* Past the performance in income the three-year it generates is not period. a reliable from guide to future performance. 

Fund selling includes call options Warning: another to This buy vital insurance fund layer may of protection be against affected significant for by your changes in currency exchange rates. 

* clients, market Performance with falls Warning: 

i.e. explicit is to quoted buy promise 

The value 

put gross options that 

of 

of before 

your investment 

taxation + 

some charges, and of fund the 

may go down as well as up. 

the 

management fund major cannot 

Warning: 

stock market fall charges. below 

Past 

indices: 90% 

performance 

of its highest 

is 

value 

not a 

in 

reliable 

any 

guide to future performance. 

*Source: 

calendar year. 

Warning: MoneyMate. 

In practice 

This 

the 

fund Performance 

protection 

may be of Elements 

level 

affected S6 

for this 

by from changes 18/02/10 to in 02/04/12 currency is quoted exchange gross of rates. tax and charges. 

5

INVESTMENT RISK FACED BY PENSION INVESTORS 

Risk to Capital Value 

This is the risk most familiar to investors and the one on which most investors focus - the risk that the value of their 

investment will fall. This risk is of particular importance to investors with a short time horizon - e.g. one or two years - as 

they are most likely to be affected by a fall in capital values. For longer-term investors, the risk to the value of their capital is 

reduced as investment returns in the long run are more likely to be positive. For long term investors other risks become 

significantly more important, especially inflation risk. 

Inflation Risk 

This is perhaps the most important risk facing medium to long-term investors but one that is often overlooked in favour of 

the more obvious Capital Value risk, outlined above. The inflation risk relates to purchasing power. If your investments are 

earning a return of, say, 2% p.a. but prices are rising at 5% p.a., you are actually losing purchasing power at the rate of 

approximately 3% p.a. - even though the value of your fund is rising, prices are rising even faster so with every year that 

goes by, your money is able to buy you less and less. 

Annuity Rate Risk 

This risk is somewhat specific to pension investors. When you come to retire, a substantial portion of your accumulated 

fund may be used to purchase a pension. The amount of pension you can purchase depends on annuity rates at the time 

you retire and these can be somewhat volatile. The main factor leading to this volatility is long-term interest rates - if longterm 

interest rates fall, the cost of purchasing a pension can increase and vice versa. If the cost of purchasing a pension 

increases immediately before retirement, you may not be able to afford as much of a pension as you had hoped. Note that 

this risk is typically not relevant to money which will be invested in ARFs or taken as tax-free cash at retirement. 

Risk Trade-offs 

Unfortunately there is no one investment that protects you from all these risks - it's a question of finding the right balance, 

depending on your investment needs. The following table summarises how each investment type protects against each 

risk: 

Asset Type Capital Risk Inflation Risk Annuity Rate Risk 

Cash Maximum protection Little or no protection No protection against 

movements in long-term interest 

rates 

Equities No protection Good protection over the long 

term 

Fixed interest 

Some protection over the long 

term 

No protection 

No protection against 

movements in long-term interest 

rates 

With the right type of bonds, 

maximum protection 

For more information on risk and the different level of risks faced by investors, you can log on to the Financial Regulators 

website - www.itsyourmoney.ie. 

Catering for many kinds of investors' risk appetite 

At New Ireland we classify our wide range of funds into 6 different risk categories - Low to Very High Risk and Lifestyle - to 

help you understand the risks to capital associated with each of these funds. These categories are explained in more detail 

on the next page: 

Warning: Past performance is not a reliable guide to future performance. 

Warning: The value of your investment may go down as well as up. 

Warning: These funds may be affected by changes in currency exchange rates. 

Warning: If you invest in this product you may lose some or all of the money that you invest. 

6

INVESTMENT RISK FACED BY PENSION INVESTORS 

Lifestyle 

• Lifestyle funds follow investment strategies designed to meet the needs of investors saving for retirement 

• They are specifically aimed at investors who will be using the majority of their fund to buy an annuity, i.e. a regular pension 

payment, at their retirement date. Depending on your term to retirement, the Lifestyle fund for you may invest heavily in: 

- stocks and shares, property and other growth assets 

- OR long-dated government bonds 

- OR a mixture of both these asset types plus cash 

• Typically lifestyle funds start with most of their money in equities and switch to long-dated bonds and cash closer to retirement. 

Lifestyle funds can be quite volatile, i.e. their value can fluctuate significantly. It is important that you discuss your retirement plans 

with your financial advisor to help select the fund that suits you best. Note that Lifestyle funds may not be suitable for pension 

investors who intend investing in an Approved Retirement Fund (ARF), particularly if they are within 5 years of retirement 

Low Risk 

• Low risk investments aim to provide a return in line with, or slightly better than deposits 

• Low risk investments involve very little risk to investors' capital, provided certain conditions are met such as remaining invested for 

a specific period of time 

• Typically investments in this category will promise that the investor will get back a minimum of 100% of their capital at some point, 

e.g. in 5 years time 

• However investors may get back less than they originally invested if they access their investment at any other time 

Medium Risk 

• Medium risk investments offer the potential for returns in excess of deposits but do not promise a minimum return at any time 

• Medium risk investments tend to invest in a range of assets, which would normally include lower risk assets such as government 

bonds and investment grade corporate bonds 

• However, they can also invest in other assets such as equities, property and alternatives (e.g. commodities). At times these 

investments may be a significant portion of the fund. 

• Investors' capital is less exposed to market fluctuations than most other investments but investors may get back less than they 

originally invested 

Medium to High Risk 

• Medium to High risk funds aim to generate a return higher than deposits and inflation 

• Medium to High risk funds typically invest significant portions in assets such as equities, property and alternatives (e.g. 

commodities). They usually hold smaller amounts in lower risk assets such as government bonds and investment grade corporate 

bonds. 

• Within these asset classes, risk can be reduced by investing across sectors and geographic regions 

• Investors' capital is not secure and can fluctuate, sometimes significantly and investors may get back less than they originally 

invested 

High Risk 

• The potential return from high risk investments is much higher than deposits and inflation 

• High risk funds focus on maximising the potential return to investors, rather than minimising risks 

• Some high risk funds may consist almost entirely of one asset class based for example in one geographic region or in one sector 

• Investors' capital is not secure, may fluctuate significantly and investors may get back less than they originally invested 

Very High Risk 

• Very High risk funds aim to generate exceptional returns for investors, but involve a significant level of risk 

• This may include using bank borrowings to "leverage" returns 

• In a worst case scenario, investors in a very high risk fund could lose all of their original investment 





7

Image description. 

IRIS - INDIVIDUAL RETIREMENT INVESTMENT 

STRATEGY 

Managed By SSgA 

One of the most important factors influencing a successful 

investment strategy for a pension plan is the length of time 

until retirement. Investment strategies for individuals with a 

long time to go until they reach retirement will differ from 

those approaching retirement sooner. 

IRIS consists of a series of different investment funds, 

allowing us to group together investors with similar terms 

until their expected retirement date. The investment 

strategy of the funds is designed with term to retirement in 

mind. So, for example, if you are expecting to retire in the 

year 2018, your contributions would be invested in the IRIS 

Fund 2018-2019, which only contains investors with a 

similar term to retirement as yourself. 

You remain invested in one IRIS fund, which gradually 

changes its asset mix as your retirement date approaches 

in order to protect your retirement benefits. Where the term 

is greater than 10/12 years there is a significant equity 

weighting - typically 85%. As the term to retirement 

shortens the equity content is reduced and the fixed 

interest and cash content increases. This means that you 

will be investing in a fund with investors who have similar 

investment requirements to you. 

Probably the most clever thing about IRIS is that it takes the 

hard work out of pensions investing. By simply choosing a 

year of retirement, IRIS will then look after the asset mix to 

ensure that your pension fund is invested in assets that 

match your personal needs. 

There is one other decision that you will need to make, and 

that is whether to utilise the experience of a leading fund 

manager, or instead to choose to follow a consensus 

strategy. 

The options available to you, IRIS Retirement Fund and 

Consensus IRIS, are outlined over the next two pages. 

It should however be noted that these funds may not be 

suitable in all circumstances particularly if you qualify for and 

intend to avail of the Approved Retirement Fund (ARF) 

option at retirement. 

Progression of IRIS Fund Asset Split 

Stacked Y scale titled Bar chart Scale with label. 4 groups and 4 items per group. 

Group 1, 1, Cash Retirement value of Fund 0.6% 2024 which Onwards, is 1% of Total Retirement value Fund of 100%. 

2, Fixed Interest value of 4% which is 4% of 2024 Fund Onwards. 

3, Equities of 91.7% is 92% of Retirement Fund 2024 2024 Onwards. 

Item Group 4, 2, Property Retirement value Fund of 3.7% 2018-2019, which is Total 4% of value Retirement of 100%. Fund 2024 Onwards. 

1, 2, Cash Fixed value Interest of value 2% which of 16.4% is 2% which of Retirement is 16% of Fund Retirement 2018-2019. 

3, Equities of 76.3% is 76% of Retirement Fund Fund 2018-2019. 2018-2019. 

Item Group 4, 3, Property Retirement value Fund of 5.3% 2014-2015, which is Total 5% of value Retirement of 100%. Fund 2018-2019. 

1, 2, Cash Fixed value Interest of value 14.8% of which 50.8% is which 15% of is Retirement 51% of Retirement Fund 2014-2015. 

3, Equities of 32.3% is 32% of Retirement Fund Fund 2014-2015. 2014-2015. 

Item 4, 100% 

Group 4, Property Retirement value Fund of 2.1% 2010-2011, which is Total 2% of value Retirement of 100%. Fund 2014-2015. 

1, 2, Cash Fixed value Interest of value 24.2% of which 75.8% is which 24% of is Retirement 76% of Retirement Fund 2010-2011. 

3, Equities of No is of Fund 2010-2011. 

Item 4, Property value of No data which is 0% of Retirement Fund 2010-2011. 

End of image description. 

80% 

Cash 

60% 

Fixed 

Interest 

40% 

Equities 

20% 

Property 

0% 

Retirement Fund 2024 

Onwards 

Retirement Fund 2018- 

2019 


2015 


2011 

Suitable for Lifestyle Investors - Logon to www.newireland.ie for the most recent fund information 





Note: Figures as at 31 March 2012. Performance is quoted gross of taxation and fund management charge. Past performance is not a reliable guide to 

future performance. The value of your investment may go down as well as up. 

8

RETIREMENT FUNDS (IRIS) 


Active management means that State Street Global 

Advisors (SSgA) will decide which geographical regions to 

invest in, and also the specific assets within those regions 

that the fund should hold. 

They will also decide the relative levels of the various assets 

classes, while keeping within the parameters of the IRIS 

strategy. 

IRIS Retirement Fund Asset Splits as at 31 March 2012 

Equities % Property % Fixed Interest % Cash % 

Retirement Fund 2010-2011 0 0 76 24 







Retirement Fund 2024 Onwards 91 4 4 1 

IRIS Retirement Fund Performance Figures as at 1 April 2012 

Over last 

month % 

Over last 3 

months % 

1 Year % 3 Years % 

p.a. 

5 Years % 

p.a. 

10 Years % 

p.a. 

Retirement Fund 2010-2011 -0.1 3.1 8.5 4.6 0.9 3.2 

Retirement Fund 2012-2013 -0.1 3.0 7.0 8.5 -1.6 2.1 

Retirement Fund 2014-2015 0.3 5.3 6.3 12.4 -3.1 1.5 





Retirement Fund 2024 Onwards 0.9 10.1 5.6 16.9 -3.7 1.2 

Suitable for Lifestyle Investors - logon to www.newireland.ie for the most recent fund information 





Note: Performance is based on the price calculated for 01 April 2012, which is calculated using close of market prices from the previous working day. 

Source: MoneyMate. Performance is quoted gross of taxation and fund management charge. Past performance is not a reliable guide to future 

performance. The value of your investment may go down as well as up. 

9

CONSENSUS IRIS 


Consensus IRIS gives you access to all of the benefits of 

the IRIS approach, but without any of the perceived risks of 

choosing a single investment manager. While following the 

IRIS strategy of tailoring the asset mix to reflect the length 

of time until a member retires, Consensus IRIS differs from 

the actively managed approach by basing its choice of 

underlying assets on the average choices of all the 

Pension Fund Managers in the Irish market. 

The relative weightings of the various asset classes is also 

based on the views of the average fund manager in the Irish 

market, while keeping within the parameters of the IRIS 

strategy. Consensus IRIS is available to Group Pensions 

Investors and for New Business Individual Pensions 

Investors. 

Consensus IRIS Asset Splits as at 31 March 2012 

Equities % Property % Fixed Interest % Cash % 

Consensus IRIS 2010-2011 0 0 76 24 







Consensus IRIS 2024 Onwards 90 3 5 2 

Consensus IRIS Performance Figures as at 1 April 2012 

Over last 

month % 

Over last 

3 months 

% 

Year to 

Date % 

1 Year % 3 Years % 

p.a. 

5 Years % 

p.a. 

Consensus IRIS 2010-2011 -0.4 2.7 2.7 7.6 4.3 0.6 - 

Consensus IRIS 2012-2013 -0.3 2.8 2.8 6.3 8.3 -1.7 - 

Consensus IRIS 2014-2015 0.2 4.9 4.9 5.6 12.4 -2.8 - 





Consensus IRIS 2024 Onwards 1.0 8.7 8.7 5.6 17.9 -3.2 - 

10 Years 

% p.a. 

Suitable for Lifestyle Investors - logon to www.newireland.ie for the most recent fund information 





Note: Performance is based on the price calculated for 01 April 2012, which is calculated using close of market prices from the previous working day. 

Source: MoneyMate. Performance is quoted gross of taxation and fund management charge. Past performance is not a reliable guide to future 


10


PENSION INDEXED EUROZONE LONG BOND 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 

Total Fund Size 

To match the cost (approx.) of buying a pension annuity by investing in Eurozone 

Government long-dated bonds 

Passively Managed 

Bonds 

State Street Global Advisors Ireland Limited 

€7.7m 

Performance to 01 April 2012 

1 Month -0.4% 

3 Months 3.6% 

1 Year 9.8% 

3 Years 4.6% p.a. 

5 Years 4.2% p.a. 

10 Years - 

5 Year graph Performance with 1 line to and 01 1828 April 2012 

Line 1, Pen Indexed Eurozone Long points. 

1, 01/04/2007 S6 R. 

2, 3, 02/04/2007 03/04/2007 4, 04/04/2007 5, 05/04/2007 0%. 

6, 06/04/2007 -0.4%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 -0.2%. 

11, 11/04/2007 -0.2%. 

12, 12/04/2007 -0.4%. 

13, 13/04/2007 -0.7%. 

14, 14/04/2007 15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 -1.3%. 

18, 18/04/2007 -1.6%. 

19, 19/04/2007 -1.3%. 

20, 20/04/2007 -0.9%. 

21, 21/04/2007 -1.3%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 25, 25/04/2007 -1.4%. 

26, 26/04/2007 -0.8%. 

27, 27/04/2007 -1.1%. 

28, 28/04/2007 -1.4%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 -1.3%. 

32, 02/05/2007 33, 03/05/2007 -0.5%. 

34, 04/05/2007 -1.2%. 

35, 05/05/2007 -1.4%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 -1.1%. 

40, 10/05/2007 -1%. 

41, 11/05/2007 42, 12/05/2007 43, 13/05/2007 44, 14/05/2007 30% 

45, 15/05/2007 -1.1%. 

46, 16/05/2007 -1.7%. 

47, 17/05/2007 48, 18/05/2007 -2.1%. 

49, 19/05/2007 50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 -2%. 

53, 23/05/2007 -2.1%. 

54, 24/05/2007 -2.2%. 

55, 25/05/2007 -2.1%. 

56, 26/05/2007 -2.4%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 -2.7%. 

60, 30/05/2007 61, 31/05/2007 62, 01/06/2007 -2.6%. 

63, 02/06/2007 -2.8%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 -3.2%. 

68, 07/06/2007 -3.4%. 

69, 08/06/2007 -3.1%. 20% 

70, 09/06/2007 -3.9%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 74, 13/06/2007 -4.3%. 

75, 14/06/2007 -4.6%. 

76, 15/06/2007 -5%. 

77, 16/06/2007 -5.1%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 -5.3%. 

81, 20/06/2007 -5.7%. 

82, 21/06/2007 83, 22/06/2007 84, 23/06/2007 -5%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 -5.1%. 

88, 27/06/2007 -4.7%. 

89, 28/06/2007 -4.4%. 

90, 29/06/2007 -3.9%. 

91, 30/06/2007 92, 01/07/2007 93, 02/07/2007 10% 

94, 03/07/2007 -4%. 

95, 04/07/2007 -3.3%. 

96, 05/07/2007 -3.9%. 

97, 06/07/2007 -4.3%. 

98, 07/07/2007 -4.8%. 

99, 08/07/2007 is 100, 09/07/2007 -4.9%. 

101, 10/07/2007 102, 11/07/2007 -4.9%. 

103, 12/07/2007 104, 13/07/2007 -4.1%. 

105, 14/07/2007 106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 -4.6%. 

109, 18/07/2007 -4.1%. 

110, 19/07/2007 -4.3%. 

111, 20/07/2007 -3.9%. 

112, 21/07/2007 -3.6%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 -2.5%. 

116, 25/07/2007 -2.7%. 

117, 26/07/2007 -2.5%. 

118, 27/07/2007 -2.3%. 

119, 28/07/2007 -1.3%. 

0% 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 123, 01/08/2007 -1.5%. 

124, 02/08/2007 -1.6%. 

125, 03/08/2007 -1.7%. 

126, 04/08/2007 -2%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 -1.3%. 

131, 09/08/2007 -1.5%. 

132, 10/08/2007 -2.3%. 

133, 11/08/2007 -2.1%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -1.7%. 

137, 15/08/2007 -2.1%. 

138, 16/08/2007 139, 17/08/2007 -1.8%. 

140, 18/08/2007 -0.9%. 

141, 19/08/2007 142, 20/08/2007 -10% 

143, 21/08/2007 144, 22/08/2007 -1.6%. 

145, 23/08/2007 -1.3%. 

146, 24/08/2007 -1.6%. 

147, 25/08/2007 -1.4%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 -1.2%. 

151, 29/08/2007 -1%. 

152, 30/08/2007 -0.8%. 

153, 31/08/2007 -1.2%. 

154, 01/09/2007 -1.3%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 -1.2%. 

158, 05/09/2007 -1.5%. 

159, 06/09/2007 -1.6%. 

160, 07/09/2007 -1%. 

161, 08/09/2007 -1.1%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 -0.4%. 

165, 12/09/2007 0.3%. 

166, 13/09/2007 -0.1%. 

167, 14/09/2007 -0.3%. 

168, 15/09/2007 -0.4%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 -0.3%. 

172, 19/09/2007 0%. 

173, 20/09/2007 -0.7%. 

174, 21/09/2007 -1.4%. 

175, 22/09/2007 -2.2%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 -2.4%. 

179, 26/09/2007 -2.5%. 

180, 27/09/2007 -2%. 

181, 28/09/2007 -2.6%. 

182, 29/09/2007 -2.3%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 186, 03/10/2007 -1.6%. 

187, 04/10/2007 -1.5%. 

188, 05/10/2007 -1.6%. 

189, 06/10/2007 -1%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 -1.4%. 

193, 10/10/2007 -1.5%. 

194, 11/10/2007 -1.1%. 

Point 195, 12/10/2007 is -1.4%. -1.7%. 

5 Year Performance to 01 April 2012 

Cumulative Return 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 

Calendar Year Performance 

2011 2010 2009 2008 2007 

4.0% 1.4% 2.7% 10.3% -2.1% 


Geographic Pie chart with Split 8 items. as at 31 March 2012 

1, 2, France Italy 25% 26% 25. 26. 

3, 4, Germany Spain 9% 21% 9. 21. 

5, 6, Netherlands Belgium 6% 6. 7% 7. 

Item 7, 8, Austria Other 2% 4% 2. 4. 


Geographic Split as at 31 March 2012 

France 26% 

Italy 25% 

Germany 21% 

Spain 9% 

Netherlands 7% 

Belgium 6% 

Austria 4% 

Other 2% 

Logon to www.newireland.ie for the most recent fund information 




Performance is based on the price calculated for 01 April 2012, which is calculated using close of market prices from the previous working day. Source: 

MoneyMate. Performance is quoted gross of taxation and fund management charges. Past performance is not a reliable guide to future performance. The 

value of your investment may go down as well as up. 

11


PENSION CASH FUND 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 

Risk 

To maintain the value of investors' capital while generating a return in line with shortterm 

deposit rates, before charges 

Actively Managed 

The fund invests primarily in cash deposits, high quality floating rate notes and other 

similar short-dated investments/instruments 


Low risk 


1 Month 0.1% 

3 Months 0.2% 

1 Year 1.0% 

3 Years 1.1% p.a. 

5 Years 2.3% p.a. 

10 Years 2.4% p.a. 


Line 1, Pension Cash Fund (6). points. 

1, 2, 01/04/2007 02/04/2007 3, 03/04/2007 0%. 

4, 04/04/2007 5, 05/04/2007 6, 06/04/2007 7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 0.1%. 

11, 11/04/2007 12, 12/04/2007 13, 13/04/2007 14, 14/04/2007 15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 0.1%. 

18, 18/04/2007 19, 19/04/2007 20, 20/04/2007 21, 21/04/2007 0.2%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 25, 25/04/2007 26, 26/04/2007 27, 27/04/2007 28, 28/04/2007 29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 32, 02/05/2007 33, 03/05/2007 34, 04/05/2007 0.3%. 

35, 05/05/2007 36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 40, 10/05/2007 41, 11/05/2007 42, 12/05/2007 43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 0.4%. 

46, 16/05/2007 47, 17/05/2007 48, 18/05/2007 49, 19/05/2007 50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 0.5%. 

53, 23/05/2007 54, 24/05/2007 55, 25/05/2007 56, 26/05/2007 57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 60, 30/05/2007 61, 31/05/2007 62, 01/06/2007 63, 02/06/2007 0.6%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 68, 07/06/2007 0.7%. 

69, 08/06/2007 70, 09/06/2007 71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 74, 13/06/2007 75, 14/06/2007 76, 15/06/2007 77, 16/06/2007 78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 81, 20/06/2007 0.8%. 

82, 21/06/2007 83, 22/06/2007 84, 23/06/2007 85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 0.9%. 

88, 27/06/2007 89, 28/06/2007 90, 29/06/2007 91, 30/06/2007 92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 95, 04/07/2007 96, 05/07/2007 97, 06/07/2007 98, 07/07/2007 99, 08/07/2007 is 100, 09/07/2007 1%. 

101, 10/07/2007 1%. 

102, 11/07/2007 103, 12/07/2007 104, 13/07/2007 105, 14/07/2007 106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 1.1%. 

109, 18/07/2007 110, 19/07/2007 111, 20/07/2007 112, 21/07/2007 113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 1.2%. 

116, 25/07/2007 117, 26/07/2007 118, 27/07/2007 119, 28/07/2007 120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 123, 01/08/2007 124, 02/08/2007 125, 03/08/2007 126, 04/08/2007 127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 1.3%. 

131, 09/08/2007 132, 10/08/2007 133, 11/08/2007 134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 1.4%. 

137, 15/08/2007 138, 16/08/2007 139, 17/08/2007 140, 18/08/2007 141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 144, 22/08/2007 145, 23/08/2007 146, 24/08/2007 147, 25/08/2007 148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 1.5%. 

151, 29/08/2007 152, 30/08/2007 153, 31/08/2007 154, 01/09/2007 155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 158, 05/09/2007 159, 06/09/2007 160, 07/09/2007 161, 08/09/2007 162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 1.6%. 

165, 12/09/2007 166, 13/09/2007 167, 14/09/2007 168, 15/09/2007 169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 1.7%. 

172, 19/09/2007 173, 20/09/2007 174, 21/09/2007 175, 22/09/2007 176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 179, 26/09/2007 1.8%. 

180, 27/09/2007 181, 28/09/2007 182, 29/09/2007 183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 1.9%. 

186, 03/10/2007 187, 04/10/2007 188, 05/10/2007 189, 06/10/2007 190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 193, 10/10/2007 194, 11/10/2007 2%. 

Point 195, 12/10/2007 is 2.1%. 



13% 

10% 

8% 

5% 

3% 

0% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

1.0% 1.0% 1.9% 4.3% 3.8% 

Yield as at 31 March 2012 0.46% 

Industry Average Returns 

1 Year 0.4% 

3 Years 0.7% p.a. 

5 Years 1.7% p.a. 

10 Years 1.8% p.a. 






MoneyMate. Performance is quoted gross of taxation and fund management charges. Yield is quoted gross of taxation and policy charges. This yield is 

variable and will change daily. Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up. 

12


PENSION GILT FUND 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 

Risk 

To generate medium to long term capital growth by investing in a range of 

government securities and top quality corporate bonds. 


Bonds 


Medium Risk 


1 Month 0.2% 

3 Months 4.4% 

1 Year 10.2% 

3 Years 5.0% p.a. 

5 Years 5.0% p.a. 

10 Years 5.5% p.a. 


Line 1, Pension Gilt Edge Fund (6). points. 

1, 2, 01/04/2007 02/04/2007 3, 03/04/2007 0%. 

4, 04/04/2007 -0.1%. 

5, 05/04/2007 -0.3%. 

6, 06/04/2007 -0.1%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 -0.3%. 

11, 11/04/2007 -0.3%. 

12, 12/04/2007 -0.5%. 

13, 13/04/2007 -0.6%. 

14, 14/04/2007 -0.9%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 -1.3%. 

18, 18/04/2007 -1.1%. 

19, 19/04/2007 -0.8%. 

20, 20/04/2007 -0.6%. 

21, 21/04/2007 22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 25, 25/04/2007 -0.9%. 

26, 26/04/2007 -0.5%. 

27, 27/04/2007 -0.7%. 

28, 28/04/2007 -0.9%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 -0.8%. 

32, 02/05/2007 -0.3%. 

33, 03/05/2007 -0.2%. 

34, 04/05/2007 35, 05/05/2007 -0.9%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 40, 10/05/2007 -0.6%. 

41, 11/05/2007 42, 12/05/2007 43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 -0.7%. 

46, 16/05/2007 -1.1%. 

47, 17/05/2007 48, 18/05/2007 -1.2%. 

49, 19/05/2007 -1.3%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 -1.2%. 

53, 23/05/2007 -1.3%. 

54, 24/05/2007 -1.4%. 

55, 25/05/2007 -1.6%. 

56, 26/05/2007 -1.5%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 60, 30/05/2007 -1.6%. 

61, 31/05/2007 62, 01/06/2007 -1.7%. 

63, 02/06/2007 -1.8%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 -2%. 

68, 07/06/2007 -2.2%. 

69, 08/06/2007 -2%. 

70, 09/06/2007 -2.6%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 74, 13/06/2007 -2.8%. 

75, 14/06/2007 -3.1%. 

76, 15/06/2007 -3.4%. 

77, 16/06/2007 -3.5%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 81, 20/06/2007 -3.6%. 

82, 21/06/2007 -3.3%. 

83, 22/06/2007 -3.4%. 

84, 23/06/2007 -3.3%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 -3.4%. 

88, 27/06/2007 -3.1%. 

89, 28/06/2007 -2.9%. 

90, 29/06/2007 -2.5%. 

91, 30/06/2007 -2.6%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 -2.7%. 

95, 04/07/2007 -2.2%. 

96, 05/07/2007 -2.6%. 

97, 06/07/2007 -2.8%. 

98, 07/07/2007 -3.1%. 

99, 08/07/2007 is 100, 09/07/2007 -3.3%. 

101, 10/07/2007 -3.3%. 

102, 11/07/2007 -3.2%. 

103, 12/07/2007 104, 13/07/2007 -2.6%. 

105, 14/07/2007 -3%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 -2.9%. 

109, 18/07/2007 -2.5%. 

110, 19/07/2007 -2.7%. 

111, 20/07/2007 112, 21/07/2007 -2.3%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 116, 25/07/2007 -1.5%. 

117, 26/07/2007 -1.4%. 

118, 27/07/2007 -1.2%. 

119, 28/07/2007 -0.8%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 -0.9%. 

123, 01/08/2007 -0.8%. 

124, 02/08/2007 125, 03/08/2007 -0.9%. 

126, 04/08/2007 -1.1%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 -0.7%. 

131, 09/08/2007 -0.8%. 

132, 10/08/2007 -1.3%. 

133, 11/08/2007 -1.1%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -0.9%. 

137, 15/08/2007 -1%. 

138, 16/08/2007 -0.9%. 

139, 17/08/2007 -0.7%. 

140, 18/08/2007 -0.2%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 144, 22/08/2007 -0.5%. 

145, 23/08/2007 -0.2%. 

146, 24/08/2007 -0.5%. 

147, 25/08/2007 148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 -0.3%. 

151, 29/08/2007 -0.2%. 

152, 30/08/2007 -0.1%. 

153, 31/08/2007 -0.3%. 

154, 01/09/2007 155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 -0.2%. 

158, 05/09/2007 -0.4%. 

159, 06/09/2007 -0.5%. 

160, 07/09/2007 0%. 

161, 08/09/2007 -0.1%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 0.5%. 

165, 12/09/2007 0.9%. 

166, 13/09/2007 0.7%. 

167, 14/09/2007 168, 15/09/2007 0.5%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 0.4%. 

172, 19/09/2007 0.5%. 

173, 20/09/2007 0.1%. 

174, 21/09/2007 -0.4%. 

175, 22/09/2007 -0.7%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 179, 26/09/2007 -0.8%. 

180, 27/09/2007 -0.5%. 

181, 28/09/2007 -0.9%. 

182, 29/09/2007 -0.7%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 186, 03/10/2007 -0.3%. 

187, 04/10/2007 188, 05/10/2007 -0.2%. 

189, 06/10/2007 0.1%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 193, 10/10/2007 -0.2%. 

194, 11/10/2007 0.1%. 

Point 195, 12/10/2007 is -0.2%. -0.4%. 



30% 

20% 

10% 

0% 

-10% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

3.9% 2.0% 4.5% 10.1% -0.1% 


1 Year 7.6% 

3 Years 4.0% p.a. 

5 Years 3.6% p.a. 

10 Years 4.4% p.a. 









13


ELEMENTS (PENSION) 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

To earn long term capital growth for investors with lower risk than that experienced by 

traditional managed funds 

Actively Managed and strong focus on the management of investment risk. 

Highly Diversified 


€37.5m 

Medium Risk 


1 Month 0.5% 

3 Months 5.1% 

1 Year 4.3% 

3 Years - 

5 Years - 

10 Years - 


1 Year graph Performance with 1 line to and 01 367 April points. 2012 

Line 1, 1, Elements 01/04/2011 S6 R. 

2, 02/04/2011 0%. 

3, 03/04/2011 4, 04/04/2011 5, 05/04/2011 0.3%. 

6, 06/04/2011 7, 07/04/2011 8, 08/04/2011 0.4%. 

9, 09/04/2011 is 10, 10/04/2011 0.3%. 

11, 11/04/2011 12, 12/04/2011 13, 13/04/2011 0.3%. 

14, 14/04/2011 0%. 

15, 15/04/2011 16, 16/04/2011 0.1%. 

17, 17/04/2011 18, 18/04/2011 19, 19/04/2011 0.2%. 

20, 20/04/2011 0%. 

21, 21/04/2011 0.1%. 

22, 22/04/2011 0.5%. 

23, 23/04/2011 24, 24/04/2011 25, 25/04/2011 26, 26/04/2011 27, 27/04/2011 0.7%. 

28, 28/04/2011 29, 29/04/2011 0.8%. 

30, 30/04/2011 1.1%. 

31, 01/05/2011 32, 02/05/2011 33, 03/05/2011 34, 04/05/2011 1.2%. 

35, 05/05/2011 1.1%. 

36, 06/05/2011 0.8%. 

37, 07/05/2011 0.7%. 

38, 08/05/2011 39, 09/05/2011 40, 10/05/2011 0.9%. 

41, 11/05/2011 0.8%. 

42, 12/05/2011 1.3%. 

43, 13/05/2011 1.2%. 

44, 14/05/2011 1%. 5% 

45, 15/05/2011 46, 16/05/2011 47, 17/05/2011 0.9%. 

48, 18/05/2011 0.8%. 

49, 19/05/2011 0.7%. 

50, 20/05/2011 0.8%. 

51, 21/05/2011 0.9%. 

52, 22/05/2011 53, 23/05/2011 54, 24/05/2011 0.8%. 

55, 25/05/2011 56, 26/05/2011 0.5%. 

57, 27/05/2011 0.7%. 

58, 28/05/2011 0.8%. 

59, 29/05/2011 60, 30/05/2011 61, 31/05/2011 62, 01/06/2011 1%. 

63, 02/06/2011 1.2%. 

64, 03/06/2011 0.9%. 

65, 04/06/2011 0.8%. 

66, 05/06/2011 67, 06/06/2011 68, 07/06/2011 3% 

69, 08/06/2011 0.4%. 

70, 09/06/2011 0.1%. 

71, 10/06/2011 0%. 

72, 11/06/2011 0.3%. 

73, 12/06/2011 74, 13/06/2011 75, 14/06/2011 76, 15/06/2011 0.1%. 

77, 16/06/2011 0.3%. 

78, 17/06/2011 79, 18/06/2011 80, 19/06/2011 81, 20/06/2011 82, 21/06/2011 -0.1%. 

83, 22/06/2011 -0.2%. 

84, 23/06/2011 85, 24/06/2011 0.2%. 

86, 25/06/2011 87, 26/06/2011 88, 27/06/2011 89, 28/06/2011 -0.1%. 

90, 29/06/2011 -0.2%. 

91, 30/06/2011 0%. 

92, 01/07/2011 0.3%. 

93, 02/07/2011 0.6%. 0% 

94, 03/07/2011 95, 04/07/2011 96, 05/07/2011 97, 06/07/2011 98, 07/07/2011 99, 08/07/2011 is 0.8%. 

100, 09/07/2011 1.1%. 

101, 10/07/2011 102, 11/07/2011 103, 12/07/2011 1.1%. 

104, 13/07/2011 0.8%. 

105, 14/07/2011 0.5%. 

106, 15/07/2011 0.7%. 

107, 16/07/2011 108, 17/07/2011 109, 18/07/2011 110, 19/07/2011 0.4%. 

111, 20/07/2011 0.1%. 

112, 21/07/2011 0.4%. 

113, 22/07/2011 0.6%. 

114, 23/07/2011 0.8%. 

115, 24/07/2011 116, 25/07/2011 117, 26/07/2011 -3% 

1%. 

118, 27/07/2011 119, 28/07/2011 0.9%. 

120, 29/07/2011 121, 30/07/2011 0.7%. 

122, 31/07/2011 123, 01/08/2011 124, 02/08/2011 125, 03/08/2011 0.5%. 

126, 04/08/2011 -0.1%. 

127, 05/08/2011 -0.5%. 

128, 06/08/2011 -1%. 

129, 07/08/2011 130, 08/08/2011 131, 09/08/2011 -2.1%. 

132, 10/08/2011 133, 11/08/2011 -3.3%. 

134, 12/08/2011 -3.7%. 

135, 13/08/2011 -2.9%. 

136, 14/08/2011 137, 15/08/2011 138, 16/08/2011 -2.5%. 

139, 17/08/2011 140, 18/08/2011 -1.9%. 

141, 19/08/2011 -1.4%. 

142, 20/08/2011 -5% 

-2.5%. 

143, 21/08/2011 144, 22/08/2011 145, 23/08/2011 146, 24/08/2011 -3%. 

147, 25/08/2011 -2.5%. 

148, 26/08/2011 -2.4%. 

149, 27/08/2011 150, 28/08/2011 151, 29/08/2011 152, 30/08/2011 -2.5%. 

153, 31/08/2011 -1.9%. 

154, 01/09/2011 -1.6%. 

155, 02/09/2011 156, 03/09/2011 -1.1%. 

157, 04/09/2011 158, 05/09/2011 159, 06/09/2011 -1.7%. 

160, 07/09/2011 -2.3%. 

161, 08/09/2011 -2.4%. 

162, 09/09/2011 -1.3%. 

163, 10/09/2011 -1.1%. 

164, 11/09/2011 165, 12/09/2011 166, 13/09/2011 -2%. 

167, 14/09/2011 168, 15/09/2011 -2.5%. 

169, 16/09/2011 -2.4%. 

170, 17/09/2011 -1.7%. 

171, 18/09/2011 172, 19/09/2011 173, 20/09/2011 -1.2%. 

174, 21/09/2011 -1.9%. 

175, 22/09/2011 176, 23/09/2011 -1.6%. 

177, 24/09/2011 -3.5%. 

178, 25/09/2011 179, 26/09/2011 180, 27/09/2011 -3.6%. 

181, 28/09/2011 -3.2%. 

182, 29/09/2011 -2.4%. 

183, 30/09/2011 -2.8%. 

184, 01/10/2011 -2.6%. 

185, 02/10/2011 186, 03/10/2011 187, 04/10/2011 -3%. 

188, 05/10/2011 -3.7%. 

189, 06/10/2011 -3.9%. 

190, 07/10/2011 -3.4%. 

191, 08/10/2011 -2.7%. 

192, 09/10/2011 193, 10/10/2011 194, 11/10/2011 -2.6%. 

Point 195, 12/10/2011 is -2%. 



01/ 

04/ 

2011 

10/ 

07/ 

2011 

18/ 

10/ 

2011 

26/ 

01/ 

2012 

Asset Pie chart Split with as 7 at items. 31 March 2012 

1, 2, Corporate Equities 26% Bonds 26. 38% 38. 

3, 4, Government Alternative Investments Bonds 10% 9% 10. 

5, Emerging Markets 8% 8. 9. 

Item 6, 7, Property Cash 4% 5% 4. 5. 


Asset Split as at 31 March 2012 


Equity Pie chart Split with as 7 at items. 31 March 2012 

1, 2, North Eurozone American ex Ire Equities 13% 13. 53% 53. 

3, 4, UK Pacific Equities Basin 9% Equities 9. 

5, Non-Euro ex UK 8% 8. 8% 8. 

Item 6, 7, Japanese Irish Equities Equities 3% 3. 6% 6. 


Equity Split as at 31 March 2012 

Corporate Bonds 38% 

Equities 26% 

Government Bonds 10% 

Alternative Investments 9% 

Emerging Markets 8% 

Property 5% 

Cash 4% 

North American Equities 53% 

Eurozone ex Ire 13% 

UK Equities 9% 

Pacific Basin Equities 8% 

Non-Euro ex UK 8% 

Japanese Equities 6% 

Irish Equities 3% 

Top 10 Equities (in alphabetical order) 

Advanced Micro Devices 

Exxon Mobil 

JP Morgan Chase & 

Company 

Microsoft 

Novartis 

Safran 

Shaw Group 

Staples 

Wells Fargo & Company 

Western Digital Corporation 









14


PROTECTED ASSETS FUND (PENSION) 

At a glance 

Aim 

Style 

Asset Mix 

Risk 

To deliver long term capital growth for investors while explicitly managing market risk 

Dynamic investment strategy with explicit downside protection* 

Exposure to global stock markets 

Medium Risk 


1 Month -0.3% 

3 Months 3.4% 

1 Year -2.3% 

3 Years - 

5 Years - 

10 Years - 



Line 1, 1, Protected 01/04/2011 Assets 0%. Fund S6. 

2, 3, 02/04/2011 03/04/2011 4, 04/04/2011 5, 05/04/2011 6, 06/04/2011 7, 07/04/2011 0.3%. 

8, 08/04/2011 0.2%. 

9, 09/04/2011 is 10, 10/04/2011 0.3%. 

11, 11/04/2011 12, 12/04/2011 0.3%. 

13, 13/04/2011 0.1%. 

14, 14/04/2011 -0.5%. 

15, 15/04/2011 -0.4%. 

16, 16/04/2011 -0.6%. 

17, 17/04/2011 18, 18/04/2011 19, 19/04/2011 -0.4%. 

20, 20/04/2011 -0.9%. 

21, 21/04/2011 -1%. 

22, 22/04/2011 -0.2%. 

23, 23/04/2011 24, 24/04/2011 25, 25/04/2011 26, 26/04/2011 27, 27/04/2011 0%. 

28, 28/04/2011 0.1%. 

29, 29/04/2011 0.2%. 

30, 30/04/2011 31, 01/05/2011 32, 02/05/2011 33, 03/05/2011 34, 04/05/2011 35, 05/05/2011 36, 06/05/2011 37, 07/05/2011 0.4%. 

38, 08/05/2011 39, 09/05/2011 40, 10/05/2011 0.5%. 

41, 11/05/2011 0.3%. 

42, 12/05/2011 43, 13/05/2011 0.7%. 

44, 14/05/2011 0.3%. 2% 

45, 15/05/2011 46, 16/05/2011 47, 17/05/2011 0.2%. 

48, 18/05/2011 -0.1%. 

49, 19/05/2011 -0.5%. 

50, 20/05/2011 -0.3%. 

51, 21/05/2011 0%. 

52, 22/05/2011 53, 23/05/2011 54, 24/05/2011 -0.3%. 

55, 25/05/2011 -1%. 

56, 26/05/2011 -1.1%. 

57, 27/05/2011 -0.7%. 

58, 28/05/2011 -0.8%. 

59, 29/05/2011 60, 30/05/2011 61, 31/05/2011 62, 01/06/2011 -0.6%. 

63, 02/06/2011 -0.2%. 

64, 03/06/2011 -0.9%. 

65, 04/06/2011 -1.6%. 

66, 05/06/2011 67, 06/06/2011 68, 07/06/2011 69, 08/06/2011 -1.7%. 0% 

70, 09/06/2011 -2%. 

71, 10/06/2011 -2.2%. 

72, 11/06/2011 -1.8%. 

73, 12/06/2011 74, 13/06/2011 75, 14/06/2011 -2.2%. 

76, 15/06/2011 -2.3%. 

77, 16/06/2011 -1.7%. 

78, 17/06/2011 79, 18/06/2011 -2.2%. 

80, 19/06/2011 81, 20/06/2011 82, 21/06/2011 -2%. 

83, 22/06/2011 -2.1%. 

84, 23/06/2011 85, 24/06/2011 -1.6%. 

86, 25/06/2011 87, 26/06/2011 88, 27/06/2011 89, 28/06/2011 90, 29/06/2011 -2.2%. 

91, 30/06/2011 -1.9%. 

92, 01/07/2011 -2% 

-1.4%. 

93, 02/07/2011 -0.9%. 

94, 03/07/2011 95, 04/07/2011 96, 05/07/2011 97, 06/07/2011 98, 07/07/2011 -0.6%. 

99, 08/07/2011 is -0.5%. 

100, 09/07/2011 -0.2%. 

101, 10/07/2011 102, 11/07/2011 103, 12/07/2011 -0.8%. 

104, 13/07/2011 105, 14/07/2011 106, 15/07/2011 -1.5%. 

107, 16/07/2011 -1.7%. 

108, 17/07/2011 109, 18/07/2011 110, 19/07/2011 111, 20/07/2011 -1.8%. 

112, 21/07/2011 -2%. 

113, 22/07/2011 -1.6%. 

114, 23/07/2011 -1%. 

115, 24/07/2011 116, 25/07/2011 117, 26/07/2011 -0.9%. 

118, 27/07/2011 -4% 

-1.2%. 

119, 28/07/2011 -1.4%. 

120, 29/07/2011 -1.9%. 

121, 30/07/2011 -1.6%. 

122, 31/07/2011 123, 01/08/2011 124, 02/08/2011 125, 03/08/2011 -2.1%. 

126, 04/08/2011 -3.1%. 

127, 05/08/2011 -3.6%. 

128, 06/08/2011 -4.1%. 

129, 07/08/2011 130, 08/08/2011 131, 09/08/2011 -4.4%. 

132, 10/08/2011 -4.5%. 

133, 11/08/2011 -4.4%. 

134, 12/08/2011 135, 13/08/2011 -4.5%. 

136, 14/08/2011 137, 15/08/2011 138, 16/08/2011 139, 17/08/2011 140, 18/08/2011 141, 19/08/2011 -4.4%. 

142, 20/08/2011 -6% 

143, 21/08/2011 144, 22/08/2011 145, 23/08/2011 146, 24/08/2011 147, 25/08/2011 148, 26/08/2011 149, 27/08/2011 150, 28/08/2011 151, 29/08/2011 152, 30/08/2011 153, 31/08/2011 154, 01/09/2011 -4.5%. 

155, 02/09/2011 156, 03/09/2011 -4.4%. 

157, 04/09/2011 158, 05/09/2011 159, 06/09/2011 160, 07/09/2011 161, 08/09/2011 162, 09/09/2011 163, 10/09/2011 164, 11/09/2011 165, 12/09/2011 166, 13/09/2011 167, 14/09/2011 -4.5%. 

168, 15/09/2011 -4.6%. 

169, 16/09/2011 170, 17/09/2011 171, 18/09/2011 172, 19/09/2011 173, 20/09/2011 174, 21/09/2011 175, 22/09/2011 176, 23/09/2011 -4.5%. 

177, 24/09/2011 178, 25/09/2011 179, 26/09/2011 180, 27/09/2011 -4.6%. 

181, 28/09/2011 182, 29/09/2011 183, 30/09/2011 184, 01/10/2011 185, 02/10/2011 186, 03/10/2011 187, 04/10/2011 -4.5%. 

188, 05/10/2011 189, 06/10/2011 190, 07/10/2011 191, 08/10/2011 192, 09/10/2011 193, 10/10/2011 194, 11/10/2011 Point 195, 12/10/2011 is -4.6%. -4.4%. 



01/ 

04/ 

2011 

10/ 

07/ 

2011 

18/ 

10/ 

2011 

26/ 

01/ 

2012 


1, 2, Stock Cash 32% Market 32. Exposure 66% 66. 

Item 3, Protection Asset 2% 2. 




Index Pie chart Split with as 5 at items. 31 March 2012 

1, 2, Eurostoxx S&P 500 29% 50 45% 29. 45. 

3, 4, FTSE Nikkei 100 22511% 10% 11. 

Item 5, Emerging Market 10. Equities 5% 5. 


Index Split as at 31 March 2012 

Stock Market Exposure 66% 

Cash 32% 

Protection Asset 2% 

Eurostoxx 50 45% 

S&P 500 29% 

FTSE 100 11% 

Nikkei 225 10% 

Emerging Market Equities 5% 

Price as at 02 April 2012 0.957 

Protected Price (after charges) as at 02 April 2012 0.880 





Warning: If you invest in this product you may lose some of the money that you invest. 

* For the Protected Assets Fund, the Governor and Company of the Bank of Ireland is the current provider of the protection and the return to New Ireland 

Assurance Company plc (New Ireland). New Ireland will pass on the full value of the amounts it receives from Bank of Ireland to investors. If for any reason 

Bank of Ireland cannot meet its obligations, investors could lose some or all of their investment in this Fund. Performance is based on the price calculated for 

01 April 2012, which is calculated using close of market prices from the previous working day. Source: MoneyMate. Performance is quoted gross of taxation 

and fund management charges. Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up. 

15


BNYM GLOBAL REAL RETURN FUND (PENSION) 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

Aims to deliver a long-term return that exceeds Cash (1-month EURIBOR) +4% p.a. 

over a rolling 5 year period (gross of tax and charges). 

Actively managed and strong flexibility 

Investment is spread across a wide array of assets (multi-asset) 

Newton Investment Management, one of BNY Mellon Asset Management's specialist 

asset managers 

€229.1m 

Medium Risk 


1 Month -1.3% 

3 Months 0.8% 

1 Year 3.4% 

3 Years - 

5 Years - 

10 Years - 



Line 1, 1, BNYM 01/04/2011 Global Real 0%. Return Fund (6). 

2, 3, 02/04/2011 03/04/2011 4, 04/04/2011 5, 05/04/2011 0.4%. 

6, 06/04/2011 0.8%. 

7, 07/04/2011 1%. 

8, 08/04/2011 9, 09/04/2011 is 1.1%. 

10, 10/04/2011 0.9%. 

11, 11/04/2011 12, 12/04/2011 13, 13/04/2011 0.9%. 

14, 14/04/2011 0.4%. 

15, 15/04/2011 0.2%. 

16, 16/04/2011 0.1%. 

17, 17/04/2011 18, 18/04/2011 19, 19/04/2011 0.5%. 

20, 20/04/2011 0.7%. 

21, 21/04/2011 0.4%. 

22, 22/04/2011 0.8%. 

23, 23/04/2011 24, 24/04/2011 25, 25/04/2011 26, 26/04/2011 27, 27/04/2011 0.9%. 

28, 28/04/2011 0.8%. 

29, 29/04/2011 0.9%. 

30, 30/04/2011 1%. 

31, 01/05/2011 32, 02/05/2011 33, 03/05/2011 34, 04/05/2011 1.2%. 

35, 05/05/2011 1.3%. 

36, 06/05/2011 1%. 

37, 07/05/2011 0.5%. 

38, 08/05/2011 39, 09/05/2011 40, 10/05/2011 0.8%. 

41, 11/05/2011 1.4%. 

42, 12/05/2011 1.9%. 

43, 13/05/2011 2.3%. 

44, 14/05/2011 1.8%. 

45, 15/05/2011 46, 16/05/2011 47, 17/05/2011 1.9%. 

48, 18/05/2011 1.6%. 

49, 19/05/2011 1.7%. 

50, 20/05/2011 1.6%. 

51, 21/05/2011 2.1%. 

52, 22/05/2011 53, 23/05/2011 54, 24/05/2011 2.2%. 

55, 25/05/2011 2.1%. 

56, 26/05/2011 1.8%. 

57, 27/05/2011 2.1%. 

58, 28/05/2011 2.2%. 

59, 29/05/2011 60, 30/05/2011 61, 31/05/2011 2.5%. 

62, 01/06/2011 2.6%. 

63, 02/06/2011 2.7%. 

64, 03/06/2011 2.8%. 

65, 04/06/2011 2.1%. 

66, 05/06/2011 67, 06/06/2011 68, 07/06/2011 3% 

69, 08/06/2011 1.5%. 

70, 09/06/2011 0.7%. 

71, 10/06/2011 0.3%. 

72, 11/06/2011 0.4%. 

73, 12/06/2011 74, 13/06/2011 75, 14/06/2011 0.7%. 

76, 15/06/2011 77, 16/06/2011 0.4%. 

78, 17/06/2011 0.8%. 

79, 18/06/2011 0.3%. 

80, 19/06/2011 81, 20/06/2011 82, 21/06/2011 83, 22/06/2011 -0.2%. 

84, 23/06/2011 -0.1%. 

85, 24/06/2011 0.2%. 

86, 25/06/2011 87, 26/06/2011 88, 27/06/2011 89, 28/06/2011 0%. 

90, 29/06/2011 -0.5%. 

91, 30/06/2011 -0.4%. 

92, 01/07/2011 0%. 

93, 02/07/2011 0.4%. 0% 

94, 03/07/2011 95, 04/07/2011 96, 05/07/2011 0.6%. 

97, 06/07/2011 1.1%. 

98, 07/07/2011 1.2%. 

99, 08/07/2011 is 1.5%. 

100, 09/07/2011 1.9%. 

101, 10/07/2011 102, 11/07/2011 103, 12/07/2011 104, 13/07/2011 2.2%. 

105, 14/07/2011 1.6%. 

106, 15/07/2011 107, 16/07/2011 108, 17/07/2011 109, 18/07/2011 110, 19/07/2011 1.8%. 

111, 20/07/2011 1.9%. 

112, 21/07/2011 1.8%. 

113, 22/07/2011 2.2%. 

114, 23/07/2011 2.4%. 

115, 24/07/2011 116, 25/07/2011 117, 26/07/2011 -3% 

2.5%. 

118, 27/07/2011 2.6%. 

119, 28/07/2011 120, 29/07/2011 2.5%. 

121, 30/07/2011 2.2%. 

122, 31/07/2011 123, 01/08/2011 124, 02/08/2011 125, 03/08/2011 2%. 

126, 04/08/2011 1.6%. 

127, 05/08/2011 0.9%. 

128, 06/08/2011 0.5%. 

129, 07/08/2011 130, 08/08/2011 131, 09/08/2011 -2.2%. 

132, 10/08/2011 -2.9%. 

133, 11/08/2011 -4.7%. 

134, 12/08/2011 -3.2%. 

135, 13/08/2011 -4%. 

136, 14/08/2011 137, 15/08/2011 138, 16/08/2011 -3%. 

139, 17/08/2011 -2.5%. 

140, 18/08/2011 -2.4%. 

141, 19/08/2011 -2%. 

142, 20/08/2011 -5% 

-1.9%. 

143, 21/08/2011 144, 22/08/2011 145, 23/08/2011 -3.2%. 

146, 24/08/2011 -2.4%. 

147, 25/08/2011 -1.9%. 

148, 26/08/2011 -2.1%. 

149, 27/08/2011 -2.3%. 

150, 28/08/2011 151, 29/08/2011 152, 30/08/2011 -2.9%. 

153, 31/08/2011 -2.4%. 

154, 01/09/2011 -1.7%. 

155, 02/09/2011 -1.2%. 

156, 03/09/2011 -0.7%. 

157, 04/09/2011 158, 05/09/2011 159, 06/09/2011 -0.8%. 

160, 07/09/2011 -1.1%. 

161, 08/09/2011 -1.2%. 

162, 09/09/2011 -0.6%. 

163, 10/09/2011 -0.2%. 

164, 11/09/2011 165, 12/09/2011 166, 13/09/2011 0.4%. 

167, 14/09/2011 -0.9%. 

168, 15/09/2011 -1.2%. 

169, 16/09/2011 -0.8%. 

170, 17/09/2011 -0.7%. 

171, 18/09/2011 172, 19/09/2011 173, 20/09/2011 174, 21/09/2011 175, 22/09/2011 -0.5%. 

176, 23/09/2011 -0.1%. 

177, 24/09/2011 -1.4%. 

178, 25/09/2011 179, 26/09/2011 180, 27/09/2011 -2.6%. 

181, 28/09/2011 -2.4%. 

182, 29/09/2011 -1.6%. 

183, 30/09/2011 -1.4%. 

184, 01/10/2011 -2.1%. 

185, 02/10/2011 186, 03/10/2011 187, 04/10/2011 -1.8%. 

188, 05/10/2011 -1.7%. 

189, 06/10/2011 -1.9%. 

190, 07/10/2011 -2.4%. 

191, 08/10/2011 -1.6%. 

192, 09/10/2011 193, 10/10/2011 194, 11/10/2011 -1.4%. 

Point 195, 12/10/2011 is -1.5%. -1.1%. 



01/ 

04/ 

2011 

10/ 

07/ 

2011 

18/ 

10/ 

2011 

26/ 

01/ 

2012 


1, 2, Equities Cash 23% 50% 23. 50. 

Item 3, 4, Bonds Other 5% 22% 5. 22. 





1, 2, European North American Equities Equities 32% 32. 

3, UK Equities 22% 22. 29% 29. 

4, 5, Japanese Other 6% 6. Equities 6% 6. 

Item 6, Pacific Basin Equities 5% 5. 



Equities 50% 

Cash 23% 

Bonds 22% 

Other 5% 

European Equities 32% 




Other 6% 



Barrick Gold Corp 

Reynolds American 

Bayer 

Roche Holdings 

Glaxosmithkline 

Sanofi 

Newcrest Mining 

Total 

Novartis 

Yamana Gold 









16


INCOME & GROWTH FUND (PENSION) 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

To generate modest capital growth over the long term by investing in a range of 

income generating assets (with income re-invested in the fund) across geographic 

regions 


Equities, Bonds, Properties, Cash 


€61.1m 



1 Month -0.2% 

3 Months 4.7% 

1 Year 3.7% 

3 Years 8.9% p.a. 

5 Years -2.0% p.a. 

10 Years 3.3% p.a. 



Line 1, Income & Growth Fund S.6. points. 

1, 2, 01/04/2007 02/04/2007 3, 03/04/2007 0%. 

4, 04/04/2007 0.1%. 

5, 05/04/2007 0.4%. 

6, 06/04/2007 0.5%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 0.3%. 

11, 11/04/2007 0.3%. 

12, 12/04/2007 13, 13/04/2007 0.7%. 

14, 14/04/2007 0.5%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 0.6%. 

18, 18/04/2007 0.9%. 

19, 19/04/2007 1.1%. 

20, 20/04/2007 0.9%. 

21, 21/04/2007 0.6%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 1.2%. 

25, 25/04/2007 1.3%. 

26, 26/04/2007 0.9%. 

27, 27/04/2007 1%. 

28, 28/04/2007 1.1%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 0.9%. 

32, 02/05/2007 1.1%. 

33, 03/05/2007 1.2%. 

34, 04/05/2007 1.8%. 

35, 05/05/2007 1.9%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 2.3%. 

40, 10/05/2007 2.1%. 

41, 11/05/2007 2%. 

42, 12/05/2007 1.7%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 1.8%. 

46, 16/05/2007 1.7%. 

47, 17/05/2007 48, 18/05/2007 1.8%. 

49, 19/05/2007 1.9%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 2.3%. 

53, 23/05/2007 2.4%. 

54, 24/05/2007 2.5%. 

55, 25/05/2007 2.7%. 

56, 26/05/2007 57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 2.5%. 

60, 30/05/2007 2.6%. 

61, 31/05/2007 2.5%. 

62, 01/06/2007 2.6%. 

63, 02/06/2007 2.8%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 3.2%. 

68, 07/06/2007 2.6%. 

69, 08/06/2007 2.1%. 

70, 09/06/2007 1.4%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 1.5%. 

74, 13/06/2007 1.8%. 

75, 14/06/2007 1.5%. 

76, 15/06/2007 1.6%. 

77, 16/06/2007 2.1%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 2.6%. 

81, 20/06/2007 82, 21/06/2007 83, 22/06/2007 2.5%. 

84, 23/06/2007 2.4%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 2%. 

88, 27/06/2007 1.9%. 

89, 28/06/2007 1.7%. 

90, 29/06/2007 1.6%. 

91, 30/06/2007 1.8%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 1.7%. 

95, 04/07/2007 1.9%. 

96, 05/07/2007 97, 06/07/2007 2.1%. 

98, 07/07/2007 1.9%. 

99, 08/07/2007 is 100, 09/07/2007 2.3%. 

101, 10/07/2007 2.3%. 

102, 11/07/2007 2.4%. 

103, 12/07/2007 1.9%. 

104, 13/07/2007 1.7%. 

105, 14/07/2007 2%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 2.2%. 

109, 18/07/2007 2.4%. 

110, 19/07/2007 2%. 

111, 20/07/2007 1.9%. 

112, 21/07/2007 2.1%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 1.9%. 

116, 25/07/2007 2.2%. 

117, 26/07/2007 1.5%. 

118, 27/07/2007 1.4%. 

119, 28/07/2007 0.1%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 123, 01/08/2007 -0.2%. 

124, 02/08/2007 0.4%. 

125, 03/08/2007 0.1%. 

126, 04/08/2007 0.5%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 -0.1%. 

131, 09/08/2007 0.2%. 

132, 10/08/2007 0.9%. 

133, 11/08/2007 0.1%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -1%. 

137, 15/08/2007 -0.3%. 

138, 16/08/2007 -0.9%. 

139, 17/08/2007 -1.2%. 

140, 18/08/2007 -2.4%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -2.1%. 

144, 22/08/2007 -1.3%. 

145, 23/08/2007 -1.1%. 

146, 24/08/2007 147, 25/08/2007 -0.4%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 -0.3%. 

151, 29/08/2007 -0.2%. 

152, 30/08/2007 -1.1%. 

153, 31/08/2007 -0.9%. 

154, 01/09/2007 -0.3%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 0.1%. 

158, 05/09/2007 0.3%. 

159, 06/09/2007 0.4%. 

160, 07/09/2007 -0.1%. 

161, 08/09/2007 -0.2%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 -0.8%. 

165, 12/09/2007 -1.2%. 

166, 13/09/2007 167, 14/09/2007 -0.7%. 

168, 15/09/2007 -0.5%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 -1.1%. 

172, 19/09/2007 -2.2%. 

173, 20/09/2007 -1.5%. 

174, 21/09/2007 -0.6%. 

175, 22/09/2007 -1.1%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 -1%. 

179, 26/09/2007 -1.2%. 

180, 27/09/2007 -1.6%. 

181, 28/09/2007 -1.5%. 

182, 29/09/2007 -0.9%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 -0.7%. 

186, 03/10/2007 -0.1%. 

187, 04/10/2007 0.4%. 

188, 05/10/2007 0.5%. 

189, 06/10/2007 0.8%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 1.1%. 

193, 10/10/2007 1%. 

194, 11/10/2007 1.1%. 

Point 195, 12/10/2007 is 1%. 0.7%. 



10% 

0% 

-10% 

-20% 

-30% 

-40% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

0.1% 5.8% 12.3% -24.2% -4.3% 



1, 2, Euroland U.K. Equities Equities 23% 33% 23. 33. 

3, 4, Non-Euro North American Equities Equities 16% 16. 

5, Pacific Basin Equities 11% 15% 11. 15. 

Item 6, Irish Equities 2% 2. 



Euroland Equities 33% 

U.K. Equities 23% 


1, 2, Equities Fixed Interest 37% 37. 

3, Property 25% 36% 25. 36. 

Item 4, Cash 2% 2. 



Non-Euro Equities 16% 


Equities 37% 



Fixed Interest 36% 

Property 25% 


Cash 2% 

Top 10 Holdings (in alphabetical order) 

1 Great St Helens, London Imperial Tobacco 

Basf SE 

New Mersey Retail Park 

BP 

Orkla 

Conocophillips 

Sanofi 

DNB ASA 

Total 

1 Year 5.4% 

3 Years 6.3% p.a. 

5 Years 0.9% p.a. 

10 Years 2.7% p.a. 









17


PENSION EVERGREEN FUND 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

To generate long term capital growth by investing in a mix of assets across 

geographic regions 




€891.9m 



1 Month 0.9% 

3 Months 7.1% 

1 Year 5.2% 

3 Years 11.8% p.a. 

5 Years -3.1% p.a. 

10 Years 2.5% p.a. 



Line 1, Pension Evergreen Fund points. 

1, 01/04/2007 S 6. 

2, 3, 02/04/2007 03/04/2007 0%. 

4, 04/04/2007 0.1%. 

5, 05/04/2007 6, 06/04/2007 0.7%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 0.6%. 

11, 11/04/2007 0.6%. 

12, 12/04/2007 13, 13/04/2007 1.1%. 

14, 14/04/2007 0.9%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 1.1%. 

18, 18/04/2007 1.6%. 

19, 19/04/2007 1.7%. 

20, 20/04/2007 1.4%. 

21, 21/04/2007 1.1%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 1.9%. 

25, 25/04/2007 2%. 

26, 26/04/2007 1.4%. 

27, 27/04/2007 1.6%. 

28, 28/04/2007 1.7%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 1.4%. 

32, 02/05/2007 1.5%. 

33, 03/05/2007 1.7%. 

34, 04/05/2007 2.3%. 

35, 05/05/2007 2.8%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 3.2%. 

40, 10/05/2007 41, 11/05/2007 2.9%. 

42, 12/05/2007 2.4%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 46, 16/05/2007 2.6%. 

47, 17/05/2007 48, 18/05/2007 2.7%. 

49, 19/05/2007 2.8%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 3.4%. 

53, 23/05/2007 3.6%. 

54, 24/05/2007 3.7%. 

55, 25/05/2007 4%. 

56, 26/05/2007 57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 3.7%. 

60, 30/05/2007 3.9%. 

61, 31/05/2007 3.8%. 

62, 01/06/2007 3.9%. 

63, 02/06/2007 4.2%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 4.7%. 

68, 07/06/2007 4%. 

69, 08/06/2007 3.2%. 

70, 09/06/2007 2.4%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 2.7%. 

74, 13/06/2007 3.1%. 

75, 14/06/2007 2.7%. 

76, 15/06/2007 2.9%. 

77, 16/06/2007 3.6%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 4.3%. 

81, 20/06/2007 4.2%. 

82, 21/06/2007 83, 22/06/2007 4.1%. 

84, 23/06/2007 3.9%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 3.3%. 

88, 27/06/2007 3.2%. 

89, 28/06/2007 2.9%. 

90, 29/06/2007 2.6%. 

91, 30/06/2007 92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 2.9%. 

95, 04/07/2007 3%. 

96, 05/07/2007 3.3%. 

97, 06/07/2007 3.5%. 

98, 07/07/2007 3.2%. 

99, 08/07/2007 is 100, 09/07/2007 3.8%. 

101, 10/07/2007 3.8%. 

102, 11/07/2007 3.9%. 

103, 12/07/2007 3.1%. 

104, 13/07/2007 2.8%. 

105, 14/07/2007 3.3%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 3.5%. 

109, 18/07/2007 3.7%. 

110, 19/07/2007 3.3%. 

111, 20/07/2007 3%. 

112, 21/07/2007 3.2%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 2.8%. 

116, 25/07/2007 3.1%. 

117, 26/07/2007 2.1%. 

118, 27/07/2007 119, 28/07/2007 0.2%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 -0.3%. 

123, 01/08/2007 -0.4%. 

124, 02/08/2007 0.5%. 

125, 03/08/2007 0.1%. 

126, 04/08/2007 0.7%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 -0.2%. 

131, 09/08/2007 0.3%. 

132, 10/08/2007 1.4%. 

133, 11/08/2007 0.1%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -1.4%. 

137, 15/08/2007 -0.5%. 

138, 16/08/2007 -1.3%. 

139, 17/08/2007 -1.8%. 

140, 18/08/2007 -3.4%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -2.9%. 

144, 22/08/2007 -1.9%. 

145, 23/08/2007 -1.7%. 

146, 24/08/2007 -0.7%. 

147, 25/08/2007 -0.8%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 -0.6%. 

151, 29/08/2007 -0.5%. 

152, 30/08/2007 -1.8%. 

153, 31/08/2007 -1.4%. 

154, 01/09/2007 -0.7%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 -0.1%. 

158, 05/09/2007 0.2%. 

159, 06/09/2007 160, 07/09/2007 161, 08/09/2007 -0.5%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 -1.5%. 

165, 12/09/2007 -2.1%. 

166, 13/09/2007 167, 14/09/2007 -1.4%. 

168, 15/09/2007 -1%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 -1.8%. 

172, 19/09/2007 -3.3%. 

173, 20/09/2007 -2.3%. 

174, 21/09/2007 -0.9%. 

175, 22/09/2007 -1.6%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 -1.4%. 

179, 26/09/2007 -1.6%. 

180, 27/09/2007 -2.3%. 

181, 28/09/2007 -2%. 

182, 29/09/2007 -1.3%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 -1.1%. 

186, 03/10/2007 -0.3%. 

187, 04/10/2007 0.5%. 

188, 05/10/2007 0.6%. 

189, 06/10/2007 0.9%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 1.4%. 

193, 10/10/2007 1.2%. 

194, 11/10/2007 1.3%. 

Point 195, 12/10/2007 is 1.2%. 0.8%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

-2.0% 11.2% 14.4% -32.4% -5.8% 



1, 2, North U.K. Equities American 14% Equities 14. 36% 36. 

3, 4, Euroland Non-Euro Equities 13% 10% 13. 

5, Pacific Basin Equities 10% 10. 

6, Japanese Equities 9% 9. 10. 







1, 2, Equities Property 56% 24% 56. 

3, Fixed Interest 16% 24. 

Item 4, Cash 4% 4. 16. 






Equities 56% 



Property 24% 


Cash 4% 


BHP Billiton 

HSBC 

BP 

JP Morgan Chase 

Chevron 

Microsoft 

CRH 

Wal-Mart 

Exxon Mobil 

Wells Fargo 

Top 10 Properties (in alphabetical order) 

1 Great St Helens, London 

Eversheds House - 

Manchester 

15 Dacre Street, London Jodenbreestraat 11-25 

15 Grosvenor Street London New Mersey Retail Park 

27/29 Long Acre, Covent 

Garden 

58 Mosley Street, 

Manchester 

Princes Exchange, Leeds 

SSgA Europe Ex UK Index 

Real Estate Mutual Fund 









18


PENSION MANAGED FUND 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

To generate long term capital growth by investing in a spread of assets across 

different geographic regions 




€1819.5m 



1 Month 0.9% 

3 Months 8.9% 

1 Year 6.1% 

3 Years 14.7% p.a. 

5 Years -2.4% p.a. 

10 Years 2.1% p.a. 



Line 1, Pension Managed Fund (6). points. 

1, 2, 01/04/2007 02/04/2007 3, 03/04/2007 0%. 

4, 04/04/2007 0.1%. 

5, 05/04/2007 0.8%. 

6, 06/04/2007 0.9%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 0.7%. 

11, 11/04/2007 0.7%. 

12, 12/04/2007 13, 13/04/2007 1.4%. 

14, 14/04/2007 1.2%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 1.5%. 

18, 18/04/2007 2.1%. 

19, 19/04/2007 2.2%. 

20, 20/04/2007 1.7%. 

21, 21/04/2007 1.4%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 2.4%. 

25, 25/04/2007 2.5%. 

26, 26/04/2007 1.7%. 

27, 27/04/2007 1.9%. 

28, 28/04/2007 2.2%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 1.6%. 

32, 02/05/2007 1.8%. 

33, 03/05/2007 2%. 

34, 04/05/2007 2.9%. 

35, 05/05/2007 3.5%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 4%. 

40, 10/05/2007 3.6%. 

41, 11/05/2007 3.5%. 

42, 12/05/2007 2.9%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 46, 16/05/2007 3.2%. 

47, 17/05/2007 48, 18/05/2007 3.4%. 

49, 19/05/2007 3.5%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 4.3%. 

53, 23/05/2007 4.5%. 

54, 24/05/2007 4.7%. 

55, 25/05/2007 5.1%. 

56, 26/05/2007 57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 4.7%. 

60, 30/05/2007 4.9%. 

61, 31/05/2007 4.8%. 

62, 01/06/2007 5%. 

63, 02/06/2007 5.3%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 6.1%. 

68, 07/06/2007 5.1%. 

69, 08/06/2007 4%. 

70, 09/06/2007 3%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 3.3%. 

74, 13/06/2007 3.9%. 

75, 14/06/2007 3.3%. 

76, 15/06/2007 3.6%. 

77, 16/06/2007 4.6%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 5.5%. 

81, 20/06/2007 5.4%. 

82, 21/06/2007 83, 22/06/2007 5.3%. 

84, 23/06/2007 4.7%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 3.9%. 

88, 27/06/2007 3.8%. 

89, 28/06/2007 3.2%. 

90, 29/06/2007 2.8%. 

91, 30/06/2007 3.2%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 3.4%. 

95, 04/07/2007 3.5%. 

96, 05/07/2007 3.9%. 

97, 06/07/2007 4.2%. 

98, 07/07/2007 3.8%. 

99, 08/07/2007 is 100, 09/07/2007 4.5%. 

101, 10/07/2007 4.5%. 

102, 11/07/2007 4.7%. 

103, 12/07/2007 3.5%. 

104, 13/07/2007 3.2%. 

105, 14/07/2007 3.8%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 4.1%. 

109, 18/07/2007 4.4%. 

110, 19/07/2007 3.8%. 

111, 20/07/2007 3.3%. 

112, 21/07/2007 3.6%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 3%. 

116, 25/07/2007 3.3%. 

117, 26/07/2007 2%. 

118, 27/07/2007 1.7%. 

119, 28/07/2007 -0.8%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 -1.4%. 

123, 01/08/2007 -1.5%. 

124, 02/08/2007 -0.3%. 

125, 03/08/2007 -0.9%. 

126, 04/08/2007 -0.1%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 -1.2%. 

131, 09/08/2007 -0.6%. 

132, 10/08/2007 0.9%. 

133, 11/08/2007 -0.8%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -2.8%. 

137, 15/08/2007 -1.6%. 

138, 16/08/2007 -2.8%. 

139, 17/08/2007 -3.4%. 

140, 18/08/2007 -5.4%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -4.7%. 

144, 22/08/2007 145, 23/08/2007 -3.3%. 

146, 24/08/2007 -1.9%. 

147, 25/08/2007 -2%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 -1.7%. 

151, 29/08/2007 -1.6%. 

152, 30/08/2007 -3.3%. 

153, 31/08/2007 -2.8%. 

154, 01/09/2007 -1.8%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 -1%. 

158, 05/09/2007 -0.7%. 

159, 06/09/2007 -0.4%. 

160, 07/09/2007 -1.6%. 

161, 08/09/2007 -1.7%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 -3%. 

165, 12/09/2007 -3.8%. 

166, 13/09/2007 -2.8%. 

167, 14/09/2007 -2.9%. 

168, 15/09/2007 -2.3%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 -3.4%. 

172, 19/09/2007 -5.3%. 

173, 20/09/2007 -3.9%. 

174, 21/09/2007 -2.1%. 

175, 22/09/2007 -2.9%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 -2.7%. 

179, 26/09/2007 -2.9%. 

180, 27/09/2007 -3.7%. 

181, 28/09/2007 -3.3%. 

182, 29/09/2007 -2.3%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 -2.2%. 

186, 03/10/2007 -1.1%. 

187, 04/10/2007 -0.1%. 

188, 05/10/2007 0.2%. 

189, 06/10/2007 0.5%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 1.2%. 

193, 10/10/2007 0.9%. 

194, 11/10/2007 1.1%. 

Point 195, 12/10/2007 is 1%. 0.5%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

-3.6% 11.8% 22.8% -33.8% -8.0% 



1, 2, North Euroland American Equities Equities 15% 15. 36% 36. 

3, 4, U.K. Pacific Equities Basin Equities 14% 14. 

5, Japanese 10% 10. 

Item 6, 7, Non-Euro Irish Equities Equities 7% 7. 9% 9. 







3, Property 5% 5. 16% 16. 







Equities 77% 




Property 5% 


Cash 2% 


BHP Billiton 

HSBC 

BNP Paribas 


BP 

Microsoft 

CRH 

Orkla 

Exxon Mobil 

Wells Fargo 

1 Year 4.9% 

3 Years 13.3% p.a. 

5 Years -2.2% p.a. 

10 Years 1.9% p.a. 









19


ETHICAL MANAGED FUND (PENSION) 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

To generate long term capital growth by investing on an ethical basis. 


Equities, Property, Bonds, Cash 


€5.1m 



1 Month 2.1% 

3 Months 9.0% 

1 Year 7.9% 

3 Years 16.0% p.a. 

5 Years -2.1% p.a. 

10 Years - 



Line 1, Ethical Managed Fund S points. 

1, 01/04/2007 6. 

2, 3, 02/04/2007 03/04/2007 0%. 

4, 04/04/2007 -0.1%. 

5, 05/04/2007 0.6%. 

6, 06/04/2007 7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 0.8%. 

11, 11/04/2007 0.8%. 

12, 12/04/2007 1.4%. 

13, 13/04/2007 1.5%. 

14, 14/04/2007 15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 1.3%. 

18, 18/04/2007 19, 19/04/2007 2.1%. 

20, 20/04/2007 1.9%. 

21, 21/04/2007 1.4%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 2.4%. 

25, 25/04/2007 2.5%. 

26, 26/04/2007 1.8%. 

27, 27/04/2007 2%. 

28, 28/04/2007 2.3%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 1.7%. 

32, 02/05/2007 1.8%. 

33, 03/05/2007 1.9%. 

34, 04/05/2007 2.8%. 

35, 05/05/2007 3.1%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 3.9%. 

40, 10/05/2007 3.6%. 

41, 11/05/2007 3.7%. 

42, 12/05/2007 3.1%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 3.4%. 

46, 16/05/2007 3.3%. 

47, 17/05/2007 48, 18/05/2007 3.5%. 

49, 19/05/2007 3.6%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 4.1%. 

53, 23/05/2007 4.4%. 

54, 24/05/2007 4.7%. 

55, 25/05/2007 5.1%. 

56, 26/05/2007 4.8%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 4.7%. 

60, 30/05/2007 61, 31/05/2007 62, 01/06/2007 4.8%. 

63, 02/06/2007 5.2%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 5.9%. 

68, 07/06/2007 5.1%. 

69, 08/06/2007 4%. 

70, 09/06/2007 3.1%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 3.2%. 

74, 13/06/2007 3.8%. 

75, 14/06/2007 3.2%. 

76, 15/06/2007 3.3%. 

77, 16/06/2007 4.3%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 5.1%. 

81, 20/06/2007 82, 21/06/2007 4.9%. 

83, 22/06/2007 5%. 

84, 23/06/2007 4.4%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 3.6%. 

88, 27/06/2007 3.5%. 

89, 28/06/2007 3.1%. 

90, 29/06/2007 2.3%. 

91, 30/06/2007 2.8%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 3%. 

95, 04/07/2007 3.1%. 

96, 05/07/2007 3.6%. 

97, 06/07/2007 3.5%. 

98, 07/07/2007 3.3%. 

99, 08/07/2007 is 100, 09/07/2007 4.1%. 

101, 10/07/2007 4.1%. 

102, 11/07/2007 4.4%. 

103, 12/07/2007 3.4%. 

104, 13/07/2007 2.8%. 

105, 14/07/2007 3.3%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 3.8%. 

109, 18/07/2007 4.1%. 

110, 19/07/2007 3.6%. 

111, 20/07/2007 3%. 

112, 21/07/2007 3.4%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 2.8%. 

116, 25/07/2007 2.9%. 

117, 26/07/2007 1.8%. 

118, 27/07/2007 1.3%. 

119, 28/07/2007 -0.8%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 123, 01/08/2007 -1.8%. 

124, 02/08/2007 -0.2%. 

125, 03/08/2007 -1.3%. 

126, 04/08/2007 -0.5%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 -1.5%. 

131, 09/08/2007 -1.2%. 

132, 10/08/2007 0.5%. 

133, 11/08/2007 -0.8%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -3.3%. 

137, 15/08/2007 -2.1%. 

138, 16/08/2007 -2.9%. 

139, 17/08/2007 -3.7%. 

140, 18/08/2007 -5.5%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -5%. 

144, 22/08/2007 -4.1%. 

145, 23/08/2007 -3.8%. 

146, 24/08/2007 -2.8%. 

147, 25/08/2007 -2.3%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 -2.2%. 

151, 29/08/2007 -1.8%. 

152, 30/08/2007 -3.4%. 

153, 31/08/2007 -3.2%. 

154, 01/09/2007 -2.6%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 -1.6%. 

158, 05/09/2007 -1.2%. 

159, 06/09/2007 -0.8%. 

160, 07/09/2007 161, 08/09/2007 -2.1%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 -3.5%. 

165, 12/09/2007 -4.5%. 

166, 13/09/2007 -3.5%. 

167, 14/09/2007 -3.6%. 

168, 15/09/2007 -3.3%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 -4.3%. 

172, 19/09/2007 -6.1%. 

173, 20/09/2007 -5.4%. 

174, 21/09/2007 -3%. 

175, 22/09/2007 176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 -3.8%. 

179, 26/09/2007 -3.9%. 

180, 27/09/2007 -4.7%. 

181, 28/09/2007 -4.6%. 

182, 29/09/2007 -3.3%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 -3.1%. 

186, 03/10/2007 -2.2%. 

187, 04/10/2007 -0.8%. 

188, 05/10/2007 189, 06/10/2007 -0.4%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 0.3%. 

193, 10/10/2007 0.2%. 

194, 11/10/2007 0.3%. 

Point 195, 12/10/2007 is 0.1%. -0.2%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

-2.0% 13.8% 24.0% -34.6% -9.9% 




3, 4, Japanese Pacific Basin Equities Equities 9% 9% 9. 

5, Non-Euro 7% 7. 9. 

Item 6, 7, Euroland Irish Equities Equities 2% 2. 5% 5. 







3, Property 4% 4. 17% 17. 







Equities 76% 




Property 4% 


Cash 3% 



Microsoft 

CRH 

Occidental Petroleum 

Intel Corporation 

Pepsico Capital 


PNC Financial Services 

Lowes 

Statoil 

1 Year 4.9% 

3 Years 13.3% p.a. 

5 Years -2.2% p.a. 

10 Years 1.9% p.a. 









20


PENSION CONSENSUS FUND 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

To mirror the general investment strategy followed by the average Irish Pension Fund 

Manager, thereby avoiding the risks associated with a single manager. 




€301.8m 



1 Month 0.9% 

3 Months 7.9% 

1 Year 5.5% 

3 Years 15.2% p.a. 

5 Years -1.8% p.a. 

10 Years 2.7% p.a. 



Line 1, Pension Consensus Fund points. 

1, 01/04/2007 (6). 

2, 3, 02/04/2007 03/04/2007 0%. 

4, 04/04/2007 5, 05/04/2007 -0.1%. 

6, 06/04/2007 0.6%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 0.9%. 

11, 11/04/2007 0.9%. 

12, 12/04/2007 1%. 

13, 13/04/2007 1.5%. 

14, 14/04/2007 15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 1.2%. 

18, 18/04/2007 1.4%. 

19, 19/04/2007 2.2%. 

20, 20/04/2007 1.7%. 

21, 21/04/2007 1.9%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 2.7%. 

25, 25/04/2007 2.8%. 

26, 26/04/2007 2%. 

27, 27/04/2007 2.2%. 

28, 28/04/2007 2.5%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 1.9%. 

32, 02/05/2007 33, 03/05/2007 2%. 

34, 04/05/2007 2.7%. 

35, 05/05/2007 3.3%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 3.5%. 

40, 10/05/2007 3.2%. 

41, 11/05/2007 3.4%. 

42, 12/05/2007 2.9%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 3.1%. 

46, 16/05/2007 3%. 

47, 17/05/2007 48, 18/05/2007 3.1%. 

49, 19/05/2007 3.4%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 3.6%. 

53, 23/05/2007 4%. 

54, 24/05/2007 4.2%. 

55, 25/05/2007 4.7%. 

56, 26/05/2007 4.2%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 4.1%. 

60, 30/05/2007 4.2%. 

61, 31/05/2007 4.3%. 

62, 01/06/2007 4.2%. 

63, 02/06/2007 4.9%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 5.4%. 

68, 07/06/2007 4.5%. 

69, 08/06/2007 3.8%. 

70, 09/06/2007 3.1%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 2.8%. 

74, 13/06/2007 3.4%. 

75, 14/06/2007 3.2%. 

76, 15/06/2007 3.1%. 

77, 16/06/2007 4%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 81, 20/06/2007 4.8%. 

82, 21/06/2007 4.6%. 

83, 22/06/2007 4.7%. 

84, 23/06/2007 4.2%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 3.4%. 

88, 27/06/2007 3.2%. 

89, 28/06/2007 3.1%. 

90, 29/06/2007 2.6%. 

91, 30/06/2007 3.2%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 95, 04/07/2007 3.4%. 

96, 05/07/2007 3.9%. 

97, 06/07/2007 4.1%. 

98, 07/07/2007 3.9%. 

99, 08/07/2007 is 100, 09/07/2007 4.3%. 

101, 10/07/2007 4.3%. 

102, 11/07/2007 4.5%. 

103, 12/07/2007 3.6%. 

104, 13/07/2007 3.1%. 

105, 14/07/2007 3.7%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 4%. 

109, 18/07/2007 4.2%. 

110, 19/07/2007 3.9%. 

111, 20/07/2007 3.3%. 

112, 21/07/2007 113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 3.4%. 

116, 25/07/2007 3.6%. 

117, 26/07/2007 2.5%. 

118, 27/07/2007 2.2%. 

119, 28/07/2007 0.3%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 -0.6%. 

123, 01/08/2007 -0.7%. 

124, 02/08/2007 0.4%. 

125, 03/08/2007 -0.5%. 

126, 04/08/2007 0.3%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 -0.8%. 

131, 09/08/2007 -0.4%. 

132, 10/08/2007 1%. 

133, 11/08/2007 0%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -2.1%. 

137, 15/08/2007 -0.9%. 

138, 16/08/2007 -1.6%. 

139, 17/08/2007 -2.2%. 

140, 18/08/2007 -4%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -3.5%. 

144, 22/08/2007 -2.6%. 

145, 23/08/2007 -2.3%. 

146, 24/08/2007 -1.4%. 

147, 25/08/2007 -1%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 -0.9%. 

151, 29/08/2007 -0.6%. 

152, 30/08/2007 -1.9%. 

153, 31/08/2007 -1.5%. 

154, 01/09/2007 -1%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 0.1%. 

158, 05/09/2007 0.3%. 

159, 06/09/2007 0.8%. 

160, 07/09/2007 -0.4%. 

161, 08/09/2007 -0.3%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 -1.7%. 

165, 12/09/2007 -2.3%. 

166, 13/09/2007 167, 14/09/2007 -1.4%. 

168, 15/09/2007 -1.1%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 -1.8%. 

172, 19/09/2007 -3.1%. 

173, 20/09/2007 -2.2%. 

174, 21/09/2007 -0.3%. 

175, 22/09/2007 -1%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 179, 26/09/2007 -0.9%. 

180, 27/09/2007 -1.5%. 

181, 28/09/2007 -1.3%. 

182, 29/09/2007 -0.3%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 -0.2%. 

186, 03/10/2007 0.6%. 

187, 04/10/2007 1.6%. 

188, 05/10/2007 0.4%. 

189, 06/10/2007 3.6%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 2.7%. 

193, 10/10/2007 2.6%. 

194, 11/10/2007 2.9%. 

Point 195, 12/10/2007 is 2.7%. 2.5%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

-2.6% 13.3% 22.4% -34.9% -3.0% 



1, 2, North Eurozone American ex Ire Equities 15% 15. 35% 35. 

3, 4, UK Pacific Equities Basin 14% Equities 14. 

5, Non Eurozone 9% 9. 13% 13. 

Item 6, 7, Irish Japanese Equities Equities 8% 8. 6% 6. 




Eurozone ex Ire 15% 


1, 2, Equities Bonds 16% 75% 16. 75. 

Item 3, 4, Cash Property 5% 4% 5. 4. 





Non Eurozone 9% 

Equities 75% 



Bonds 16% 

Cash 5% 


Property 4% 


Apple 

HSBC 

BP 

Kerry Group 

CRH 

Nestle 

Elan 

Ryanair 

Exxon Mobil 

Samsung Electronics 

1 Year 4.9% 

3 Years 13.3% p.a. 

5 Years -2.2% p.a. 

10 Years 1.9% p.a. 









21


KBI PENSION MANAGED FUND 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

To generate long term capital growth by investing in range of assets across 

geographic regions 



Kleinwort Benson Investors Dublin (previously known as KBC Asset Management) 

€197.9m 



1 Month 0.6% 

3 Months 7.1% 

1 Year 4.8% 

3 Years 13.9% p.a. 

5 Years -3.8% p.a. 

10 Years 1.1% p.a. 



Line 1, KBI Pension Managed Fund points. 

1, 01/04/2007 (6)*. 

2, 3, 02/04/2007 03/04/2007 0%. 

4, 04/04/2007 -0.1%. 

5, 05/04/2007 -0.2%. 

6, 06/04/2007 0.5%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 0.8%. 

11, 11/04/2007 12, 12/04/2007 13, 13/04/2007 0.8%. 

14, 14/04/2007 0.7%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 1.2%. 

18, 18/04/2007 1.4%. 

19, 19/04/2007 20, 20/04/2007 21, 21/04/2007 2.1%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 1.5%. 

25, 25/04/2007 2.4%. 

26, 26/04/2007 2.5%. 

27, 27/04/2007 1.8%. 

28, 28/04/2007 2%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 1.6%. 

32, 02/05/2007 0.8%. 

33, 03/05/2007 34, 04/05/2007 1.7%. 

35, 05/05/2007 1.8%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 3.2%. 

40, 10/05/2007 3.5%. 

41, 11/05/2007 3.2%. 

42, 12/05/2007 2.3%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 2.5%. 

46, 16/05/2007 2%. 

47, 17/05/2007 48, 18/05/2007 49, 19/05/2007 2.8%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 3%. 

53, 23/05/2007 3.6%. 

54, 24/05/2007 4%. 

55, 25/05/2007 4.2%. 

56, 26/05/2007 4.7%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 4.3%. 

60, 30/05/2007 4%. 

61, 31/05/2007 62, 01/06/2007 4.2%. 

63, 02/06/2007 4.1%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 4.5%. 

68, 07/06/2007 4.7%. 

69, 08/06/2007 4.5%. 

70, 09/06/2007 3.6%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 2.8%. 

74, 13/06/2007 2.7%. 

75, 14/06/2007 3.3%. 

76, 15/06/2007 2.8%. 

77, 16/06/2007 2.3%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 4.1%. 

81, 20/06/2007 4.9%. 

82, 21/06/2007 4.8%. 

83, 22/06/2007 4.6%. 

84, 23/06/2007 4.1%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 4.3%. 

88, 27/06/2007 3.7%. 

89, 28/06/2007 3.5%. 

90, 29/06/2007 3.3%. 

91, 30/06/2007 2.8%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 95, 04/07/2007 3.3%. 

96, 05/07/2007 3.6%. 

97, 06/07/2007 4.1%. 

98, 07/07/2007 4.5%. 

99, 08/07/2007 is 100, 09/07/2007 4.3%. 

101, 10/07/2007 4.3%. 

102, 11/07/2007 4.7%. 

103, 12/07/2007 5.1%. 

104, 13/07/2007 4.1%. 

105, 14/07/2007 3.6%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 3.5%. 

109, 18/07/2007 4.6%. 

110, 19/07/2007 4.7%. 

111, 20/07/2007 3.6%. 

112, 21/07/2007 3%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 4.2%. 

116, 25/07/2007 3.7%. 

117, 26/07/2007 3.9%. 

118, 27/07/2007 2.9%. 

119, 28/07/2007 2.7%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 0%. 

123, 01/08/2007 -0.5%. 

124, 02/08/2007 -0.6%. 

125, 03/08/2007 0.8%. 

126, 04/08/2007 -0.4%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 -0.3%. 

131, 09/08/2007 -0.6%. 

132, 10/08/2007 -0.5%. 

133, 11/08/2007 0.3%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -0.1%. 

137, 15/08/2007 -2.2%. 

138, 16/08/2007 139, 17/08/2007 -1.7%. 

140, 18/08/2007 -2.3%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -4.4%. 

144, 22/08/2007 -4%. 

145, 23/08/2007 -3.8%. 

146, 24/08/2007 147, 25/08/2007 -2.7%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 151, 29/08/2007 -1.2%. 

152, 30/08/2007 -0.8%. 

153, 31/08/2007 -2.3%. 

154, 01/09/2007 155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 -1.9%. 

158, 05/09/2007 -0.1%. 

159, 06/09/2007 160, 07/09/2007 161, 08/09/2007 162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 -0.6%. 

165, 12/09/2007 -1.9%. 

166, 13/09/2007 -3.6%. 

167, 14/09/2007 -1.9%. 

168, 15/09/2007 -2%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 -1.7%. 

172, 19/09/2007 -2.4%. 

173, 20/09/2007 -3.9%. 

174, 21/09/2007 -2.9%. 

175, 22/09/2007 -0.8%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 -1.6%. 

179, 26/09/2007 -1.4%. 

180, 27/09/2007 -1.5%. 

181, 28/09/2007 -2.2%. 

182, 29/09/2007 -1.9%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 -1.7%. 

186, 03/10/2007 -0.6%. 

187, 04/10/2007 0.1%. 

188, 05/10/2007 1.2%. 

189, 06/10/2007 1.5%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 1.6%. 

193, 10/10/2007 1.4%. 

194, 11/10/2007 2.1%. 

Point 195, 12/10/2007 is 2.2%. 1.3%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

-2.3% 13.4% 18.3% -38.0% -4.2% 



3, Cash 4% 4. 13% 13. 

Item 4, 5, Property Alternative 4% Investments 4. 3% 3. 



Equities 76% 



1, 2, North UK Equities American 13% Equities 13. 38% 38. 

3, 4, Emerging Euroland Markets 12% 12. 12. 

5, 6, Non Irish Equities Equities 8% 8. 9% 9. 

Item 7, 8, Japanese Pacific Basin Equities Equities 4% 4% 4. 4. 







Non Euro Equities 9% 





Cash 4% 

Property 4% 

Alternative Investments 3% 


Apple Inc 

Basf SE 

CRH 

Elan Corporation - ADR 

Exxon Mobil 

HSBC 

Nestle 

Ryanair 

Total 

Vodafone 









22


FRIENDS FIRST MIXED FUND 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

To generate long term capital growth by investing in a balanced spread of assets 

across geographic regions 



F&C Ireland Limited 

€18.9m 



1 Month 1.2% 

3 Months 8.0% 

1 Year 3.4% 

3 Years 14.2% p.a. 

5 Years -2.9% p.a. 

10 Years 2.3% p.a. 



Line 1, Friends First Mixed Fund points. 

1, 01/04/2007 (6). 

2, 3, 02/04/2007 03/04/2007 0%. 

4, 04/04/2007 5, 05/04/2007 -0.1%. 

6, 06/04/2007 0.6%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 0.7%. 

11, 11/04/2007 0.7%. 

12, 12/04/2007 0.8%. 

13, 13/04/2007 14, 14/04/2007 1.4%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 1.2%. 

18, 18/04/2007 1.4%. 

19, 19/04/2007 2.2%. 

20, 20/04/2007 2.1%. 

21, 21/04/2007 2%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 1.8%. 

25, 25/04/2007 26, 26/04/2007 2.5%. 

27, 27/04/2007 1.9%. 

28, 28/04/2007 2.1%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 2.4%. 

32, 02/05/2007 1.2%. 

33, 03/05/2007 1.3%. 

34, 04/05/2007 35, 05/05/2007 2.7%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 3.2%. 

40, 10/05/2007 3.7%. 

41, 11/05/2007 42, 12/05/2007 3.3%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 2.7%. 

46, 16/05/2007 3.1%. 

47, 17/05/2007 2.9%. 

48, 18/05/2007 3%. 

49, 19/05/2007 2.7%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 3.2%. 

53, 23/05/2007 3.7%. 

54, 24/05/2007 4.1%. 

55, 25/05/2007 4.3%. 

56, 26/05/2007 4.8%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 4.4%. 

60, 30/05/2007 4.2%. 

61, 31/05/2007 4.3%. 

62, 01/06/2007 63, 02/06/2007 4.4%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 5%. 

68, 07/06/2007 5.6%. 

69, 08/06/2007 4.7%. 

70, 09/06/2007 3.8%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 74, 13/06/2007 3%. 

75, 14/06/2007 3.6%. 

76, 15/06/2007 77, 16/06/2007 3.3%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 4.3%. 

81, 20/06/2007 82, 21/06/2007 5%. 

83, 22/06/2007 4.8%. 

84, 23/06/2007 4.9%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 4.4%. 

88, 27/06/2007 3.6%. 

89, 28/06/2007 3.4%. 

90, 29/06/2007 3.2%. 

91, 30/06/2007 2.7%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 95, 04/07/2007 3.4%. 

96, 05/07/2007 3.6%. 

97, 06/07/2007 4.1%. 

98, 07/07/2007 4.3%. 

99, 08/07/2007 is 100, 09/07/2007 4%. 

101, 10/07/2007 4%. 

102, 11/07/2007 4.4%. 

103, 12/07/2007 4.7%. 

104, 13/07/2007 3.7%. 

105, 14/07/2007 3.4%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 4%. 

109, 18/07/2007 4.3%. 

110, 19/07/2007 4.4%. 

111, 20/07/2007 4.3%. 

112, 21/07/2007 3.6%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 4.1%. 

116, 25/07/2007 3.5%. 

117, 26/07/2007 3.8%. 

118, 27/07/2007 2.7%. 

119, 28/07/2007 2.3%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 0.4%. 

123, 01/08/2007 -0.5%. 

124, 02/08/2007 -0.6%. 

125, 03/08/2007 0.7%. 

126, 04/08/2007 -0.2%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 0.4%. 

131, 09/08/2007 -1.1%. 

132, 10/08/2007 -0.4%. 

133, 11/08/2007 1.2%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -0.1%. 

137, 15/08/2007 -2.1%. 

138, 16/08/2007 -0.8%. 

139, 17/08/2007 -1.5%. 

140, 18/08/2007 -1.9%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -4.1%. 

144, 22/08/2007 -3.4%. 

145, 23/08/2007 -2.6%. 

146, 24/08/2007 -2.3%. 

147, 25/08/2007 -1.4%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 -0.9%. 

151, 29/08/2007 -0.8%. 

152, 30/08/2007 -0.7%. 

153, 31/08/2007 -1.9%. 

154, 01/09/2007 -1.5%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 -0.7%. 

158, 05/09/2007 0.4%. 

159, 06/09/2007 0.5%. 

160, 07/09/2007 1.1%. 

161, 08/09/2007 -0.1%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 0%. 

165, 12/09/2007 -1.2%. 

166, 13/09/2007 -2.1%. 

167, 14/09/2007 -1%. 

168, 15/09/2007 -1.2%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 -0.8%. 

172, 19/09/2007 -1.6%. 

173, 20/09/2007 -2.8%. 

174, 21/09/2007 -2%. 

175, 22/09/2007 0.1%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 -0.7%. 

179, 26/09/2007 -0.5%. 

180, 27/09/2007 -0.6%. 

181, 28/09/2007 -1.2%. 

182, 29/09/2007 -0.9%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 -0.1%. 

186, 03/10/2007 0.2%. 

187, 04/10/2007 0.9%. 

188, 05/10/2007 1.9%. 

189, 06/10/2007 190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 2.2%. 

193, 10/10/2007 194, 11/10/2007 2.9%. 

Point 195, 12/10/2007 is 3.1%. 2.9%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

-5.5% 13.2% 22.2% -36.9% -2.5% 



1, 2, North Pacific American Basin Equities Equities 16% 36% 16. 36. 

3, 4, U.K. Euroland Equities 16% 15% 16. 

5, Non-Euro 7% 7. 15. 

Item 6, 7, Japanese Irish Equities Equities 5% 5. 5% 5. 







3, Cash 5% 5. 15% 15. 

Item 4, Property 4% 4. 






Equities 76% 




Cash 5% 


Property 4% 


Apple 

Pfizer 

CRH 

SAP 

Exxon Mobil 

Vodafone 

GlaxoSmithKline 

Wal-Mart Stores 

Microsoft 

Wells Fargo 

1 Year 4.9% 

3 Years 13.3% p.a. 

5 Years -2.2% p.a. 

10 Years 1.9% p.a. 









23


BLOXHAM DEFENSIVE HIGH YIELD FUND (PENSION) 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 

Number Of 

Stocks 


Risk 

To generate long term capital growth with a relatively high, yet sustainable, flow of 

dividend income for the fund with the potential to increase over time 

An actively managed equity fund that employs a strict risk management strategy with 

the aim of reducing risk 

High Yield Global Equities (Shares that typically pay an above average dividend 

yield) 

Bloxham 

39 

€13.2m 


Bloxham Defensive 

HY S6 R 

Sector Pie chart Split with as 10 at items. 31 March 2012 

1, 2, Financials Consumer 19% Staples 19. 

3, Industrials 13% 13. 17% 17. 

4, 5, Technology Healthcare 10% 10% 10. 10. 

6, 7, Energy Materials 10% 8% 10. 

8, Consumer Discretionary 8. 

9, Communications 3% 3. 7% 7. 

Item 10, Utilities 3% 3. 


1 

Month 

3 

Months 

1 

Year 

0.4% 3.4% - - 

3 Years 

FTSE World Index 1.1% 8.5% 3.7% 17.9% 

p.a. 


2011 2010 2009 2008 2007 

- - - - - 


3M 

Abbott Lab 

Canon Inc 

General Mills 

Petrochina 

Sector Split as at 31 March 2012 

Financials 19% 

Consumer Staples 17% 

Industrials 13% 

Technology 10% 

Healthcare 10% 

Energy 10% 

Materials 8% 

Consumer Discretionary 7% 

Communications 3% 

Utilities 3% 

Royal Dutch Shell 

Syngenta 

Teliasonera 

Toronto-Dominion 

Unilever 


Performance Bar chart with versus 4 groups FTSE with World 2 items Index 

Y scale titled Scale label. 

per group. 

Group 1, 1, Bloxham 1 Month. 

Item 2, FTSE World Defensive Index 1.1. HY S6 R 0.4. 

Group 1, 2, Bloxham 3 Months. 

Item 2, FTSE World Defensive Index 8.5. HY S6 R 3.4. 

Group 1, 3, Bloxham 1 Year. 

Item 2, FTSE World Defensive Index 3.7. HY S6 R No data. 

Group 1, 4, Bloxham 3 Years. 

Item 2, FTSE World Defensive Index 17.9. HY S6 R No data. 

% End Performance of image description. (p.a.) 

Performance versus FTSE World Index 

% Performance (p.a.) 

20 

15 

10 

5 

0 

1 Month 3 Months 1 Year 3 Years 

Bloxham Defensive HY S6 R 

FTSE World Index 

5 Best Performing Equities (Over 1 Month) 

Performance Contribution to Fund 

Staples 11.4% 0.29% 

Abbott Lab 8.5% 0.21% 

M&T Bank 7.3% 0.19% 

Coca Cola 6.9% 0.17% 

Syngenta 5.9% 0.15% 



1, 2, North European American Equities Equities 20% 20. 49% 49. 

Item 3, 4, Pacific U.K. Equities Basin 18% 13% 18. 13. 





Pacific Basin 18% 










24


PENSION BLOXHAM HIGH YIELD EQUITY 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 

Number Of 

Stocks 


Risk 


income for the fund 


High yield equities 

Bloxham 

46 

€120.1m 

High Risk 

Blox High Yld Equity 

S6 

1 3 1 3 Years 

1.7% 6.4% 6.6% 17.5% 

p.a. 

FTSE World Index 1.1% 8.5% 3.7% 17.9% 

p.a. 


2011 2010 2009 2008 2007 

-2.5% 17.7% 22.3% -37.7% -9.2% 


BHP Billiton 

HSBC 

Imperial Tobacco 

Johnson & Johnson 


Microsoft 

Pepsico 

Pfizer 


Siemens 


Performance Bar chart with versus 4 groups FTSE with World 2 items Index 

Y scale titled Scale label. 

per group. 

Group 1, 1, Blox 1 Month. 

Item 2, FTSE High World Yld Index Equity 1.1. S6 1.7. 

Group 1, 2, Blox 3 Months. 


Group 1, 3, Blox 1 Year. 


Group 1, 4, Blox 3 Years. 



Performance versus FTSE World Index 


20 

15 

10 

5 

0 


Blox High Yld Equity S6 

FTSE World Index 



JP Morgan Chase 17.14% 0.60% 

Pepsico 5.41% 0.21% 

Pfizer 7.18% 0.18% 

Prudential 7.23% 0.18% 

Canon Inc 6.36% 0.16% 


1, 2, Consumer Financial 18% Staples 18. 30% 30. 

3, 4, Industrial Energy 9% 13% 9. 13. 

5, 6, Technology Basic Materials 6% 6% 6. 

7, Diversified 6% 6. 6. 

8, 9, Communications Consumer Discretionary 6% 6. 

Item 10, Mining 2% 2. 4% 4. 






3, 4, Pacific European Basin Equities 19% 19. 

Item 5, Irish Equities 2% 2. 13% 13. 




Financial 18% 

Industrial 13% 

Energy 9% 

Technology 6% 

Basic Materials 6% 

Diversified 6% 



Mining 2% 



Pacific Basin 19% 











25


TRILOGY II FUND (PENSION) 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 

Number Of 

Stocks 


Risk 

To generate long term capital growth with a sustainable flow of income for the fund by 

investing in three distinct asset classes (equities, bonds and property), and using 

borrowings to increase exposure to property. 


High Yield Equities, Corporate Bonds, Geared Property 

Bloxham 

46 

€154.0m 

High Risk 


1 Month 0.8% 

3 Months 3.7% 

1 Year 3.2% 

3 Years 10.3% p.a. 

5 Years -9.9% p.a. 

10 Years - 



Line 1, Trilogy II Fund (6). points. 

1, 2, 01/04/2007 02/04/2007 3, 03/04/2007 0%. 

4, 04/04/2007 0.3%. 

5, 05/04/2007 0.7%. 

6, 06/04/2007 7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 0.6%. 

11, 11/04/2007 0.6%. 

12, 12/04/2007 0.9%. 

13, 13/04/2007 1%. 

14, 14/04/2007 0.8%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 1%. 

18, 18/04/2007 1.6%. 

19, 19/04/2007 1.8%. 

20, 20/04/2007 1.5%. 

21, 21/04/2007 1.2%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 25, 25/04/2007 1.8%. 

26, 26/04/2007 1.3%. 

27, 27/04/2007 1.6%. 

28, 28/04/2007 1.7%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 1.3%. 

32, 02/05/2007 1.4%. 

33, 03/05/2007 1.5%. 

34, 04/05/2007 2.6%. 

35, 05/05/2007 2.3%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 2.5%. 

40, 10/05/2007 41, 11/05/2007 2.3%. 

42, 12/05/2007 1.9%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 46, 16/05/2007 2.1%. 

47, 17/05/2007 2.2%. 

48, 18/05/2007 2.3%. 

49, 19/05/2007 2.5%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 53, 23/05/2007 54, 24/05/2007 2.8%. 

55, 25/05/2007 3.2%. 

56, 26/05/2007 57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 2.9%. 

60, 30/05/2007 3%. 

61, 31/05/2007 62, 01/06/2007 2.9%. 

63, 02/06/2007 3%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 3.5%. 

68, 07/06/2007 2.7%. 

69, 08/06/2007 2%. 

70, 09/06/2007 1.3%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 1.5%. 

74, 13/06/2007 2%. 

75, 14/06/2007 1.8%. 

76, 15/06/2007 1.9%. 

77, 16/06/2007 2.6%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 3.2%. 

81, 20/06/2007 82, 21/06/2007 2.9%. 

83, 22/06/2007 84, 23/06/2007 3%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 2.6%. 

88, 27/06/2007 2.3%. 

89, 28/06/2007 2.1%. 

90, 29/06/2007 1.9%. 

91, 30/06/2007 2.2%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 1.9%. 

95, 04/07/2007 1.6%. 

96, 05/07/2007 2.1%. 

97, 06/07/2007 2.3%. 

98, 07/07/2007 2%. 

99, 08/07/2007 is 100, 09/07/2007 2.2%. 

101, 10/07/2007 2.2%. 

102, 11/07/2007 2.3%. 

103, 12/07/2007 1.4%. 

104, 13/07/2007 1.1%. 

105, 14/07/2007 1.6%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 2%. 

109, 18/07/2007 2.2%. 

110, 19/07/2007 2%. 

111, 20/07/2007 1.4%. 

112, 21/07/2007 1.7%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 1.1%. 

116, 25/07/2007 1.6%. 

117, 26/07/2007 0.6%. 

118, 27/07/2007 0.4%. 

119, 28/07/2007 -1.3%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 -1.7%. 

123, 01/08/2007 -2%. 

124, 02/08/2007 -0.6%. 

125, 03/08/2007 -1.5%. 

126, 04/08/2007 -0.5%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 -1.5%. 

131, 09/08/2007 -0.9%. 

132, 10/08/2007 0.2%. 

133, 11/08/2007 -1%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -2.7%. 

137, 15/08/2007 -1.4%. 

138, 16/08/2007 139, 17/08/2007 -2.3%. 

140, 18/08/2007 -4%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -2.9%. 

144, 22/08/2007 -2.7%. 

145, 23/08/2007 -2.5%. 

146, 24/08/2007 -1.6%. 

147, 25/08/2007 -1.5%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 -1.6%. 

151, 29/08/2007 -1.5%. 

152, 30/08/2007 -2.7%. 

153, 31/08/2007 -2.3%. 

154, 01/09/2007 -1.8%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 -1.1%. 

158, 05/09/2007 -0.8%. 

159, 06/09/2007 -0.6%. 

160, 07/09/2007 -1.6%. 

161, 08/09/2007 -1.7%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 -3%. 

165, 12/09/2007 -3.5%. 

166, 13/09/2007 -2.7%. 

167, 14/09/2007 -3%. 

168, 15/09/2007 -2.8%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 -3.6%. 

172, 19/09/2007 -5%. 

173, 20/09/2007 -4.4%. 

174, 21/09/2007 -2.9%. 

175, 22/09/2007 -3.5%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 -3.2%. 

179, 26/09/2007 -3.7%. 

180, 27/09/2007 -4.4%. 

181, 28/09/2007 -4.2%. 

182, 29/09/2007 -3.5%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 -3.7%. 

186, 03/10/2007 -3.1%. 

187, 04/10/2007 -2.4%. 

188, 05/10/2007 -2%. 

189, 06/10/2007 -1.8%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 -1.4%. 

193, 10/10/2007 -1.6%. 

194, 11/10/2007 -1.4%. 

Point 195, 12/10/2007 is -1.6%. -1.8%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

-1.0% 14.6% 2.4% -45.6% -7.6% 


1, 2, High Geared Yield Property Equities 39% 51% 39. 51. 

Item 3, Corporate Bonds 10% 10. 



High Yield Equities 51% 

Geared Property 39% 




Manchester 

15 Dacre Street, London Galleri K Nominees 

15 Grosvenor Street London Jodenbreestraat 11-25 


Garden 


Manchester 

Noisy Le Grand 


Corporate Bonds 10% 


BHP Billiton 

Microsoft 

HSBC 

Pepsico 


Pfizer 

Johnson & Johnson Royal Dutch Shell 


Siemens 


1 Year 4.9% 

3 Years 13.3% p.a. 

5 Years -2.2% p.a. 

10 Years 1.9% p.a. 







MoneyMate. Performance is quoted gross of taxation and fund management charges. The company reserves the right to restrict encashment or switches in 

the event of outflows from the fund. Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up. 

26


DISCOVERY (PENSION) 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 

Number Of 

Stocks 


Risk 

To generate long term capital growth by investing in a diversified portfolio of medium 

sized companies that are growing strongly and represent attractive investment 

opportunities. 


Equities 

Bloxham 

55 

€22.5m 

High Risk 


1 Month 1.7% 

3 Months 11.7% 

1 Year 10.9% 

3 Years 23.4% p.a. 

5 Years 0.8% p.a. 

10 Years - 



Line 1, Discovery (6) RP. points. 

1, 2, 01/04/2007 02/04/2007 3, 03/04/2007 0%. 

4, 04/04/2007 0.2%. 

5, 05/04/2007 1.1%. 

6, 06/04/2007 1.4%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 1.7%. 

11, 11/04/2007 1.7%. 

12, 12/04/2007 2.5%. 

13, 13/04/2007 2.6%. 

14, 14/04/2007 2.1%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 2.5%. 

18, 18/04/2007 3.3%. 

19, 19/04/2007 3%. 

20, 20/04/2007 2.8%. 

21, 21/04/2007 2.2%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 25, 25/04/2007 3%. 

26, 26/04/2007 2.1%. 

27, 27/04/2007 2.3%. 

28, 28/04/2007 2.9%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 32, 02/05/2007 2.2%. 

33, 03/05/2007 2.3%. 

34, 04/05/2007 35, 05/05/2007 2.6%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 3.1%. 

40, 10/05/2007 2.8%. 

41, 11/05/2007 2.6%. 

42, 12/05/2007 2.4%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 2.5%. 

46, 16/05/2007 2.2%. 

47, 17/05/2007 2.5%. 

48, 18/05/2007 2.9%. 

49, 19/05/2007 3.1%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 3.7%. 

53, 23/05/2007 3.9%. 

54, 24/05/2007 4.5%. 

55, 25/05/2007 4.8%. 

56, 26/05/2007 4.4%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 60, 30/05/2007 4.2%. 

61, 31/05/2007 4.4%. 

62, 01/06/2007 4.1%. 

63, 02/06/2007 4.7%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 5.4%. 

68, 07/06/2007 4.9%. 

69, 08/06/2007 3%. 

70, 09/06/2007 1.4%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 1.8%. 

74, 13/06/2007 2.3%. 

75, 14/06/2007 2%. 

76, 15/06/2007 1.9%. 

77, 16/06/2007 2.8%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 3.8%. 

81, 20/06/2007 4.5%. 

82, 21/06/2007 4.1%. 

83, 22/06/2007 4.8%. 

84, 23/06/2007 3.4%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 2.9%. 

88, 27/06/2007 2.8%. 

89, 28/06/2007 2.1%. 

90, 29/06/2007 2%. 

91, 30/06/2007 3.5%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 3.4%. 

95, 04/07/2007 3.9%. 

96, 05/07/2007 4.8%. 

97, 06/07/2007 98, 07/07/2007 5.3%. 

99, 08/07/2007 is 100, 09/07/2007 5.7%. 

101, 10/07/2007 5.7%. 

102, 11/07/2007 5.8%. 

103, 12/07/2007 4.6%. 

104, 13/07/2007 4%. 

105, 14/07/2007 4.7%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 4.5%. 

109, 18/07/2007 4.4%. 

110, 19/07/2007 3.9%. 

111, 20/07/2007 3.5%. 

112, 21/07/2007 4.6%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 4%. 

116, 25/07/2007 4.2%. 

117, 26/07/2007 2.5%. 

118, 27/07/2007 1.3%. 

119, 28/07/2007 -0.7%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 -1.6%. 

123, 01/08/2007 -0.9%. 

124, 02/08/2007 0.5%. 

125, 03/08/2007 -0.4%. 

126, 04/08/2007 0.6%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 -0.3%. 

131, 09/08/2007 -0.5%. 

132, 10/08/2007 1.4%. 

133, 11/08/2007 0.2%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -1.9%. 

137, 15/08/2007 -1.3%. 

138, 16/08/2007 -2.2%. 

139, 17/08/2007 -3.4%. 

140, 18/08/2007 -6.8%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -6.1%. 

144, 22/08/2007 -5.9%. 

145, 23/08/2007 -5.7%. 

146, 24/08/2007 -3.7%. 

147, 25/08/2007 -3.6%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 -3.4%. 

151, 29/08/2007 -3.3%. 

152, 30/08/2007 -5%. 

153, 31/08/2007 -4.2%. 

154, 01/09/2007 -3.1%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 -1.6%. 

158, 05/09/2007 -1%. 

159, 06/09/2007 0.2%. 

160, 07/09/2007 161, 08/09/2007 -1%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 -2.9%. 

165, 12/09/2007 -3.9%. 

166, 13/09/2007 -2.4%. 

167, 14/09/2007 -2.5%. 

168, 15/09/2007 -3.1%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 -4.4%. 

172, 19/09/2007 -6%. 

173, 20/09/2007 -5.1%. 

174, 21/09/2007 -2.9%. 

175, 22/09/2007 -4.1%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 -3.4%. 

179, 26/09/2007 -3%. 

180, 27/09/2007 -5%. 

181, 28/09/2007 -4.6%. 

182, 29/09/2007 -4.2%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 -4.6%. 

186, 03/10/2007 -4%. 

187, 04/10/2007 -2.9%. 

188, 05/10/2007 -2%. 

189, 06/10/2007 -1.4%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 -0.7%. 

193, 10/10/2007 -0.9%. 

194, 11/10/2007 Point 195, 12/10/2007 is -0.8%. -0.7%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

0.1% 24.0% 31.9% -36.2% -8.2% 



1, 2, North European American Equities Equities 31% 31. 35% 35. 

3, 4, UK Irish Equities 26% 26. 

Item 5, Pacific Basin Equities 2% 2. 





Airgas 

Ecolab 

Alexion Pharmaceuticals Ensco 

CAF 

Petrofac 

Davita 

Principal Finl Group 

Delticom 

Stericycle 


1, 2, Industrial Consumer 24% Staples 24. 

3, Financial 11% 11. 16% 16. 

4, 5, Consumer Basic Materials Discretionary 9% 9. 9% 9. 

6, 7, Energy Other 7% 9% 7. 9. 

8, 9, Technology Funds 5% 5. 5% 5. 

Item 10, Communications 5% 5. 





Financial 11% 



Energy 9% 

Other 7% 

Technology 5% 

Funds 5% 







Performance 

Playtech 19.32% 0.33% 

Gemalto 15.40% 0.31% 

Alexion Pharmaceuticals 10.88% 0.29% 

Principal Finl Group 7.40% 0.20% 

Petrofac 9.32% 0.20% 

Contribution to 

Fund 









27


INNOVATOR (PENSION) 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

To generate long term capital growth by investing in alternative investment themes 

including alternative energy, water, commodities, emerging markets and climate 

change. 


Equities 


€89.8m 

High Risk 


1 Month 0.2% 

3 Months 9.8% 

1 Year -3.6% 

3 Years 15.3% p.a. 

5 Years -2.7% p.a. 

10 Years - 



Line 1, Innovator(6). 

points. 

1, 2, 01/04/2007 02/04/2007 3, 03/04/2007 0%. 

4, 04/04/2007 0.4%. 

5, 05/04/2007 -0.2%. 

6, 06/04/2007 0.8%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 1.2%. 

11, 11/04/2007 12, 12/04/2007 1.2%. 

13, 13/04/2007 1.9%. 

14, 14/04/2007 2%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 1.6%. 

18, 18/04/2007 2.3%. 

19, 19/04/2007 20, 20/04/2007 3.2%. 

21, 21/04/2007 2.9%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 2.2%. 

25, 25/04/2007 2%. 

26, 26/04/2007 3.8%. 

27, 27/04/2007 3.4%. 

28, 28/04/2007 3.8%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 3.9%. 

32, 02/05/2007 3.4%. 

33, 03/05/2007 34, 04/05/2007 35, 05/05/2007 3.5%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 3.7%. 

40, 10/05/2007 4.2%. 

41, 11/05/2007 42, 12/05/2007 4.1%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 3.5%. 

46, 16/05/2007 47, 17/05/2007 3.9%. 

48, 18/05/2007 3.3%. 

49, 19/05/2007 3.4%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 3.5%. 

53, 23/05/2007 4%. 

54, 24/05/2007 4.8%. 

55, 25/05/2007 56, 26/05/2007 5.3%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 4.9%. 

60, 30/05/2007 4.7%. 

61, 31/05/2007 4.8%. 

62, 01/06/2007 4.7%. 

63, 02/06/2007 4.9%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 5.7%. 

68, 07/06/2007 6.7%. 

69, 08/06/2007 6.4%. 

70, 09/06/2007 5.5%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 4.9%. 

74, 13/06/2007 4.8%. 

75, 14/06/2007 5.3%. 

76, 15/06/2007 5.1%. 

77, 16/06/2007 5.6%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 6.6%. 

81, 20/06/2007 7.1%. 

82, 21/06/2007 7.2%. 

83, 22/06/2007 84, 23/06/2007 7.4%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 88, 27/06/2007 7.1%. 

89, 28/06/2007 6.5%. 

90, 29/06/2007 6.4%. 

91, 30/06/2007 6.5%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 7.2%. 

95, 04/07/2007 96, 05/07/2007 7.5%. 

97, 06/07/2007 8.2%. 

98, 07/07/2007 8.4%. 

99, 08/07/2007 is 100, 09/07/2007 8.5%. 

101, 10/07/2007 8.5%. 

102, 11/07/2007 9.1%. 

103, 12/07/2007 9.7%. 

104, 13/07/2007 8.9%. 

105, 14/07/2007 8.6%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 9.4%. 

109, 18/07/2007 9.8%. 

110, 19/07/2007 9.5%. 

111, 20/07/2007 9.1%. 

112, 21/07/2007 8.7%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 9.6%. 

116, 25/07/2007 9.2%. 

117, 26/07/2007 9.6%. 

118, 27/07/2007 119, 28/07/2007 8.7%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 7.7%. 

123, 01/08/2007 6.5%. 

124, 02/08/2007 7.3%. 

125, 03/08/2007 7.6%. 

126, 04/08/2007 6.8%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 7%. 

131, 09/08/2007 5.8%. 

132, 10/08/2007 133, 11/08/2007 134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 6.5%. 

137, 15/08/2007 4.5%. 

138, 16/08/2007 5.2%. 

139, 17/08/2007 5.1%. 

140, 18/08/2007 4.2%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 0.1%. 

144, 22/08/2007 145, 23/08/2007 1.5%. 

146, 24/08/2007 1.2%. 

147, 25/08/2007 2.8%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 3.2%. 

151, 29/08/2007 3.5%. 

152, 30/08/2007 3.9%. 

153, 31/08/2007 2.5%. 

154, 01/09/2007 3.4%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 4.3%. 

158, 05/09/2007 5.8%. 

159, 06/09/2007 5.9%. 

160, 07/09/2007 6.7%. 

161, 08/09/2007 162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 5.5%. 

165, 12/09/2007 3.8%. 

166, 13/09/2007 3.3%. 

167, 14/09/2007 3.9%. 

168, 15/09/2007 4.2%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 4.6%. 

172, 19/09/2007 4.5%. 

173, 20/09/2007 3.7%. 

174, 21/09/2007 5.1%. 

175, 22/09/2007 6.9%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 6.6%. 

179, 26/09/2007 6.9%. 

180, 27/09/2007 7.3%. 

181, 28/09/2007 6.7%. 

182, 29/09/2007 7.4%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 8.3%. 

186, 03/10/2007 8.1%. 

187, 04/10/2007 8.9%. 

188, 05/10/2007 189, 06/10/2007 9.8%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 9.2%. 

193, 10/10/2007 10.6%. 

194, 11/10/2007 10.5%. 

Point 195, 12/10/2007 is 11.4%. 11.5%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

-14.5% 18.1% 32.7% -47.8% 15.7% 


1, 2, Environmental Emerging Markets Solutions 24% 24. 30% 30. 

3, 4, Commodities Water 12% 12. 19% 19. 

5, 6, Solar Climate 8% Change 8. 

7, Alternative Energy 4% 2% 4. 


2. 



Environmental Solutions 30% 


Commodities 19% 

Water 12% 

Solar 8% 

Climate Change 4% 

Alternative Energy 2% 

Cash 1% 


ABB Limited 

Cooper Industries 

CSX Corporation 

Danaher Corporation 

Elster Group 

Emerson Electric Company 

Johnson Controls 

Kurita Water Industries 

Pentair 

SIG 









28


ALTERNATIVE ENERGY (PENSION) 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 

Number Of 

Stocks 


Risk 

To generate long term capital growth by investing in companies in the alternative 

energy sector 


Equities 


53 

€6.4m 

High Risk 


1 Month -2.0% 


1 Year -27.5% 

3 Years -4.3% p.a. 

5 Years - 

10 Years - 



Line 1, Alternative Energy (6). points. 

1, 2, 01/04/2009 02/04/2009 0%. 

3, 03/04/2009 -0.4%. 

4, 04/04/2009 2.3%. 

5, 05/04/2009 6, 06/04/2009 7, 07/04/2009 5.7%. 

8, 08/04/2009 9, 09/04/2009 is 7.2%. 

10, 10/04/2009 5.5%. 

11, 11/04/2009 12, 12/04/2009 13, 13/04/2009 14, 14/04/2009 15, 15/04/2009 6.2%. 

16, 16/04/2009 9%. 

17, 17/04/2009 10.1%. 

18, 18/04/2009 9.6%. 

19, 19/04/2009 20, 20/04/2009 21, 21/04/2009 10.3%. 

22, 22/04/2009 11.3%. 

23, 23/04/2009 7.6%. 

24, 24/04/2009 7.8%. 

25, 25/04/2009 9.6%. 

26, 26/04/2009 27, 27/04/2009 28, 28/04/2009 10.9%. 

29, 29/04/2009 30, 30/04/2009 11.7%. 

31, 01/05/2009 11.5%. 

32, 02/05/2009 14.2%. 

33, 03/05/2009 34, 04/05/2009 35, 05/05/2009 36, 06/05/2009 14.4%. 

37, 07/05/2009 24.2%. 

38, 08/05/2009 24%. 

39, 09/05/2009 25.7%. 

40, 10/05/2009 41, 11/05/2009 42, 12/05/2009 43, 13/05/2009 25.3%. 

44, 14/05/2009 24.4%. 

45, 15/05/2009 23%. 

46, 16/05/2009 18.7%. 

47, 17/05/2009 48, 18/05/2009 49, 19/05/2009 19.3%. 

50, 20/05/2009 20.1%. 

51, 21/05/2009 21.8%. 

52, 22/05/2009 53, 23/05/2009 54, 24/05/2009 55, 25/05/2009 56, 26/05/2009 24%. 

57, 27/05/2009 58, 28/05/2009 25.9%. 

59, 29/05/2009 25.7%. 

60, 30/05/2009 28.1%. 

61, 31/05/2009 62, 01/06/2009 63, 02/06/2009 64, 03/06/2009 27.1%. 

65, 04/06/2009 26.9%. 

66, 05/06/2009 28.8%. 

67, 06/06/2009 25.7%. 

68, 07/06/2009 69, 08/06/2009 70, 09/06/2009 25.9%. 

71, 10/06/2009 26.9%. 

72, 11/06/2009 25.3%. 

73, 12/06/2009 26.1%. 

74, 13/06/2009 27.7%. 

75, 14/06/2009 76, 15/06/2009 77, 16/06/2009 29.2%. 

78, 17/06/2009 28.8%. 

79, 18/06/2009 27.1%. 

80, 19/06/2009 25.7%. 

81, 20/06/2009 23%. 

82, 21/06/2009 83, 22/06/2009 84, 23/06/2009 23.4%. 

85, 24/06/2009 25.5%. 

86, 25/06/2009 21.2%. 

87, 26/06/2009 20.5%. 

88, 27/06/2009 23.4%. 

89, 28/06/2009 90, 29/06/2009 91, 30/06/2009 24.2%. 

92, 01/07/2009 23.8%. 

93, 02/07/2009 24%. 

94, 03/07/2009 24.2%. 

95, 04/07/2009 24.8%. 

96, 05/07/2009 97, 06/07/2009 98, 07/07/2009 99, 08/07/2009 is 23.2%. 

100, 09/07/2009 20.5%. 

101, 10/07/2009 18.3%. 

102, 11/07/2009 18.1%. 

103, 12/07/2009 104, 13/07/2009 105, 14/07/2009 18.5%. 

106, 15/07/2009 17.5%. 

107, 16/07/2009 18.9%. 

108, 17/07/2009 19.7%. 

109, 18/07/2009 22.6%. 

110, 19/07/2009 111, 20/07/2009 112, 21/07/2009 23%. 

113, 22/07/2009 114, 23/07/2009 23.2%. 

115, 24/07/2009 25%. 

116, 25/07/2009 26.5%. 

117, 26/07/2009 118, 27/07/2009 119, 28/07/2009 28.1%. 

120, 29/07/2009 29.4%. 

121, 30/07/2009 30.8%. 

122, 31/07/2009 28.5%. 

123, 01/08/2009 27.7%. 

124, 02/08/2009 125, 03/08/2009 126, 04/08/2009 127, 05/08/2009 29.8%. 

128, 06/08/2009 29.2%. 

129, 07/08/2009 29.4%. 

130, 08/08/2009 28.7%. 

131, 09/08/2009 132, 10/08/2009 133, 11/08/2009 28.5%. 

134, 12/08/2009 29%. 

135, 13/08/2009 29.4%. 

136, 14/08/2009 28.5%. 

137, 15/08/2009 28.7%. 

138, 16/08/2009 139, 17/08/2009 140, 18/08/2009 29.2%. 

141, 19/08/2009 29%. 

142, 20/08/2009 26.1%. 

143, 21/08/2009 26.5%. 

144, 22/08/2009 26.3%. 

145, 23/08/2009 146, 24/08/2009 147, 25/08/2009 27.3%. 

148, 26/08/2009 28.5%. 

149, 27/08/2009 150, 28/08/2009 29.2%. 

151, 29/08/2009 28.7%. 

152, 30/08/2009 153, 31/08/2009 154, 01/09/2009 27.9%. 

155, 02/09/2009 28.3%. 

156, 03/09/2009 26.1%. 

157, 04/09/2009 24.4%. 

158, 05/09/2009 24%. 

159, 06/09/2009 160, 07/09/2009 161, 08/09/2009 25.5%. 

162, 09/09/2009 163, 10/09/2009 27.5%. 

164, 11/09/2009 29%. 

165, 12/09/2009 30%. 

166, 13/09/2009 167, 14/09/2009 168, 15/09/2009 31%. 

169, 16/09/2009 30.4%. 

170, 17/09/2009 30.2%. 

171, 18/09/2009 32.2%. 

172, 19/09/2009 34.7%. 

173, 20/09/2009 174, 21/09/2009 175, 22/09/2009 34.9%. 

176, 23/09/2009 177, 24/09/2009 35.5%. 

178, 25/09/2009 33.1%. 

179, 26/09/2009 31.4%. 

180, 27/09/2009 181, 28/09/2009 182, 29/09/2009 30.4%. 

183, 30/09/2009 30.6%. 

184, 01/10/2009 32.6%. 

185, 02/10/2009 32.9%. 

186, 03/10/2009 32.6%. 

187, 04/10/2009 188, 05/10/2009 189, 06/10/2009 28.1%. 

190, 07/10/2009 27.9%. 

191, 08/10/2009 28.8%. 

192, 09/10/2009 30%. 

193, 10/10/2009 30.4%. 

194, 11/10/2009 Point 195, 12/10/2009 is 29.6%. 



40% 

20% 

0% 

-20% 

-40% 

01/ 

04/ 

2009 

10/ 

07/ 

2009 

18/ 

10/ 

2009 

26/ 

01/ 

2010 

06/ 

05/ 

2010 

14/ 

08/ 

2010 

22/ 

11/ 

2010 

02/ 

03/ 

2011 

10/ 

06/ 

2011 

18/ 

09/ 

2011 

27/ 

12/ 

2011 


2011 2010 2009 2008 2007 

-30.4% -12.8% 25.2% -55.1% - 


1, 2, Other Biomass 36% 18% 36. 

3, Wind Energy 14% 18. 

4, Solar 12% 12. 14. 

Item 5, 6, Utilities Fuel Cells 12% 8% 12. 8. 



Other 36% 

Biomass 18% 

Wind Energy 14% 

Solar 12% 

Utilities 12% 

Fuel Cells 8% 


Cosan 'A' 

Covanta Holding 

EDP Renovaveis 

Itron 

Johnson Controls 

Liquidities And Others 

Memc Elt.Materials 

Novozymes 

Prysmian 

Sechilienne 









29


WATER FUND (PENSION) 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 

Number Of 

Stocks 


Risk 

To generate long term capital growth by investing in companies in the water sector 


Equities 


46 

€7.8m 

High Risk 


1 Month 2.0% 


1 Year 10.8% 

3 Years 22.3% p.a. 

5 Years - 

10 Years - 



Line 1, Water Fund (6). points. 

1, 2, 01/04/2009 02/04/2009 0%. 

3, 03/04/2009 -1.1%. 

4, 04/04/2009 3%. 

5, 05/04/2009 6, 06/04/2009 7, 07/04/2009 5.8%. 

8, 08/04/2009 6.8%. 

9, 09/04/2009 is 7%. 

10, 10/04/2009 5.8%. 

11, 11/04/2009 12, 12/04/2009 13, 13/04/2009 14, 14/04/2009 15, 15/04/2009 6.3%. 

16, 16/04/2009 9.6%. 

17, 17/04/2009 8.2%. 

18, 18/04/2009 9.3%. 

19, 19/04/2009 20, 20/04/2009 21, 21/04/2009 11.2%. 

22, 22/04/2009 13.3%. 

23, 23/04/2009 10.5%. 

24, 24/04/2009 11.8%. 

25, 25/04/2009 12.1%. 

26, 26/04/2009 27, 27/04/2009 28, 28/04/2009 11.4%. 

29, 29/04/2009 12.8%. 

30, 30/04/2009 13.5%. 

31, 01/05/2009 13%. 

32, 02/05/2009 14.6%. 

33, 03/05/2009 34, 04/05/2009 35, 05/05/2009 36, 06/05/2009 14.7%. 

37, 07/05/2009 15.4%. 

38, 08/05/2009 18.4%. 

39, 09/05/2009 19.6%. 

40, 10/05/2009 41, 11/05/2009 42, 12/05/2009 18.2%. 

43, 13/05/2009 20.5%. 

44, 14/05/2009 17.7%. 

45, 15/05/2009 17.5%. 

46, 16/05/2009 14.7%. 

47, 17/05/2009 48, 18/05/2009 49, 19/05/2009 15.1%. 

50, 20/05/2009 15.6%. 

51, 21/05/2009 18.4%. 

52, 22/05/2009 53, 23/05/2009 54, 24/05/2009 55, 25/05/2009 56, 26/05/2009 19.5%. 

57, 27/05/2009 58, 28/05/2009 18.6%. 

59, 29/05/2009 16.8%. 

60, 30/05/2009 17%. 

61, 31/05/2009 62, 01/06/2009 63, 02/06/2009 64, 03/06/2009 16.7%. 

65, 04/06/2009 16.1%. 

66, 05/06/2009 19.6%. 

67, 06/06/2009 18.6%. 

68, 07/06/2009 69, 08/06/2009 70, 09/06/2009 19.3%. 

71, 10/06/2009 20.2%. 

72, 11/06/2009 21.2%. 

73, 12/06/2009 74, 13/06/2009 21.9%. 

75, 14/06/2009 76, 15/06/2009 77, 16/06/2009 23.5%. 

78, 17/06/2009 23.3%. 

79, 18/06/2009 21.9%. 

80, 19/06/2009 20.2%. 

81, 20/06/2009 20.4%. 

82, 21/06/2009 83, 22/06/2009 84, 23/06/2009 19.8%. 

85, 24/06/2009 20%. 

86, 25/06/2009 18.2%. 

87, 26/06/2009 16.5%. 

88, 27/06/2009 17.9%. 

89, 28/06/2009 90, 29/06/2009 91, 30/06/2009 20.5%. 

92, 01/07/2009 21.1%. 

93, 02/07/2009 22.5%. 

94, 03/07/2009 95, 04/07/2009 21.9%. 

96, 05/07/2009 97, 06/07/2009 98, 07/07/2009 99, 08/07/2009 is 20.5%. 

100, 09/07/2009 19.6%. 

101, 10/07/2009 16.7%. 

102, 11/07/2009 16.1%. 

103, 12/07/2009 104, 13/07/2009 105, 14/07/2009 15.8%. 

106, 15/07/2009 107, 16/07/2009 16.1%. 

108, 17/07/2009 18.1%. 

109, 18/07/2009 20.2%. 

110, 19/07/2009 111, 20/07/2009 112, 21/07/2009 21.1%. 

113, 22/07/2009 114, 23/07/2009 20.9%. 

115, 24/07/2009 21.9%. 

116, 25/07/2009 23%. 

117, 26/07/2009 118, 27/07/2009 119, 28/07/2009 24%. 

120, 29/07/2009 24.7%. 

121, 30/07/2009 25.1%. 

122, 31/07/2009 25.3%. 

123, 01/08/2009 25.6%. 

124, 02/08/2009 125, 03/08/2009 126, 04/08/2009 127, 05/08/2009 26.8%. 

128, 06/08/2009 26.5%. 

129, 07/08/2009 27.2%. 

130, 08/08/2009 25.8%. 

131, 09/08/2009 132, 10/08/2009 133, 11/08/2009 24.6%. 

134, 12/08/2009 26.5%. 

135, 13/08/2009 136, 14/08/2009 27.2%. 

137, 15/08/2009 27.7%. 

138, 16/08/2009 139, 17/08/2009 140, 18/08/2009 27.9%. 

141, 19/08/2009 27.2%. 

142, 20/08/2009 25.1%. 

143, 21/08/2009 144, 22/08/2009 26.7%. 

145, 23/08/2009 146, 24/08/2009 147, 25/08/2009 28.1%. 

148, 26/08/2009 29.3%. 

149, 27/08/2009 29.5%. 

150, 28/08/2009 30%. 

151, 29/08/2009 152, 30/08/2009 153, 31/08/2009 154, 01/09/2009 31.6%. 

155, 02/09/2009 30.2%. 

156, 03/09/2009 29.3%. 

157, 04/09/2009 28.2%. 

158, 05/09/2009 27.7%. 

159, 06/09/2009 160, 07/09/2009 161, 08/09/2009 28.1%. 

162, 09/09/2009 163, 10/09/2009 29.5%. 

164, 11/09/2009 29.8%. 

165, 12/09/2009 31.1%. 

166, 13/09/2009 167, 14/09/2009 168, 15/09/2009 32.1%. 

169, 16/09/2009 170, 17/09/2009 32.3%. 

171, 18/09/2009 33.5%. 

172, 19/09/2009 34.6%. 

173, 20/09/2009 174, 21/09/2009 175, 22/09/2009 34.4%. 

176, 23/09/2009 177, 24/09/2009 33.3%. 

178, 25/09/2009 31.9%. 

179, 26/09/2009 31.2%. 

180, 27/09/2009 181, 28/09/2009 182, 29/09/2009 30.4%. 

183, 30/09/2009 29.5%. 

184, 01/10/2009 31.4%. 

185, 02/10/2009 31.8%. 

186, 03/10/2009 31.2%. 

187, 04/10/2009 188, 05/10/2009 189, 06/10/2009 28.1%. 

190, 07/10/2009 26.5%. 

191, 08/10/2009 28.2%. 

192, 09/10/2009 29.5%. 

193, 10/10/2009 29.3%. 

194, 11/10/2009 Point 195, 12/10/2009 is 30.5%. 



100% 

75% 

50% 

25% 

0% 

-25% 

01/ 

04/ 

2009 

10/ 

07/ 

2009 

18/ 

10/ 

2009 

26/ 

01/ 

2010 

06/ 

05/ 

2010 

14/ 

08/ 

2010 

22/ 

11/ 

2010 

02/ 

03/ 

2011 

10/ 

06/ 

2011 

18/ 

09/ 

2011 

27/ 

12/ 

2011 


2011 2010 2009 2008 2007 

-5.6% 23.4% 30.4% -39.5% - 


1, 2, Infrastructure Technologies 42% 32% 42. 

Item 3, Water/Wastewater Utility 26% 32. 26. 



Water Infrastructure 42% 

Water Technologies 32% 

Water/Wastewater Utility 26% 


Aecom Technology 

Ebara 

Elster Group 

Flowserve 

Itron 

Kurita Water Ind. 

Pentair 

Severn Trent 

Suez Environnement 

United Utilities 









30


SPOTLIGHT (PENSION) 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

To generate long term capital growth by investing in a portfolio of global equities 

(approx 15-40) which have been carefully selected by SSgA Ireland's investment 

team. 


Equities 


€8.6m 

High Risk 

1 

Month 

3 

Months 

1 

Year 

3 Years 

Spotlight S6 2.3% 13.1% 6.0% 20.1% 

p.a. 

MSCI The World Index 

(Net TR) 


1.7% 8.8% 7.2% 20.1% 

p.a. 

2011 2010 2009 2008 2007 

-7.1% 19.2% 37.6% -32.7% - 


Performance Bar chart with versus 4 groups MSCI with The 2 items World per Index group. (Net TR) 

Y Group scale 1, titled 1 Month. Scale label. 

Item 1, 2, Spotlight MSCI The S6 World 2.3. 

Group 2, 3 Months. Index (Net TR) 1.7. 

Item 1, 2, Spotlight MSCI The S6 World 13.1. 

Group 3, 1 Year. Index (Net TR) 8.8. 

Item 1, 2, Spotlight MSCI The S6 World 6. 

Group 4, 3 Years. Index (Net TR) 7.2. 

Item 1, 2, Spotlight MSCI The S6 World 20.1. Index (Net TR) 20.1. 


Performance versus MSCI The World Index (Net TR) 


25 

20 

15 

10 

5 

0 


Spotlight S6 

MSCI The World Index (Net TR) 




3, 4, Japanese Euroland Equities 9% 11% 9. 11. 

5, 6, Pacific Non-Euro Basin Equities Equities 5% 7% 5. 7. 





Advanced Micro Devices Metlife 

CRH 

Microsoft 

Hanesbrands 


HSBC 

Shaw Group 


Western Digital 









1, 2, Financial Technology 21% 18% 21. 

3, Industrial 16% 16. 18. 

4, 5, Consumer Energy 8% Discretionary 8. 13% 13. 

6, 7, Basic Healthcare Materials 7% 7. 8% 8. 

Item 8, 9, Consumer Utilities 3% Staples 3. 6% 6. 



Financial 21% 

Technology 18% 



Energy 8% 


Healthcare 7% 


Utilities 3% 









31


PENSION EQUITY FUND 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

To generate long term capital growth for investors by investing in a portfolio of global 

equities 


Equities 


€164.6m 

High Risk 


1 Month 1.1% 


1 Year 5.5% 

3 Years 19.2% p.a. 

5 Years -2.6% p.a. 

10 Years 0.0% p.a. 


Line 1, Pension Equity Fund (6). points. 

1, 2, 01/04/2007 02/04/2007 3, 03/04/2007 0%. 

4, 04/04/2007 0.3%. 

5, 05/04/2007 1.2%. 

6, 06/04/2007 1.5%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 1.2%. 

11, 11/04/2007 1.2%. 

12, 12/04/2007 1.9%. 

13, 13/04/2007 1.8%. 

14, 14/04/2007 1.6%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 2%. 

18, 18/04/2007 2.7%. 

19, 19/04/2007 2.8%. 

20, 20/04/2007 2.3%. 

21, 21/04/2007 1.9%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 3.2%. 

25, 25/04/2007 3.3%. 

26, 26/04/2007 2.4%. 

27, 27/04/2007 2.8%. 

28, 28/04/2007 3.1%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 32, 02/05/2007 2.7%. 

33, 03/05/2007 2.9%. 

34, 04/05/2007 3.7%. 

35, 05/05/2007 4.3%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 5%. 

40, 10/05/2007 4.7%. 

41, 11/05/2007 5%. 

42, 12/05/2007 4.3%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 46, 16/05/2007 4.5%. 

47, 17/05/2007 4.8%. 

48, 18/05/2007 49, 19/05/2007 5%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 6%. 

53, 23/05/2007 6.3%. 

54, 24/05/2007 6.4%. 

55, 25/05/2007 6.7%. 

56, 26/05/2007 6.1%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 6.3%. 

60, 30/05/2007 6.4%. 

61, 31/05/2007 6.3%. 

62, 01/06/2007 6.9%. 

63, 02/06/2007 7.4%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 8.4%. 

68, 07/06/2007 7.5%. 

69, 08/06/2007 6.3%. 

70, 09/06/2007 5%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 5.6%. 

74, 13/06/2007 6.3%. 

75, 14/06/2007 5.7%. 

76, 15/06/2007 6.3%. 

77, 16/06/2007 7.5%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 8.6%. 

81, 20/06/2007 8.5%. 

82, 21/06/2007 8.3%. 

83, 22/06/2007 8.2%. 

84, 23/06/2007 7.6%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 6.6%. 

88, 27/06/2007 6.4%. 

89, 28/06/2007 5.6%. 

90, 29/06/2007 5.4%. 

91, 30/06/2007 6%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 95, 04/07/2007 6.1%. 

96, 05/07/2007 6.8%. 

97, 06/07/2007 7.1%. 

98, 07/07/2007 6.8%. 

99, 08/07/2007 is 100, 09/07/2007 7.7%. 

101, 10/07/2007 7.7%. 

102, 11/07/2007 8.1%. 

103, 12/07/2007 6.4%. 

104, 13/07/2007 6.2%. 

105, 14/07/2007 7.4%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 7.8%. 

109, 18/07/2007 7.9%. 

110, 19/07/2007 7.1%. 

111, 20/07/2007 6.5%. 

112, 21/07/2007 6.8%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 6%. 

116, 25/07/2007 6.6%. 

117, 26/07/2007 5%. 

118, 27/07/2007 4.9%. 

119, 28/07/2007 1.6%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 0.9%. 

123, 01/08/2007 1%. 

124, 02/08/2007 1.8%. 

125, 03/08/2007 1.2%. 

126, 04/08/2007 1.9%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 0.3%. 

131, 09/08/2007 1.2%. 

132, 10/08/2007 2.8%. 

133, 11/08/2007 0.7%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -1.4%. 

137, 15/08/2007 0.1%. 

138, 16/08/2007 -1.6%. 

139, 17/08/2007 -2.3%. 

140, 18/08/2007 -4.7%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -3.8%. 

144, 22/08/2007 145, 23/08/2007 -1.8%. 

146, 24/08/2007 -0.1%. 

147, 25/08/2007 -0.2%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 0.3%. 

151, 29/08/2007 0.2%. 

152, 30/08/2007 -1.9%. 

153, 31/08/2007 -1.4%. 

154, 01/09/2007 0%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 1.1%. 

158, 05/09/2007 1.4%. 

159, 06/09/2007 1.9%. 

160, 07/09/2007 161, 08/09/2007 0.5%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 -1.4%. 

165, 12/09/2007 -2.3%. 

166, 13/09/2007 -1%. 

167, 14/09/2007 -0.9%. 

168, 15/09/2007 0.1%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 -0.9%. 

172, 19/09/2007 -2.9%. 

173, 20/09/2007 -1%. 

174, 21/09/2007 175, 22/09/2007 0.1%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 0.5%. 

179, 26/09/2007 180, 27/09/2007 -0.4%. 

181, 28/09/2007 0.3%. 

182, 29/09/2007 1.2%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 1.3%. 

186, 03/10/2007 2.5%. 

187, 04/10/2007 188, 05/10/2007 3.4%. 

189, 06/10/2007 3.6%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 4.5%. 

193, 10/10/2007 4.2%. 

194, 11/10/2007 4.7%. 

Point 195, 12/10/2007 is 4.6%. 4.3%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

-5.8% 14.8% 32.3% -42.7% -4.7% 






6, Japanese Equities 9% 9. 10. 







BHP Billiton 

HSBC 

BNP Paribas 


BP 

Microsoft 

CRH 

Orkla 

Exxon Mobil 

Wells Fargo 







1 Year 5.6% 

3 Years 19.3% p.a. 

5 Years -1.2% p.a. 

10 Years 1.4% p.a. 









32


PENSION INTERNATIONAL 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

To generate long term capital growth by investing in a portfolio of global equities 

(excludes Ireland) 


Equities 


€584.4m 

High Risk 


1 Month 1.1% 


1 Year 5.0% 

3 Years 19.4% p.a. 

5 Years -1.2% p.a. 

10 Years 0.1% p.a. 


Line 1, Pension International (6). points. 

1, 2, 01/04/2007 02/04/2007 3, 03/04/2007 0%. 

4, 04/04/2007 0.3%. 

5, 05/04/2007 1.3%. 

6, 06/04/2007 1.7%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 1.3%. 

11, 11/04/2007 1.3%. 

12, 12/04/2007 2%. 

13, 13/04/2007 1.7%. 

14, 14/04/2007 1.5%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 2%. 

18, 18/04/2007 2.6%. 

19, 19/04/2007 2.9%. 

20, 20/04/2007 2.3%. 

21, 21/04/2007 2%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 3.3%. 

25, 25/04/2007 3.4%. 

26, 26/04/2007 2.5%. 

27, 27/04/2007 3.1%. 

28, 28/04/2007 3.3%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 32, 02/05/2007 2.9%. 

33, 03/05/2007 3.2%. 

34, 04/05/2007 3.8%. 

35, 05/05/2007 4.3%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 5%. 

40, 10/05/2007 4.8%. 

41, 11/05/2007 5.4%. 

42, 12/05/2007 4.6%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 4.9%. 

46, 16/05/2007 4.8%. 

47, 17/05/2007 5%. 

48, 18/05/2007 5.3%. 

49, 19/05/2007 5.4%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 6.4%. 

53, 23/05/2007 54, 24/05/2007 6.6%. 

55, 25/05/2007 6.9%. 

56, 26/05/2007 6.2%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 6.5%. 

60, 30/05/2007 6.6%. 

61, 31/05/2007 6.5%. 

62, 01/06/2007 7.1%. 

63, 02/06/2007 7.8%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 8.8%. 

68, 07/06/2007 8%. 

69, 08/06/2007 7%. 

70, 09/06/2007 5.6%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 6.2%. 

74, 13/06/2007 7%. 

75, 14/06/2007 6.4%. 

76, 15/06/2007 7.1%. 

77, 16/06/2007 8.3%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 9.4%. 

81, 20/06/2007 9.3%. 

82, 21/06/2007 9.1%. 

83, 22/06/2007 8.8%. 

84, 23/06/2007 8.4%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 7.4%. 

88, 27/06/2007 7.2%. 

89, 28/06/2007 90, 29/06/2007 6.3%. 

91, 30/06/2007 6.9%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 95, 04/07/2007 7.1%. 

96, 05/07/2007 7.7%. 

97, 06/07/2007 98, 07/07/2007 7.8%. 

99, 08/07/2007 is 100, 09/07/2007 8.6%. 

101, 10/07/2007 8.6%. 

102, 11/07/2007 9.1%. 

103, 12/07/2007 7.4%. 

104, 13/07/2007 7.3%. 

105, 14/07/2007 8.7%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 109, 18/07/2007 9.2%. 

110, 19/07/2007 8.3%. 

111, 20/07/2007 7.7%. 

112, 21/07/2007 8%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 7.3%. 

116, 25/07/2007 7.9%. 

117, 26/07/2007 6.4%. 

118, 27/07/2007 6.3%. 

119, 28/07/2007 2.9%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 2.3%. 

123, 01/08/2007 2.4%. 

124, 02/08/2007 3%. 

125, 03/08/2007 2.4%. 

126, 04/08/2007 2.9%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 1.3%. 

131, 09/08/2007 2.2%. 

132, 10/08/2007 3.6%. 

133, 11/08/2007 1.6%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -0.3%. 

137, 15/08/2007 1%. 

138, 16/08/2007 -0.6%. 

139, 17/08/2007 -1.4%. 

140, 18/08/2007 -3.7%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -2.7%. 

144, 22/08/2007 145, 23/08/2007 -0.6%. 

146, 24/08/2007 1.1%. 

147, 25/08/2007 1%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 1.5%. 

151, 29/08/2007 1.4%. 

152, 30/08/2007 -0.6%. 

153, 31/08/2007 -0.2%. 

154, 01/09/2007 1.3%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 2.4%. 

158, 05/09/2007 2.7%. 

159, 06/09/2007 3.1%. 

160, 07/09/2007 161, 08/09/2007 1.8%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 0%. 

165, 12/09/2007 -0.9%. 

166, 13/09/2007 0.3%. 

167, 14/09/2007 0.6%. 

168, 15/09/2007 1.7%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 1%. 

172, 19/09/2007 -0.8%. 

173, 20/09/2007 1.2%. 

174, 21/09/2007 2.9%. 

175, 22/09/2007 2.2%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 2.7%. 

179, 26/09/2007 2.6%. 

180, 27/09/2007 2%. 

181, 28/09/2007 2.9%. 

182, 29/09/2007 183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 3.6%. 

186, 03/10/2007 4.8%. 

187, 04/10/2007 5.4%. 

188, 05/10/2007 5.2%. 

189, 06/10/2007 5.4%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 6.2%. 

193, 10/10/2007 6%. 

194, 11/10/2007 Point 195, 12/10/2007 is 6.6%. 6.4%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

-6.2% 15.7% 32.6% -40.4% -1.8% 






Item 6, Japanese Equities 9% 9. 10. 






BHP Billiton 


BNP Paribas 

Microsoft 

BP 

Orkla 

Exxon Mobil 

Wal-Mart 

HSBC 

Wells Fargo 






1 Year 5.6% 

3 Years 19.3% p.a. 

5 Years -1.2% p.a. 

10 Years 1.4% p.a. 









33


ETHICAL EQUITY FUND (PENSION) 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

To generate long term capital growth by investing on an ethical basis. 


Equities 


€10.7m 

High Risk 


1 Month 2.6% 


1 Year 8.0% 

3 Years 20.8% p.a. 

5 Years -4.0% p.a. 

10 Years - 


Line 1, Ethical Equity Fund S 6. points. 

1, 2, 01/04/2007 02/04/2007 3, 03/04/2007 0%. 

4, 04/04/2007 -0.1%. 

5, 05/04/2007 0.8%. 

6, 06/04/2007 7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 0.9%. 

11, 11/04/2007 0.9%. 

12, 12/04/2007 1.8%. 

13, 13/04/2007 1.9%. 

14, 14/04/2007 1.7%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 1.8%. 

18, 18/04/2007 2.8%. 

19, 19/04/2007 2.7%. 

20, 20/04/2007 2.4%. 

21, 21/04/2007 1.8%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 3%. 

25, 25/04/2007 3.3%. 

26, 26/04/2007 2.3%. 

27, 27/04/2007 2.5%. 

28, 28/04/2007 2.9%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 2.2%. 

32, 02/05/2007 33, 03/05/2007 2.3%. 

34, 04/05/2007 3.4%. 

35, 05/05/2007 3.8%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 4.9%. 

40, 10/05/2007 4.4%. 

41, 11/05/2007 4.5%. 

42, 12/05/2007 3.8%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 4.2%. 

46, 16/05/2007 4.1%. 

47, 17/05/2007 48, 18/05/2007 4.4%. 

49, 19/05/2007 4.6%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 5.2%. 

53, 23/05/2007 5.6%. 

54, 24/05/2007 5.9%. 

55, 25/05/2007 6.5%. 

56, 26/05/2007 6.1%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 5.9%. 

60, 30/05/2007 6.1%. 

61, 31/05/2007 6.2%. 

62, 01/06/2007 6%. 

63, 02/06/2007 6.6%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 7.6%. 

68, 07/06/2007 6.5%. 

69, 08/06/2007 5.1%. 

70, 09/06/2007 4.2%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 4.3%. 

74, 13/06/2007 5.1%. 

75, 14/06/2007 4.4%. 

76, 15/06/2007 4.6%. 

77, 16/06/2007 5.8%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 6.9%. 

81, 20/06/2007 6.6%. 

82, 21/06/2007 6.5%. 

83, 22/06/2007 6.6%. 

84, 23/06/2007 5.9%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 4.9%. 

88, 27/06/2007 4.6%. 

89, 28/06/2007 4.1%. 

90, 29/06/2007 3.1%. 

91, 30/06/2007 3.7%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 4%. 

95, 04/07/2007 4.1%. 

96, 05/07/2007 4.7%. 

97, 06/07/2007 4.8%. 

98, 07/07/2007 4.4%. 

99, 08/07/2007 is 100, 09/07/2007 5.6%. 

101, 10/07/2007 5.6%. 

102, 11/07/2007 5.9%. 

103, 12/07/2007 4.5%. 

104, 13/07/2007 3.8%. 

105, 14/07/2007 4.4%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 5%. 

109, 18/07/2007 5.2%. 

110, 19/07/2007 4.8%. 

111, 20/07/2007 3.9%. 

112, 21/07/2007 4.4%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 3.5%. 

116, 25/07/2007 3.6%. 

117, 26/07/2007 2.2%. 

118, 27/07/2007 1.6%. 

119, 28/07/2007 -1.2%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 -2.3%. 

123, 01/08/2007 -2.4%. 

124, 02/08/2007 -0.3%. 

125, 03/08/2007 -1.7%. 

126, 04/08/2007 -0.6%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 -2%. 

131, 09/08/2007 -1.5%. 

132, 10/08/2007 0.6%. 

133, 11/08/2007 -1%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -4.1%. 

137, 15/08/2007 -2.7%. 

138, 16/08/2007 -3.7%. 

139, 17/08/2007 -4.7%. 

140, 18/08/2007 -7.1%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -6.4%. 

144, 22/08/2007 -5.2%. 

145, 23/08/2007 -4.9%. 

146, 24/08/2007 -3.6%. 

147, 25/08/2007 -3.1%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 -2.9%. 

151, 29/08/2007 -2.5%. 

152, 30/08/2007 -4.4%. 

153, 31/08/2007 -4.2%. 

154, 01/09/2007 -3.4%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 -2.2%. 

158, 05/09/2007 -1.8%. 

159, 06/09/2007 -1.1%. 

160, 07/09/2007 161, 08/09/2007 -2.9%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 -4.7%. 

165, 12/09/2007 -6%. 

166, 13/09/2007 -4.6%. 

167, 14/09/2007 -4.8%. 

168, 15/09/2007 -4.4%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 -5.5%. 

172, 19/09/2007 -7.8%. 

173, 20/09/2007 -6.9%. 

174, 21/09/2007 -3.9%. 

175, 22/09/2007 -4.8%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 -4.7%. 

179, 26/09/2007 -5%. 

180, 27/09/2007 -5.9%. 

181, 28/09/2007 -5.7%. 

182, 29/09/2007 -4.2%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 -4%. 

186, 03/10/2007 -2.9%. 

187, 04/10/2007 -1.2%. 

188, 05/10/2007 -0.6%. 

189, 06/10/2007 -0.7%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 0.2%. 

193, 10/10/2007 0%. 

194, 11/10/2007 0.2%. 

Point 195, 12/10/2007 is -0.1%. -0.4%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

-3.8% 17.1% 33.9% -45.5% -12.4% 




3, 4, Japanese Pacific Basin Equities Equities 9% 9% 9. 

5, Non-Euro 7% 7. 9. 

Item 6, 7, Euroland Irish Equities Equities 3% 3. 5% 5. 







Microsoft 

CRH 

Occidental Petroleum 

Intel Corporation 

Pepsico Capital 



Lowes 

Statoil 














34


PENSION NORTH AMERICAN & PENSION UK EQUITY 

FUND 


Pension North American 


Exxon Mobil 


Microsoft 

Wal-Mart 

Wells Fargo 

5 Line Year graph Performance with 1 line to and 01 1828 April 2012 

Y scale titled Scale label. points. 

Line 1, 1, Pension 01/04/2007 North American (6). 

2, 3, 02/04/2007 03/04/2007 0%. 

4, 04/04/2007 0.6%. 

5, 05/04/2007 1.5%. 

6, 06/04/2007 1.8%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 1.7%. 

11, 11/04/2007 1.7%. 

12, 12/04/2007 2%. 

13, 13/04/2007 1.6%. 

14, 14/04/2007 1.9%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 2.2%. 

18, 18/04/2007 3.2%. 

19, 19/04/2007 3.4%. 

20, 20/04/2007 3.6%. 

21, 21/04/2007 3.1%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 4.3%. 

25, 25/04/2007 4.2%. 

26, 26/04/2007 3.8%. 

27, 27/04/2007 4.5%. 

28, 28/04/2007 29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 4.4%. 

32, 02/05/2007 4%. 

33, 03/05/2007 4.3%. 

34, 04/05/2007 5%. 

35, 05/05/2007 5.9%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 5.7%. 

40, 10/05/2007 5.9%. 

41, 11/05/2007 6.3%. 

42, 12/05/2007 5.2%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 46, 16/05/2007 5.6%. 

47, 17/05/2007 5.5%. 

48, 18/05/2007 6.6%. 

49, 19/05/2007 7.1%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 7.9%. 

53, 23/05/2007 8.4%. 

54, 24/05/2007 8.3%. 

55, 25/05/2007 8%. 

56, 26/05/2007 7.5%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 60, 30/05/2007 8.1%. 

61, 31/05/2007 8.3%. 

62, 01/06/2007 9.4%. 

63, 02/06/2007 9.1%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 10.1%. 

68, 07/06/2007 9.3%. 

69, 08/06/2007 8.6%. 

70, 09/06/2007 6.9%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 8.6%. 

74, 13/06/2007 9%. 

75, 14/06/2007 8%. 

76, 15/06/2007 9.4%. 

77, 16/06/2007 9.9%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 10.3%. 

81, 20/06/2007 10.1%. 

82, 21/06/2007 9.9%. 

83, 22/06/2007 8.7%. 

84, 23/06/2007 9.4%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 8%. 

88, 27/06/2007 7.3%. 

89, 28/06/2007 6.9%. 

90, 29/06/2007 7.8%. 

91, 30/06/2007 7.6%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 7.1%. 

95, 04/07/2007 7.3%. 

96, 05/07/2007 7.9%. 

97, 06/07/2007 7.6%. 

98, 07/07/2007 7.7%. 

99, 08/07/2007 is 100, 09/07/2007 8.4%. 

101, 10/07/2007 8.4%. 

102, 11/07/2007 8.6%. 

103, 12/07/2007 6.5%. 

104, 13/07/2007 6.9%. 

105, 14/07/2007 106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 9.5%. 

109, 18/07/2007 9.3%. 

110, 19/07/2007 8.8%. 

111, 20/07/2007 8.6%. 

112, 21/07/2007 9%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 7.8%. 

116, 25/07/2007 117, 26/07/2007 5.5%. 

118, 27/07/2007 6.9%. 

119, 28/07/2007 4.1%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 2.9%. 

123, 01/08/2007 3.5%. 

124, 02/08/2007 2.4%. 

125, 03/08/2007 2.9%. 

126, 04/08/2007 3.4%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 0.1%. 

131, 09/08/2007 2.8%. 

132, 10/08/2007 3.9%. 

133, 11/08/2007 1.2%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 1.3%. 

137, 15/08/2007 1.7%. 

138, 16/08/2007 -0.1%. 

139, 17/08/2007 -0.8%. 

140, 18/08/2007 0%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 2.1%. 

144, 22/08/2007 2.2%. 

145, 23/08/2007 1.9%. 

146, 24/08/2007 3%. 

147, 25/08/2007 2.7%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 3.4%. 

151, 29/08/2007 2.8%. 

152, 30/08/2007 0.3%. 

153, 31/08/2007 2.1%. 

154, 01/09/2007 1.9%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 3.2%. 

158, 05/09/2007 3.3%. 

159, 06/09/2007 4.3%. 

160, 07/09/2007 2.7%. 

161, 08/09/2007 2.9%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 0.8%. 

165, 12/09/2007 0.5%. 

166, 13/09/2007 1.6%. 

167, 14/09/2007 1.5%. 

168, 15/09/2007 169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 2.7%. 

172, 19/09/2007 2.2%. 

173, 20/09/2007 4.9%. 

174, 21/09/2007 5.3%. 

175, 22/09/2007 4%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 4.3%. 

179, 26/09/2007 3.6%. 

180, 27/09/2007 3%. 

181, 28/09/2007 3.4%. 

182, 29/09/2007 3.9%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 3.6%. 

186, 03/10/2007 5.1%. 

187, 04/10/2007 5.3%. 

188, 05/10/2007 4.9%. 

189, 06/10/2007 5.2%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 6.3%. 

193, 10/10/2007 6.1%. 

194, 11/10/2007 6.7%. 

195, 12/10/2007 6.3%. 

196, 13/10/2007 5.6%. 

197, 14/10/2007 198, 15/10/2007 199, 16/10/2007 6.3%. 

200, 17/10/2007 5.1%. 

201, 18/10/2007 4.5%. 

202, 19/10/2007 4.2%. 

203, 20/10/2007 3.4%. 

204, 21/10/2007 205, 22/10/2007 206, 23/10/2007 0.9%. 

207, 24/10/2007 1.6%. 

208, 25/10/2007 1.8%. 

209, 26/10/2007 1.6%. 

210, 27/10/2007 1.5%. 

211, 28/10/2007 Point 212, 29/10/2007 is 3.3%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


1 Month 3.7% 


1 Year 12.4% 

3 Years 21.2% p.a. 

5 Years 3.0% p.a. 

10 Years 0.2% p.a. 


1 Year 13.9% 

3 Years 23.3% p.a. 

5 Years 3.6% p.a. 

10 Years 1.0% p.a. 

Pension UK Equity Fund 


Balfour Beatty 

BG 

BHP Billiton 

BP 

HSBC 




Line 1, 1, Pension 01/04/2007 U.K Equity Fund (6). 

2, 3, 02/04/2007 03/04/2007 0%. 

4, 04/04/2007 0.5%. 

5, 05/04/2007 1.5%. 

6, 06/04/2007 1.4%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 1.1%. 

11, 11/04/2007 1.1%. 

12, 12/04/2007 13, 13/04/2007 1.8%. 

14, 14/04/2007 15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 1.4%. 

18, 18/04/2007 2.1%. 

19, 19/04/2007 2.4%. 

20, 20/04/2007 1.3%. 

21, 21/04/2007 0.4%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 25, 25/04/2007 1.3%. 

26, 26/04/2007 0.3%. 

27, 27/04/2007 0.6%. 

28, 28/04/2007 0.1%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 -0.5%. 

32, 02/05/2007 -0.2%. 

33, 03/05/2007 -0.5%. 

34, 04/05/2007 0.1%. 

35, 05/05/2007 1.4%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 2.6%. 

40, 10/05/2007 1.9%. 

41, 11/05/2007 2.9%. 

42, 12/05/2007 2%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 2.6%. 

46, 16/05/2007 1.9%. 

47, 17/05/2007 48, 18/05/2007 49, 19/05/2007 2.1%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 2.8%. 

53, 23/05/2007 54, 24/05/2007 3.1%. 

55, 25/05/2007 3.7%. 

56, 26/05/2007 2.8%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 60, 30/05/2007 2.7%. 

61, 31/05/2007 3%. 

62, 01/06/2007 3.1%. 

63, 02/06/2007 3.6%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 5.4%. 

68, 07/06/2007 4.6%. 

69, 08/06/2007 70, 09/06/2007 2.3%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 2.4%. 

74, 13/06/2007 3.3%. 

75, 14/06/2007 2.9%. 

76, 15/06/2007 3.8%. 

77, 16/06/2007 4.9%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 6.3%. 

81, 20/06/2007 5.5%. 

82, 21/06/2007 4.9%. 

83, 22/06/2007 5.3%. 

84, 23/06/2007 4.4%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 3.7%. 

88, 27/06/2007 3.9%. 

89, 28/06/2007 3.2%. 

90, 29/06/2007 2.6%. 

91, 30/06/2007 2.9%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 3.5%. 

95, 04/07/2007 2.7%. 

96, 05/07/2007 3.7%. 

97, 06/07/2007 4.2%. 

98, 07/07/2007 3.4%. 

99, 08/07/2007 is 100, 09/07/2007 4.2%. 

101, 10/07/2007 4.2%. 

102, 11/07/2007 5%. 

103, 12/07/2007 2.8%. 

104, 13/07/2007 2.9%. 

105, 14/07/2007 4.1%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 4.6%. 

109, 18/07/2007 4.2%. 

110, 19/07/2007 3.5%. 

111, 20/07/2007 2.4%. 

112, 21/07/2007 3.7%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 3.5%. 

116, 25/07/2007 4.3%. 

117, 26/07/2007 2.6%. 

118, 27/07/2007 2%. 

119, 28/07/2007 -2.1%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 -2.8%. 

123, 01/08/2007 -3.5%. 

124, 02/08/2007 -0.3%. 

125, 03/08/2007 -2.4%. 

126, 04/08/2007 -0.9%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 -2.6%. 

131, 09/08/2007 -2.2%. 

132, 10/08/2007 0.2%. 

133, 11/08/2007 -1.2%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -5.7%. 

137, 15/08/2007 -2.2%. 

138, 16/08/2007 -3.8%. 

139, 17/08/2007 -3.9%. 

140, 18/08/2007 -8%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -4.9%. 

144, 22/08/2007 -4.2%. 

145, 23/08/2007 -4.9%. 

146, 24/08/2007 -2.5%. 

147, 25/08/2007 148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 -2%. 

151, 29/08/2007 -1.8%. 

152, 30/08/2007 -4.3%. 

153, 31/08/2007 -3.9%. 

154, 01/09/2007 -2.7%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 -0.9%. 

158, 05/09/2007 -0.1%. 

159, 06/09/2007 0.2%. 

160, 07/09/2007 -1.7%. 

161, 08/09/2007 -1.6%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 -4.1%. 

165, 12/09/2007 -5.4%. 

166, 13/09/2007 -2.9%. 

167, 14/09/2007 -2.7%. 

168, 15/09/2007 -2.1%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 -5.5%. 

172, 19/09/2007 -9%. 

173, 20/09/2007 -7.4%. 

174, 21/09/2007 -5.2%. 

175, 22/09/2007 -6%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 -5.3%. 

179, 26/09/2007 -5.1%. 

180, 27/09/2007 -6.5%. 

181, 28/09/2007 -5.7%. 

182, 29/09/2007 183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 -3.8%. 

186, 03/10/2007 -3.2%. 

187, 04/10/2007 -2.1%. 

188, 05/10/2007 -1.3%. 

189, 06/10/2007 -1.1%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 -0.9%. 

193, 10/10/2007 -1.3%. 

194, 11/10/2007 -0.9%. 

195, 12/10/2007 -0.4%. 

196, 13/10/2007 -0.2%. 

197, 14/10/2007 198, 15/10/2007 199, 16/10/2007 0.1%. 

200, 17/10/2007 -2%. 

201, 18/10/2007 -2.3%. 

202, 19/10/2007 -1.2%. 

203, 20/10/2007 -2.7%. 

204, 21/10/2007 205, 22/10/2007 206, 23/10/2007 -3.5%. 

207, 24/10/2007 -4.8%. 

208, 25/10/2007 -3.6%. 

209, 26/10/2007 -3.8%. 

210, 27/10/2007 -2.5%. 

211, 28/10/2007 Point 212, 29/10/2007 is -1.6%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


1 Month -2.1% 

3 Months 9.0% 

1 Year 7.5% 

3 Years 23.5% p.a. 

5 Years -3.0% p.a. 

10 Years 0.2% p.a. 


1 Year 4.9% 

3 Years 19.4% p.a. 

5 Years -2.2% p.a. 

10 Years 0.8% p.a. 






Performance is based on the price calculated for 01 April 2012, which is calculated using close of market prices from the previous working day. 

Source: MoneyMate. Performance is quoted gross of taxation and fund management charges. Past performance is not a reliable guide to future 


35


PENSION EUROPEAN FUND & EUROLAND EQUITY FUND 

(PENSION) 


Pension European Fund 


Bayer 

BNP Paribas 

Orkla 

Roche 

UBS 



Line 1, 1, Pension 01/04/2007 European Fund (6). 

2, 3, 02/04/2007 03/04/2007 0%. 

4, 04/04/2007 0.1%. 

5, 05/04/2007 6, 06/04/2007 1.3%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 1.4%. 

11, 11/04/2007 1.4%. 

12, 12/04/2007 2%. 

13, 13/04/2007 2.1%. 

14, 14/04/2007 1.8%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 2.6%. 

18, 18/04/2007 19, 19/04/2007 4%. 

20, 20/04/2007 3.7%. 

21, 21/04/2007 3.1%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 5.3%. 

25, 25/04/2007 5.2%. 

26, 26/04/2007 4.6%. 

27, 27/04/2007 5.6%. 

28, 28/04/2007 29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 5.7%. 

32, 02/05/2007 33, 03/05/2007 6%. 

34, 04/05/2007 35, 05/05/2007 6.4%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 7.8%. 

40, 10/05/2007 6.8%. 

41, 11/05/2007 7.3%. 

42, 12/05/2007 6.5%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 7.2%. 

46, 16/05/2007 7%. 

47, 17/05/2007 7.7%. 

48, 18/05/2007 7.5%. 

49, 19/05/2007 7.7%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 53, 23/05/2007 54, 24/05/2007 8.9%. 

55, 25/05/2007 9.6%. 

56, 26/05/2007 8.7%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 8.9%. 

60, 30/05/2007 61, 31/05/2007 9.1%. 

62, 01/06/2007 8.9%. 

63, 02/06/2007 10.4%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 11.2%. 

68, 07/06/2007 10.3%. 

69, 08/06/2007 8.5%. 

70, 09/06/2007 7.1%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 6.8%. 

74, 13/06/2007 8.1%. 

75, 14/06/2007 7.3%. 

76, 15/06/2007 7.5%. 

77, 16/06/2007 9.4%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 81, 20/06/2007 10.9%. 

82, 21/06/2007 10.8%. 

83, 22/06/2007 11.1%. 

84, 23/06/2007 9.9%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 9.4%. 

88, 27/06/2007 9.3%. 

89, 28/06/2007 8%. 

90, 29/06/2007 7.3%. 

91, 30/06/2007 8.5%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 95, 04/07/2007 9.2%. 

96, 05/07/2007 9.9%. 

97, 06/07/2007 10.4%. 

98, 07/07/2007 9.8%. 

99, 08/07/2007 is 100, 09/07/2007 10.6%. 

101, 10/07/2007 10.6%. 

102, 11/07/2007 11.2%. 

103, 12/07/2007 10%. 

104, 13/07/2007 9.5%. 

105, 14/07/2007 10.7%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 11.1%. 

109, 18/07/2007 11.4%. 

110, 19/07/2007 10.7%. 

111, 20/07/2007 9.2%. 

112, 21/07/2007 10%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 8.4%. 

116, 25/07/2007 9.2%. 

117, 26/07/2007 7.6%. 

118, 27/07/2007 6.3%. 

119, 28/07/2007 3.6%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 3.2%. 

123, 01/08/2007 3.1%. 

124, 02/08/2007 5.4%. 

125, 03/08/2007 4.1%. 

126, 04/08/2007 4.5%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 3%. 

131, 09/08/2007 3.6%. 

132, 10/08/2007 5.5%. 

133, 11/08/2007 3.3%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 0.6%. 

137, 15/08/2007 2.3%. 

138, 16/08/2007 1%. 

139, 17/08/2007 0.3%. 

140, 18/08/2007 -3%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -1.1%. 

144, 22/08/2007 145, 23/08/2007 -0.6%. 

146, 24/08/2007 1.1%. 

147, 25/08/2007 1.3%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 1.9%. 

151, 29/08/2007 2%. 

152, 30/08/2007 0.5%. 

153, 31/08/2007 0.9%. 

154, 01/09/2007 1.9%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 3%. 

158, 05/09/2007 3.1%. 

159, 06/09/2007 3.9%. 

160, 07/09/2007 2.3%. 

161, 08/09/2007 2.4%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 0.1%. 

165, 12/09/2007 -0.8%. 

166, 13/09/2007 167, 14/09/2007 1.2%. 

168, 15/09/2007 2.4%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 1.8%. 

172, 19/09/2007 0.8%. 

173, 20/09/2007 1.9%. 

174, 21/09/2007 5.2%. 

175, 22/09/2007 4.7%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 5.1%. 

179, 26/09/2007 4.9%. 

180, 27/09/2007 3.9%. 

181, 28/09/2007 4.5%. 

182, 29/09/2007 183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 4.9%. 

186, 03/10/2007 6%. 

187, 04/10/2007 6.3%. 

188, 05/10/2007 189, 06/10/2007 6.6%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 7.3%. 

193, 10/10/2007 7.2%. 

194, 11/10/2007 7.6%. 

195, 12/10/2007 7.5%. 

196, 13/10/2007 8.2%. 

197, 14/10/2007 198, 15/10/2007 199, 16/10/2007 8.4%. 

200, 17/10/2007 7.5%. 

201, 18/10/2007 7%. 

202, 19/10/2007 7.3%. 

203, 20/10/2007 6.3%. 

204, 21/10/2007 205, 22/10/2007 206, 23/10/2007 5.6%. 

207, 24/10/2007 4.3%. 

208, 25/10/2007 5.2%. 

209, 26/10/2007 4.4%. 

210, 27/10/2007 5.1%. 

211, 28/10/2007 Point 212, 29/10/2007 is 5.7%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


1 Month -0.5% 


1 Year -5.1% 

3 Years 15.1% p.a. 

5 Years -4.9% p.a. 

10 Years -0.6% p.a. 


1 Year -4.5% 

3 Years 18.8% p.a. 

5 Years -2.1% p.a. 

10 Years 2.3% p.a. 

Euroland Equity Fund (pension) 


Basf SE 

Bayer 

Sanofi 

SAP AG 

Total 




Line 1, 1, Euroland 01/04/2007 Equity Fund S.6. 

2, 3, 02/04/2007 03/04/2007 0%. 

4, 04/04/2007 0.1%. 

5, 05/04/2007 1.5%. 

6, 06/04/2007 1.8%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 1.9%. 

11, 11/04/2007 1.9%. 

12, 12/04/2007 13, 13/04/2007 2.8%. 

14, 14/04/2007 2.6%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 3.4%. 

18, 18/04/2007 19, 19/04/2007 4.7%. 

20, 20/04/2007 4.2%. 

21, 21/04/2007 3.8%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 25, 25/04/2007 5.6%. 

26, 26/04/2007 4.5%. 

27, 27/04/2007 5.4%. 

28, 28/04/2007 5.9%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 5.3%. 

32, 02/05/2007 33, 03/05/2007 5.7%. 

34, 04/05/2007 6.4%. 

35, 05/05/2007 6.9%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 8%. 

40, 10/05/2007 7.1%. 

41, 11/05/2007 7.4%. 

42, 12/05/2007 6.6%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 7.4%. 

46, 16/05/2007 7.2%. 

47, 17/05/2007 7.9%. 

48, 18/05/2007 7.7%. 

49, 19/05/2007 8%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 53, 23/05/2007 9.4%. 

54, 24/05/2007 9.5%. 

55, 25/05/2007 10.1%. 

56, 26/05/2007 9.3%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 9.5%. 

60, 30/05/2007 9.6%. 

61, 31/05/2007 9.7%. 

62, 01/06/2007 9.5%. 

63, 02/06/2007 10.8%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 11.9%. 

68, 07/06/2007 11.1%. 

69, 08/06/2007 9.1%. 

70, 09/06/2007 7.8%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 7.6%. 

74, 13/06/2007 9%. 

75, 14/06/2007 8.2%. 

76, 15/06/2007 8.4%. 

77, 16/06/2007 10.3%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 81, 20/06/2007 11.9%. 

82, 21/06/2007 11.8%. 

83, 22/06/2007 12.3%. 

84, 23/06/2007 10.8%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 10.2%. 

88, 27/06/2007 10.1%. 

89, 28/06/2007 9%. 

90, 29/06/2007 8.2%. 

91, 30/06/2007 9.2%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 9.9%. 

95, 04/07/2007 9.7%. 

96, 05/07/2007 10.6%. 

97, 06/07/2007 11.1%. 

98, 07/07/2007 10.3%. 

99, 08/07/2007 is 100, 09/07/2007 11.2%. 

101, 10/07/2007 11.2%. 

102, 11/07/2007 11.9%. 

103, 12/07/2007 10.5%. 

104, 13/07/2007 9.9%. 

105, 14/07/2007 11.3%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 11.9%. 

109, 18/07/2007 12.1%. 

110, 19/07/2007 11.4%. 

111, 20/07/2007 10%. 

112, 21/07/2007 10.8%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 9.2%. 

116, 25/07/2007 10.3%. 

117, 26/07/2007 8.5%. 

118, 27/07/2007 7.2%. 

119, 28/07/2007 4.5%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 4.2%. 

123, 01/08/2007 4.1%. 

124, 02/08/2007 6.4%. 

125, 03/08/2007 4.8%. 

126, 04/08/2007 5.9%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 4.3%. 

131, 09/08/2007 5%. 

132, 10/08/2007 6.9%. 

133, 11/08/2007 4.6%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 1.8%. 

137, 15/08/2007 3.9%. 

138, 16/08/2007 2.7%. 

139, 17/08/2007 2.1%. 

140, 18/08/2007 -1.1%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 0.7%. 

144, 22/08/2007 1.3%. 

145, 23/08/2007 1.4%. 

146, 24/08/2007 3%. 

147, 25/08/2007 3.2%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 3.7%. 

151, 29/08/2007 4%. 

152, 30/08/2007 2.2%. 

153, 31/08/2007 154, 01/09/2007 4.3%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 5.5%. 

158, 05/09/2007 5.7%. 

159, 06/09/2007 6.3%. 

160, 07/09/2007 4.3%. 

161, 08/09/2007 4.6%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 2.2%. 

165, 12/09/2007 1.3%. 

166, 13/09/2007 2.9%. 

167, 14/09/2007 3.2%. 

168, 15/09/2007 4.3%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 3.6%. 

172, 19/09/2007 2.4%. 

173, 20/09/2007 3.6%. 

174, 21/09/2007 6.9%. 

175, 22/09/2007 6.1%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 6.7%. 

179, 26/09/2007 6.4%. 

180, 27/09/2007 5.5%. 

181, 28/09/2007 6.3%. 

182, 29/09/2007 183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 7.2%. 

186, 03/10/2007 8.1%. 

187, 04/10/2007 8.5%. 

188, 05/10/2007 189, 06/10/2007 8.6%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 9.7%. 

193, 10/10/2007 9.4%. 

194, 11/10/2007 9.6%. 

195, 12/10/2007 9.4%. 

196, 13/10/2007 10.2%. 

197, 14/10/2007 198, 15/10/2007 199, 16/10/2007 10.1%. 

200, 17/10/2007 9%. 

201, 18/10/2007 8.6%. 

202, 19/10/2007 9.4%. 

203, 20/10/2007 8.6%. 

204, 21/10/2007 205, 22/10/2007 206, 23/10/2007 207, 24/10/2007 6.8%. 

208, 25/10/2007 7.6%. 

209, 26/10/2007 7.2%. 

210, 27/10/2007 8.2%. 

211, 28/10/2007 Point 212, 29/10/2007 is 9.2%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


1 Month 0.3% 


1 Year -6.2% 

3 Years 14.4% p.a. 

5 Years -5.0% p.a. 

10 Years - 


1 Year -3.6% 

3 Years 16.8% p.a. 

5 Years -2.4% p.a. 

10 Years 2.8% p.a. 









36


PENSION PACIFIC BASIN & PENSION JAPANESE FUND 


Pension Pacific Basin 


BHP 

Samsung Electronics 

Taiwan Semiconductor 

United Overseas Bank 

Westpac Banking Corporation 



Line 1, 1, Pension 01/04/2007 Pacific Basin (6). 

2, 3, 02/04/2007 03/04/2007 0%. 

4, 04/04/2007 0.8%. 

5, 05/04/2007 1.8%. 

6, 06/04/2007 2.7%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 1.6%. 

11, 11/04/2007 1.6%. 

12, 12/04/2007 2.6%. 

13, 13/04/2007 2.9%. 

14, 14/04/2007 1.8%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 2.8%. 

18, 18/04/2007 1.9%. 

19, 19/04/2007 2.3%. 

20, 20/04/2007 0.4%. 

21, 21/04/2007 1%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 1.3%. 

25, 25/04/2007 2.7%. 

26, 26/04/2007 1.2%. 

27, 27/04/2007 0.8%. 

28, 28/04/2007 1.9%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 1.1%. 

32, 02/05/2007 0.7%. 

33, 03/05/2007 1.8%. 

34, 04/05/2007 3.1%. 

35, 05/05/2007 3.6%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 3.7%. 

40, 10/05/2007 4.6%. 

41, 11/05/2007 42, 12/05/2007 5.1%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 3.3%. 

46, 16/05/2007 4.7%. 

47, 17/05/2007 4.3%. 

48, 18/05/2007 4.6%. 

49, 19/05/2007 4.4%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 5.3%. 

53, 23/05/2007 4.7%. 

54, 24/05/2007 5.8%. 

55, 25/05/2007 4.9%. 

56, 26/05/2007 4.2%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 4.7%. 

60, 30/05/2007 5.1%. 

61, 31/05/2007 3.7%. 

62, 01/06/2007 5.5%. 

63, 02/06/2007 6.2%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 7.8%. 

68, 07/06/2007 6.8%. 

69, 08/06/2007 6.7%. 

70, 09/06/2007 5.4%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 6.3%. 

74, 13/06/2007 7%. 

75, 14/06/2007 7.4%. 

76, 15/06/2007 8.6%. 

77, 16/06/2007 10%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 10.8%. 

81, 20/06/2007 12.5%. 

82, 21/06/2007 11.9%. 

83, 22/06/2007 11.3%. 

84, 23/06/2007 11%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 9.9%. 

88, 27/06/2007 9.3%. 

89, 28/06/2007 8%. 

90, 29/06/2007 8.9%. 

91, 30/06/2007 10.1%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 8%. 

95, 04/07/2007 9.1%. 

96, 05/07/2007 9.9%. 

97, 06/07/2007 10.5%. 

98, 07/07/2007 11.3%. 

99, 08/07/2007 is 100, 09/07/2007 13.6%. 

101, 10/07/2007 13.6%. 

102, 11/07/2007 14%. 

103, 12/07/2007 11.9%. 

104, 13/07/2007 12.6%. 

105, 14/07/2007 13.5%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 14.6%. 

109, 18/07/2007 14.5%. 

110, 19/07/2007 13.8%. 

111, 20/07/2007 13.6%. 

112, 21/07/2007 12.5%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 14.1%. 

116, 25/07/2007 15.4%. 

117, 26/07/2007 14.7%. 

118, 27/07/2007 16.1%. 

119, 28/07/2007 9.9%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 9.5%. 

123, 01/08/2007 10.5%. 

124, 02/08/2007 6.8%. 

125, 03/08/2007 7.6%. 

126, 04/08/2007 8.1%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 7%. 

131, 09/08/2007 7.3%. 

132, 10/08/2007 8.1%. 

133, 11/08/2007 4.9%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 5.2%. 

137, 15/08/2007 6%. 

138, 16/08/2007 2.8%. 

139, 17/08/2007 0.9%. 

140, 18/08/2007 -2.1%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -3.1%. 

144, 22/08/2007 4.6%. 

145, 23/08/2007 4.3%. 

146, 24/08/2007 7.5%. 

147, 25/08/2007 6.8%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 8.8%. 

151, 29/08/2007 8.5%. 

152, 30/08/2007 5.9%. 

153, 31/08/2007 4.9%. 

154, 01/09/2007 9.2%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 10.3%. 

158, 05/09/2007 11.5%. 

159, 06/09/2007 11.6%. 

160, 07/09/2007 11%. 

161, 08/09/2007 11.7%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 10.9%. 

165, 12/09/2007 9.6%. 

166, 13/09/2007 10.5%. 

167, 14/09/2007 11%. 

168, 15/09/2007 13.8%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 12.7%. 

172, 19/09/2007 10.5%. 

173, 20/09/2007 14.2%. 

174, 21/09/2007 15.2%. 

175, 22/09/2007 14.2%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 16.7%. 

179, 26/09/2007 17.1%. 

180, 27/09/2007 16.3%. 

181, 28/09/2007 18.7%. 

182, 29/09/2007 18.8%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 19.2%. 

186, 03/10/2007 22.5%. 

187, 04/10/2007 23.3%. 

188, 05/10/2007 20%. 

189, 06/10/2007 20.6%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 23.1%. 

193, 10/10/2007 21.9%. 

194, 11/10/2007 24.1%. 

195, 12/10/2007 23.9%. 

196, 13/10/2007 22.6%. 

197, 14/10/2007 198, 15/10/2007 199, 16/10/2007 23.1%. 

200, 17/10/2007 22.7%. 

201, 18/10/2007 19.8%. 

202, 19/10/2007 21.6%. 

203, 20/10/2007 20.6%. 

204, 21/10/2007 205, 22/10/2007 206, 23/10/2007 16.5%. 

207, 24/10/2007 19.9%. 

208, 25/10/2007 19.7%. 

209, 26/10/2007 20.1%. 

210, 27/10/2007 20.8%. 

211, 28/10/2007 Point 212, 29/10/2007 is 25.4%. 



40% 

20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


1 Month -2.2% 

3 Months 9.8% 

1 Year -0.2% 

3 Years 21.7% p.a. 

5 Years 4.1% p.a. 

10 Years 7.2% p.a. 


1 Year 1.0% 

3 Years 24.7% p.a. 

5 Years 4.4% p.a. 

10 Years 6.7% p.a. 

Pension Japanese Fund 


Denso 

Shin-Etsu Chemical 

Sumitomo Mitsui Financial 

Tokio Marine Holdings 

Toyota 




Line 1, 1, Pension 01/04/2007 Japanese Fund (6). 

2, 3, 02/04/2007 03/04/2007 0%. 

4, 04/04/2007 -0.2%. 

5, 05/04/2007 0.7%. 

6, 06/04/2007 2.4%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 0.2%. 

11, 11/04/2007 0.2%. 

12, 12/04/2007 0.8%. 

13, 13/04/2007 0%. 

14, 14/04/2007 -1.1%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 -0.6%. 

18, 18/04/2007 -2.5%. 

19, 19/04/2007 -1.7%. 

20, 20/04/2007 -2.5%. 

21, 21/04/2007 -1.6%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 -2%. 

25, 25/04/2007 -1.6%. 

26, 26/04/2007 -3.5%. 

27, 27/04/2007 -4%. 

28, 28/04/2007 -3.2%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 -3.1%. 

32, 02/05/2007 -3.8%. 

33, 03/05/2007 -2.6%. 

34, 04/05/2007 -2.2%. 

35, 05/05/2007 -2.5%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 -1.7%. 

40, 10/05/2007 -0.3%. 

41, 11/05/2007 -0.1%. 

42, 12/05/2007 -0.7%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 -1.7%. 

46, 16/05/2007 -0.7%. 

47, 17/05/2007 -0.8%. 

48, 18/05/2007 -0.6%. 

49, 19/05/2007 -1.2%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 -0.1%. 

53, 23/05/2007 54, 24/05/2007 0.8%. 

55, 25/05/2007 1.1%. 

56, 26/05/2007 0.9%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 1.2%. 

60, 30/05/2007 1.6%. 

61, 31/05/2007 62, 01/06/2007 3.1%. 

63, 02/06/2007 2.9%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 3.2%. 

68, 07/06/2007 3.1%. 

69, 08/06/2007 4.6%. 

70, 09/06/2007 2.6%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 4%. 

74, 13/06/2007 4.1%. 

75, 14/06/2007 3.4%. 

76, 15/06/2007 4.1%. 

77, 16/06/2007 3.9%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 4.7%. 

81, 20/06/2007 82, 21/06/2007 4.4%. 

83, 22/06/2007 3.9%. 

84, 23/06/2007 3.7%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 2%. 

88, 27/06/2007 1.8%. 

89, 28/06/2007 1.3%. 

90, 29/06/2007 2%. 

91, 30/06/2007 1.9%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 3.5%. 

95, 04/07/2007 2.9%. 

96, 05/07/2007 3.4%. 

97, 06/07/2007 3.2%. 

98, 07/07/2007 3.1%. 

99, 08/07/2007 is 100, 09/07/2007 3.7%. 

101, 10/07/2007 3.7%. 

102, 11/07/2007 3.6%. 

103, 12/07/2007 2.7%. 

104, 13/07/2007 1.8%. 

105, 14/07/2007 2.8%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 109, 18/07/2007 2.9%. 

110, 19/07/2007 0.7%. 

111, 20/07/2007 1.8%. 

112, 21/07/2007 0.2%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 0.8%. 

116, 25/07/2007 117, 26/07/2007 0.7%. 

118, 27/07/2007 1.3%. 

119, 28/07/2007 120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 -1.6%. 

123, 01/08/2007 -1.2%. 

124, 02/08/2007 -3.5%. 

125, 03/08/2007 -2.8%. 

126, 04/08/2007 -3.6%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 -2.5%. 

131, 09/08/2007 -3.4%. 

132, 10/08/2007 -3.1%. 

133, 11/08/2007 -3.5%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -4%. 

137, 15/08/2007 -5.3%. 

138, 16/08/2007 -6.4%. 

139, 17/08/2007 -8.2%. 

140, 18/08/2007 -9.9%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -15.2%. 

144, 22/08/2007 -6.8%. 

145, 23/08/2007 -5.4%. 

146, 24/08/2007 -4.7%. 

147, 25/08/2007 -5.9%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 -6.3%. 

151, 29/08/2007 -6.9%. 

152, 30/08/2007 -8.1%. 

153, 31/08/2007 -9.1%. 

154, 01/09/2007 -4.8%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 -4.7%. 

158, 05/09/2007 -5.9%. 

159, 06/09/2007 -7.2%. 

160, 07/09/2007 -6.4%. 

161, 08/09/2007 -8.1%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 -7.4%. 

165, 12/09/2007 -8.4%. 

166, 13/09/2007 -9.7%. 

167, 14/09/2007 -9.6%. 

168, 15/09/2007 -9.4%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 -7.4%. 

172, 19/09/2007 -10.9%. 

173, 20/09/2007 -8.7%. 

174, 21/09/2007 -9.3%. 

175, 22/09/2007 -8.7%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 -10.6%. 

179, 26/09/2007 -9.4%. 

180, 27/09/2007 -7.4%. 

181, 28/09/2007 -5.9%. 

182, 29/09/2007 -5.5%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 -5.2%. 

186, 03/10/2007 -5.6%. 

187, 04/10/2007 -3.4%. 

188, 05/10/2007 -3.8%. 

189, 06/10/2007 -3.6%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 -3.5%. 

193, 10/10/2007 194, 11/10/2007 -3%. 

195, 12/10/2007 -2.2%. 

196, 13/10/2007 -4.5%. 

197, 14/10/2007 198, 15/10/2007 199, 16/10/2007 -3.7%. 

200, 17/10/2007 -5.5%. 

201, 18/10/2007 -5.2%. 

202, 19/10/2007 -6.2%. 

203, 20/10/2007 -6.7%. 

204, 21/10/2007 205, 22/10/2007 206, 23/10/2007 -8.6%. 

207, 24/10/2007 -7.3%. 

208, 25/10/2007 -8%. 

209, 26/10/2007 -8.2%. 

210, 27/10/2007 -10%. 

211, 28/10/2007 Point 212, 29/10/2007 is -6.4%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


1 Month 3.3% 


1 Year 14.8% 

3 Years 15.0% p.a. 

5 Years -4.2% p.a. 

10 Years -2.9% p.a. 


1 Year 9.4% 

3 Years 13.0% p.a. 

5 Years -4.2% p.a. 

10 Years 0.1% p.a. 









37


PENSION PROPERTY FUND 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

To generate long term capital growth through a portfolio of prime commercial 

properties primarily in Ireland, the UK and Europe. 


Property 


€488.5m 

High Risk 


1 Month 0.8% 

3 Months 2.0% 

1 Year 1.1% 

3 Years 3.8% p.a. 

5 Years -7.6% p.a. 

10 Years 2.1% p.a. 



Line 1, Pension Property Fund (6). points. 

1, 2, 01/04/2007 02/04/2007 3, 03/04/2007 0%. 

4, 04/04/2007 0.2%. 

5, 05/04/2007 0.3%. 

6, 06/04/2007 0.2%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 0.1%. 

11, 11/04/2007 0.1%. 

12, 12/04/2007 13, 13/04/2007 14, 14/04/2007 15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 18, 18/04/2007 0.2%. 

19, 19/04/2007 20, 20/04/2007 21, 21/04/2007 0.3%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 0.5%. 

25, 25/04/2007 0.6%. 

26, 26/04/2007 27, 27/04/2007 28, 28/04/2007 0.5%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 32, 02/05/2007 0.8%. 

33, 03/05/2007 0.9%. 

34, 04/05/2007 0.7%. 

35, 05/05/2007 36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 0.9%. 

40, 10/05/2007 41, 11/05/2007 1%. 

42, 12/05/2007 43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 46, 16/05/2007 47, 17/05/2007 48, 18/05/2007 49, 19/05/2007 50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 0.9%. 

53, 23/05/2007 1%. 

54, 24/05/2007 55, 25/05/2007 56, 26/05/2007 57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 60, 30/05/2007 61, 31/05/2007 62, 01/06/2007 63, 02/06/2007 1.1%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 68, 07/06/2007 69, 08/06/2007 70, 09/06/2007 71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 1.2%. 

74, 13/06/2007 75, 14/06/2007 1.3%. 

76, 15/06/2007 1.4%. 

77, 16/06/2007 1.3%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 81, 20/06/2007 82, 21/06/2007 83, 22/06/2007 1.4%. 

84, 23/06/2007 85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 2.3%. 

88, 27/06/2007 2.1%. 

89, 28/06/2007 90, 29/06/2007 2.3%. 

91, 30/06/2007 2.4%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 95, 04/07/2007 96, 05/07/2007 97, 06/07/2007 1.8%. 

98, 07/07/2007 99, 08/07/2007 is 100, 09/07/2007 1.9%. 

101, 10/07/2007 1.9%. 

102, 11/07/2007 103, 12/07/2007 2%. 

104, 13/07/2007 2.1%. 

105, 14/07/2007 2%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 109, 18/07/2007 2.1%. 

110, 19/07/2007 111, 20/07/2007 112, 21/07/2007 2.2%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 2.3%. 

116, 25/07/2007 117, 26/07/2007 2.5%. 

118, 27/07/2007 119, 28/07/2007 2.6%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 123, 01/08/2007 124, 02/08/2007 125, 03/08/2007 2.5%. 

126, 04/08/2007 2.6%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 2.5%. 

131, 09/08/2007 2.4%. 

132, 10/08/2007 133, 11/08/2007 134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 2.5%. 

137, 15/08/2007 2.6%. 

138, 16/08/2007 2.5%. 

139, 17/08/2007 2.6%. 

140, 18/08/2007 2%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 1.9%. 

144, 22/08/2007 2%. 

145, 23/08/2007 2.3%. 

146, 24/08/2007 147, 25/08/2007 148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 151, 29/08/2007 152, 30/08/2007 153, 31/08/2007 154, 01/09/2007 155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 158, 05/09/2007 159, 06/09/2007 160, 07/09/2007 161, 08/09/2007 162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 165, 12/09/2007 166, 13/09/2007 167, 14/09/2007 2.4%. 

168, 15/09/2007 2.2%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 172, 19/09/2007 173, 20/09/2007 2.1%. 

174, 21/09/2007 175, 22/09/2007 176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 2%. 

179, 26/09/2007 1.7%. 

180, 27/09/2007 1.6%. 

181, 28/09/2007 1.5%. 

182, 29/09/2007 1.6%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 1.7%. 

186, 03/10/2007 1.6%. 

187, 04/10/2007 188, 05/10/2007 189, 06/10/2007 190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 193, 10/10/2007 194, 11/10/2007 Point 195, 12/10/2007 is 1.7%. 



20% 

0% 

-20% 

-40% 

-60% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

1.2% 10.6% -7.8% -35.1% -0.4% 


1, 2, U.K. Irish Property (Office) 52% 52. 

3, Other 15% 15. 19% 19. 

4, 5, Irish Cash Property 3% 3. (Retail) 10% 10. 

Item 6, Irish Property (Industrial) 1% 1. 



U.K. Property 52% 

Irish Property (Office) 19% 

Other Property 15% 

Irish Property (Retail) 10% 

Cash 3% 

Irish Property (Industrial) 1% 




Manchester 

15 Dacre Street, London Jodenbreestraat 11-25 

15 Grosvenor Street London New Mersey Retail Park 


Garden 


Manchester 


1 Year -1.5% 

3 Years 4.2% p.a. 

5 Years -10.8% p.a. 

10 Years 1.2% p.a. 


SSgA Europe Ex UK Index 

Real Estate Mutual Fund 






Performance is based on the price calculated for 01 April 2012, which is calculated using close of market prices from the previous working day.Source: 

MoneyMate. Performance is quoted gross of taxation and fund management charges. The company reserves the right to restrict encashment or switches in 

the event of outflows from the fund. Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up. 

38


PENSION INDEX FUNDS Managed By SSgA 

Index funds offer you a unique opportunity to participate in up to five of the world's major stock market indices. The key 

difference from traditional managed funds is that their objective is to track the performance of stock market indices, rather than 

to outperform using stock selection research. This is known as passive management. 

Pension Eurostoxx 50 Fund 



1, 2, Financials Consumer 24% Goods 24. 

3, Industrials 18% 18. 19% 19. 

4, 5, IT Energy 13% 10% 13. 

6, Health Care 8% 10. 

Item 7, Other 8% 8. 8. 



Consumer Goods 19% 


IT 13% 

Energy 10% 

Health Care 8% 

Other 8% 

Pension S&P 500 Fund 




1, 2, IT Consumer 24% 24. 

3, Financials 15% Goods 15. 22% 22. 

4, 5, Industrials Energy 11% 14% 11. 14. 

Item 6, 7, Health Other 3% Care 3. 11% 11. 


IT 24% 




Energy 11% 


Other 3% 

Pension Nikkei 225 Fund 




1, 2, Industrials Consumer 32% Goods 32. 

3, IT 23% 23. 28% 28. 

4, 5, Health Financials Care 6% 9% 6. 9. 

Item 6, 7, Energy Other 1% 1% 1. 1. 




IT 23% 


Financials 6% 

Energy 1% 

Other 1% 

Pension FTSE 100 Fund 




1, 2, Consumer Energy 20% Goods 20. 24% 24. 

3, 4, Industrials Financials 18% 18. 

5, 6, IT Health 8% 8. 

Item 7, Other 4% Care 4. 8% 8. 



Energy 20% 



IT 8% 


Other 4% 

Pension NASDAQ Fund 




1, 2, IT Consumer 69% 69. 

3, Health Care Goods 11% 11. 17% 17. 

Item 4, Industrials 3% 3. 


IT 69% 




Top 5 Stocks (in alphabetical order) 

Banco Santander 

BASF 

Sanofi 

Siemens 

Total 


Holdings not available 

- 

- 

- 

- 


Fanuc 

Fast Retailing 

Honda Motor Co. 

Kyocera 

SoftBank 


BP 

GlaxoSmithKline 

HSBC 


Vodafone 


Apple 

Google 

Intel 

Microsoft 

Oracle 


1 Month -1.1% 

3 Months 7.5% 

1 Year -11.3% 

3 Years 11.2% p.a. 

5 Years -6.0% p.a. 


1 Month 3.8% 

3 Months 9.7% 

1 Year 15.4% 

3 Years 23.2% p.a. 

5 Years 1.9% p.a. 


1 Month 3.4% 

3 Months 9.6% 

1 Year 12.2% 

3 Years 15.3% p.a. 

5 Years -2.5% p.a. 


1 Month -0.7% 

3 Months 4.8% 

1 Year 6.7% 

3 Years 21.8% p.a. 

5 Years -2.4% p.a. 


1 Month 5.5% 


1 Year 26.3% 

3 Years 31.6% p.a. 

5 Years 10.2% p.a. 








39


PENSION INDEXED ALL EQUITY FUND 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

To provide investors with exposure to a highly diversified basket of global equities 


Equity-based 


€43.7m 

High Risk 


1 Month 0.5% 

3 Months 9.2% 

1 Year 0.3% 

3 Years 17.0% p.a. 

5 Years - 

10 Years - 


Line 1, Pen Indexed All Equity S6 points. 

1, 01/04/2009 RP. 

2, 3, 02/04/2009 03/04/2009 0%. 

4, 04/04/2009 -1.6%. 

5, 05/04/2009 6, 06/04/2009 7, 07/04/2009 8, 08/04/2009 9, 09/04/2009 is 10, 10/04/2009 0%. 

11, 11/04/2009 12, 12/04/2009 13, 13/04/2009 14, 14/04/2009 15, 15/04/2009 16, 16/04/2009 17, 17/04/2009 3.1%. 

18, 18/04/2009 19, 19/04/2009 20, 20/04/2009 21, 21/04/2009 22, 22/04/2009 23, 23/04/2009 24, 24/04/2009 6.8%. 

25, 25/04/2009 26, 26/04/2009 27, 27/04/2009 28, 28/04/2009 29, 29/04/2009 30, 30/04/2009 31, 01/05/2009 32, 02/05/2009 33, 03/05/2009 34, 04/05/2009 35, 05/05/2009 36, 06/05/2009 7.9%. 

37, 07/05/2009 38, 08/05/2009 11.9%. 

39, 09/05/2009 40, 10/05/2009 41, 11/05/2009 42, 12/05/2009 43, 13/05/2009 44, 14/05/2009 45, 15/05/2009 16.4%. 

46, 16/05/2009 47, 17/05/2009 48, 18/05/2009 49, 19/05/2009 50, 20/05/2009 51, 21/05/2009 52, 22/05/2009 53, 23/05/2009 12.8%. 

54, 24/05/2009 55, 25/05/2009 56, 26/05/2009 57, 27/05/2009 58, 28/05/2009 59, 29/05/2009 17.2%. 

60, 30/05/2009 61, 31/05/2009 62, 01/06/2009 63, 02/06/2009 64, 03/06/2009 65, 04/06/2009 66, 05/06/2009 16.3%. 

67, 06/06/2009 68, 07/06/2009 69, 08/06/2009 70, 09/06/2009 71, 10/06/2009 72, 11/06/2009 73, 12/06/2009 17.4%. 

74, 13/06/2009 75, 14/06/2009 76, 15/06/2009 77, 16/06/2009 78, 17/06/2009 79, 18/06/2009 80, 19/06/2009 19%. 

81, 20/06/2009 14.7%. 

82, 21/06/2009 83, 22/06/2009 84, 23/06/2009 85, 24/06/2009 86, 25/06/2009 87, 26/06/2009 14.6%. 

88, 27/06/2009 89, 28/06/2009 90, 29/06/2009 91, 30/06/2009 92, 01/07/2009 93, 02/07/2009 94, 03/07/2009 14.4%. 

95, 04/07/2009 96, 05/07/2009 97, 06/07/2009 98, 07/07/2009 99, 08/07/2009 is 100, 09/07/2009 16.4%. 

101, 10/07/2009 16.4%. 

102, 11/07/2009 103, 12/07/2009 104, 13/07/2009 105, 14/07/2009 106, 15/07/2009 107, 16/07/2009 108, 17/07/2009 11.5%. 

109, 18/07/2009 110, 19/07/2009 111, 20/07/2009 112, 21/07/2009 16.7%. 

113, 22/07/2009 114, 23/07/2009 115, 24/07/2009 16.8%. 

116, 25/07/2009 117, 26/07/2009 118, 27/07/2009 119, 28/07/2009 120, 29/07/2009 121, 30/07/2009 122, 31/07/2009 20.1%. 

123, 01/08/2009 124, 02/08/2009 125, 03/08/2009 126, 04/08/2009 127, 05/08/2009 128, 06/08/2009 129, 07/08/2009 23.4%. 

130, 08/08/2009 131, 09/08/2009 132, 10/08/2009 133, 11/08/2009 134, 12/08/2009 135, 13/08/2009 136, 14/08/2009 25.5%. 

137, 15/08/2009 138, 16/08/2009 139, 17/08/2009 140, 18/08/2009 141, 19/08/2009 142, 20/08/2009 143, 21/08/2009 26.9%. 

144, 22/08/2009 145, 23/08/2009 146, 24/08/2009 147, 25/08/2009 148, 26/08/2009 149, 27/08/2009 150, 28/08/2009 25.3%. 

151, 29/08/2009 152, 30/08/2009 153, 31/08/2009 154, 01/09/2009 155, 02/09/2009 156, 03/09/2009 157, 04/09/2009 31.1%. 

158, 05/09/2009 27.5%. 

159, 06/09/2009 160, 07/09/2009 161, 08/09/2009 29.9%. 

162, 09/09/2009 163, 10/09/2009 164, 11/09/2009 27.7%. 

165, 12/09/2009 166, 13/09/2009 167, 14/09/2009 168, 15/09/2009 169, 16/09/2009 170, 17/09/2009 171, 18/09/2009 31.4%. 

172, 19/09/2009 173, 20/09/2009 174, 21/09/2009 175, 22/09/2009 176, 23/09/2009 177, 24/09/2009 178, 25/09/2009 34.4%. 

179, 26/09/2009 180, 27/09/2009 181, 28/09/2009 182, 29/09/2009 183, 30/09/2009 184, 01/10/2009 185, 02/10/2009 34.1%. 

186, 03/10/2009 34%. 

187, 04/10/2009 188, 05/10/2009 189, 06/10/2009 190, 07/10/2009 191, 08/10/2009 192, 09/10/2009 34.1%. 

193, 10/10/2009 194, 11/10/2009 Point 195, 12/10/2009 is 33%. 



80% 

60% 

40% 

20% 

0% 

-20% 

01/ 

04/ 

2009 

10/ 

07/ 

2009 

18/ 

10/ 

2009 

26/ 

01/ 

2010 

06/ 

05/ 

2010 

14/ 

08/ 

2010 

22/ 

11/ 

2010 

02/ 

03/ 

2011 

10/ 

06/ 

2011 

18/ 

09/ 

2011 

27/ 

12/ 

2011 


2011 2010 2009 2008 2007 

-6.6% 13.1% 29.1% - - 



1, 2, Eurozone North American 51% 51. 

3, Pacific Basin Equities Equities 5% 31% 5. 31. 

4, 5, UK Japanese Equities Equities 5% 5. 

Item 6, Europe ex EZ ex UK 5% Equity 5. 3% 3. 



Eurozone 51% 



Apple 

Sanofi 

Banco Santander 

SAP 

BASF 

Siemens 

Daimler 

Telefonica 

ENI S.p.A. 

Total 




Europe ex EZ ex UK Equity 3% 









40


PENSION IRISH EQUITY 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 


Risk 

To generate long term capital growth by investing in a portfolio of Irish equities 


Equities 


€64.9m 



1 Month 2.8% 


1 Year 16.0% 

3 Years 16.8% p.a. 

5 Years -16.2% p.a. 

10 Years -1.7% p.a. 


Line 1, Pension Irish Equity (6). points. 

1, 2, 01/04/2007 02/04/2007 3, 03/04/2007 0%. 

4, 04/04/2007 -0.6%. 

5, 05/04/2007 -0.1%. 

6, 06/04/2007 -0.6%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 -0.2%. 

11, 11/04/2007 -0.2%. 

12, 12/04/2007 1.1%. 

13, 13/04/2007 1.6%. 

14, 14/04/2007 1.5%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 1.8%. 

18, 18/04/2007 2.6%. 

19, 19/04/2007 2.4%. 

20, 20/04/2007 1.6%. 

21, 21/04/2007 1.2%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 25, 25/04/2007 2.2%. 

26, 26/04/2007 0.8%. 

27, 27/04/2007 0.6%. 

28, 28/04/2007 1.1%. 

29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 -0.4%. 

32, 02/05/2007 -0.1%. 

33, 03/05/2007 0.2%. 

34, 04/05/2007 2.3%. 

35, 05/05/2007 4.5%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 4.4%. 

40, 10/05/2007 3%. 

41, 11/05/2007 1.5%. 

42, 12/05/2007 1%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 1.4%. 

46, 16/05/2007 1.6%. 

47, 17/05/2007 2.1%. 

48, 18/05/2007 1.6%. 

49, 19/05/2007 1.7%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 2.6%. 

53, 23/05/2007 3.1%. 

54, 24/05/2007 3.7%. 

55, 25/05/2007 56, 26/05/2007 4.7%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 4.4%. 

60, 30/05/2007 4.6%. 

61, 31/05/2007 4.5%. 

62, 01/06/2007 63, 02/06/2007 3.9%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 4.7%. 

68, 07/06/2007 2.4%. 

69, 08/06/2007 0%. 

70, 09/06/2007 71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 -0.5%. 

74, 13/06/2007 0%. 

75, 14/06/2007 -0.8%. 

76, 15/06/2007 -1.2%. 

77, 16/06/2007 0.3%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 1.6%. 

81, 20/06/2007 82, 21/06/2007 1.1%. 

83, 22/06/2007 1.7%. 

84, 23/06/2007 0.1%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 -1%. 

88, 27/06/2007 -0.9%. 

89, 28/06/2007 -1.2%. 

90, 29/06/2007 -3.2%. 

91, 30/06/2007 -2.6%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 -2.2%. 

95, 04/07/2007 -1.9%. 

96, 05/07/2007 -1.6%. 

97, 06/07/2007 -1.2%. 

98, 07/07/2007 -1.9%. 

99, 08/07/2007 is 100, 09/07/2007 -0.9%. 

101, 10/07/2007 -0.9%. 

102, 11/07/2007 -1.3%. 

103, 12/07/2007 -2.6%. 

104, 13/07/2007 -3.9%. 

105, 14/07/2007 -4.3%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 -4.2%. 

109, 18/07/2007 -3.4%. 

110, 19/07/2007 -3.8%. 

111, 20/07/2007 -4.2%. 

112, 21/07/2007 -3.7%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 -5.1%. 

116, 25/07/2007 -5.2%. 

117, 26/07/2007 -7.1%. 

118, 27/07/2007 -8.2%. 

119, 28/07/2007 -10.7%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 -11.7%. 

123, 01/08/2007 -12.3%. 

124, 02/08/2007 -8.6%. 

125, 03/08/2007 -9.6%. 

126, 04/08/2007 -7.4%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 -8.5%. 

131, 09/08/2007 -7.9%. 

132, 10/08/2007 -5%. 

133, 11/08/2007 -7.3%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -11.3%. 

137, 15/08/2007 -9.5%. 

138, 16/08/2007 -10.2%. 

139, 17/08/2007 -10.7%. 

140, 18/08/2007 -14%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -13.3%. 

144, 22/08/2007 -12.6%. 

145, 23/08/2007 -12.4%. 

146, 24/08/2007 -11%. 

147, 25/08/2007 -10.9%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 -11.3%. 

151, 29/08/2007 -10.4%. 

152, 30/08/2007 -12.8%. 

153, 31/08/2007 -11.7%. 

154, 01/09/2007 -11.1%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 -10.7%. 

158, 05/09/2007 -10%. 

159, 06/09/2007 -9.4%. 

160, 07/09/2007 -11.7%. 

161, 08/09/2007 -11.9%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 -13.4%. 

165, 12/09/2007 -14.7%. 

166, 13/09/2007 -13.5%. 

167, 14/09/2007 -14.1%. 

168, 15/09/2007 -14.4%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 -17%. 

172, 19/09/2007 -21%. 

173, 20/09/2007 -19.8%. 

174, 21/09/2007 -16%. 

175, 22/09/2007 -17.7%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 -17.6%. 

179, 26/09/2007 -18.6%. 

180, 27/09/2007 -20.5%. 

181, 28/09/2007 -20.7%. 

182, 29/09/2007 -18.5%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 -18%. 

186, 03/10/2007 -16.3%. 

187, 04/10/2007 -13.8%. 

188, 05/10/2007 -12.3%. 

189, 06/10/2007 -11.8%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 -10.8%. 

193, 10/10/2007 -11.5%. 

194, 11/10/2007 -12.2%. 

Point 195, 12/10/2007 is -12.6%. -14%. 



20% 

0% 

-20% 

-40% 

-60% 

-80% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

3.7% 0.5% 26.0% -62.5% -28.2% 


Aryzta 

Elan 

C&C 

Grafton 

CRH 

Kerry Group 

DCC 

Kingspan 

Dragon Oil 

Ryanair 


1 Year 15.1% 

3 Years 17.3% p.a. 

5 Years -16.6% p.a. 

10 Years -2.1% p.a. 








41


BLOXHAM GEARED HIGH YIELD FUND (PENSION) 

At a glance 

Aim 

Style 

Asset Mix 

Managed By 

Number Of 

Stocks 


Risk 


income for the fund, using borrowings to increase exposure to these equities 


High yield equities 

Bloxham 

46 

€155.2m 



1 Month 2.6% 

3 Months 8.7% 

1 Year 5.7% 

3 Years 24.1% p.a. 

5 Years -8.5% p.a. 

10 Years - 



Line 1, Geared High Yld Fund S6. points. 

1, 2, 01/04/2007 02/04/2007 3, 03/04/2007 4, 04/04/2007 0%. 

5, 05/04/2007 6, 06/04/2007 1.3%. 

7, 07/04/2007 8, 08/04/2007 9, 09/04/2007 is 10, 10/04/2007 1.2%. 

11, 11/04/2007 1.2%. 

12, 12/04/2007 13, 13/04/2007 2.1%. 

14, 14/04/2007 1.7%. 

15, 15/04/2007 16, 16/04/2007 17, 17/04/2007 2.4%. 

18, 18/04/2007 19, 19/04/2007 4.4%. 

20, 20/04/2007 3.6%. 

21, 21/04/2007 2.9%. 

22, 22/04/2007 23, 23/04/2007 24, 24/04/2007 4.4%. 

25, 25/04/2007 4.3%. 

26, 26/04/2007 2.8%. 

27, 27/04/2007 3.9%. 

28, 28/04/2007 29, 29/04/2007 30, 30/04/2007 31, 01/05/2007 2.4%. 

32, 02/05/2007 2.8%. 

33, 03/05/2007 2.9%. 

34, 04/05/2007 4.2%. 

35, 05/05/2007 5.3%. 

36, 06/05/2007 37, 07/05/2007 38, 08/05/2007 39, 09/05/2007 6.2%. 

40, 10/05/2007 5.4%. 

41, 11/05/2007 5.2%. 

42, 12/05/2007 4.3%. 

43, 13/05/2007 44, 14/05/2007 45, 15/05/2007 46, 16/05/2007 5%. 

47, 17/05/2007 5.3%. 

48, 18/05/2007 5.6%. 

49, 19/05/2007 6.1%. 

50, 20/05/2007 51, 21/05/2007 52, 22/05/2007 7.1%. 

53, 23/05/2007 7.5%. 

54, 24/05/2007 6.6%. 

55, 25/05/2007 7.8%. 

56, 26/05/2007 6.7%. 

57, 27/05/2007 58, 28/05/2007 59, 29/05/2007 6.9%. 

60, 30/05/2007 7%. 

61, 31/05/2007 62, 01/06/2007 6.9%. 

63, 02/06/2007 7.1%. 

64, 03/06/2007 65, 04/06/2007 66, 05/06/2007 67, 06/06/2007 8.5%. 

68, 07/06/2007 6.3%. 

69, 08/06/2007 3.9%. 

70, 09/06/2007 2.2%. 

71, 10/06/2007 72, 11/06/2007 73, 12/06/2007 2.7%. 

74, 13/06/2007 4%. 

75, 14/06/2007 3.1%. 

76, 15/06/2007 3.5%. 

77, 16/06/2007 5.6%. 

78, 17/06/2007 79, 18/06/2007 80, 19/06/2007 7.2%. 

81, 20/06/2007 82, 21/06/2007 6.4%. 

83, 22/06/2007 6.2%. 

84, 23/06/2007 4.8%. 

85, 24/06/2007 86, 25/06/2007 87, 26/06/2007 3.7%. 

88, 27/06/2007 3%. 

89, 28/06/2007 2.4%. 

90, 29/06/2007 1.7%. 

91, 30/06/2007 2.3%. 

92, 01/07/2007 93, 02/07/2007 94, 03/07/2007 2.9%. 

95, 04/07/2007 1.9%. 

96, 05/07/2007 3.4%. 

97, 06/07/2007 98, 07/07/2007 2.9%. 

99, 08/07/2007 is 100, 09/07/2007 3.4%. 

101, 10/07/2007 3.4%. 

102, 11/07/2007 3.5%. 

103, 12/07/2007 1.2%. 

104, 13/07/2007 0.3%. 

105, 14/07/2007 1.9%. 

106, 15/07/2007 107, 16/07/2007 108, 17/07/2007 2.7%. 

109, 18/07/2007 3.3%. 

110, 19/07/2007 2.6%. 

111, 20/07/2007 0.8%. 

112, 21/07/2007 1.9%. 

113, 22/07/2007 114, 23/07/2007 115, 24/07/2007 0.1%. 

116, 25/07/2007 117, 26/07/2007 -1.7%. 

118, 27/07/2007 -2.4%. 

119, 28/07/2007 -7.1%. 

120, 29/07/2007 121, 30/07/2007 122, 31/07/2007 -8.1%. 

123, 01/08/2007 -8.7%. 

124, 02/08/2007 -5%. 

125, 03/08/2007 -6.4%. 

126, 04/08/2007 -4.7%. 

127, 05/08/2007 128, 06/08/2007 129, 07/08/2007 130, 08/08/2007 -7.2%. 

131, 09/08/2007 -5.4%. 

132, 10/08/2007 -2.5%. 

133, 11/08/2007 -5.9%. 

134, 12/08/2007 135, 13/08/2007 136, 14/08/2007 -10.5%. 

137, 15/08/2007 -7.1%. 

138, 16/08/2007 -9.3%. 

139, 17/08/2007 -9.6%. 

140, 18/08/2007 -13.1%. 

141, 19/08/2007 142, 20/08/2007 143, 21/08/2007 -9.8%. 

144, 22/08/2007 -9%. 

145, 23/08/2007 -9.4%. 

146, 24/08/2007 -7.1%. 

147, 25/08/2007 -6.7%. 

148, 26/08/2007 149, 27/08/2007 150, 28/08/2007 -6.9%. 

151, 29/08/2007 -6.7%. 

152, 30/08/2007 -9.8%. 

153, 31/08/2007 -8.9%. 

154, 01/09/2007 -7.7%. 

155, 02/09/2007 156, 03/09/2007 157, 04/09/2007 -6%. 

158, 05/09/2007 -5.1%. 

159, 06/09/2007 -4.4%. 

160, 07/09/2007 -7.3%. 

161, 08/09/2007 -7.6%. 

162, 09/09/2007 163, 10/09/2007 164, 11/09/2007 -11.1%. 

165, 12/09/2007 -12.5%. 

166, 13/09/2007 -10.4%. 

167, 14/09/2007 -10.7%. 

168, 15/09/2007 -10.1%. 

169, 16/09/2007 170, 17/09/2007 171, 18/09/2007 -12.3%. 

172, 19/09/2007 -16%. 

173, 20/09/2007 -14.1%. 

174, 21/09/2007 -9.8%. 

175, 22/09/2007 -11.3%. 

176, 23/09/2007 177, 24/09/2007 178, 25/09/2007 -10.6%. 

179, 26/09/2007 -11.6%. 

180, 27/09/2007 -13.3%. 

181, 28/09/2007 -12.6%. 

182, 29/09/2007 -10.7%. 

183, 30/09/2007 184, 01/10/2007 185, 02/10/2007 -11.4%. 

186, 03/10/2007 -9.8%. 

187, 04/10/2007 -7.8%. 

188, 05/10/2007 -6.8%. 

189, 06/10/2007 -6.4%. 

190, 07/10/2007 191, 08/10/2007 192, 09/10/2007 -5.3%. 

193, 10/10/2007 -5.9%. 

194, 11/10/2007 -5.6%. 

Point 195, 12/10/2007 is -6.1%. -6.6%. 



20% 

0% 

-20% 

-40% 

-60% 

-80% 

01/ 

04/ 

2007 

18/ 

10/ 

2007 

05/ 

05/ 

2008 

21/ 

11/ 

2008 

09/ 

06/ 

2009 

26/ 

12/ 

2009 

14/ 

07/ 

2010 

30/ 

01/ 

2011 

18/ 

08/ 

2011 

05/ 

03/ 

2012 


2011 2010 2009 2008 2007 

-7.4% 29.1% 31.3% -51.8% -21.1% 



1, 2, North UK Equities American 22% Equities 22. 42% 42. 

3, 4, Pacific European Basin Equities Equities 14% 21% 14. 21. 






BHP Billiton 

Microsoft 

China Mobile 

Pepsico 


Pfizer 

Johnson & Johnson Royal Dutch Shell 


Siemens 





Gearing Ratio as at 31 March 2012 33% 


1, 2, Consumer Financial 16% Staples 16. 30% 30. 

3, 4, Industrial Energy 9% 14% 9. 14. 

5, 6, Communications Technology 6% 6. 7% 7. 

7, 8, Basic Diversified Materials 6% 6. 6% 6. 

Item 9, 10, Consumer Mining 2% Discretionary 2. 4% 4. 




Financial 16% 


Energy 9% 


Technology 6% 


Diversified 6% 


Mining 2% 



JP Morgan Chase 17.14% 0.39% 

Pepsico 5.41% 0.17% 

Japan Tobacco 9.18% 0.13% 

Canon Inc 6.36% 0.12% 

Pfizer 7.18% 0.11% 








42

PERFORMANCE - IRIS FUNDS 

Funds For Lifestyle Investors 

IRIS Funds 

Over last 

month 

% 

Over last 

3 months 

% 

Year to 

Date 

% 

1 Year 

% 

3 Years 

% p.a. 

5 Years 

% p.a. 

Retirement Fund 2010-2011 -0.1 3.1 3.1 8.5 4.6 0.9 3.2 

Retirement Fund 2012-2013 -0.1 3.0 3.0 7.0 8.5 -1.6 2.1 

Retirement Fund 2014-2015 0.3 5.3 5.3 6.3 12.4 -3.1 1.5 





Retirement Fund 2024 Onwards 0.9 10.1 10.1 5.6 16.9 -3.7 1.2 

Consensus IRIS Funds 

Consensus IRIS 2010-2011 -0.4 2.7 2.7 7.6 4.3 0.6 - 

Consensus IRIS 2012-2013 -0.3 2.8 2.8 6.3 8.3 -1.7 - 






Consensus IRIS 2024 Onwards 1.0 8.7 8.7 5.6 17.9 -3.2 - 

10 Years 

% p.a. 






Note: Performance is based on the price calculated for 01 April 2012, which is calculated using close of market prices from the previous working day. Source: 

MoneyMate. Performance is quoted gross of taxation and fund management charge. Past performance is not a reliable guide to future performance. The 


43

PERFORMANCE - PENSION FUNDS 

Lifestyle Pension Funds 

Over last 

month 

% 

Over last 

3 months 

% 

Year to 

Date 

% 

1 Year 

% 

3 Years 

% p.a. 

5 Years 

% p.a. 

Pension Indexed Eurozone Long Bond -0.4 3.6 3.6 9.8 4.6 4.2 - 

Low Risk Pension Funds 

Pension Cash Fund 0.1 0.2 0.2 1.0 1.1 2.3 2.4 

Medium Risk Pension Funds 

Pension Gilt Fund 0.2 4.4 4.4 10.2 5.0 5.0 5.5 

Elements (Pension) 0.5 5.1 5.1 4.3 - - - 

Protected Assets Fund (pension)†† -0.3 3.4 3.4 -2.3 - - - 

BNYM Global Real Return Fund (Pension) -1.3 0.8 0.8 3.4 - - - 

Medium to High Risk Pension Funds 

Income & Growth Fund (pension) -0.2 4.7 4.7 3.7 8.9 -2.0 3.3 

Pension Evergreen Fund 0.9 7.1 7.1 5.2 11.8 -3.1 2.5 

Pension Managed Fund 0.9 8.9 8.9 6.1 14.7 -2.4 2.1 

Ethical Managed Fund (pension) 2.1 9.0 9.0 7.9 16.0 -2.1 - 

Pension Consensus Fund 0.9 7.9 7.9 5.5 15.2 -1.8 2.7 

KBI Pension Managed Fund* 0.6 7.1 7.1 4.8 13.9 -3.8 1.1 

Friends First Mixed Fund 1.2 8.0 8.0 3.4 14.2 -2.9 2.3 

Bloxham Defensive High Yield Fund (Pension) 0.4 3.4 3.4 - - - - 

High Risk Pension Funds 

Pension Bloxham High Yield Equity 1.7 6.4 6.4 6.6 17.5 -3.6 - 

Trilogy II Fund (pension) 0.8 3.7 3.7 3.2 10.3 -9.9 - 

Discovery (pension) 1.7 11.7 11.7 10.9 23.4 0.8 - 

Innovator (pension) 0.2 9.8 9.8 -3.6 15.3 -2.7 - 

Alternative Energy (pension) -2.0 10.6 10.6 -27.5 -4.3 - - 

Water Fund (pension) 2.0 13.0 13.0 10.8 22.3 - - 

Spotlight (pension) 2.3 13.1 13.1 6.0 20.1 0.7 - 

Pension Equity Fund 1.1 10.5 10.5 5.5 19.2 -2.6 0.0 

Pension International 1.1 10.3 10.3 5.0 19.4 -1.2 0.1 

Ethical Equity Fund (pension) 2.6 10.9 10.9 8.0 20.8 -4.0 - 

Pension North American 3.7 10.5 10.5 12.4 21.2 3.0 0.2 

Pension UK Equity Fund -2.1 9.0 9.0 7.5 23.5 -3.0 0.2 

Pension European Fund -0.5 10.3 10.3 -5.1 15.1 -4.9 -0.6 

Euroland Equity Fund (pension) 0.3 12.1 12.1 -6.2 14.4 -5.0 - 

Pension Pacific Basin -2.2 9.8 9.8 -0.2 21.7 4.1 7.2 

Pension Japanese Fund 3.3 13.7 13.7 14.8 15.0 -4.2 -2.9 

Pension Property Fund 0.8 2.0 2.0 1.1 3.8 -7.6 2.1 

Pension Eurostoxx 50 Fund -1.1 7.5 7.5 -11.3 11.2 -6.0 -0.7 

Pension Nikkei 225 Fund 3.4 9.6 9.6 12.2 15.3 -2.5 -0.1 

Pension S&P 500 Fund 3.8 9.7 9.7 15.4 23.2 1.9 -0.4 

Pension NASDAQ Fund 5.5 18.1 18.1 26.3 31.6 10.2 2.5 

Pension FTSE 100 Fund -0.7 4.8 4.8 6.7 21.8 -2.4 1.2 

Pension Indexed All Equity Fund 0.5 9.2 9.2 0.3 17.0 - - 

10 Years 

% p.a. 






MoneyMate. Performance is quoted gross of taxation and fund management charge. *Previously known as KBCAM Pension Managed Fund. †† For the 

Protected Assets Fund, the Governor and Company of the Bank of Ireland is the current provider of the protection and the return to New Ireland Assurance 

Company plc (New Ireland). New Ireland will pass on the full value of the amounts it receives from Bank of Ireland to investors. If for any reason Bank of 

Ireland cannot meet its obligations, investors could lose some or all of their investment in this Fund. Past performance is not a reliable guide to future 


44

PERFORMANCE - PENSION FUNDS (CONTINUED) 

Very High Risk Pension Funds 

Over last 

month 

% 

Over last 

3 months 

% 

Year to 

Date 

% 

1 Year 

% 

3 Years 

% p.a. 

5 Years 

% p.a. 

Pension Irish Equity 2.8 14.8 14.8 16.0 16.8 -16.2 -1.7 

Bloxham Geared High Yield Fund (pension) 2.6 8.7 8.7 5.7 24.1 -8.5 - 

10 Years 

% p.a. 






MoneyMate. Performance is quoted gross of taxation and fund management charge. Past performance is not a reliable guide to future performance. The 


45

Warning: These funds may be affected by changes in currency exchange rates 

Warning: These funds may be affected by changes in currency exchange rates 

Warning: The value of your investment may go down as well as up 

Warning: The value of your investment may go down as well as up 

Warning: Past performance is not a reliable guide to future performance 

Warning: Warning: Past If you performance invest in these is not funds, a reliable you could guide lose to future some or performance all of the money that you invest. 

Terms and conditions apply. Where relevant life assurance tax applies. Investing in a geared fund or a fund that contains an element of 

gearing can lead to potentially increased returns when asset growth is positive, however it should be noted that any losses are 

magnified. In the event that the investment does not perform as intended an investor may not receive back all of their original capital 

and in extreme circumstances may lose their entire capital. 

While care has been taken in its preparation, this document is of a general nature and should not be relied on in relation to a specific 

issue without taking appropriate financial, insurance, investment or other professional advice. While the information has been taken 

from sources we believe to be reliable, we do not guarantee their accuracy or completeness and any such information may be 

incomplete or condensed. All opinions and estimates constitute best judgement at the time of publication and are subject to change 

without notice. The content of this document is for information purposes only and does not constitute an offer or recommendation to 

buy or sell any investment or to subscribe to any investment management or advisory service. Mention of individual stocks/assets is 

not a recommendation to purchase or sell those stocks/assets. In the event of any changes in taxation or legislation, New Ireland 

Assurance may amend the terms and conditions of the relevant contract to take account of any such changes. If there is any conflict 

between this document and the Policy Conditions, the Policy Conditions will apply. The details shown relating to all of these Funds and 

their compositions are as at the dates stated throughout this document and may change over time. 

New Ireland Assurance Company plc is regulated by the Financial Regulator and is a member of the Bank of Ireland Group. Bank of 

New Ireland Assurance Company plc is regulated by the Central Bank of Ireland. A member of the Bank of Ireland Group. 

Ireland Asset Management Limited is regulated by the Financial Regulator. Incorporated and registered in Ireland at 40 Mespil Road, 

Bloxham Dublin 4. Stockbrokers Registered number is a member 145221. of the Irish Stock Exchange and the London Stock Exchange. Bloxham Stockbrokers is 

regulated by the Central Bank of Ireland. 

Bloxham Kleinwort Stockbrokers Benson Investors is a member Dublin Ltd of is the regulated Irish Stock by the Exchange Central and Bank the of London Ireland. Stock Exchange. Bloxham Stockbrokers is regulated 

by the Financial Regulator. 

Friends First Life Assurance Company Limited is regulated by the Central Bank of Ireland. F&C Ireland Limited is regulated by the Central 

Bank of Ireland. 

KBC Asset Management Limited is regulated by the Financial Regulator. 

BNY Mellon Global Real Return Fund is a Sub-Fund of BNY Mellon Global Funds, plc. BNY Mellon Global Funds, plc is an open-ended 

umbrella Friends First type Life investment Assurance company Company with Limited variable iscapital regulated (ICVC) by the and Financial segregated Regulator. liability between F&C Ireland sub-funds, Limitedincorporated is regulated with by the limited Financial 

liability Regulator . under the laws of Ireland. It qualifies and is authorised in Ireland by the Central Bank of Ireland as an undertaking for collective 

investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable 

Securities) Regulations, 2011 (S1. No. 352 of 2011), as amended. The Manager of BNY Mellon Global Funds, plc is BNY Mellon Glob al 

Management Limited. BNY Mellon Global Management Limited, 33 Sir John Rogerson’s Quay, Dublin 2, Ireland. The Manager is approved 

as a management company and regulated by the Central Bank of Ireland under the European Communities (Undertakings for Collective 

Investment in Transferable Securities) Regulations, 2011 (S1. No. 352 of 2011), as amended. The Global (ex. US) Distributor of BNY Mellon 

Global Funds, plc is BNY Mellon Asset Management International Limited. BNY Mellon Asset Management International Limited, BNY 

Mellon Global Management Limited (BNY MGM), Newton and any other BNY Mellon entity mentioned are all ultimately owned by The 

Bank of New York Mellon Corporation. 

State Street Global Advisors Ireland Limited is regulated by the Central Bank of Ireland. Incorporated and registered in Ireland at 2 Park 

Place, Upper Hatch Street, Dublin 2. Registered number 145221. Member of the Irish Association of Investment Managers.

New Ireland Assurance Company plc. 

11-12 Dawson Street, Dublin 2. 

T: 01 617 2000 F: 01 617 2075 E: info@newireland.ie W: www.newireland.ie 

301137 Q1 2012

pension - New Ireland Assurance

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