Pension Investment Plus. Quarter 3, 2012

Transcription

1 Pension Investment Plus Quarter 3,

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3 Contents Key Metrics 2 Our Investment Partners 3 Investing & 4 Lifestyle Pension Funds Retirement Funds (IRIS) 6 Consensus IRIS 8 Pension Indexed Eurozone Long Bond Fund 9 Low Pension Funds Pension Cash Fund 10 Medium Pension Funds Pension Gilt Fund 11 Elements (pension) 12 Protected Assets Fund (pension) 13 BNY Mellon Fund (pension) 14 Medium to High Pension Funds Income & Growth Fund (pension) 15 Pension Evergreen Fund 16 Pension Managed Fund 17 Ethical Managed Fund (pension) 18 Pension Consensus Fund 19 KBI Pension Managed Fund 20 Friends First Mixed Fund 21 High Pension Funds Pension Davy High Yield Equity 22 Trilogy II Fund (pension) 23 Discovery (pension) 24 Innovator (pension) 25 Alternative Energy (pension) 26 Water Fund (pension) 27 Spotlight (pension) 28 Pension Equity Fund 29 Pension International 30 Ethical Equity Fund (pension) 31 Pension North American 32 Pension UK Equity Fund 32 Pension European Fund 33 Euroland Equity Fund (pension) 33 Pension Pacific Basin 34 Pension Japanese Fund 34 Pension Property Fund 35 Pension Index Funds 36 Pension Indexed All Equity Fund 37 Very High Pension Funds Pension Irish Equity 38 Davy Geared High Yield Fund (pension) 39 Performance Summary IRIS 40 Pension 41 Pension 42 1

4 KEY METRICS KEY MACRO FACTORS INFLUENCING FUND PERFORMANCE IN QUARTER 3 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 Bank of Ireland Life's Investment funds over the past number of months. Interest Rates* Current rate as at 30 September 31 December 30 September EUR GBP USD Source: Bloomberg & Factset Stock Markets** As at 30 September 1 Month change QTD change 12 Months change S&P % 5.76% 27.33% Nasdaq % 7.01% 30.85% FTSE % 3.07% 11.96% Eurostoxx % 13.33% 15.64% Topix % -4.24% -3.12% ISEQ % 4.12% 30.96% Source: Bloomberg & Factset. Price Return in Local Currency of each Index Commodities** As at 30 September 1 Month change QTD change 12 Months change Brent Crude Index ($) % 6.4 Gold USD/oz % 10.94% 9.12% Source: Bloomberg & Factset 10 Year Government Bond Yields As at 30 September 31 December 30 September US UK Germany China Source: Bloomberg & Factset Exchange Rate Movements** As at 30 September 1 Month change QTD change 12 Months change EUR/ GBP % -1.35% -7.41% EUR/ USD % 1.52% -3.94% GBP/ USD % 3.74% EUR/JPY % -0.87% -2.85% Source: Bloomberg & Factset * 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 September to 30 September, from 01 July to 30 September and 01 October to 30 September. 2

5 OUR INVESTMENT PARTNERS About Bank of Ireland Life Bank of Ireland Life is an independent company within the Bank of Ireland Group. We provide Life, Pensions, Savings and Investment products, which are sold in over 250 Bank of Ireland branches throughout the country. Bank of Ireland Life offers customers access to personalised financial products through their local Bank of Ireland branch. There is a Bank of Ireland Insurance & Investments Manager available in every Bank of Ireland branch, who is trained to help identify our customers' financial needs and assist them with any queries they may have. Insurance & Investments Managers are committed to providing quality service and specialist expertise to help customers find the best available solution to their needs. 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), Davy Asset Management and Kleinwort Benson Investors. Davy Asset Management Davy Asset Management is our chosen investment partner for the Defensive High Yield Fund. Davy Asset Management is an independent fund management business within the Davy group and has an experienced award-winning team with a strong track record in active management. Davy Asset Management aims to add value for investors through objective analysis and innovative strategic thought. Davy Asset Management manages a number of funds available to New Ireland including Trilogy II, Discovery, Davy High Yield Fund, Davy Defensive High Yield fund and Davy 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. 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. 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. 3

6 INVESTMENT RISK FACED BY PENSION INVESTORS 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 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 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. 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 Inflation Annuity Rate 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 - Catering for many kinds of investors' risk appetite At Bank of Ireland Life we classify our wide range of funds into 6 different risk categories - Low to Very High 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: These funds may be affected by changes in currency exchange rates. 4

7 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 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 10 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 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 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 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 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 Warning: These funds may be affected by changes in currency exchange rates. 5

8 IRIS - INDIVIDUAL RETIREMENT INVESTMENT STRATEGY 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 , 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 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 1.2% 2024 which Onwards, is 1% of Total Retirement value Fund of 10. 2, Fixed Interest value of 4.1% which is 4% of Retirement 2024 Fund Onwards. 3, Equities of 91.2% is 91% of Retirement Fund Onwards. Onwards. Item Group 4, 2, Property Retirement value Fund of 3.5% , which is Total 4% of value Retirement of 10. Fund 2024 Onwards. 1, 2, Cash Fixed value Interest of value 5.1% which of 15.9% is 5% which of Retirement is 16% of Retirement Fund , Equities of 74.1% is 74% of Retirement Fund Fund Item Group 4, 3, Property Retirement value Fund of 4.9% , which is Total 5% of value Retirement of 10. Fund , 2, Cash Fixed value Interest of value 16.5% of which 54% is which 17% is of 54% Retirement of Retirement Fund , Equities of 27.7% is 28% of Retirement Fund Fund Item 4, 10 Group 4, Property Retirement value Fund of 1.8% -, which is Total 2% of value Retirement of 10. Fund , 2, Cash Fixed value Interest of value 24.5% of which 75.5% is which 25% of is Retirement 76% of Retirement Fund -. 3, Equities of No is of Fund -. Item 4, Property value of No data which is of Retirement Fund -. 8 Cash 6 Fixed Interest 4 Equities 2 Property Retirement Fund 2024 Onwards Retirement Fund Retirement Fund Retirement Fund - Suitable for Lifestyle Investors - logon to for the most recent fund information Warning: These funds may be affected by changes in currency exchange rates. Note: Figures as at 30 September. Performance is quoted gross of taxation and fund management charge. 6

9 RETIREMENT FUNDS (IRIS) SSgA 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 30 September Equities % Property % Fixed Interest % Cash % Retirement Fund Retirement Fund Retirement Fund Retirement Fund Retirement Fund Retirement Fund Retirement Fund Retirement Fund 2024 Onwards IRIS Retirement Fund Performance Figures as at 1 October Over last month % Over last 3 months % Year to Date % 1 Year % 3 Years % p.a. 5 Years % p.a. Retirement Fund Retirement Fund Retirement Fund Retirement Fund Retirement Fund Retirement Fund Retirement Fund Retirement Fund 2024 Onwards Years % p.a. Suitable for Lifestyle Investors - logon to for the most recent fund information Warning: These funds may be affected by changes in currency exchange rates. Note: Performance is based on the price calculated for 01 October, 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. 7

10 CONSENSUS IRIS SSgA 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 for Executive, Personal and Group Pensions Investors. Consensus IRIS Asset Splits as at 30 September Equities % Property % Fixed Interest % Cash % Consensus IRIS Consensus IRIS Consensus IRIS Consensus IRIS Consensus IRIS Consensus IRIS Consensus IRIS Consensus IRIS 2024 Onwards Consensus IRIS Performance Figures as at 1 October Over last month % Over last 3 months % Year to Date % 1 Year % 3 Years % p.a. 5 Years % p.a. Consensus IRIS Consensus IRIS Consensus IRIS Consensus IRIS Consensus IRIS Consensus IRIS Consensus IRIS Consensus IRIS 2024 Onwards Years % p.a. Suitable for Lifestyle Investors - logon to for the most recent fund information Warning: These funds may be affected by changes in currency exchange rates. Note: Performance is based on the price calculated for 01 October, 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. 8

11 PENSION INDEXED EUROZONE LONG BOND To approximately match the cost of buying a pension annuity by investing in Eurozone Government long-dated bonds Passively Managed Bonds State Street Global Advisors Ireland Limited Total Fund Size 7.7m Performance to 01 October 1 Month -0.6% 3 Months 2.2% YTD 9.8% 1 Year 8. 3 Years 4.7% p.a. 5 Years 5.7% p.a. 10 Years - 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Pen titled Indexed Scale label. 1, Eurozone Long S6 R. 2, 3, 03/. 4, 0.1%. 5,. 6, 0.6%. 7, 07/ 8, 9, is 0.2%. 10, 0.1%. 11, 0.5%. 12, 0.2%. 13, -0.1%. 14, 14/ 15, 15/ 16, 16/ -0.5%. 17, -0.4%. 18, -0.9%. 19, 19/ -0.4%. 20, 20/ 0.3%. 21, 21/ 22, 22/ 23, 1.4%. 24, 24/ 1.9%. 25, 25/ 1.8%. 26, 26/ 2.5%. 27, 2.2%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 2%. 32, 1.9%. 33, 1.5%. 34, 03/ 1.7%. 35, 36, 37, 1.9%. 38, 07/ 2.1%. 39, 1.9%. 40, 2%. 41, 2.2%. 42, 43, 4 44, 45, 14/ 2.4%. 46, 15/ 2.2%. 47, 16/ 2.1%. 48, 49, 50, 19/ 51, 20/ 2.2%. 52, 21/ 2.6%. 53, 22/ 2.3%. 54, 2.4%. 55, 24/ 56, 25/ 57, 26/ 58, 2.2%. 59, 28/ 2.3%. 60, 29/ 2.2%. 61, 30/ 1.4%. 62, 1.9%. 3 63, 64, 03/ 65, 1.3%. 66, 1.6%. 67, 68, 07/ 1.7%. 69, 2.1%. 70, 71, 72, 0.9%. 73, 0.6%. 74, 0.8%. 75, 14/ 0.3%. 76, 15/ 0.7%. 77, 16/ 78, 79, 0.4%. 80, 19/ 0.7%. 81, 20/ 1%. 82, 21/ 1.1%. 2 83, 22/ 1.5%. 84, 85, 24/ 86, 25/ 0.6%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, 94, 95, 03/ 0.8%. 96, 1.9%. 97, 2%. 98, 99, 07/ is 100, 2.4% , 2.3%. 102, 1.9%. 103, 2.5%. 104, 105, 106, 14/ 107, 15/ 2.3%. 108, 16/ 2.6%. 109, 3.1%. 110, 111, 19/ 3.3%. 112, 20/ 113, 21/ 114, 22/ 3.4%. 115, 4.1%. 116, 24/ 2.9%. 117, 25/ 3.7%. 118, 26/ 2.5%. 119, 120, 28/ 121, 29/ 3%. 122, 30/ 3.2%. 123, 31/ 2.7%. 124, 2.5%. 125, 126, 03/ 127, 128, 3.6%. 129, 3.9%. 130, 07/ 4.8%. 131, 132, 4.2%. 133, 134, 135, 136, 4.4%. 137, 14/ 3.2%. 138, 15/ 3.1%. 139, 16/ 2.8%. 140, 141, , 19/ 3%. 143, 20/ 2.5%. 144, 21/ 2.9%. 145, 22/ 2.5%. 146, 147, 24/ 148, 25/ 149, 26/ 2.6%. 150, 2.7%. 151, 28/ 1.5%. 152, 29/ 1.4%. 153, 03/ 2.6%. 154, 03/ 155, 03/03/ 156, 03/ 3.4%. 157, 03/ 158, 03/ 3.6%. 159, 07/03/ 2.3%. 160, 03/ 2.8%. 161, 03/ 162, 03/ 163, 03/ 2.7%. 164, 03/ 165, 03/ 3.1%. 166, 14/03/ 3.3%. 167, 15/03/ 3.1%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ 3.2%. 172, 20/03/ 2.5%. 173, 21/03/ 3.4%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ 4.3%. 179, 03/ 3.2%. 180, 28/03/ 2.8%. 181, 29/03/ 2.2%. 182, 30/03/ 183, 31/03/ 184, 2.6%. 185, 3%. 186, 03/ 2.5%. 187, 2.6%. 188, 2.5%. 189, 190, 07/ 191, 3%. 192, 2.5%. 193, 2.3%. Point 194, is 2.5%. 2.6%. 5 Year Performance to 01 October Calendar Year Performance % 2.7% 10.3% -2.1% Geographic Pie chart with Split 3 items. as at 30 September 1, 2, France Germany Item 3, Netherlands Geographic Split as at 30 September France 4 Germany 4 Netherlands 2 Performance is based on the price calculated for 01 October, 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. 9

12 PENSION CASH FUND To maintain the value of investors' capital and generate a return before charges in line with short-term deposit rates Actively Managed The fund invests primarily in cash deposits, high quality floating rate notes and other similar short-dated investments/instruments State Street Global Advisors Ireland Limited Low risk Performance to 01 October 1 Month 0. 3 Months 0. YTD 0.3% 1 Year 0.5% 3 Years 0.9% p.a. 5 Years 1.9% p.a. 10 Years 2.3% p.a. 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Pension titled Scale Cash label. 1, Fund. (6). 2, 3, 03/ 4, 5, 6, 7, 07/ 8, 9, is 10, 0.1%. 11, 0.1%. 12, 13, 14, 14/ 15, 15/ 16, 16/ 17, 18, 19, 19/ 20, 20/ 21, 21/ 22, 22/ 23, 0.2%. 24, 24/ 25, 25/ 26, 26/ 27, 0.3%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 32, 33, 34, 03/ 35, 36, 37, 0.4%. 38, 07/ 39, 40, 0.5%. 41, 42, 1 43, 44, 45, 14/ 46, 15/ 47, 16/ 0.4%. 48, 0.5%. 49, 50, 19/ 51, 20/ 0.4%. 52, 21/ 53, 22/ 54, 55, 24/ 56, 25/ 57, 26/ 58, 59, 28/ 0.5%. 60, 29/ 61, 30/ 62, 63, 8% 64, 03/ 65, 66, 67, 68, 07/ 69, 0.6%. 70, 71, 72, 73, 74, 75, 14/ 76, 15/ 77, 16/ 78, 79, 80, 19/ 81, 20/ 0.7%. 82, 21/ 6% 83, 22/ 84, 85, 24/ 86, 25/ 0.8%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, 94, 95, 03/ 0.9%. 96, 97, 98, 99, 07/ is 100, 1%. 101, 1%. 102, 4% 103, 104, 105, 106, 14/ 107, 15/ 108, 16/ 109, 110, 111, 19/ 112, 20/ 113, 21/ 114, 22/ 1.1%. 115, 116, 24/ 117, 25/ 118, 26/ 119, 120, 28/ 121, 29/ 122, 30/ 2% 123, 31/ 124, 1.2%. 125, 126, 03/ 127, 128, 129, 1.3%. 130, 07/ 131, 132, 133, 134, 135, 136, 137, 14/ 138, 15/ 139, 16/ 1.4%. 140, 141, 142, 19/ 143, 20/ 144, 21/ 1.5%. 145, 22/ 146, 147, 24/ 148, 25/ 149, 26/ 150, 151, 28/ 152, 29/ 153, 03/ 154, 03/ 155, 03/03/ 156, 03/ 1.6%. 157, 03/ 158, 03/ 159, 07/03/ 160, 03/ 161, 03/ 162, 03/ 163, 03/ 164, 03/ 165, 03/ 166, 14/03/ 167, 15/03/ 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ 172, 20/03/ 173, 21/03/ 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ 179, 03/ 1.7%. 180, 28/03/ 181, 29/03/ 182, 30/03/ 183, 31/03/ 184, 185, 186, 03/ 187, 188, 1.9%. 189, 190, 07/ 191, 192, 2%. 193, Point 194, is 2.1%. 5 Year Performance to 01 October Calendar Year Performance % 4.3% 3.8% Yield as at 30 September 0.15% Industry Average Returns 1 Year 0.1% 3 Years 0.5% p.a. 5 Years 1.4% p.a. 10 Years 1.7% p.a. Performance is based on the price calculated for 01 October, 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. Yield is quoted gross of taxation and policy charges. This yield is variable and will change daily. 10

13 PENSION GILT FUND To generate medium to long term capital growth by investing in a range of government securities and top quality corporate bonds. Actively Managed Bonds State Street Global Advisors Ireland Limited Medium Performance to 01 October 1 Month 1.6% 3 Months 4.8% YTD 10.2% 1 Year 9.2% 3 Years 5.2% p.a. 5 Years 6.2% p.a. 10 Years 5.2% p.a. 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Pension titled Scale Gilt label. 1, Edge. Fund (6). 2, 3, 03/ 0.1%. 4, 0.2%. 5, 0.1%. 6, 0.4%. 7, 07/ 8, 9, is 10, 0.2%. 11, 0.4%. 12, 0.2%. 13, -0.1%. 14, 14/ 15, 15/ 16, 16/ -0.3%. 17, -0.4%. 18, -0.5%. 19, 19/ -0.2%. 20, 20/ 21, 21/ 22, 22/ 23, 0.7%. 24, 24/ 25, 25/ 1%. 26, 26/ 1.4%. 27, 1.3%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 1.2%. 32, 1.1%. 33, 0.8%. 34, 03/ 1%. 35, 36, 37, 1.2%. 38, 07/ 1.3%. 39, 1.2%. 40, 1.3%. 41, 1.5%. 42, 43, 44, 1.8%. 45, 14/ 1.7%. 46, 15/ 1.6%. 47, 16/ 1.5%. 48, 49, 50, 19/ 51, 20/ 1.7%. 52, 21/ 2.2%. 53, 22/ 2%. 54, 2.2%. 55, 24/ 2%. 56, 25/ 57, 26/ 58, 1.9%. 59, 28/ 2%. 60, 29/ 1.8%. 61, 30/ 1.1%. 62, 1.5%. 63, 64, 03/ 65, 1%. 66, 1.6%. 67, 1.9%. 68, 07/ 1.8%. 69, 1.5%. 70, 71, 72, 0.8%. 73, 0.3%. 74, 0.5%. 75, 14/. 76, 15/ 0.3%. 77, 16/ 78, 79, 0.1%. 80, 19/ 0.3%. 81, 20/ 0.4%. 82, 21/ 0.5%. 83, 22/ 0.8%. 84, 85, 24/ 86, 25/ 0.3%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, 0.4%. 94, 95, 03/ 0.5%. 96, 1.5%. 97, 1.6%. 98, 99, 07/ is 100, 2.1%. 101, 1.9%. 102, 1.7%. 103, 2%. 104, 1.9%. 105, 106, 14/ 107, 15/ 2.1%. 108, 16/ 2.4%. 109, 2.7%. 110, 3%. 111, 19/ 3.1%. 112, 20/ 113, 21/ 114, 22/ 3.2%. 115, 3.6%. 116, 24/ 2.8%. 117, 25/ 3.7%. 118, 26/ 2.5%. 119, 120, 28/ 121, 29/ 2.7%. 122, 30/ 2.9%. 123, 31/ 2.5%. 124, 2.3%. 125, 3.2%. 126, 03/ 127, 128, 3.4%. 129, 3.3%. 130, 07/ 4.2%. 131, 3.9%. 132, 4.3%. 133, 134, 135, 136, 4.4%. 137, 14/ 138, 15/ 3.5%. 139, 16/ 3%. 140, 141, 142, 19/ 3.4%. 143, 20/ 2.9%. 144, 21/ 3.3%. 145, 22/ 3%. 146, 147, 24/ 148, 25/ 149, 26/ 2.8%. 150, 2.6%. 151, 28/ 152, 29/ 2.1%. 153, 03/ 2.9%. 154, 03/ 155, 03/03/ 156, 03/ 3.7%. 157, 03/ 3.6%. 158, 03/ 3.9%. 159, 07/03/ 3.1%. 160, 03/ 161, 03/ 162, 03/ 163, 03/ 3.4%. 164, 03/ 3.9%. 165, 03/ 3.5%. 166, 14/03/ 3.4%. 167, 15/03/ 3.5%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ 3.6%. 172, 20/03/ 3.1%. 173, 21/03/ 3.2%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ 3.4%. 179, 03/ 2.5%. 180, 28/03/ 2.2%. 181, 29/03/ 1.8%. 182, 30/03/ 183, 31/03/ 184, 1.9%. 185, 2.3%. 186, 03/ 2%. 187, 188, 1.9%. 189, 190, 07/ 191, 2.2%. 192, 1.7%. 193, 1.8%. Point 194, is 1.9%. 2.1%. 5 Year Performance to 01 October Calendar Year Performance 3.9% % 10.1% -0.1% Industry Average Returns 1 Year 7.2% 3 Years 3.4% p.a. 5 Years 4.6% p.a. 10 Years 4.1% p.a. Performance is based on the price calculated for 01 October, 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. 11

14 ELEMENTS (PENSION) 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. Total Fund Size Highly Diversified State Street Global Advisors Ireland Limited 54.0m Medium Performance to 01 October 1 Month 0.5% 3 Months 2.2% YTD 5.8% 1 Year 8.3% 3 Years - 5 Years - 10 Years - 1 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Elements titled Scale S6 label. 1, R. 2, 3, 03/ 4,. 5, -0.7%. 6, -0.9%. 7, 07/ -0.4%. 8, 0.3%. 9, is 10, 0.4%. 11, 0.4%. 12, 13, 1.1%. 14, 14/ 1.3%. 15, 15/ 1.2%. 16, 16/ 17, 18, 19, 19/ 1.4%. 20, 20/ 1.5%. 21, 21/ 1.6%. 22, 22/ 1.3%. 23, 24, 24/ 25, 25/ 1.7%. 26, 26/ 2.2%. 27, 2.1%. 28, 28/ 2.3%. 29, 29/ 3.1%. 30, 30/ 31, 31/ 32, 33, 3.3%. 34, 03/ 2.3%. 35, 2.5%. 36, 37, 38, 07/ 39, 40, 2.8%. 41, 42, 1 2.3%. 43, 2%. 44, 45, 14/ 46, 15/ 2.5%. 47, 16/ 2.4%. 48, 1.9%. 49, 1.7%. 50, 19/ 1.2%. 51, 20/ 52, 21/ 53, 22/ 1%. 54, 0.4%. 55, 24/ 0.2%. 56, 25/ -0.8%. 57, 26/ -1.2%. 58, 59, 28/ 60, 29/ -1.4%. 61, 30/ 62, -0.6%. 8% 63, 0.7%. 64, 03/ 1%. 65, 66, 67, 1.2%. 68, 07/ 69, 1.7%. 70, 1.8%. 71, 1.3%. 72, 73, 74, 1.4%. 75, 14/ 1.2%. 76, 15/ 1.1%. 77, 16/ 0.8%. 78, 0.9%. 79, 80, 19/ 81, 20/ 1.2%. 82, 21/ 1%. 5% 83, 22/ 1.5%. 84, 1.6%. 85, 24/ 1.8%. 86, 25/ 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, 94, 95, 03/ 96, 2.3%. 97, 98, 2.9%. 99, 07/ is 100, 2.8%. 101, 3% 102, 2.8%. 103, 2.9%. 104, 105, 3.2%. 106, 14/ 3.3%. 107, 15/ 108, 16/ 109, 3.2%. 110, 3.3%. 111, 19/ 3.6%. 112, 20/ 3.8%. 113, 21/ 4%. 114, 22/ 115, 116, 24/ 4.1%. 117, 25/ 4.2%. 118, 26/ 4.3%. 119, 120, 28/ 121, 29/ 122, 30/ 123, 31/ 4.7%. 124, 4.6%. 125, 4.8%. 126, 03/ 5.3%. 127, 5.4%. 128, 129, 130, 07/ 5.8%. 131, 6%. 132, 5.8%. 133, 6%. 134, 5.9%. 135, 136, 137, 14/ 5.6%. 138, 15/ 139, 16/ 5.9%. 140, 141, -3% 6.2%. 142, 19/ 143, 20/ 144, 21/ 6.4%. 145, 22/ 6.6%. 146, 6.5%. 147, 24/ 148, 25/ 6.4%. 149, 26/ 150, 151, 28/ 6.5%. 152, 29/ 6.7%. 153, 03/ 6.9%. 154, 03/ 7.1%. 155, 03/03/ 7.4%. 156, 03/ 157, 03/ 158, 03/ 7.8%. 159, 07/03/ 7.3%. 160, 03/ 6.5%. 161, 03/ 6.7%. 162, 03/ 7.2%. 163, 03/ 164, 03/ 165, 03/ 7.7%. 166, 14/03/ 7.5%. 167, 15/03/ 8.3%. 168, 16/03/ 8.2%. 169, 03/ 8.3%. 170, 03/ 171, 19/03/ 172, 20/03/ 173, 21/03/ 8%. 174, 22/03/ 175, 03/ 7.7%. 176, 24/03/ 7.4%. 177, 25/03/ 178, 26/03/ 179, 03/ 7.5%. 180, 28/03/ 181, 29/03/ 7.9%. 182, 30/03/ 7.7%. 183, 31/03/ 7.3%. 184, 185, 186, 03/ 7.6%. 187, 188, 7.8%. 189, 7.1%. 190, 07/ 191, 192, 193, Point 194, is 7.2%. 6%. 1 Year Performance to 01 October 07/ Asset Pie chart Split with as 6 at items. 30 September 1, 2, Corporate Equities 21% Bonds % 38. 3, 4, Government Alternative Investments Bonds 18% , Cash 9% Item 6, Property 4% 4. Asset Split as at 30 September Corporate Bonds 38% Equities 21% Government Bonds 18% Alternative Investments 1 Cash 9% Property 4% Equity Pie chart Split with as 7 at items. 30 September 1, 2, North Eurozone American ex Ire Equities 13% % 49. 3, 4, UK Pacific Equities Basin 12% Equities 12. 5, Non-Euro ex UK 9% Item 6, 7, Japanese Irish Equities Equities 1% 1. 6% 6. Equity Split as at 30 September North American Equities 49% Eurozone ex Ire 13% UK Equities 12% Pacific Basin Equities 1 Non-Euro ex UK 9% Japanese Equities 6% Irish Equities 1% Top 10 Equities (in alphabetical order) Agco Corporation Novartis AG BHP Billiton Oracle Corporation Exxon Mobil Corporation Roche Holding AG JP Morgan Chase UBS Microsoft Corporation Wells Fargo & Company Performance is based on the price calculated for 01 October, 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. 12

15 PROTECTED ASSETS FUND (PENSION) 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 Performance to 01 October 1 Month 0.2% 3 Months 2.2% YTD 3.6% 1 Year 2.4% 3 Years - 5 Years - 10 Years - 1 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Protected titled Scale Assets label. 1, Fund S6. 2, 3, 03/ 4,. 5, 6, 7, 07/ 8, 9, is 10, -0.1%. 11, 12, -0.1%. 13, 14, 14/ 15, 15/ 16, 16/ 17, 18, -0.1%. 19, 19/ 20, 20/ 21, 21/ 22, 22/ 23, 24, 24/ 25, 25/ -0.2%. 26, 26/ 27, -0.3%. 28, 28/ -0.4%. 29, 29/ -0.2%. 30, 30/ 31, 31/ 32, 33, -0.3%. 34, 03/ 35, 36, -0.6%. 37, 38, 07/ 39, -0.7%. 40, 41, 42, -0.8%. 43, 44, 45, 14/ 46, 15/ 47, 16/ 48, -0.9%. 49, 50, 19/ 51, 20/ 52, 21/ 53, 22/ 54, 55, 24/ 56, 25/ 57, 26/ -1%. 58, 59, 28/ 60, 29/ 61, 30/ 62, 63, 4% 64, 03/ 65, 66, 67, 68, 07/ 69, 70, 71, 72, 73, 74, 75, 14/ 76, 15/ 77, 16/ 78, 79, 80, 19/ 81, 20/ 82, 21/ 2% 83, 22/ 84, 85, 24/ 86, 25/ 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, 94, 95, 03/ 96, 97, -1.1%. 98, -0.3%. 99, 07/ is -0.5%. 100, -0.6%. 101, 102, 103, -0.6%. 104, 105,. 106, 14/ 107, 15/ 108, 16/ 109, 110, -0.1%. 111, 19/ 0.6%. 112, 20/ 0.4%. 113, 21/ 1%. 114, 22/ 115, 116, 24/ 117, 25/ 0.9%. 118, 26/ 119, 0.8%. 120, 28/ 1.2%. 121, 29/ 122, 30/ -2% 123, 31/ 0.7%. 124, 0.3%. 125, 0.7%. 126, 03/ 1.4%. 127, 1.6%. 128, 129, 130, 07/ 2.3%. 131, 2.2%. 132, 133, 2.1%. 134, 2.2%. 135, 136, 137, 14/ 1.6%. 138, 15/ 139, 16/ 1.9%. 140, 2.5%. 141, -4% 2.4%. 142, 19/ 143, 20/ 144, 21/ 145, 22/ 146, 2.8%. 147, 24/ 2.3%. 148, 25/ 2.1%. 149, 26/ 150, 151, 28/ 2.3%. 152, 29/ 2%. 153, 03/ 2.3%. 154, 03/ 2.5%. 155, 03/03/ 3.4%. 156, 03/ 157, 03/ 158, 03/ 3.3%. 159, 07/03/ 2.7%. 160, 03/ 0.9%. 161, 03/ 1.4%. 162, 03/ 2.2%. 163, 03/ 164, 03/ 165, 03/ 2.8%. 166, 14/03/ 2.5%. 167, 15/03/ 3.5%. 168, 16/03/ 4.1%. 169, 03/ 170, 03/ 171, 19/03/ 172, 20/03/ 173, 21/03/ 174, 22/03/ 4.3%. 175, 03/ 3.5%. 176, 24/03/ 3%. 177, 25/03/ 178, 26/03/ 179, 03/ 2.7%. 180, 28/03/ 3%. 181, 29/03/ 2.9%. 182, 30/03/ 2.1%. 183, 31/03/ 1.6%. 184, 185, 186, 03/ 2.2%. 187, 2.7%. 188, 1.9%. 189, 1.2%. 190, 07/ 191, 192, 193, Point 194, is 1.3%.. 1 Year Performance to 01 October 07/ Asset Pie chart Split with as 2 at items. 30 September Item 1, 2, Stock Cash 36% Market 36. Exposure 64% 64. Asset Split as at 30 September Index Pie chart Split with as 5 at items. 30 September 1, 2, Eurostoxx S&P % , 4, FTSE Nikkei % 9% Item 5, Emerging Market Equities 4% 4. Index Split as at 30 September Stock Market Exposure 64% Cash 36% Eurostoxx 50 46% S&P FTSE % Nikkei 225 9% Emerging Market Equities 4% Price as at 09 October Protected Price (after charges) as at 09 October Warning: If you invest in this fund you may lose some of the money 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 Bank of Ireland Life. Bank of Ireland Life 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 October, 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. 13

16 BNYM GLOBAL REAL RETURN FUND (PENSION) s 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 Total Fund Size Investment is spread across a wide array of assets (multi-asset) Newton Investment Management, one of BNY Mellon Asset Management's specialist asset managers 307.5m Medium Performance to 01 October 1 Month 1. 3 Months 4.8% YTD 8. 1 Year 12.8% 3 Years - 5 Years - 10 Years - 1 Line Year graph Performance with 1 line to and October points. Y Line scale 1, BNYM titled Scale Global label. 1, Real Return Fund (6). 2, 3, 03/ 4,. 5, 6, -0.1%. 7, 07/ -0.6%. 8, 0.2%. 9, is 10, 0.5%. 11, 0.5%. 12, 0.4%. 13, 14, 14/ 0.7%. 15, 15/ 0.9%. 16, 16/ 17, 18, 1.1%. 19, 19/ 1.6%. 20, 20/ 1.4%. 21, 21/ 1.3%. 22, 22/ 0.9%. 23, 24, 24/ 25, 25/ 0.8%. 26, 26/ 1.1%. 27, 1.5%. 28, 28/ 1.9%. 29, 29/ 2.1%. 30, 30/ 31, 31/ 32, 33, 2.2%. 34, 03/ 2%. 35, 1.8%. 36, 2.6%. 37, 38, 07/ 39, 3%. 40, 3.1%. 41, 3.8%. 42, 15% 3.7%. 43, 3.5%. 44, 45, 14/ 46, 15/ 3.6%. 47, 16/ 4.1%. 48, 3.9%. 49, 4.2%. 50, 19/ 3.8%. 51, 20/ 52, 21/ 53, 22/ 3.2%. 54, 2.6%. 55, 24/ 2.3%. 56, 25/ 2.4%. 57, 26/ 2%. 58, 59, 28/ 60, 29/ 1.7%. 61, 30/ 2.3%. 62, 2.9%. 63, 3.3%. 64, 03/ 4.3%. 65, 66, 67, 1 4.4%. 68, 07/ 4.1%. 69, 3.9%. 70, 4%. 71, 4.2%. 72, 73, 74, 3.8%. 75, 14/ 4.1%. 76, 15/ 77, 16/ 3.8%. 78, 3.3%. 79, 80, 19/ 81, 20/ 82, 21/ 3.5%. 83, 22/ 3.2%. 84, 3.9%. 85, 24/ 4.1%. 86, 25/ 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 4.2%. 5% 93, 94, 95, 03/ 96, 4.5%. 97, 4.8%. 98, 5.6%. 99, 07/ is 5.7%. 100, 5.9%. 101, 102, 103, 5.9%. 104, 6.2%. 105, 6.4%. 106, 14/ 6.3%. 107, 15/ 108, 16/ 109, 6.2%. 110, 111, 19/ 6.5%. 112, 20/ 6.4%. 113, 21/ 6%. 114, 22/ 115, 116, 24/ 5.7%. 117, 25/ 5.5%. 118, 26/ 5.6%. 119, 5.3%. 120, 28/ 5.7%. 121, 29/ 122, 30/ 123, 31/ 124, 125, 6%. 126, 03/ 6.2%. 127, 6.3%. 128, 129, 130, 07/ 131, 6.5%. 132, 6.4%. 133, 6.1%. 134, 135, 136, 137, 14/ 138, 15/ 6%. 139, 16/ 6.1%. 140, 6.2%. 141, -5% 142, 19/ 143, 20/ 144, 21/ 6.5%. 145, 22/ 6.4%. 146, 6.5%. 147, 24/ 6.7%. 148, 25/ 6.8%. 149, 26/ 150, 151, 28/ 6.6%. 152, 29/ 6.4%. 153, 03/ 6.5%. 154, 03/ 6.7%. 155, 03/03/ 6.4%. 156, 03/ 157, 03/ 158, 03/ 159, 07/03/ 160, 03/ 6.7%. 161, 03/ 6%. 162, 03/ 6.2%. 163, 03/ 164, 03/ 165, 03/ 166, 14/03/ 6.6%. 167, 15/03/ 7%. 168, 16/03/ 6.9%. 169, 03/ 6.4%. 170, 03/ 171, 19/03/ 172, 20/03/ 173, 21/03/ 6.3%. 174, 22/03/ 5.8%. 175, 03/ 5.7%. 176, 24/03/ 5.8%. 177, 25/03/ 178, 26/03/ 179, 03/ 5.5%. 180, 28/03/ 181, 29/03/ 182, 30/03/ 5.9%. 183, 31/03/ 5.4%. 184, 185, 186, 03/ 5.3%. 187, 5.4%. 188, 189, 5.6%. 190, 07/ 191, 192, 193, Point 194, is 5.1%. 5.2%. 1 Year Performance to 01 October 07/ Asset Pie chart Split with as 4 at items. 30 September 1, 2, Equities Bonds 25% 52% Item 3, 4, Cash Other 19% 4% Asset Split as at 30 September Equity Pie chart Split with as 6 at items. 30 September 1, 2, European North American Equities Equities 35% 35. 3, UK Equities 21% , 5, Pacific Japanese Basin Equities Equities 4% 6% Item 6, Other 4% 4. Equity Split as at 30 September Equities 52% Bonds 25% Cash 19% Other 4% European Equities 35% North American Equities 3 UK Equities 21% Pacific Basin Equities 6% Japanese Equities 4% Other 4% Top 10 Equities (in alphabetical order) Barrick Gold Reynolds American Bayer Roche Holdings Glaxosmithkline SSE Plc Newcrest Mining Total Novartis Yamana Gold Performance is based on the price calculated for 01 October, 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. 14

17 INCOME & GROWTH FUND (PENSION) To generate modest capital growth over the long term by investing in income generating assets (with income re-invested in the fund) and across different countries and regions Actively Managed Equities, Bonds, Properties, Cash State Street Global Advisors Ireland Limited Total Fund Size 58.5m Medium to High Performance to 01 October 1 Month 1.2% 3 Months 5.2% YTD 8.9% 1 Year 13.1% 3 Years 5.8% p.a. 5 Years -1. p.a. 10 Years 4.3% p.a. 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Income titled Scale & Growth label. 1,. Fund S.6. 2, 3, 03/ 0.7%. 4, 1.2%. 5, 1.3%. 6, 1.6%. 7, 07/ 8, 9, is 1.9%. 10, 1.8%. 11, 1.9%. 12, 1.8%. 13, 1.5%. 14, 14/ 15, 15/ 16, 16/ 1.3%. 17, 0.7%. 18, 0.4%. 19, 19/ 0.7%. 20, 20/ 0.4%. 21, 21/ 22, 22/ 23,. 24, 24/ -0.1%. 25, 25/ 26, 26/ 0.2%. 27, 0.3%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 0.9%. 32, 0.8%. 33, 1.1%. 34, 03/ 0.2%. 35, 36, 37, -0.3%. 38, 07/ 39, -0.6%. 40, -1.4%. 41, -1.7%. 42, 43, 44, -2.1%. 45, 14/ -2%. 46, 15/ -1.7%. 47, 16/ -2%. 48, -2.4%. 49, 50, 19/ 51, 20/ -2.5%. 52, 21/ -3.1%. 53, 22/ -3.2%. 54, -3.9%. 55, 24/ -4%. 56, 25/ 57, 26/ 58, -3.1%. 59, 28/ -3.4%. 60, 29/ -3.3%. 61, 30/ -2.4%. 62, -2.1%. 63, 64, 03/ 65, -2.4%. 66, -2.6%. 67, -3%. 68, 07/ -2.4%. 69, -2.2%. 70, 71, 72, -2.1%. 73, -1.9%. 74, -2.1%. 75, 14/ -2.5%. 76, 15/ -3.1%. 77, 16/ 78, 79, -3.3%. 80, 19/ -3.7%. 81, 20/ -4%. 82, 21/ -4.1%. 83, 22/ -3.9%. 84, 85, 24/ 86, 25/ -3.5%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -3.9%. 94, 95, 03/ -3.6%. 96, 97, -3.7%. 98, 99, 07/ is 100, -4.2%. 101, -4.3%. 102, -4.4%. 103, -4.7%. 104, -5%. 105, 106, 14/ 107, 15/ -5.1%. 108, 16/ -5%. 109, -5.8%. 110, -5.7%. 111, 19/ -5.9%. 112, 20/ 113, 21/ 114, 22/ -6.3%. 115, -7.6%. 116, 24/ -7.2%. 117, 25/ -7%. 118, 26/ -6.2%. 119, 120, 28/ 121, 29/ -6.3%. 122, 30/ -6.5%. 123, 31/ -6.3%. 124, -6.4%. 125, -6%. 126, 03/ 127, 128, 129, -5.3%. 130, 07/ -6.3%. 131, -6.5%. 132, -6.6%. 133, 134, 135, -6.7%. 136, -6.8%. 137, 14/ -6.4%. 138, 15/ -6.1%. 139, 16/ -6.4%. 140, 141, 142, 19/ -6.8%. 143, 20/ 144, 21/ -6.4%. 145, 22/ -6.5%. 146, -6.7%. 147, 24/ 148, 25/ 149, 26/ -7.2%. 150, 151, 28/ -6.6%. 152, 29/ -6.9%. 153, 03/ -7.3%. 154, 03/ 155, 03/03/ 156, 03/ -7.9%. 157, 03/ -8.3%. 158, 03/ -8.6%. 159, 07/03/ -8.2%. 160, 03/ -8.9%. 161, 03/ 162, 03/ 163, 03/ -9.2%. 164, 03/ -9.3%. 165, 03/ -8.9%. 166, 14/03/ -9%. 167, 15/03/ -9.3%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -9.7%. 172, 20/03/ , 21/03/ -10.4%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ , 03/ -9.2%. 180, 28/03/ -9.6%. 181, 29/03/ -9.5%. 182, 30/03/ 183, 31/03/ 184, -9.8%. 185, -9.7%. 186, 03/ -8.3%. 187, -7.9%. 188, -8.2%. 189, 190, 07/ 191, -8.1%. 192, -8%. 193, -8.4%. Point 194, is -8.6%. 5 Year Performance to 01 October Calendar Year Performance 0.1% 5.8% 12.3% -24.2% -4.3% Asset Pie chart Split with as 4 at items. 30 September 1, 2, Equities Fixed Interest 37% 37. 3, Property 24% 36% Item 4, Cash 3% 3. Asset Split as at 30 September Equities 37% Equity Pie chart Split with as 6 at items. 30 September 1, 2, Euroland U.K. Equities Equities 22% 34% , 4, Non-Euro Pacific Basin Equities Equities 15% 14% 15. 5, North American Equities 13% 14. Item 6, Irish Equities 2% Equity Split as at 30 September Euroland Equities 34% U.K. Equities 22% Non-Euro Equities 15% Pacific Basin Equities 14% North American Equities 13% Irish Equities 2% Fixed Interest 36% Property 24% Cash 3% Top 10 Holdings (in alphabetical order) 1 Great St Helens, London New Mersey Retail Park Basf SE Novartis BNP Paribas Pfizer Centrica Sanofi Imperial Tobacco Total Industry Average Returns 1 Year 7.9% 3 Years 4.2% p.a. 5 Years 1.3% p.a. 10 Years 3.7% p.a. Performance is based on the price calculated for 01 October, 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. 15

18 PENSION EVERGREEN FUND To generate long term capital growth by investing in a mix of assets across geographic regions Actively Managed Equities, Bonds, Properties, Cash State Street Global Advisors Ireland Limited Total Fund Size 845.3m Medium to High Performance to 01 October 1 Month 1.4% 3 Months 5.1% YTD Year 18.3% 3 Years 7.8% p.a. 5 Years -2.1% p.a. 10 Years 4.3% p.a. 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Pension titled Scale Evergreen label. 1,. Fund S 6. 2, 3, 03/ 0.8%. 4, 1.6%. 5, 1.7%. 6, 2%. 7, 07/ 8, 9, is 2.5%. 10, 2.3%. 11, 2.4%. 12, 2.3%. 13, 1.9%. 14, 14/ 15, 15/ 16, 16/ 1.7%. 17, 1%. 18, 0.6%. 19, 19/ 1%. 20, 20/ 0.4%. 21, 21/ 22, 22/ 23, -0.3%. 24, 24/ -0.5%. 25, 25/ -0.1%. 26, 26/ -0.3%. 27, -0.1%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 0.8%. 32, 0.7%. 33, 1.1%. 34, 03/ -0.2%. 35, 36, 37, -0.8%. 38, 07/ 39, -1.3%. 40, -2.4%. 41, -2.8%. 42, 43, 44, 45, 14/ -3.3%. 46, 15/ -2.8%. 47, 16/ -3.2%. 48, -3.8%. 49, 50, 19/ 51, 20/ -3.9%. 52, 21/ -4.9%. 53, 22/ -5%. 54, 55, 24/ -6.1%. 56, 25/ 57, 26/ 58, -4.9%. 59, 28/ -5.3%. 60, 29/ -5.1%. 61, 30/ -3.6%. 62, 63, 64, 03/ 65, -3.3%. 66, -3.8%. 67, -4.4%. 68, 07/ -3.6%. 69, -3.1%. 70, 71, 72, -2.8%. 73, -2.3%. 74, -2.8%. 75, 14/ -3.1%. 76, 15/ -4.1%. 77, 16/ 78, 79, -4.3%. 80, 19/ -4.9%. 81, 20/ -5.3%. 82, 21/ -5.4%. 83, 22/ -5.2%. 84, 85, 24/ 86, 25/ -4.5%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -5.1%. 94, 95, 03/ -4.7%. 96, -5.1%. 97, -5.2%. 98, 99, 07/ is 100, -6%. 101, -6.1%. 102, -6.2%. 103, -6.6%. 104, -7.1%. 105, 106, 14/ 107, 15/ 108, 16/ -7.2%. 109, -8.4%. 110, -8.3%. 111, 19/ -8.6%. 112, 20/ 113, 21/ 114, 22/ -9.2%. 115, -11.1%. 116, 24/ 117, 25/ -10.3%. 118, 26/ -8.7%. 119, 120, 28/ 121, 29/ -9%. 122, 30/ -9.4%. 123, 31/ 124, -9.1%. 125, -8.8%. 126, 03/ 127, 128, 129, -7.9%. 130, 07/ -9.4%. 131, -9.6%. 132, 133, 134, 135, -9.9%. 136, -10.1%. 137, 14/ -9.4%. 138, 15/ -8.9%. 139, 16/ -9.3%. 140, 141, 142, 19/ -9.8%. 143, 20/ -9.3%. 144, 21/ 145, 22/ -9.4%. 146, -9.6%. 147, 24/ 148, 25/ 149, 26/ -10.1%. 150, -9.3%. 151, 28/ -9%. 152, 29/ -9.4%. 153, 03/ -10.1%. 154, 03/ 155, 03/03/ 156, 03/ -11.1%. 157, 03/ -11.6%. 158, 03/ -12.1%. 159, 07/03/ -11.4%. 160, 03/ -12.4%. 161, 03/ 162, 03/ 163, 03/ -12.8%. 164, 03/ -13.1%. 165, 03/ -12.4%. 166, 14/03/ -12.5%. 167, 15/03/ -13%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -13.5%. 172, 20/03/ -13.8%. 173, 21/03/ -14.4%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -13.8%. 179, 03/ -12.5%. 180, 28/03/ -13.1%. 181, 29/03/ -12.8%. 182, 30/03/ 183, 31/03/ 184, -13.2%. 185, -13.1%. 186, 03/ -11.3%. 187, -10.8%. 188, 189, 190, 07/ 191, -11.1%. 192, -10.9%. 193, -11.3%. Point 194, is -11.7%. 5 Year Performance to 01 October Calendar Year Performance % 14.4% -32.4% -5.8% Asset Pie chart Split with as 4 at items. 30 September 1, 2, Equities Property 56% 23% 56. 3, Fixed Interest 16% 23. Item 4, Cash 5% Asset Split as at 30 September Equities 56% Equity Pie chart Split with as 7 at items. 30 September 1, 2, North U.K. Equities American 14% Equities % 37. 3, 4, Euroland Non-Euro Equities 14% , Pacific Basin Equities 9% 10. 6, Irish Equities 8% Item 7, Japanese Equities 8% 8. Equity Split as at 30 September North American Equities 37% U.K. Equities 14% Euroland Equities 14% Non-Euro Equities 1 Pacific Basin Equities 9% Irish Equities 8% Japanese Equities 8% Property 23% Fixed Interest 16% Cash 5% Top 10 Equities (in alphabetical order) Chevron Microsoft CRH SSgA GBP Liquidity Fund Exxon Mobil SSgA USD Liquidity Fund HSBC Wal-Mart JP Morgan Chase Wells Fargo Top 10 Properties (in alphabetical order) 1 Great St Helens, London 1 Rue St. Georges/34-36 Rue De Provence Eversheds House - Manchester Henderson UK Shopping Centre 15 Dacre Street, London Jodenbreestraat 15 Grosvenor Street London New Mersey Retail Park 58 Mosley Street, Manchester US Geared Property Portfolio Performance is based on the price calculated for 01 October, 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. 16

19 PENSION MANAGED FUND To generate long term capital growth by investing in a range of assets across different geographic regions Actively Managed Equities, Bonds, Properties, Cash State Street Global Advisors Ireland Limited Total Fund Size m Medium to High Performance to 01 October 1 Month 1.8% 3 Months 6.4% YTD 14.5% 1 Year 23.2% 3 Years 8.3% p.a. 5 Years -1. p.a. 10 Years 4.7% p.a. 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Pension titled Scale Managed label. 1,. Fund (6). 2, 3, 03/ 1.1%. 4, 2.2%. 5, 2.4%. 6, 2.7%. 7, 07/ 8, 9, is 3.4%. 10, 3.1%. 11, 3.3%. 12, 3.2%. 13, 2.7%. 14, 14/ 15, 15/ 16, 16/ 2.4%. 17, 1.3%. 18, 0.8%. 19, 19/ 1.2%. 20, 20/ 0.5%. 21, 21/ 22, 22/ 23, -0.6%. 24, 24/ -1%. 25, 25/ -0.5%. 26, 26/ -0.6%. 27, -0.5%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 0.6%. 32, 0.5%. 33, 1%. 34, 03/ -0.3%. 35, 36, 37, -1.3%. 38, 07/ -2.3%. 39, -2.2%. 40, -3.4%. 41, -6%. 42, 43, 44, -4.8%. 45, 14/ -5%. 46, 15/ -4.6%. 47, 16/ -4.7%. 48, -5.4%. 49, 50, 19/ 51, 20/ -5.8%. 52, 21/ -7.2%. 53, 22/ -7.1%. 54, -8.8%. 55, 24/ -9%. 56, 25/ 57, 26/ 58, -7.5%. 59, 28/ -7.8%. 60, 29/ -7.5%. 61, 30/ -5.7%. 62, -5.2%. 63, 64, 03/ 65, -4.1%. 66, -4.6%. 67, -5.6%. 68, 07/ -4.5%. 69, -3.7%. 70, 71, 72, -3.3%. 73, -2.8%. 74, -3.3%. 75, 14/ -3.5%. 76, 15/ -5.1%. 77, 16/ 78, 79, -4.9%. 80, 19/ -6.3%. 81, 20/ -6.5%. 82, 21/ -6.7%. 83, 22/ -6.6%. 84, 85, 24/ 86, 25/ -5.5%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -6%. 94, 95, 03/ -5.6%. 96, -6.1%. 97, -6.2%. 98, 99, 07/ is 100, -7.3%. 101, -7.6%. 102, -7.8%. 103, -8.2%. 104, -8.8%. 105, 106, 14/ 107, 15/ -9.1%. 108, 16/ -8.9%. 109, -10.5%. 110, -11%. 111, 19/ -11.2%. 112, 20/ 113, 21/ 114, 22/ -11.6%. 115, 116, 24/ -14%. 117, 25/ -13.8%. 118, 26/ -11.8%. 119, 120, 28/ 121, 29/ -11.5%. 122, 30/ -12.4%. 123, 31/ -11.5%. 124, -11.9%. 125, -11.7%. 126, 03/ 127, 128, -10.5%. 129, -10.3%. 130, 07/ -11.9%. 131, -12.5%. 132, -12.9%. 133, 134, 135, -12.8%. 136, -13.2%. 137, 14/ -12.1%. 138, 15/ -12%. 139, 16/ -12.1%. 140, 141, 142, 19/ -12.8%. 143, 20/ -12.3%. 144, 21/ -12%. 145, 22/ -12.4%. 146, -12.5%. 147, 24/ 148, 25/ 149, 26/ -13%. 150, -11.9%. 151, 28/ -11.1%. 152, 29/ -11.3%. 153, 03/ -12.2%. 154, 03/ 155, 03/03/ 156, 03/ -13.3%. 157, 03/ -14.2%. 158, 03/ -14.9%. 159, 07/03/ -14.1%. 160, 03/ -15%. 161, 03/ 162, 03/ 163, 03/ -15.7%. 164, 03/ -16.4%. 165, 03/ -15.5%. 166, 14/03/ -15.1%. 167, 15/03/ -16.1%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -16.8%. 172, 20/03/ -17.5%. 173, 21/03/ -17.8%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -17.1%. 179, 03/ -15.4%. 180, 28/03/ -16%. 181, 29/03/ -15.9%. 182, 30/03/ 183, 31/03/ 184, -16.2%. 185, -16.4%. 186, 03/ -14.1%. 187, -13.2%. 188, 189, 190, 07/ 191, -13.5%. 192, -13.1%. 193, -13.7%. Point 194, is -14.2% %. 5 Year Performance to 01 October Calendar Year Performance -3.6% 11.8% 22.8% -33.8% -8. Asset Pie chart Split with as 4 at items. 30 September 1, 2, Equities Fixed Interest 76% 76. 3, Property 5% 5. 16% 16. Item 4, Cash 3% 3. Asset Split as at 30 September Equities 76% Equity Pie chart Split with as 7 at items. 30 September 1, 2, North Euroland American Equities Equities 16% % 37. 3, 4, U.K. Irish Equities 8% 15% , 6, Non-Euro Japanese Equities 8% Item 7, Pacific Basin Equities 8% Equity Split as at 30 September North American Equities 37% Euroland Equities 16% U.K. Equities 15% Irish Equities 8% Non-Euro Equities 8% Japanese Equities 8% Pacific Basin Equities 8% Fixed Interest 16% Property 5% Cash 3% Top 10 Holdings (in alphabetical order) Bayer Exxon Mobil BHP Billiton HSBC BNP Paribas JP Morgan Chase BP Volkswagen CRH Wal-Mart Industry Average Returns 1 Year 18.1% 3 Years 6.8% p.a. 5 Years -1.5% p.a. 10 Years 4.6% p.a. Performance is based on the price calculated for 01 October, 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. 17

20 ETHICAL MANAGED FUND (PENSION) Total Fund Size To generate long term capital growth by investing on an ethical basis. Actively Managed Equities, Property, Bonds, Cash State Street Global Advisors Ireland Limited 5.3m Medium to High Performance to 01 October 1 Month 1.1% 3 Months 4.9% YTD 13.4% 1 Year 22.8% 3 Years 9.5% p.a. 5 Years -0.7% p.a. 10 Years - 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Ethical titled Scale Managed label. 1,. Fund S 6. 2, 3, 03/ 1%. 4, 2.4%. 5, 6, 2.9%. 7, 07/ 8, 9, is 3.6%. 10, 3.4%. 11, 3.6%. 12, 3.3%. 13, 3%. 14, 14/ 15, 15/ 16, 16/ 2.5%. 17, 1.3%. 18, 0.6%. 19, 19/ 0.9%. 20, 20/ 0.3%. 21, 21/ 22, 22/ 23, -0.6%. 24, 24/ -1.4%. 25, 25/ -0.6%. 26, 26/ -1%. 27, -0.8%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 32, 0.3%. 33, 0.9%. 34, 03/ -0.4%. 35, 36, 37, -1.6%. 38, 07/ -2.7%. 39, -2.5%. 40, -3.8%. 41, -4.7%. 42, 43, 44, -5.1%. 45, 14/ -5.5%. 46, 15/ -4.9%. 47, 16/ -5%. 48, -5.6%. 49, 50, 19/ 51, 20/ -6.3%. 52, 21/ -7.6%. 53, 22/ -7.5%. 54, -9.3%. 55, 24/ -9.6%. 56, 25/ 57, 26/ 58, -7.9%. 59, 28/ -8.2%. 60, 29/ -7.9%. 61, 30/ -6.2%. 62, -5.5%. 63, 64, 03/ 65, -4.5%. 66, -5%. 67, -6.1%. 68, 07/ -5%. 69, -4.2%. 70, 71, 72, -3.7%. 73, -3.2%. 74, -3.6%. 75, 14/ -3.9%. 76, 15/ 77, 16/ 78, 79, -5.5%. 80, 19/ -7%. 81, 20/ -7.3%. 82, 21/ 83, 22/ -7.4%. 84, 85, 24/ 86, 25/ -6.3%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -6.7%. 94, 95, 03/ -6.3%. 96, -6.7%. 97, -7%. 98, 99, 07/ is 100, -8.2%. 101, -8.7%. 102, -8.9%. 103, -9.3%. 104, , 106, 14/ 107, 15/ -10.2%. 108, 16/ -9.8%. 109, -11.4%. 110, -12%. 111, 19/ -12.1%. 112, 20/ 113, 21/ 114, 22/ -12.5%. 115, -14.8%. 116, 24/ -14.6%. 117, 25/ -14.3%. 118, 26/ -12.4%. 119, 120, 28/ 121, 29/ -12%. 122, 30/ -12.9%. 123, 31/ -12%. 124, -12.4%. 125, -12.2%. 126, 03/ 127, 128, -10.9%. 129, -10.7%. 130, 07/ -12.4%. 131, -13.1%. 132, -13.6%. 133, 134, 135, -13.5%. 136, -14%. 137, 14/ -12.9%. 138, 15/ -12.8%. 139, 16/ -12.9%. 140, 141, 142, 19/ -13.6%. 143, 20/ -13.1%. 144, 21/ -12.7%. 145, 22/ 146, -13.2%. 147, 24/ 148, 25/ 149, 26/ -13.7%. 150, -12.6%. 151, 28/ -11.7%. 152, 29/ -11.9%. 153, 03/ -12.8%. 154, 03/ 155, 03/03/ 156, 03/ -13.9%. 157, 03/ -15%. 158, 03/ -15.7%. 159, 07/03/ -14.9%. 160, 03/ -15.8%. 161, 03/ 162, 03/ 163, 03/ -16.5%. 164, 03/ -17.2%. 165, 03/ -16.4%. 166, 14/03/ -15.9%. 167, 15/03/ -17%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -17.7%. 172, 20/03/ -18.5%. 173, 21/03/ -18.7%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -17.9%. 179, 03/ -16.1%. 180, 28/03/ 181, 29/03/ -16.7%. 182, 30/03/ 183, 31/03/ 184, -16.9%. 185, -17.2%. 186, 03/ -14.9%. 187, -13.9%. 188, 189, 190, 07/ 191, -14.2%. 192, -13.7%. 193, -14.3%. Point 194, is -14.9%. -15%. 5 Year Performance to 01 October Calendar Year Performance Equity Pie chart Split with as 7 at items. 30 September 1, 2, North U.K. Equities American 14% Equities % 51. 3, 4, Japanese Non-Euro 8% 11% , 6, Euroland Pacific Basin Equities Equities 8% 6% 8. Item 7, Irish Equities 2% Equity Split as at 30 September % % -9.9% North American Equities 51% U.K. Equities 14% Japanese Equities 11% Non-Euro Equities 8% Asset Pie chart Split with as 4 at items. 30 September 1, 2, Equities Fixed Interest 75% 75. 3, Cash 4% 4. 17% 17. Item 4, Property 4% 4. Asset Split as at 30 September Euroland Equities 8% Pacific Basin Equities 6% Equities 75% Irish Equities 2% Fixed Interest 17% Cash 4% Property 4% Top 10 Holdings (in alphabetical order) Industry Average Returns 1 Year 18.1% 3 Years 6.8% p.a. 5 Years -1.5% p.a. 10 Years 4.6% p.a. Conocophillips CRH HSBC Intel Corporation JP Morgan Chase Lowes Microsoft Oracle Pepsico Capital Statoil Performance is based on the price calculated for 01 October, 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. 18

21 PENSION CONSENSUS FUND To mirror the general investment strategy followed by the average Irish Pension Fund Manager, thereby avoiding the risks associated with a single manager. Passively Managed Equities, Bonds, Properties, Cash State Street Global Advisors Ireland Limited Total Fund Size 312.8m Medium to High Performance to 01 October 1 Month 1.2% 3 Months 5.3% YTD 13.1% 1 Year 21.9% 3 Years 8.6% p.a. 5 Years -0.9% p.a. 10 Years 5.6% p.a. 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Pension titled Scale Consensus label. 1,. Fund (6). 2, 3, 03/ 0.8%. 4, 1.8%. 5, 0.5%. 6, 3.8%. 7, 07/ 8, 9, is 10, 2.8%. 11, 3.1%. 12, 2.8%. 13, 2.7%. 14, 14/ 15, 15/ 16, 16/ 2.5%. 17, 1.7%. 18, 1.2%. 19, 19/ 1.6%. 20, 20/ 1.1%. 21, 21/ 22, 22/ 23, 0.5%. 24, 24/ -0.3%. 25, 25/ 0.4%. 26, 26/ 0.3%. 27, 0.6%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 1.3%. 32, 1.5%. 33, 2%. 34, 03/ 35, 36, 37, 0.1%. 38, 07/ -0.8%. 39, -0.6%. 40, -1.7%. 41, -2.5%. 42, 43, 44, -3.1%. 45, 14/ -3.4%. 46, 15/ -3%. 47, 16/ -3.1%. 48, -3.8%. 49, 50, 19/ 51, 20/ -4.3%. 52, 21/ -5.5%. 53, 22/ -5.6%. 54, -5.3%. 55, 24/ -7.4%. 56, 25/ 57, 26/ 58, -7.3%. 59, 28/ -7.1%. 60, 29/ -6.3%. 61, 30/ -4.5%. 62, -3.9%. 63, 64, 03/ 65, -2.6%. 66, -2.9%. 67, -3.9%. 68, 07/ -2.8%. 69, -2.1%. 70, 71, 72, -1.9%. 73, -1.5%. 74, -1.8%. 75, 14/ -1.9%. 76, 15/ -3.3%. 77, 16/ 78, 79, -3.2%. 80, 19/ -4.6%. 81, 20/ -4.7%. 82, 21/ 83, 22/ -4.9%. 84, 85, 24/ 86, 25/ -3.9%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -4%. 94, 95, 03/ -4.2%. 96, -4.5%. 97, -4.6%. 98, 99, 07/ is 100, -5.7%. 101, 102, -6.1%. 103, -6.5%. 104, -7.1%. 105, 106, 14/ 107, 15/ -7.6%. 108, 16/ -7.3%. 109, -8.9%. 110, -9.5%. 111, 19/ -9.9%. 112, 20/ 113, 21/ 114, 22/ -10.1%. 115, 116, 24/ 117, 25/ -12.7%. 118, 26/ -10.6%. 119, 120, 28/ 121, 29/ -10.2%. 122, 30/ -11%. 123, 31/ -10.2%. 124, -10.6%. 125, -10.3%. 126, 03/ 127, 128, -9.1%. 129, -8.8%. 130, 07/ -10.4%. 131, -10.9%. 132, -11.3%. 133, 134, 135, -11.1%. 136, -11.5%. 137, 14/ 138, 15/ -10.3%. 139, 16/ -10.4%. 140, 141, 142, 19/ -11.1%. 143, 20/ -10.5%. 144, 21/ -10.4%. 145, 22/ 146, -10.9%. 147, 24/ 148, 25/ 149, 26/ -11.3%. 150, -10.4%. 151, 28/ -9.5%. 152, 29/ -9.7%. 153, 03/ -10.6%. 154, 03/ 155, 03/03/ 156, 03/ -11.6%. 157, 03/ -12.6%. 158, 03/ -13.3%. 159, 07/03/ -12.6%. 160, 03/ -13.6%. 161, 03/ 162, 03/ 163, 03/ -14.3%. 164, 03/ -15.1%. 165, 03/ -14.2%. 166, 14/03/ -13.7%. 167, 15/03/ -14.8%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -15.5%. 172, 20/03/ -16.1%. 173, 21/03/ -16.3%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -15.2%. 179, 03/ -13.9%. 180, 28/03/ -14.5%. 181, 29/03/ -14.3%. 182, 30/03/ 183, 31/03/ 184, -14.6%. 185, -14.8%. 186, 03/ -12.9%. 187, -11.9%. 188, -12.3%. 189, 190, 07/ 191, -12.2%. 192, -11.7%. 193, -12.3%. Point 194, is -13%. 5 Year Performance to 01 October Calendar Year Performance -2.6% 13.3% 22.4% -34.9% -3. Asset Pie chart Split with as 4 at items. 30 September 1, 2, Equities Bonds 17% 76% Item 3, 4, Property Cash 3% 4% Asset Split as at 30 September Equities 76% Equity Pie chart Split with as 7 at items. 30 September 1, 2, North UK Equities American 15% Equities % 37. 3, 4, Eurozone Pacific Basin ex Ire Equities 14% 14. 5, Non Eurozone 8% 8. 13% 13. Item 6, 7, Irish Japanese Equities Equities 7% 7. 6% 6. Equity Split as at 30 September North American Equities 37% UK Equities 15% Eurozone ex Ire 14% Pacific Basin Equities 13% Non Eurozone 8% Irish Equities 7% Japanese Equities 6% Bonds 17% Property 4% Cash 3% Top 10 Holdings (in alphabetical order) Apple Inc. CRH PLC Exxon Mobil Corp. HSBC Holdings PLC Kerry Group PLC Nestle S.A. Novartis AG Ryanair Holdings PLC Samsung Electronics Co. Ltd. Vodafone Group PLC Industry Average Returns 1 Year 18.1% 3 Years 6.8% p.a. 5 Years -1.5% p.a. 10 Years 4.6% p.a. Performance is based on the price calculated for 01 October, 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. 19

22 KBI PENSION MANAGED FUND To generate long term capital growth by investing in range of assets across geographic regions Actively Managed Equities, Bonds, Properties, Cash Kleinwort Benson Investors Dublin Total Fund Size 201.8m Medium to High Performance to 01 October 1 Month 1.4% 3 Months 6.4% YTD 12.4% 1 Year 21.4% 3 Years 8.3% p.a. 5 Years -2.5% p.a. 10 Years 4.3% p.a. 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, KBI titled Pension Scale label. 1, Managed. Fund (6)*. 2, 3, 03/ 1.1%. 4, 1.8%. 5, 3%. 6, 3.2%. 7, 07/ 8, 9, is 3.3%. 10, 3.1%. 11, 3.8%. 12, 4%. 13, 3%. 14, 14/ 15, 15/ 16, 16/ 2.9%. 17, 3.3%. 18, 2.6%. 19, 19/ 2%. 20, 20/ 2.3%. 21, 21/ 22, 22/ 23, 1.8%. 24, 24/ 1.1%. 25, 25/ 26, 26/ 0.1%. 27, 0.7%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 1%. 32, 1.8%. 33, 2%. 34, 03/ 2.5%. 35, 36, 37, 1.4%. 38, 07/ 0.4%. 39, -0.5%. 40, -0.3%. 41, -1.5%. 42, 43, 44, -2.5%. 45, 14/ -3.8%. 46, 15/ -3.4%. 47, 16/ 48, -3%. 49, 50, 19/ 51, 20/ -4.4%. 52, 21/ -4.2%. 53, 22/ -5.7%. 54, -6.5%. 55, 24/ 56, 25/ 57, 26/ 58, -8.6%. 59, 28/ 60, 29/ 61, 30/ -6.5%. 62, -4.7%. 63, 64, 03/ 65, -4%. 66, -2.6%. 67, -3.1%. 68, 07/ -4.1%. 69, -2.9%. 70, 71, 72, -2%. 73, -2.4%. 74, -1.3%. 75, 14/ 76, 15/ -1.7%. 77, 16/ 78, 79, -3.2%. 80, 19/ -3.1%. 81, 20/ -5.4%. 82, 21/ -4.9%. 83, 22/ -5%. 84, 85, 24/ 86, 25/ -5.7%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, 94, 95, 03/ -3.4%. 96, 2%. 97, 98, 99, 07/ is 100, -4.6%. 101, -5.7%. 102, 103, -6.1%. 104, -6.5%. 105, 106, 14/ 107, 15/ -7.9%. 108, 16/ -7.7%. 109, -7.5%. 110, -9.4%. 111, 19/ , 20/ 113, 21/ 114, 22/ -10.3%. 115, -10.5%. 116, 24/ -13.1%. 117, 25/ -13.2%. 118, 26/ -13.5%. 119, 120, 28/ 121, 29/ -11.8%. 122, 30/ -11.3%. 123, 31/ -12.3%. 124, -10.7%. 125, -11%. 126, 03/ 127, 128, -10.9%. 129, -10.4%. 130, 07/ -9.2%. 131, -10.9%. 132, -12%. 133, 134, 135, -11.7%. 136, -11.6%. 137, 14/ -12.1%. 138, 15/ -10.9%. 139, 16/ -10.8%. 140, 141, 142, 19/ -11.5%. 143, 20/ -11.4%. 144, 21/ -10.8%. 145, 22/ -10.6%. 146, 147, 24/ 148, 25/ 149, 26/ -11.1%. 150, -11.5%. 151, 28/ -11.2%. 152, 29/ -9.7%. 153, 03/ -9.9%. 154, 03/ 155, 03/03/ 156, 03/ -10.7%. 157, 03/ -11.8%. 158, 03/ -13.7%. 159, 07/03/ 160, 03/ -13.5%. 161, 03/ 162, 03/ 163, 03/ -12.5%. 164, 03/ -13.6%. 165, 03/ -16%. 166, 14/03/ -15.2%. 167, 15/03/ -13.9%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -15%. 172, 20/03/ -15.8%. 173, 21/03/ -16.6%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ 179, 03/ -16.8%. 180, 28/03/ -13.7%. 181, 29/03/ -14.6%. 182, 30/03/ 183, 31/03/ 184, -14.5%. 185, -14.7%. 186, 03/ 187, -15.1%. 188, -12.1%. 189, 190, 07/ 191, -12.6%. 192, -12.5%. 193, -12.1%. Point 194, is -12.6% %. 5 Year Performance to 01 October Calendar Year Performance -2.3% 13.4% 18.3% % Asset Pie chart Split with as 5 at items. 30 September 1, 2, Equities Fixed Interest 76% 76. 3, Cash 4% 4. 13% 13. Item 4, 5, Property Alternative 4% Investments 4. 3% 3. Asset Split as at 30 September Equities 76% Equity Pie chart Split with as 8 at items. 30 September 1, 2, North Euroland American Equities Equities 13% % 37. 3, 4, UK Emerging Equities Markets 13% 13. 5, Non Euro Equities 9% 12% , 7, Irish Japanese Equities Equities 8% 8. Item 8, Pacific Basin Equities 4% 4% Equity Split as at 30 September North American Equities 37% Euroland Equities 13% UK Equities 13% Emerging Markets 12% Non Euro Equities 9% Irish Equities 8% Japanese Equities 4% Pacific Basin Equities 4% Fixed Interest 13% Cash 4% Property 4% Alternative Investments 3% Top 10 Holdings (in alphabetical order) Apple Inc Nestle SA Basf SE Novartis AG CRH Plc Ryanair Holdings Plc Exxon Mobil Corporation Total SA HSBC Holdings Plc Vodafone Group Plc *PREVIOUSLY KNOWN AS KBCAM PENSION MANAGED FUND. Performance is based on the price calculated for 01 October, 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. 20

23 FRIENDS FIRST MIXED FUND To generate long term capital growth by investing in a balanced spread of assets across geographic regions Actively Managed Equities, Bonds, Properties, Cash F&C Ireland Limited Total Fund Size 16.4m Medium to High Performance to 01 October 1 Month 1.1% 3 Months 6.4% YTD 13.2% 1 Year 19.9% 3 Years 7.7% p.a. 5 Years -2. p.a. 10 Years 4.9% p.a. 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Friends titled Scale First label. 1, Mixed. Fund (6). 2, 3, 03/ 0.2%. 4, 0.9%. 5, 2%. 6, 7, 07/ 8, 9, is 2.3%. 10, 2.9%. 11, 3%. 12, 3.1%. 13, 14, 14/ 15, 15/ 16, 16/ 2.9%. 17, 2.7%. 18, 19, 19/ 1.2%. 20, 20/ 1.8%. 21, 21/ 22, 22/ 23, 1.3%. 24, 24/ 0.5%. 25, 25/ -0.3%. 26, 26/ 0.6%. 27, 0.2%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 0.7%. 32, 2%. 33, 1.6%. 34, 03/ 2.3%. 35, 36, 37, 1.1%. 38, 07/ 39, -0.4%. 40, -0.2%. 41, -1.2%. 42, 43, 44, -2%. 45, 14/ -2.8%. 46, 15/ -3.2%. 47, 16/ 48, -2.8%. 49, 50, 19/ 51, 20/ -3.4%. 52, 21/ -3.7%. 53, 22/ -5.5%. 54, -5.7%. 55, 24/ 56, 25/ 57, 26/ 58, -7.4%. 59, 28/ -6%. 60, 29/ -6.1%. 61, 30/ -5.9%. 62, -4.3%. 63, 64, 03/ 65, -3.6%. 66, -2.3%. 67, -2.9%. 68, 07/ -3.9%. 69, -2.6%. 70, 71, 72, -2%. 73, -1%. 74, -0.7%. 75, 14/ 76, 15/ -1.2%. 77, 16/ 78, 79, -2.6%. 80, 19/ -2.4%. 81, 20/ -3.8%. 82, 21/ -4.1%. 83, 22/ -4.2%. 84, 85, 24/ 86, 25/ -4.1%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -3.1%. 94, 95, 03/ 96, -3.3%. 97, 98, 99, 07/ is 100, -3.8%. 101, -4.8%. 102, -5.3%. 103, -5.2%. 104, -5.6%. 105, 106, 14/ 107, 15/ -6.3%. 108, 16/ -6.8%. 109, -6.7%. 110, -8.2%. 111, 19/ -8.7%. 112, 20/ 113, 21/ 114, 22/ -9.2%. 115, -9.6%. 116, 24/ -12.3%. 117, 25/ -12.2%. 118, 26/ -12.6%. 119, 120, 28/ 121, 29/ -10.3%. 122, 30/ -9.8%. 123, 31/ -10.8%. 124, , -10.6%. 126, 03/ 127, 128, -10.4%. 129, -9.3%. 130, 07/ -8.9%. 131, -10.5%. 132, -10.8%. 133, 134, 135, -11.2%. 136, -12.3%. 137, 14/ -12.7%. 138, 15/ 139, 16/ -11.5%. 140, 141, 142, 19/ -11.6%. 143, 20/ -12.3%. 144, 21/ -11.6%. 145, 22/ -11.5%. 146, -12.1%. 147, 24/ 148, 25/ 149, 26/ -12%. 150, -12.3%. 151, 28/ -11.2%. 152, 29/ -10.4%. 153, 03/ -10.7%. 154, 03/ 155, 03/03/ 156, 03/ -11.7%. 157, 03/ -12.6%. 158, 03/ -13.7%. 159, 07/03/ -14.4%. 160, 03/ -13.6%. 161, 03/ 162, 03/ 163, 03/ -14.5%. 164, 03/ -15.3%. 165, 03/ -16.4%. 166, 14/03/ -15.3%. 167, 15/03/ -14.9%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -16%. 172, 20/03/ -19.1%. 173, 21/03/ -17.3%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -17.9%. 179, 03/ -17%. 180, 28/03/ -15.4%. 181, 29/03/ -16%. 182, 30/03/ 183, 31/03/ 184, -15.9%. 185, -16.2%. 186, 03/ -16.3%. 187, -14.4%. 188, -13.4%. 189, 190, 07/ 191, -13.8%. 192, -13.4%. 193, -13.1%. Point 194, is -13.7% %. 5 Year Performance to 01 October Calendar Year Performance -5.5% 13.2% 22.2% -36.9% -2.5% Asset Pie chart Split with as 4 at items. 30 September 1, 2, Equities Fixed Interest 77% 77. 3, Property 4% 4. 16% 16. Item 4, Cash 3% 3. Asset Split as at 30 September Equities 77% Equity Pie chart Split with as 7 at items. 30 September 1, 2, North U.K. Equities American 15% Equities % 38. 3, 4, Euroland Pacific Basin Equities Equities 15% 13% 15. 5, Non-Euro 13. Item 6, 7, Japanese Irish Equities Equities 5% 5. 7% 7. Equity Split as at 30 September North American Equities 38% U.K. Equities 15% Euroland Equities 15% Pacific Basin Equities 13% Non-Euro Equities 7% Japanese Equities 7% Irish Equities 5% Fixed Interest 16% Property 4% Cash 3% Top 10 Holdings (in alphabetical order) Apple Microsoft Comcast Roche CRH Vodafone Exxon Mobil Wal-Mart GlaxoSmithKline Wells Fargo Industry Average Returns 1 Year 18.1% 3 Years 6.8% p.a. 5 Years -1.5% p.a. 10 Years 4.6% p.a. Performance is based on the price calculated for 01 October, 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. 21

24 PENSION DAVY HIGH YIELD EQUITY To generate long term capital growth with a relatively high, yet sustainable, flow of income for the fund Actively Managed Number Of Stocks Total Fund Size High yield equities Davy Asset Management m High Year 3 Years Davy High Yld 0.4% 4.9% 23.8% 11. Equity S6 p.a. FTSE World Index 0.7% 4.8% 23.6% 9.5% p.a. Calendar Year Performance -2.5% 17.7% 22.3% -37.7% -9.2% Performance Bar chart with versus 4 groups FTSE with World 2 items Index Y scale titled Scale label. per group. Group 1, 1, Davy 1 Month. Item 2, FTSE High World Yld Index Equity 0.7. S Group 1, 2, Davy 3 Months. Item 2, FTSE High World Yld Index Equity 4.8. S Group 1, 3, Davy 1 Year. Item 2, FTSE High World Yld Index Equity S Group 1, 4, Davy 3 Years. Item 2, FTSE High World Yld Index Equity 9.5. S6 11. % End Performance of image description. (p.a.) Performance versus FTSE World Index % Performance (p.a.) Month 3 Months 1 Year 3 Years Davy High Yld Equity S6 FTSE World Index Top 10 Holdings (in alphabetical order) BHP Billiton Merck Exxon Mobil Microsoft HSBC Pfizer Imperial Tobacco Reckitt Benckiser Johnson & Johnson Royal Dutch Shell Geographic Pie chart with Split 4 items. as at 30 September 1, 2, North U.K. Equities American 28% Equities % 39. Item 3, 4, Pacific European Basin Equities 18% % 15. Geographic Split as at 30 September North American Equities 39% U.K. Equities 28% Pacific Basin 18% European Equities 15% Sector Pie chart Split with as 10 at items. 30 September 1, 2, Financial Consumer 18% Staples 18. 3, Industrial 15% % 18. 4, 5, Healthcare Technology 13% 12% 13. 6, Energy 9% , 8, Basic Other Materials 4% 4. 5% 5. Item 9, 10, Consumer Communications Discretionary 2% 2. 4% 4. Sector Split as at 30 September Financial 18% Consumer Staples 18% Industrial 15% Healthcare 13% Technology 12% Energy 9% Basic Materials 5% Other 4% Consumer Discretionary 4% Communications 2% Performance is based on the price calculated for 01 October, 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. 22

25 TRILOGY II FUND (PENSION) 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. Actively Managed High Yield Equities, Corporate Bonds, Geared Property Davy Asset Management Number Of Stocks 48 Total Fund Size 119.0m High Performance to 01 October 1 Month -0.3% 3 Months 1.8% YTD 5.5% 1 Year 11.6% 3 Years 8. p.a. 5 Years -8.9% p.a. 10 Years - 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Trilogy titled Scale II Fund label. 1, (6). 2,. 3, 03/ 0.6%. 4, 1.3%. 5, 1.7%. 6, 1.9%. 7, 07/ 8, 9, is 2.3%. 10, 2.2%. 11, 2.3%. 12, 2.1%. 13, 1.9%. 14, 14/ 15, 15/ 16, 16/ 1.8%. 17, 1%. 18, 0.8%. 19, 19/ 1.2%. 20, 20/ 0.7%. 21, 21/ 22, 22/ 23, 0.5%. 24, 24/. 25, 25/ 0.5%. 26, 26/ 0.3%. 27, 0.4%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 0.8%. 32, 1.2%. 33, 1.8%. 34, 03/ 1%. 35, 36, 37, 0.2%. 38, 07/ -0.3%. 39, -0.6%. 40, -1.5%. 41, -2.2%. 42, 43, 44, -2.7%. 45, 14/ -2.6%. 46, 15/ -2.2%. 47, 16/ -2.5%. 48, -3.1%. 49, 50, 19/ 51, 20/ -3.4%. 52, 21/ -4.4%. 53, 22/ -4.3%. 54, -5.8%. 55, 24/ -5.7%. 56, 25/ 57, 26/ 58, -4.7%. 59, 28/ 60, 29/ -5%. 61, 30/ -3.6%. 62, -3.4%. 63, 64, 03/ 65, -4.1%. 66, -4.5%. 67, -5.5%. 68, 07/ -4.7%. 69, -4%. 70, 71, 72, -3.7%. 73, -3.3%. 74, -3.7%. 75, 14/ -3.5%. 76, 15/ -4.8%. 77, 16/ 78, 79, -4.5%. 80, 19/ -5.3%. 81, 20/ -5.9%. 82, 21/ 83, 22/ -6.4%. 84, 85, 24/ 86, 25/ -5.6%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -6.4%. 94, 95, 03/ -5.9%. 96, 97, -6.5%. 98, 99, 07/ is 100, -7.3%. 101, -7.1%. 102, -7.4%. 103, -8%. 104, -8.5%. 105, 106, 14/ 107, 15/ 108, 16/ -8.8%. 109, -9.9%. 110, -10.1%. 111, 19/ -10.2%. 112, 20/ 113, 21/ 114, 22/ -10.6%. 115, -12.5%. 116, 24/ -12.2%. 117, 25/ -12.8%. 118, 26/ -10.9%. 119, 120, 28/ 121, 29/ -11.1%. 122, 30/ -11.5%. 123, 31/ -10.8%. 124, -11%. 125, -11.1%. 126, 03/ 127, 128, -10.2%. 129, , 07/ -11.5%. 131, -11.9%. 132, -12.5%. 133, 134, 135, -12.6%. 136, -12.9%. 137, 14/ -12%. 138, 15/ -11.8%. 139, 16/ -11.7%. 140, 141, 142, 19/ -12.6%. 143, 20/ -11.9%. 144, 21/ -11.8%. 145, 22/ 146, -12.1%. 147, 24/ 148, 25/ 149, 26/ -13%. 150, -12.1%. 151, 28/ -12.7%. 152, 29/ -12.9%. 153, 03/ -13.8%. 154, 03/ 155, 03/03/ 156, 03/ -14.6%. 157, 03/ -15.3%. 158, 03/ -15.6%. 159, 07/03/ -14.9%. 160, 03/ -15.7%. 161, 03/ 162, 03/ 163, 03/ -16%. 164, 03/ -16.2%. 165, 03/ -15.7%. 166, 14/03/ -15.4%. 167, 15/03/ -16.1%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -16.6%. 172, 20/03/ -17%. 173, 21/03/ -17.1%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -16.7%. 179, 03/ -15.7%. 180, 28/03/ -15.9%. 181, 29/03/ -15.7%. 182, 30/03/ 183, 31/03/ 184, 185, -16%. 186, 03/ -14.3%. 187, -13.8%. 188, 189, 190, 07/ 191, -14.3%. 192, -14.1%. 193, -14.5%. Point 194, is -14.9%. -15%. 5 Year Performance to 01 October Calendar Year Performance % 2.4% -45.6% -7.6% Asset Pie chart Split with as 3 at items. 30 September 1, 2, High Geared Yield Property Equities 37% 53% Item 3, Corporate Bonds Asset Split as at 30 September High Yield Equities 53% Geared Property 37% Top 10 Properties (in alphabetical order) 1 Great St Helens, London 1 Rue St. Georges/34-36 Rue De Provence 15 Dacre Street, London Eversheds House - Manchester Galleri K Nominees Henderson UK Shopping Centre 15 Grosvenor Street London Jodenbreestraat 58 Mosley Street, Manchester Noisy Le Grand Corporate Bonds 1 Top 10 Equities (in alphabetical order) BHP Billiton Merck Exxon Mobil Microsoft HSBC Pfizer Imperial Tobacco Reckitt Benckiser Johnson & Johnson Royal Dutch Shell Industry Average Returns 1 Year 18.1% 3 Years 6.8% p.a. 5 Years -1.5% p.a. 10 Years 4.6% p.a. Performance is based on the price calculated for 01 October, 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. 23

26 DISCOVERY (PENSION) 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. Actively Managed Equities Davy Asset Management Number Of Stocks 57 Total Fund Size 23.8m High Performance to 01 October 1 Month 2.1% 3 Months 7.6% YTD Year Years 15.8% p.a. 5 Years 3.4% p.a. 10 Years - 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Discovery titled Scale (6) label. 1, RP. 2,. 3, 03/ 0.7%. 4, 1.8%. 5, 2.8%. 6, 3.4%. 7, 07/ 8, 9, is 4.1%. 10, 3.9%. 11, 12, 4%. 13, 4.1%. 14, 14/ 15, 15/ 16, 16/ 3.9%. 17, 2.9%. 18, 2.3%. 19, 19/ 2.9%. 20, 20/ 1.8%. 21, 21/ 22, 22/ 23, 0.8%. 24, 24/ -0.5%. 25, 25/ 0.9%. 26, 26/ 0.3%. 27, 28, 28/ 29, 29/ 30, 30/ 31, 31/ 0.9%. 32, 0.7%. 33, 2%. 34, 03/ 0.7%. 35, 36, 37, 0.2%. 38, 07/ -1.1%. 39, -0.8%. 40, -2.5%. 41, -2.8%. 42, 43, 44, -4.1%. 45, 14/ -4.5%. 46, 15/ -4.6%. 47, 16/ -4.5%. 48, -5.9%. 49, 50, 19/ 51, 20/ -6.9%. 52, 21/ -9.8%. 53, 22/ -10.6%. 54, 55, 24/ -12.8%. 56, 25/ 57, 26/ 58, -10.6%. 59, 28/ -10.8%. 60, 29/ -11.1%. 61, 30/ -8.9%. 62, -8.5%. 63, 64, 03/ 65, -7%. 66, -6.9%. 67, -8.3%. 68, 07/ -6.9%. 69, -6.2%. 70, 71, 72, -5.6%. 73, -5.1%. 74, 75, 14/ -4.9%. 76, 15/ -6.4%. 77, 16/ 78, 79, -6.7%. 80, 19/ 81, 20/ -8.6%. 82, 21/ -8.5%. 83, 22/ -8.3%. 84, 85, 24/ 86, 25/ -7.1%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -7.9%. 94, 95, 03/ -7.6%. 96, -8.3%. 97, -8.6%. 98, 99, 07/ is 100, -10.1%. 101, -11.6%. 102, -11.5%. 103, -13.1%. 104, -14.1%. 105, 106, 14/ 107, 15/ -14.2%. 108, 16/ -13.8%. 109, -15.2%. 110, -16.1%. 111, 19/ -16.2%. 112, 20/ 113, 21/ 114, 22/ -16.5%. 115, -18.4%. 116, 24/ -17.4%. 117, 25/ -17.8%. 118, 26/ -16.2%. 119, 120, 28/ 121, 29/ -16%. 122, 30/ -16.6%. 123, 31/ -15.2%. 124, -15.4%. 125, -15.3%. 126, 03/ 127, 128, -13.9%. 129, -13.1%. 130, 07/ -15.1%. 131, 132, -15.7%. 133, 134, 135, -16%. 136, -16.6%. 137, 14/ -14.9%. 138, 15/ -15.1%. 139, 16/ -14.5%. 140, 141, 142, 19/ -15.4%. 143, 20/ -14.8%. 144, 21/ -14.9%. 145, 22/ 146, -15.4%. 147, 24/ 148, 25/ 149, 26/ -16%. 150, -15%. 151, 28/ -14%. 152, 29/ -13.7%. 153, 03/ -15.2%. 154, 03/ 155, 03/03/ 156, 03/ -16.4%. 157, 03/ -17.3%. 158, 03/ -17.6%. 159, 07/03/ -16.5%. 160, 03/ -17.5%. 161, 03/ 162, 03/ 163, 03/ -18%. 164, 03/ -18.5%. 165, 03/ -17.7%. 166, 14/03/ -17.1%. 167, 15/03/ 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -17.8%. 172, 20/03/ -18.6%. 173, 21/03/ -18.9%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -18.4%. 179, 03/ -16.9%. 180, 28/03/ -17.6%. 181, 29/03/ -17%. 182, 30/03/ 183, 31/03/ 184, 185, -17.4%. 186, 03/ -15.7%. 187, -15.2%. 188, -15.8%. 189, 190, 07/ 191, -15.7%. 192, -15.5%. 193, -16.5%. Point 194, is -17% %. 5 Year Performance to 01 October Calendar Year Performance 0.1% % -36.2% -8.2% Equity Pie chart Split with as 4 at items. 30 September 1, 2, North European American Equities Equities 36% % 39. Item 3, 4, UK Pacific Equities Basin 23% Equities 23. 2% 2. Equity Split as at 30 September North American Equities 39% European Equities 36% Top 10 Equities (in alphabetical order) Alexion Pharmaceuticals Ensco Davita Paddy Power DCC Principal Financial Group Ecolab Randgold Resources Elekta Stericycle UK Equities 23% Pacific Basin Equities 2% Sector Pie chart Split with as 9 at items. 30 September 1, 2, Industrial Healthcare 34% , Technology 9% , 5, Energy Consumer 8% Discretionary 8. 6, Financial 7% 7. 7% 7. 7, 8, Basic Consumer Materials Staples 6% 5% 6. Item 9, Other 4% Sector Split as at 30 September Industrial 34% Healthcare 2 Technology 9% Energy 8% Consumer Discretionary 7% Financial 7% Basic Materials 6% Consumer Staples 5% Other 4% Performance is based on the price calculated for 01 October, 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. 24

27 INNOVATOR (PENSION) To generate long term capital growth by investing in alternative investment themes including alternative energy, water, commodities, emerging markets and climate change. Actively Managed Equities Kleinwort Benson Investors Dublin Total Fund Size 86.5m High Performance to 01 October 1 Month 0.2% 3 Months 5.9% YTD 12.5% 1 Year 18.8% 3 Years 6.6% p.a. 5 Years -3.8% p.a. 10 Years - 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Innovator(6). titled Scale label. 1, 2,. 3, 03/ -0.2%. 4, 0.5%. 5, 6, 1.3%. 7, 07/ 8, 9, is 0.8%. 10, 2.1%. 11, 2%. 12, 2.8%. 13, 2.9%. 14, 14/ 15, 15/ 16, 16/ 3.1%. 17, 18, 3.5%. 19, 19/ 3%. 20, 20/ 3.3%. 21, 21/ 22, 22/ 23, 2.7%. 24, 24/ 1.9%. 25, 25/ 1.4%. 26, 26/ 2.3%. 27, 2.4%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 2.9%. 32, 3.7%. 33, 4.7%. 34, 03/ 35, 36, 37, 5%. 38, 07/ 3.7%. 39, 2.9%. 40, 4%. 41, 3%. 42, 43, 44, 2.7%. 45, 14/ 1.5%. 46, 15/ 0.6%. 47, 16/ 0.5%. 48, 1.1%. 49, 50, 19/ 51, 20/ 0.4%. 52, 21/ 53, 22/ 0.1%. 54, -1.5%. 55, 24/ -3.3%. 56, 25/ 57, 26/ 58, -3.5%. 59, 28/ -2.2%. 60, 29/ -2.3%. 61, 30/ -2.8%. 62, -1.3%. 63, 64, 03/ 65, -0.6%. 66, 67, 68, 07/ -0.4%. 69, 1.3%. 70, 71, 72, 2.1%. 73, 74, 2.7%. 75, 14/ 2.4%. 76, 15/ 2.8%. 77, 16/ 78, 79, 1.9%. 80, 19/ 2.1%. 81, 20/ 0.1%. 82, 21/ 0.5%. 83, 22/ 0.6%. 84, 85, 24/ 86, 25/ 1.1%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, 2.4%. 94, 95, 03/ 2.1%. 96, 2.2%. 97, 1.9%. 98, 99, 07/ is 100, 2.1%. 101, 0.7%. 102,. 103, 104, 0.3%. 105, 106, 14/ 107, 15/ -1.7%. 108, 16/ -2.6%. 109, -2.1%. 110, -4%. 111, 19/ -5.9%. 112, 20/ 113, 21/ 114, 22/ -6.4%. 115, -7.2%. 116, 24/ -8.8%. 117, 25/ -11.1%. 118, 26/ -10.8%. 119, 120, 28/ 121, 29/ -9.5%. 122, 30/ -7.6%. 123, 31/ -9%. 124, -7.4%. 125, 126, 03/ 127, 128, -8.1%. 129, -6.6%. 130, 07/ -5.9%. 131, -7.2%. 132, -7.5%. 133, 134, 135, -8%. 136, -7.5%. 137, 14/ -7.6%. 138, 15/ -7%. 139, 16/ -5.8%. 140, 141, 142, 19/ -5%. 143, 20/ -5.8%. 144, 21/ -5.3%. 145, 22/ -4.9%. 146, 147, 24/ 148, 25/ 149, 26/ -5.5%. 150, -6%. 151, 28/ -4.8%. 152, 29/ -4.2%. 153, 03/ -4.6%. 154, 03/ 155, 03/03/ 156, 03/ -5.1%. 157, 03/ -6.5%. 158, 03/ -7.4%. 159, 07/03/ -8.2%. 160, 03/ -7.2%. 161, 03/ 162, 03/ 163, 03/ -8.2%. 164, 03/ -9.7%. 165, 03/ -11.5%. 166, 14/03/ -9.2%. 167, 15/03/ -8.9%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -9.9%. 172, 20/03/ -10.9%. 173, 21/03/ -12.8%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -13.6%. 179, 03/ -13.8%. 180, 28/03/ -11%. 181, 29/03/ -11.5%. 182, 30/03/ 183, 31/03/ 184, -11.2%. 185, -11.3%. 186, 03/ -12%. 187, -10.3%. 188, -9.4%. 189, 190, 07/ 191, 192, -8.8%. 193, -8.1%. Point 194, is -8.7%. -8.8%. 5 Year Performance to 01 October Calendar Year Performance -14.5% 18.1% 32.7% -47.8% 15.7% Asset Pie chart Split with as 6 at items. 30 September 1, 2, Environmental Emerging Markets Solutions 24% , 4, Commodities Water 13% % 21. Item 5, 6, Solar Climate 1 Change 10. 2% 2. Asset Split as at 30 September Environmental Solutions 3 Emerging Markets 24% Commodities 21% Water 13% Solar 1 Climate Change 2% Top 10 Holdings (in alphabetical order) ABB 'R' INVENSYS BEIJING ENTS.WATER GROUP ITRON CALGON CARBON KURITA WATER IND. EATON PRYSMIAN EBARA YARA INTERNATIONAL Performance is based on the price calculated for 01 October, 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. 25

28 ALTERNATIVE ENERGY (PENSION) To generate long term capital growth by investing in companies in the alternative energy sector Actively Managed Equities Kleinwort Benson Investors Dublin Number Of Stocks 48 Total Fund Size 5.6m High Performance to 01 October 1 Month 1.5% 3 Months 3.2% YTD 3.2% 1 Year 1.9% 3 Years -15. p.a. 5 Years -16.5% p.a. 10 Years - 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Alternative titled Scale Energy label. 1,. (6). 2, 3, 03/ -0.2%. 4, 1.5%. 5, 2.3%. 6, 2%. 7, 07/ 8, 9, is 2.4%. 10, 11, 3.7%. 12, 4.7%. 13, 14, 14/ 15, 15/ 16, 16/ 4.9%. 17, 5.4%. 18, 5.6%. 19, 19/ 4.8%. 20, 20/ 5.9%. 21, 21/ 22, 22/ 23, 5.5%. 24, 24/ 4.5%. 25, 25/ 3.9%. 26, 26/ 27, 5.5%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 6.6%. 32, 7.7%. 33, 34, 03/ 9.3%. 35, 36, 37, 10.3%. 38, 07/ 9.7%. 39, 9.9%. 40, 13%. 41, 13.3%. 42, 43, 44, 15.1%. 45, 14/ 12.8%. 46, 15/ 10.9%. 47, 16/ 9.3%. 48, 9.8%. 49, 50, 19/ 51, 20/ 9.2%. 52, 21/ 53, 22/ 8.8%. 54, 6%. 55, 24/ 4.1%. 56, 25/ 57, 26/ 58, 3.7%. 59, 28/ 4.5%. 60, 29/ 61, 30/ 4.7%. 62, 7.2%. 63, 64, 03/ 65, 8.4%. 66, 67, 10.4%. 68, 07/ 9.3%. 69, 11.1%. 70, 71, 72, 11.3%. 73, 12.8%. 74, 13.5%. 75, 14/ 12.6%. 76, 15/ 12.9%. 77, 16/ 78, 79, 12%. 80, 19/ 12.7%. 81, 20/ 10.4%. 82, 21/ 11.2%. 83, 22/ 11.6%. 84, 85, 24/ 86, 25/ 12.4%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, 13.6%. 94, 95, 03/ 13.7%. 96, 13.8%. 97, 13.3%. 98, 99, 07/ is 100, 13.8%. 101, 11.5%. 102, 9.7%. 103, 9.6%. 104, 9.7%. 105, 106, 14/ 107, 15/ 4.9%. 108, 16/ 3.7%. 109, 4.3%. 110, 1.1%. 111, 19/ -2.5%. 112, 20/ 113, 21/ 114, 22/ -3.1%. 115, 116, 24/ -4.5%. 117, 25/ -7.9%. 118, 26/ -8.1%. 119, 120, 28/ 121, 29/ -4.8%. 122, 30/ -2.7%. 123, 31/ -3.9%. 124, -2%. 125, -3.1%. 126, 03/ 127, 128, -2.9%. 129, -1.4%. 130, 07/ 0.3%. 131, -3.1%. 132, -4.1%. 133, 134, 135, -5.4%. 136, -5%. 137, 14/ -4.5%. 138, 15/ -2.5%. 139, 16/ 0.6%. 140, 141, 142, 19/ 143, 20/ 144, 21/ -0.7%. 145, 22/ 0.3%. 146, -1.5%. 147, 24/ 148, 25/ 149, 26/ -1.8%. 150, -2.6%. 151, 28/ -2.1%. 152, 29/ -1.5%. 153, 03/ -1.9%. 154, 03/ 155, 03/03/ 156, 03/ -3.4%. 157, 03/ -5%. 158, 03/ -6.3%. 159, 07/03/ -6.7%. 160, 03/ -4.9%. 161, 03/ 162, 03/ 163, 03/ -5.8%. 164, 03/ -7.5%. 165, 03/ -9.4%. 166, 14/03/ -7.1%. 167, 15/03/ -6.1%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -7.1%. 172, 20/03/ -7.9%. 173, 21/03/ -9.3%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ 179, 03/ -10.8%. 180, 28/03/ -7.1%. 181, 29/03/ -7.9%. 182, 30/03/ 183, 31/03/ 184, -6.5%. 185, -6.1%. 186, 03/ -6.4%. 187, -3.8%. 188, -2.6%. 189, 190, 07/ 191, -2.5%. 192, -2.4%. 193, 0.2%. Point 194, is -1.2%. -1.4%. 5 Year Performance to 01 October Calendar Year Performance -30.4% -12.8% 25.2% -55.1% - Asset Pie chart Split with as 7 at items. 30 September 1, 2, Other Biomass 4 17% 40. 3, Wind Energy 11% 17. 4, Utilities , 6, Solar Fuel Cells 9% 9. Item 7, Cash 6% 6. 7% 7. Asset Split as at 30 September Other 4 Biomass 17% Wind Energy 11% Utilities 1 Solar 9% Fuel Cells 7% Cash 6% Top 10 Equities (in alphabetical order) ABB 'R' ITRON COOPER INDUSTRIES JOHNSON CONTROLS COSAN 'A' KYOCERA CORP COVANTA HOLDING PRYSMIAN EDP RENOVAVEIS SECHILIENNE Performance is based on the price calculated for 01 October, 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. 26

29 WATER FUND (PENSION) Number Of Stocks Total Fund Size To generate long term capital growth by investing in companies in the water sector Actively Managed Equities Kleinwort Benson Investors Dublin m High Performance to 01 October 1 Month 1. 3 Months 8.1% YTD 19.9% 1 Year 30.4% 3 Years 13.8% p.a. 5 Years 1.7% p.a. 10 Years - 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Water titled Scale Fund label. 1, (6). 2,. 3, 03/ -0.4%. 4, 0.6%. 5, 1.5%. 6, 1.2%. 7, 07/ 8, 9, is 1.1%. 10, 2%. 11, 2.3%. 12, 2.9%. 13, 2.5%. 14, 14/ 15, 15/ 16, 16/ 2.2%. 17, 3.2%. 18, 2.3%. 19, 19/ 1.9%. 20, 20/ 2.2%. 21, 21/ 22, 22/ 23, 1.7%. 24, 24/. 25, 25/ 0.2%. 26, 26/ 0.8%. 27, 0.9%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 1.1%. 32, 0.9%. 33, 34, 03/ 1.3%. 35, 36, 37, 1.5%. 38, 07/ -0.6%. 39, -1.8%. 40, -1.2%. 41, -3.1%. 42, 43, 44, -3.4%. 45, 14/ -3.9%. 46, 15/ -4.3%. 47, 16/ -3.6%. 48, -3.7%. 49, 50, 19/ 51, 20/ 52, 21/ 53, 22/ -4.1%. 54, -5.6%. 55, 24/ -6.8%. 56, 25/ 57, 26/ 58, -7%. 59, 28/ -4.7%. 60, 29/ -5.4%. 61, 30/ -5.2%. 62, -3.4%. 63, 64, 03/ 65, -3.1%. 66, -2.3%. 67, -2.5%. 68, 07/ -3.7%. 69, -2.3%. 70, 71, 72, -1.3%. 73, -1.2%. 74, -1.3%. 75, 14/ -1.9%. 76, 15/ -1.7%. 77, 16/ 78, 79, -2.4%. 80, 19/ -2.7%. 81, 20/ -4.9%. 82, 21/ -4.2%. 83, 22/ -4%. 84, 85, 24/ 86, 25/ -3.4%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -1.3%. 94, 95, 03/ -2.9%. 96, -2.8%. 97, -3.5%. 98, 99, 07/ is 100, -3.2%. 101, -5.2%. 102, -5.6%. 103, 104, -6.6%. 105, 106, 14/ 107, 15/ -7.1%. 108, 16/ -8.8%. 109, -8.4%. 110, , 19/ -10.4%. 112, 20/ 113, 21/ 114, 22/ -11.3%. 115, 116, 24/ -11.6%. 117, 25/ -14.5%. 118, 26/ -13.8%. 119, 120, 28/ 121, 29/ -12.8%. 122, 30/ -11.4%. 123, 31/ -12.2%. 124, -10.8%. 125, -11.7%. 126, 03/ 127, 128, -10.6%. 129, -8.8%. 130, 07/ -8%. 131, -9.5%. 132, -9.8%. 133, 134, 135, -9.7%. 136, -9.9%. 137, 14/ -9.6%. 138, 15/ -9%. 139, 16/ -7.5%. 140, 141, 142, 19/ -7.9%. 143, 20/ 144, 21/ -9.1%. 145, 22/ -8.7%. 146, -8.6%. 147, 24/ 148, 25/ 149, 26/ -9.2%. 150, -9.1%. 151, 28/ -7.9%. 152, 29/ -7.4%. 153, 03/ -7.7%. 154, 03/ 155, 03/03/ 156, 03/ -7.9%. 157, 03/ -9.4%. 158, 03/ -10.5%. 159, 07/03/ -11.1%. 160, 03/ -10.8%. 161, 03/ 162, 03/ 163, 03/ -11.8%. 164, 03/ -13.1%. 165, 03/ -15.5%. 166, 14/03/ 167, 15/03/ -13.4%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -13.6%. 172, 20/03/ -15.2%. 173, 21/03/ -15.4%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -16.1%. 179, 03/ -15.2%. 180, 28/03/ -12.9%. 181, 29/03/ 182, 30/03/ 183, 31/03/ 184, -14%. 185, -15%. 186, 03/ -15.1%. 187, -12.5%. 188, -12%. 189, 190, 07/ 191, 192, -11.3%. 193, -11.6%. Point 194, is -12.1% %. 5 Year Performance to 01 October Calendar Year Performance -5.6% 23.4% 30.4% -39.5% - Asset Pie chart Split with as 4 at items. 30 September 1, 2, Infrastructure Technologies 48% 29% 48. 3, Water/Wastewater Utility 21% 29. Item 4, Cash 2% Asset Split as at 30 September Water Infrastructure 48% Water Technologies 29% Water/Wastewater Utility 21% Cash 2% Top 10 Holdings (in alphabetical order) CALGON CARBON EBARA FLOWSERVE GARDNER DENVER ITRON KURITA WATER IND. PENTAIR SPX SUEZ ENVIRONNEMENT UNITED UTILITIES GROUP Performance is based on the price calculated for 01 October, 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. 27

30 SPOTLIGHT (PENSION) 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 Actively Managed Total Fund Size Equities State Street Global Advisors Ireland Limited 8.6m High 1 Month 3 Months 1 Year Spotlight S6 1.5% 7.3% 30.6% 10.3% p.a. MSCI The World Index (Net TR) Calendar Year Performance 3 Years 0.7% 5.3% 26.8% 12.2% p.a. -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 1.5. Group 2, 3 Months. Index (Net TR) 0.7. Item 1, 2, Spotlight MSCI The S6 World 7.3. Group 3, 1 Year. Index (Net TR) 5.3. Item 1, 2, Spotlight MSCI The S6 World Group 4, 3 Years. Index (Net TR) Item 1, 2, Spotlight MSCI The S6 World Index (Net TR) % End Performance of image description. (p.a.) Performance versus MSCI The World Index (Net TR) % Performance (p.a.) Month 3 Months 1 Year 3 Years Spotlight S6 MSCI The World Index (Net TR) Geographic Pie chart with Split 7 items. as at 30 September 1, 2, North Euroland American Equities 16% % 42. 3, 4, Japanese Pacific Basin Equities Equities 13% 11% 13. 5, U.K. Equities 9% Item 6, 7, Non-Euro Irish Equities Equities 3% 3. 6% 6. Geographic Split as at 30 September Top 10 Holdings (in alphabetical order) Agco Corporation Kohls Cigna Corporation Kurita Water Industries CRH Prysmian HSBC Suncor Energy JP Morgan Chase Thales North American Equities 42% Euroland Equities 16% Japanese Equities 13% Pacific Basin Equities 11% U.K. Equities 9% Non-Euro Equities 6% Irish Equities 3% Sector Pie chart Split with as 8 at items. 30 September 1, 2, Industrial Financial 2 23% , 4, Technology Energy 13% 14% , 6, Consumer Basic Materials Discretionary 8% Item 7, 8, Consumer Healthcare Staples 5% 5. 7% 7. Sector Split as at 30 September Industrial 23% Financial 2 Technology 14% Energy 13% Consumer Discretionary 1 Basic Materials 8% Consumer Staples 7% Healthcare 5% Performance is based on the price calculated for 01 October, 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. 28

31 PENSION EQUITY FUND To generate long term capital growth for investors by investing in a portfolio of global equities Actively Managed Equities State Street Global Advisors Ireland Limited Total Fund Size 164.6m High Performance to 01 October 1 Month 1.9% 3 Months 7.4% YTD 16.5% 1 Year 29.3% 3 Years 9.7% p.a. 5 Years -1.9% p.a. 10 Years 4.2% p.a. 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Pension titled Scale Equity label. 1,. Fund (6). 2, 3, 03/ 1.2%. 4, 2.1%. 5, 2%. 6, 2.3%. 7, 07/ 8, 9, is 3.1%. 10, 2.9%. 11, 12, 3.3%. 13, 2.9%. 14, 14/ 15, 15/ 16, 16/ 3%. 17, 1.8%. 18, 1.1%. 19, 19/ 1.5%. 20, 20/ 0.6%. 21, 21/ 22, 22/ 23, -1%. 24, 24/ -1.1%. 25, 25/ -0.6%. 26, 26/ -1%. 27, -0.7%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 0.8%. 32, 0.6%. 33, 1.4%. 34, 03/ -0.7%. 35, 36, 37, -1.7%. 38, 07/ -2.4%. 39, -2.2%. 40, -3.9%. 41, -4.5%. 42, 43, 44, 45, 14/ -5.8%. 46, 15/ -4.9%. 47, 16/ -5.2%. 48, -6.3%. 49, 50, 19/ 51, 20/ -6.6%. 52, 21/ -8.3%. 53, 22/ -8.1%. 54, -10.1%. 55, 24/ -9.9%. 56, 25/ 57, 26/ 58, -7.9%. 59, 28/ -8.8%. 60, 29/ -8.6%. 61, 30/ -5.9%. 62, -5.4%. 63, 64, 03/ 65, -4.1%. 66, -4.7%. 67, -5.7%. 68, 07/ -4.1%. 69, -3.4%. 70, 71, 72, -2.9%. 73, -2.1%. 74, -3.2%. 75, 14/ -3.4%. 76, 15/ -5%. 77, 16/ 78, 79, -5.2%. 80, 19/ -6.4%. 81, 20/ -6.6%. 82, 21/ -6.8%. 83, 22/ -6.3%. 84, 85, 24/ 86, 25/ -5%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -5.8%. 94, 95, 03/ -5.6%. 96, 97, -6.8%. 98, 99, 07/ is 100, -8.7%. 101, -8.7%. 102, -8.8%. 103, -9.3%. 104, , 106, 14/ 107, 15/ 108, 16/ -10.5%. 109, 110, -12.8%. 111, 19/ -13.5%. 112, 20/ 113, 21/ 114, 22/ -14.8%. 115, -18.4%. 116, 24/ -17%. 117, 25/ -17.5%. 118, 26/ -14.4%. 119, 120, 28/ 121, 29/ -15%. 122, 30/ -15.7%. 123, 31/ -14.9%. 124, -15.1%. 125, -14.5%. 126, 03/ 127, 128, -13.1%. 129, -13.2%. 130, 07/ 131, -15.8%. 132, -16.4%. 133, 134, 135, -16.5%. 136, -16.7%. 137, 14/ -15.3%. 138, 15/ -14.6%. 139, 16/ -15%. 140, 141, 142, 19/ -16.1%. 143, 20/ -14.9%. 144, 21/ 145, 22/ -15.3%. 146, -15.6%. 147, 24/ 148, 25/ 149, 26/ -15.8%. 150, -14.4%. 151, 28/ -13.1%. 152, 29/ -13.8%. 153, 03/ -15.3%. 154, 03/ 155, 03/03/ 156, 03/ -17%. 157, 03/ -17.8%. 158, 03/ -18.6%. 159, 07/03/ -17.4%. 160, 03/ -19.1%. 161, 03/ 162, 03/ 163, 03/ -19.9%. 164, 03/ -20.6%. 165, 03/ -19.1%. 166, 14/03/ -19.3%. 167, 15/03/ -20.2%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -21.2%. 172, 20/03/ -21.3%. 173, 21/03/ -22.4%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -21.3%. 179, 03/ -19.1%. 180, 28/03/ -20.1%. 181, 29/03/ -19.6%. 182, 30/03/ 183, 31/03/ 184, -20.2%. 185, -20.3%. 186, 03/ -17.1%. 187, -16.3%. 188, -16.6%. 189, 190, 07/ 191, -16.5%. 192, -16.2%. 193, -16.9%. Point 194, is -17.6% %. 5 Year Performance to 01 October Calendar Year Performance -5.8% 14.8% 32.3% -42.7% -4.7% Top 10 Equities (in alphabetical order) BHP Billiton JP Morgan Chase BNP Paribas SSgA GBP Liquidity Fund BP SSgA USD Liquidity Fund Exxon Mobil Volkswagen HSBC Wal-Mart Equity Pie chart Split with as 7 at items. 30 September 1, 2, North Euroland American Equities Equities 15% % 37. 3, 4, U.K. Non-Euro Equities Equities 15% 15. 5, Pacific Basin Equities 1 9% 10. 6, Japanese Equities 8% Item 7, Irish Equities 6% 6. Equity Split as at 30 September North American Equities 37% Euroland Equities 15% U.K. Equities 15% Non-Euro Equities 1 Pacific Basin Equities 9% Japanese Equities 8% Irish Equities 6% Performance is based on the price calculated for 01 October, 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. 29

32 PENSION INTERNATIONAL To generate long term capital growth by investing in a portfolio of global equities (excludes Ireland) Actively Managed Equities State Street Global Advisors Ireland Limited Total Fund Size 553.0m High Performance to 01 October 1 Month 1.7% 3 Months 7.2% YTD 16.2% 1 Year 28.9% 3 Years 10. p.a. 5 Years -0.9% p.a. 10 Years 4.4% p.a. 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Pension titled Scale International label. 1,. (6). 2, 3, 03/ 1.1%. 4, 1.8%. 5, 1.6%. 6, 1.8%. 7, 07/ 8, 9, is 2.6%. 10, 2.4%. 11, 12, 2.9%. 13, 2.7%. 14, 14/ 15, 15/ 16, 16/ 3%. 17, 1.9%. 18, 1.3%. 19, 19/ 1.6%. 20, 20/ 0.7%. 21, 21/ 22, 22/ 23, 24, 24/ -0.9%. 25, 25/ -0.5%. 26, 26/ -0.9%. 27, -0.6%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 32, 0.9%. 33, 1.6%. 34, 03/ -0.5%. 35, 36, 37, -1.6%. 38, 07/ -2.1%. 39, -1.8%. 40, -3.4%. 41, -3.9%. 42, 43, 44, 45, 14/ -5.5%. 46, 15/ -4.5%. 47, 16/ -4.7%. 48, -5.7%. 49, 50, 19/ 51, 20/ -6.1%. 52, 21/ -7.7%. 53, 22/ -7.4%. 54, -9.2%. 55, 24/ -8.9%. 56, 25/ 57, 26/ 58, -7.1%. 59, 28/ 60, 29/ -8%. 61, 30/ -5.3%. 62, -4.8%. 63, 64, 03/ 65, -3.7%. 66, -4.1%. 67, -5%. 68, 07/ -3.3%. 69, -2.7%. 70, 71, 72, -2.5%. 73, -1.8%. 74, -2.9%. 75, 14/ -3.1%. 76, 15/ -4.5%. 77, 16/ 78, 79, -4.9%. 80, 19/ -5.9%. 81, 20/ -6%. 82, 21/ -6.3%. 83, 22/ -5.7%. 84, 85, 24/ 86, 25/ -4.3%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -5.3%. 94, 95, 03/ -5.1%. 96, -6.4%. 97, -6.5%. 98, 99, 07/ is 100, -8.4%. 101, -8.3%. 102, -8.5%. 103, -8.6%. 104, -9.4%. 105, 106, 14/ 107, 15/ , 16/ -10.1%. 109, 110, -12.2%. 111, 19/ -13.1%. 112, 20/ 113, 21/ 114, 22/ -14.5%. 115, -18.2%. 116, 24/ -17%. 117, 25/ -17.6%. 118, 26/ -14.6%. 119, 120, 28/ 121, 29/ -15.2%. 122, 30/ -15.8%. 123, 31/ -15.1%. 124, -15.2%. 125, -14.5%. 126, 03/ 127, 128, -13.2%. 129, -13.3%. 130, 07/ -15.9%. 131, -15.8%. 132, -16.2%. 133, 134, 135, -16.4%. 136, -16.6%. 137, 14/ -15.1%. 138, 15/ -14.3%. 139, 16/ -14.8%. 140, 141, 142, 19/ -15.9%. 143, 20/ -14.7%. 144, 21/ 145, 22/ -15.1%. 146, -15.3%. 147, 24/ 148, 25/ 149, 26/ -15.4%. 150, -14.2%. 151, 28/ -12.9%. 152, 29/ -13.6%. 153, 03/ -15.1%. 154, 03/ 155, 03/03/ 156, 03/ -16.9%. 157, 03/ -17.6%. 158, 03/ -18.3%. 159, 07/03/ -17.2%. 160, 03/ -18.9%. 161, 03/ 162, 03/ 163, 03/ -19.7%. 164, 03/ -20.4%. 165, 03/ -18.9%. 166, 14/03/ -19.3%. 167, 15/03/ , 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -21.1%. 172, 20/03/ -21%. 173, 21/03/ -22.2%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -21.3%. 179, 03/ -19.2%. 180, 28/03/ -20.1%. 181, 29/03/ -19.6%. 182, 30/03/ 183, 31/03/ 184, -20.2%. 185, -20.3%. 186, 03/ -17.1%. 187, 188, 189, 190, 07/ 191, -16.4%. 192, -16%. 193, -16.7%. Point 194, is -17.4% %. 5 Year Performance to 01 October Calendar Year Performance -6.2% 15.7% 32.6% -40.4% -1.8% Top 10 Holdings (in alphabetical order) BHP Billiton JP Morgan Chase BNP Paribas SSgA GBP Liquidity Fund BP SSgA USD Liquidity Fund Exxon Mobil Volkswagen HSBC Wal-Mart Equity Pie chart Split with as 6 at items. 30 September 1, 2, North Euroland American Equities Equities 16% % 41. 3, 4, U.K. Non-Euro Equities Equities 15% 15. 5, Pacific Basin Equities 1 9% 10. Item 6, Japanese Equities 9% Equity Split as at 30 September North American Equities 41% Euroland Equities 16% U.K. Equities 15% Non-Euro Equities 1 Pacific Basin Equities 9% Japanese Equities 9% Industry Average Returns 1 Year 24.9% 3 Years 10.2% p.a. 5 Years -0.9% p.a. 10 Years 5.6% p.a. Performance is based on the price calculated for 01 October, 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. 30

33 ETHICAL EQUITY FUND (PENSION) Total Fund Size To generate long term capital growth by investing on an ethical basis. Actively Managed Equities State Street Global Advisors Ireland Limited 10.7m High Performance to 01 October 1 Month 1. 3 Months 5.3% YTD 15.1% 1 Year 28.8% 3 Years 10.9% p.a. 5 Years -2.5% p.a. 10 Years - 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Ethical titled Scale Equity label. 1, Fund. S 6. 2, 3, 03/ 1.2%. 4, 2.9%. 5, 3.6%. 6, 3.5%. 7, 07/ 8, 9, is 4.4%. 10, 4.2%. 11, 4.4%. 12, 4.1%. 13, 3.8%. 14, 14/ 15, 15/ 16, 16/ 3.2%. 17, 1.8%. 18, 0.9%. 19, 19/ 1.1%. 20, 20/ 0.3%. 21, 21/ 22, 22/ 23, -0.9%. 24, 24/ -2.1%. 25, 25/ -1.1%. 26, 26/ -1.5%. 27, -1.3%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 32, 0.2%. 33, 0.9%. 34, 03/ -0.7%. 35, 36, 37, -2.2%. 38, 07/ -3.6%. 39, -3.5%. 40, -5.1%. 41, -6.2%. 42, 43, 44, -6.9%. 45, 14/ -7.2%. 46, 15/ 47, 16/ -6.6%. 48, -7.5%. 49, 50, 19/ 51, 20/ -8.3%. 52, 21/ -10.2%. 53, 22/ -10.1%. 54, -12.6%. 55, 24/ -12.8%. 56, 25/ 57, 26/ 58, -10.7%. 59, 28/ -11.1%. 60, 29/ -10.5%. 61, 30/ -8.1%. 62, -7.3%. 63, 64, 03/ 65, -5.6%. 66, -6.4%. 67, -8%. 68, 07/ -6.5%. 69, -5.3%. 70, 71, 72, -4.4%. 73, -3.7%. 74, -4.3%. 75, 14/ -4.5%. 76, 15/ -6.8%. 77, 16/ 78, 79, -6.7%. 80, 19/ -8.8%. 81, 20/ -9%. 82, 21/ -9.3%. 83, 22/ -9.2%. 84, 85, 24/ 86, 25/ -7.7%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -8.2%. 94, 95, 03/ -7.8%. 96, -8.5%. 97, -8.9%. 98, 99, 07/ is 100, -10.6%. 101, -11.3%. 102, -11.4%. 103, -12.1%. 104, -12.9%. 105, 106, 14/ 107, 15/ -13.3%. 108, 16/ -12.8%. 109, -15%. 110, -15.9%. 111, 19/ -16.1%. 112, 20/ 113, 21/ 114, 22/ -16.6%. 115, -19.7%. 116, 24/ -19.3%. 117, 25/ -19.1%. 118, 26/ -16.2%. 119, 120, 28/ 121, 29/ -15.9%. 122, 30/ -17.1%. 123, 31/ -15.8%. 124, -16.3%. 125, -16.2%. 126, 03/ 127, 128, -14.7%. 129, -14.3%. 130, 07/ -16.7%. 131, -17.5%. 132, -18.2%. 133, 134, 135, -18.1%. 136, -18.8%. 137, 14/ -17.2%. 138, 15/ 139, 16/ -17.1%. 140, 141, 142, 19/ -18.1%. 143, 20/ -17.3%. 144, 21/ -17%. 145, 22/ -17.5%. 146, -17.4%. 147, 24/ 148, 25/ 149, 26/ -18%. 150, -16.5%. 151, 28/ -15.2%. 152, 29/ -15.4%. 153, 03/ -16.8%. 154, 03/ 155, 03/03/ 156, 03/ -18.4%. 157, 03/ -19.6%. 158, 03/ -20.6%. 159, 07/03/ -19.5%. 160, 03/ -20.6%. 161, 03/ 162, 03/ 163, 03/ -21.5%. 164, 03/ -22.5%. 165, 03/ -21.4%. 166, 14/03/ -20.8%. 167, 15/03/ -22.2%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -23.2%. 172, 20/03/ -24%. 173, 21/03/ -24.3%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -23.3%. 179, 03/ -20.8%. 180, 28/03/ -21.6%. 181, 29/03/ -21.5%. 182, 30/03/ 183, 31/03/ 184, -21.8%. 185, -22.2%. 186, 03/ -19.2%. 187, -17.9%. 188, -18.2%. 189, 190, 07/ 191, -18.3%. 192, -17.6%. 193, -18.4%. Point 194, is -19.2% %. 5 Year Performance to 01 October Calendar Year Performance Equity Pie chart Split with as 7 at items. 30 September 1, 2, North U.K. Equities American 14% Equities , 4, Japanese Euroland 9% 11% , 6, Non-Euro Pacific Basin Equities Equities 8% 6% 8. Item 7, Irish Equities 2% Equity Split as at 30 September -3.8% 17.1% 33.9% -45.5% -12.4% North American Equities 5 U.K. Equities 14% Japanese Equities 11% Euroland Equities 9% Top 10 Equities (in alphabetical order) Conocophillips Lowes CRH Microsoft HSBC Oracle Intel Corporation Pepsico Capital JP Morgan Chase Statoil Non-Euro Equities 8% Pacific Basin Equities 6% Irish Equities 2% Performance is based on the price calculated for 01 October, 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. 31

34 PENSION NORTH AMERICAN & PENSION UK EQUITY FUND SSgA Pension North American Top 5 Holdings (in alphabetical order) Performance to 01 October Chevron Exxon Mobil JP Morgan Chase Microsoft Wal-Mart 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Pension titled Scale North label. 1, American. (6). 2, 3, 03/ 1.4%. 4, 1.6%. 5, 1.2%. 6, 1.5%. 7, 07/ 8, 9, is 2.6%. 10, 2.4%. 11, 3%. 12, 2.6%. 13, 1.9%. 14, 14/ 15, 15/ 16, 16/ 2.6%. 17, 1.4%. 18, 0.8%. 19, 19/ 0.6%. 20, 20/ -0.2%. 21, 21/ 22, 22/ 23, -2.6%. 24, 24/ -1.9%. 25, 25/ -1.8%. 26, 26/ -1.9%. 27, -2.1%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ -0.3%. 32, -1.4%. 33, -0.6%. 34, 03/ -3.1%. 35, 36, 37, -3.4%. 38, 07/ -3.9%. 39, -3.2%. 40, 41, -6.3%. 42, 43, 44, -7.1%. 45, 14/ -7.3%. 46, 15/ -5%. 47, 16/ -5.6%. 48, -6.8%. 49, 50, 19/ 51, 20/ -6.4%. 52, 21/ -8.1%. 53, 22/ -8%. 54, 55, 24/ -9.8%. 56, 25/ 57, 26/ 58, -8.3%. 59, 28/ -10.5%. 60, 29/ -9.5%. 61, 30/ 62, -6.8%. 63, 64, 03/ 65, -5.2%. 66, -5.8%. 67, -7%. 68, 07/ -5.4%. 69, -3.6%. 70, 71, 72, -3.8%. 73, -3.3%. 74, -5.6%. 75, 14/ -5.1%. 76, 15/ -4.7%. 77, 16/ 78, 79, -5.1%. 80, 19/ -6.1%. 81, 20/ -5.7%. 82, 21/ -5.6%. 83, 22/ -5%. 84, 85, 24/ 86, 25/ -3.6%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -5.8%. 94, 95, 03/ -6.1%. 96, -7.7%. 97, -7.8%. 98, 99, 07/ is 100, , -9.4%. 102, -11%. 103, -9.6%. 104, -9.5%. 105, 106, 14/ 107, 15/ -10.6%. 108, 16/ -10.1%. 109, -12%. 110, -11.6%. 111, 19/ -14.3%. 112, 20/ 113, 21/ 114, 22/ -14.5%. 115, -14.1%. 116, 24/ -15.2%. 117, 25/ -12.7%. 118, 26/ -12.4%. 119, 120, 28/ 121, 29/ -13.8%. 122, 30/ -12.5%. 123, 31/ -11.5%. 124, -12.3%. 125, -11.1%. 126, 03/ 127, 128, -10.4%. 129, -11.3%. 130, 07/ -13.3%. 131, -13.9%. 132, -12.7%. 133, 134, 135, -13%. 136, -12.9%. 137, 14/ -12.8%. 138, 15/ -11.5%. 139, 16/ -13%. 140, 141, 142, 19/ -13.2%. 143, 20/ -13%. 144, 21/ -13.1%. 145, 22/ -12.1%. 146, -13.7%. 147, 24/ 148, 25/ 149, 26/ -13%. 150, -11.9%. 151, 28/ -11.1%. 152, 29/ -11.9%. 153, 03/ -13%. 154, 03/ 155, 03/03/ 156, 03/ -15.3%. 157, 03/ -15.4%. 158, 03/ -15.8%. 159, 07/03/ -15.5%. 160, 03/ -17.5%. 161, 03/ 162, 03/ 163, 03/ -18.1%. 164, 03/ -19.2%. 165, 03/ -16.3%. 166, 14/03/ -17.5%. 167, 15/03/ -17.4%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -19.1%. 172, 20/03/ -17%. 173, 21/03/ -18.2%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -15.3%. 179, 03/ -14.8%. 180, 28/03/ -16%. 181, 29/03/ -16.8%. 182, 30/03/ 183, 31/03/ 184, -17.4%. 185, -16.9%. 186, 03/ -13.1%. 187, 188, -13.5%. 189, 190, 07/ 191, -13.9%. 192, -13.8%. 193, -14%. 194, -15%. 195, -14.6%. 196, 197, 14/ 198, 15/ -16.3%. 199, 16/ -16.7%. 200, -16%. 201, -14.5%. 202, 19/ -14.2%. 203, 20/ 204, 21/ 205, 22/ -12.4%. 206, -13.3%. 207, 24/ -14%. 208, 25/ -13.7%. 209, 26/ -12.6%. 210, 211, 28/ Point 212, 29/ is -11.9% %. 5 Year Performance to 01 October Month 0.3% 3 Months 5.9% YTD 18.4% 1 Year 38.5% 3 Years 15.5% p.a. 5 Years 3.7% p.a. 10 Years 4.4% p.a. Industry Average Returns 1 Year 33.3% 3 Years 16.5% p.a. 5 Years 3.7% p.a. 10 Years 6. p.a. Pension UK Equity Fund Top 5 Holdings (in alphabetical order) Performance to 01 October Antofagasta BG BHP Billiton BP HSBC 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Pension titled Scale U.K label. 1, Equity. Fund (6). 2, 3, 03/ 0.7%. 4, 1.8%. 5, 2.6%. 6, 2.9%. 7, 07/ 8, 9, is 3.1%. 10, 2.7%. 11, 3.1%. 12, 3.6%. 13, 3.8%. 14, 14/ 15, 15/ 16, 16/ 4.1%. 17, 2%. 18, 1.6%. 19, 19/ 2.8%. 20, 20/ 1.2%. 21, 21/ 22, 22/ 23, 0.3%. 24, 24/ -1%. 25, 25/ 0.2%. 26, 26/. 27, 1.4%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 32, 2.3%. 33, 3.7%. 34, 03/ 1.9%. 35, 36, 37, 0.9%. 38, 07/ 39, -0.1%. 40, -1.7%. 41, -0.4%. 42, 43, 44, -2.8%. 45, 14/ -3.3%. 46, 15/ -2.9%. 47, 16/ -2.8%. 48, -4%. 49, 50, 19/ 51, 20/ -5.1%. 52, 21/ -8.1%. 53, 22/ -6.4%. 54, -9.2%. 55, 24/ -8.4%. 56, 25/ 57, 26/ 58, -6.5%. 59, 28/ -7.6%. 60, 29/ -8.3%. 61, 30/ -4.6%. 62, -5%. 63, 64, 03/ 65, -2.8%. 66, -2.7%. 67, -4.9%. 68, 07/ -2.7%. 69, -2.4%. 70, 71, 72, -1.8%. 73, -0.8%. 74, -1.6%. 75, 14/ -0.7%. 76, 15/ -3.6%. 77, 16/ 78, 79, -2.9%. 80, 19/ -3.9%. 81, 20/ -3.6%. 82, 21/ -4.5%. 83, 22/ -4.2%. 84, 85, 24/ 86, 25/ -2.7%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -3.5%. 94, 95, 03/ -3.2%. 96, -5.4%. 97, -5%. 98, 99, 07/ is 100, -7%. 101, -7.2%. 102, -7%. 103, -8%. 104, -8.8%. 105, 106, 14/ 107, 15/ -9.5%. 108, 16/ -10.4%. 109, -12%. 110, 111, 19/ -12.5%. 112, 20/ 113, 21/ 114, 22/ -13.3%. 115, -17.5%. 116, 24/ -15.1%. 117, 25/ -17.1%. 118, 26/ -12.9%. 119, 120, 28/ 121, 29/ -12.3%. 122, 30/ -14.5%. 123, 31/ -12.4%. 124, -13%. 125, -12.4%. 126, 03/ 127, 128, -10.6%. 129, -10.3%. 130, 07/ -12.7%. 131, -12.9%. 132, -14.5%. 133, 134, 135, -13.2%. 136, -14.5%. 137, 14/ -11.7%. 138, 15/ -12.3%. 139, 16/ -12.4%. 140, 141, 142, 19/ -14.7%. 143, 20/ -12.7%. 144, 21/ -13.1%. 145, 22/ -13.8%. 146, -13%. 147, 24/ 148, 25/ 149, 26/ -13.6%. 150, -11.9%. 151, 28/ -10.5%. 152, 29/ -11.3%. 153, 03/ -13.2%. 154, 03/ 155, 03/03/ 156, 03/ -14.5%. 157, 03/ -15.7%. 158, 03/ -16.2%. 159, 07/03/ -14.6%. 160, 03/ -15.4%. 161, 03/ 162, 03/ 163, 03/ -16.3%. 164, 03/ -17.4%. 165, 03/ -17%. 166, 14/03/ -15.9%. 167, 15/03/ -17.2%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -18.5%. 172, 20/03/ -20.6%. 173, 21/03/ -22.3%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -22%. 179, 03/ -19.1%. 180, 28/03/ -20.4%. 181, 29/03/ -19%. 182, 30/03/ 183, 31/03/ 184, -19.9%. 185, -20.3%. 186, 03/ -17.6%. 187, -16.7%. 188, -16.5%. 189, 190, 07/ 191, -16.4%. 192, -15.4%. 193, -16.7%. 194, -16.8%. 195, -17%. 196, 197, 14/ 198, 15/ -18.6%. 199, 16/ -19.2%. 200, -18.9%. 201, -17.2%. 202, 19/ -17.3%. 203, 20/ 204, 21/ 205, 22/ -15%. 206, -16.7%. 207, 24/ -16.6%. 208, 25/ -15.8%. 209, 26/ -15.6%. 210, 211, 28/ Point 212, 29/ is -14.5% %. 5 Year Performance to 01 October Month 2.8% 3 Months 7.6% YTD 15.5% 1 Year 29.9% 3 Years 12.5% p.a. 5 Years -1.1% p.a. 10 Years 4.1% p.a. Industry Average Returns 1 Year 24.1% 3 Years 10. p.a. 5 Years -1.1% p.a. 10 Years 4.3% p.a. Performance is based on the price calculated for 01 October, 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. 32

35 PENSION EUROPEAN FUND & EUROLAND EQUITY FUND (PENSION) SSgA Pension European Fund Top 5 Holdings (in alphabetical order) Performance to 01 October Bayer BNP Paribas Repsol Roche Volkswagen 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Pension titled Scale European label. 1,. Fund (6). 2, 3, 03/ 1.1%. 4, 1.3%. 5, 6, 1.6%. 7, 07/ 8, 9, is 2.3%. 10, 2.2%. 11, 2.6%. 12, 2.5%. 13, 3.2%. 14, 14/ 15, 15/ 16, 16/ 3.3%. 17, 2.5%. 18, 2%. 19, 19/ 2.3%. 20, 20/ 1.4%. 21, 21/ 22, 22/ 23, 0.7%. 24, 24/ -0.5%. 25, 25/ 0.2%. 26, 26/ -0.5%. 27, 0.2%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 32, 0.8%. 33, 1.3%. 34, 03/ -0.8%. 35, 36, 37, -1.5%. 38, 07/ -2.3%. 39, -1.7%. 40, -2.1%. 41, -3.2%. 42, 43, 44, -4.9%. 45, 14/ -5%. 46, 15/ -5.1%. 47, 16/ -4.3%. 48, -5.3%. 49, 50, 19/ 51, 20/ -5.9%. 52, 21/ -7.8%. 53, 22/ -6.3%. 54, -8.3%. 55, 24/ -8%. 56, 25/ 57, 26/ 58, -6.4%. 59, 28/ -7.1%. 60, 29/ -7.2%. 61, 30/ -4.9%. 62, -4.1%. 63, 64, 03/ 65, -3.1%. 66, -3.8%. 67, -4.6%. 68, 07/ -2.9%. 69, -2.5%. 70, 71, 72, -2%. 73, -1.4%. 74, -2.1%. 75, 14/ -1.9%. 76, 15/ -4.3%. 77, 16/ 78, 79, -3.8%. 80, 19/ -5.5%. 81, 20/ -5.9%. 82, 21/ -6.3%. 83, 22/ -6.1%. 84, 85, 24/ 86, 25/ -4.9%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -4.3%. 94, 95, 03/ -4.1%. 96, -4.9%. 97, -5.1%. 98, 99, 07/ is 100, -6.8%. 101, -7.1%. 102, -6.6%. 103, -7.3%. 104, -7.8%. 105, 106, 14/ 107, 15/ -8.3%. 108, 16/ -7.9%. 109, -9.8%. 110, -10.9%. 111, 19/ -11.8%. 112, 20/ 113, 21/ 114, 22/ -13.2%. 115, -18.9%. 116, 24/ -17.7%. 117, 25/ -20.7%. 118, 26/ -16.7%. 119, 120, 28/ 121, 29/ -17%. 122, 30/ -18%. 123, 31/ -16.6%. 124, -17.1%. 125, -17.4%. 126, 03/ 127, 128, -15.7%. 129, -15.6%. 130, 07/ -18.4%. 131, -17.9%. 132, -19.3%. 133, 134, 135, -19.2%. 136, -19.6%. 137, 14/ -17.1%. 138, 15/ 139, 16/ -16.8%. 140, 141, 142, 19/ -18.1%. 143, 20/ -16.6%. 144, 21/ -16.3%. 145, 22/ -17.2%. 146, -16.7%. 147, 24/ 148, 25/ 149, 26/ -17.5%. 150, -16.1%. 151, 28/ -14.9%. 152, 29/ -14.7%. 153, 03/ -16.2%. 154, 03/ 155, 03/03/ 156, 03/ -17.5%. 157, 03/ -18.5%. 158, 03/ -19.9%. 159, 07/03/ -18.4%. 160, 03/ -19.5%. 161, 03/ 162, 03/ 163, 03/ -20.4%. 164, 03/ -21.3%. 165, 03/ -20.2%. 166, 14/03/ -19.5%. 167, 15/03/ -20.4%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -21.2%. 172, 20/03/ -22%. 173, 21/03/ -22.5%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -23.1%. 179, 03/ -20.7%. 180, 28/03/ -21%. 181, 29/03/ -19.9%. 182, 30/03/ 183, 31/03/ 184, , -20.3%. 186, 03/ -17.5%. 187, -16.5%. 188, -16.9%. 189, 190, 07/ 191, -16.6%. 192, -15.9%. 193, -16.3%. 194, -16.9%. 195, -17.4%. 196, 197, 14/ 198, 15/ -18.5%. 199, 16/ -19.2%. 200, -18.8%. 201, -17.6%. 202, 19/ -18.3%. 203, 20/ 204, 21/ 205, 22/ -16.6%. 206, -17%. 207, 24/ -17.5%. 208, 25/ -17%. 209, 26/ -16.9%. 210, 211, 28/ Point 212, 29/ is -16.1% %. 5 Year Performance to 01 October Month 2.8% 3 Months 12. YTD 16.1% 1 Year 24.4% 3 Years 4. p.a. 5 Years -4.9% p.a. 10 Years 4.2% p.a. Industry Average Returns 1 Year 23.4% 3 Years 6.5% p.a. 5 Years -2.2% p.a. 10 Years 7.2% p.a. Euroland Equity Fund (pension) Top 5 Holdings (in alphabetical order) Performance to 01 October Basf SE Bayer BNP Paribas Sanofi Total 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Euroland titled Scale Equity label. 1,. Fund S.6. 2, 3, 03/ 0.9%. 4, 1.2%. 5, 6, 1.4%. 7, 07/ 8, 9, is 2.3%. 10, 2%. 11, 2.3%. 12, 2.1%. 13, 14, 14/ 15, 15/ 16, 16/ 2.8%. 17, 1.7%. 18, 1.3%. 19, 19/ 2.1%. 20, 20/ 1.3%. 21, 21/ 22, 22/ 23, 0.7%. 24, 24/ -0.4%. 25, 25/ 26, 26/. 27, 1%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 1.8%. 32, 2%. 33, 2.5%. 34, 03/ 0.6%. 35, 36, 37, 0.3%. 38, 07/ -0.4%. 39, -0.1%. 40, -0.7%. 41, -1.8%. 42, 43, 44, -3.2%. 45, 14/ -3.4%. 46, 15/ -3.1%. 47, 16/ -2.7%. 48, -3.6%. 49, 50, 19/ 51, 20/ -4.1%. 52, 21/ -5.8%. 53, 22/ -4.5%. 54, 55, 24/ -6.5%. 56, 25/ 57, 26/ 58, -4.9%. 59, 28/ -5.4%. 60, 29/ -5.6%. 61, 30/ -2.9%. 62, -2.4%. 63, 64, 03/ 65, -1%. 66, -1.7%. 67, -2.8%. 68, 07/ -1%. 69, -0.4%. 70, 71, 72, 0.3%. 73, 0.9%. 74, 0.5%. 75, 14/ 0.7%. 76, 15/ -1.4%. 77, 16/ 78, 79, -1.1%. 80, 19/ -2.9%. 81, 20/ -3%. 82, 21/ -3.4%. 83, 22/ -3%. 84, 85, 24/ 86, 25/ -1.4%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, 94, 95, 03/ -0.9%. 96, -1.8%. 97, -2%. 98, 99, 07/ is 100, -3.5%. 101, -3.7%. 102, -3.5%. 103, -4.7%. 104, -5.3%. 105, 106, 14/ 107, 15/ -5.6%. 108, 16/ -5.2%. 109, -7.4%. 110, -8.4%. 111, 19/ -9.2%. 112, 20/ 113, 21/ 114, 22/ -10.6%. 115, -16.7%. 116, 24/ -15.6%. 117, 25/ -18.8%. 118, 26/ -14.1%. 119, 120, 28/ 121, 29/ -14.4%. 122, 30/ -14.9%. 123, 31/ -13.5%. 124, -14.3%. 125, -14.5%. 126, 03/ 127, 128, -12.8%. 129, -12.5%. 130, 07/ -15.7%. 131, -15.2%. 132, -16.7%. 133, 134, 135, -16.4%. 136, -16.9%. 137, 14/ -14.1%. 138, 15/ 139, 16/ -14%. 140, 141, 142, 19/ -15.5%. 143, 20/ -13.8%. 144, 21/ -13.5%. 145, 22/ -14.4%. 146, -14%. 147, 24/ 148, 25/ 149, 26/ -15.1%. 150, -13.6%. 151, 28/ 152, 29/ -12.3%. 153, 03/ -14%. 154, 03/ 155, 03/03/ 156, 03/ -15.5%. 157, 03/ -16.3%. 158, 03/ -17.5%. 159, 07/03/ -15.9%. 160, 03/ -17.1%. 161, 03/ 162, 03/ 163, 03/ -18.1%. 164, 03/ -18.9%. 165, 03/ -17.6%. 166, 14/03/ -16.8%. 167, 15/03/ -18.2%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -18.8%. 172, 20/03/ -19.2%. 173, 21/03/ -19.9%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -20.2%. 179, 03/ -17.8%. 180, 28/03/ -18.2%. 181, 29/03/ -17.2%. 182, 30/03/ 183, 31/03/ 184, -17.5%. 185, -17.6%. 186, 03/ -15%. 187, -14%. 188, -14.8%. 189, 190, 07/ 191, -14.3%. 192, -13.5%. 193, -13.9%. 194, -14.4%. 195, -14.8%. 196, 197, 14/ 198, 15/ -16%. 199, 16/ -16.5%. 200, -16.3%. 201, -15%. 202, 19/ -15.5%. 203, 20/ 204, 21/ 205, 22/ -13.7%. 206, -14.5%. 207, 24/ -15.3%. 208, 25/ 209, 26/ -14.6%. 210, 211, 28/ Point 212, 29/ is -13.7% %. 5 Year Performance to 01 October Month 2.3% 3 Months 10.9% YTD 16.3% 1 Year 26.1% 3 Years 2.5% p.a. 5 Years -5.7% p.a. 10 Years 4.7% p.a. Industry Average Returns 1 Year 23.6% 3 Years 5.2% p.a. 5 Years -2.3% p.a. 10 Years 7.9% p.a. Performance is based on the price calculated for 01 October, 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. 33

36 PENSION PACIFIC BASIN & PENSION JAPANESE FUND SSgA Pension Pacific Basin Top 5 Holdings (in alphabetical order) Performance to 01 October BHP Industrial & Commercial Bank Of China Samsung Electronics Shinhan Financial Group Taiwan Semiconductor 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Pension titled Scale Pacific label. 1,. Basin (6). 2, 3, 03/ 2.8%. 4, 3.5%. 5, 0.7%. 6, 1.2%. 7, 07/ 8, 9, is 3.3%. 10, 2.3%. 11, 4.2%. 12, 4%. 13, 2.9%. 14, 14/ 15, 15/ 16, 16/ 3.3%. 17, 3%. 18, 0.5%. 19, 19/ 2.1%. 20, 20/ 1.2%. 21, 21/ 22, 22/ 23, -2.2%. 24, 24/ 0.7%. 25, 25/ 0.5%. 26, 26/ 0.8%. 27, 1.3%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 5.2%. 32, 5%. 33, 5.6%. 34, 03/ 2.2%. 35, 36, 37, -0.6%. 38, 07/ -0.3%. 39, 0.8%. 40, -2%. 41, -1.7%. 42, 43, 44, -4%. 45, 14/ -3.9%. 46, 15/ -1%. 47, 16/ -3%. 48, -5.1%. 49, 50, 19/ 51, 20/ -4.5%. 52, 21/ -5.7%. 53, 22/ -7.8%. 54, , 24/ -9.1%. 56, 25/ 57, 26/ 58, -5.8%. 59, 28/ -6.5%. 60, 29/ -6.9%. 61, 30/ -3.5%. 62, -2.6%. 63, 64, 03/ 65, -1.7%. 66, -1.5%. 67, -1.2%. 68, 07/ 0.8%. 69, 0.2%. 70, 71, 72, 0.1%. 73, 1.3%. 74, 0.3%. 75, 14/ -1.6%. 76, 15/ -2.4%. 77, 16/ 78, 79, -5.2%. 80, 19/ -4.5%. 81, 20/ -4.6%. 82, 21/ -4.2%. 83, 22/ -3.4%. 84, 85, 24/ 86, 25/ -0.9%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -3.5%. 94, 95, 03/ -2.1%. 96, -6.5%. 97, -4.7%. 98, 99, 07/ is 100, -7.7%. 101, -7%. 102, -7.1%. 103, -6.9%. 104, -8.8%. 105, 106, 14/ 107, 15/ -9.4%. 108, 16/ -10.8%. 109, -14.4%. 110, -12.1%. 111, 19/ -12.4%. 112, 20/ 113, 21/ 114, 22/ -15.7%. 115, -21.6%. 116, 24/ -14.8%. 117, 25/ -14.1%. 118, 26/ -10.6%. 119, 120, 28/ 121, 29/ -11.7%. 122, 30/ -13.9%. 123, 31/ -14.9%. 124, -14.2%. 125, -9.7%. 126, 03/ 127, 128, -9.6%. 129, -9.8%. 130, 07/ -13.6%. 131, -12.8%. 132, -11.7%. 133, 134, 135, -14.1%. 136, -12.5%. 137, 14/ -12.7%. 138, 15/ -10.1%. 139, 16/ -11.3%. 140, 141, 142, 19/ -12.7%. 143, 20/ -10.6%. 144, 21/ -12.7%. 145, 22/ -12%. 146, -13.2%. 147, 24/ 148, 25/ 149, 26/ -12.8%. 150, -11%. 151, 28/ -9.1%. 152, 29/ -11.8%. 153, 03/ -13%. 154, 03/ 155, 03/03/ 156, 03/ -15.6%. 157, 03/ -16.3%. 158, 03/ -16.2%. 159, 07/03/ -15%. 160, 03/ -18.7%. 161, 03/ 162, 03/ 163, 03/ -19.3%. 164, 03/ -19.4%. 165, 03/ -17.2%. 166, 14/03/ -20.7%. 167, 15/03/ -20.6%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -21%. 172, 20/03/ -20.4%. 173, 21/03/ -23.6%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -22.4%. 179, 03/ -17.5%. 180, 28/03/ -19.7%. 181, 29/03/ -18.6%. 182, 30/03/ 183, 31/03/ 184, -19.9%. 185, -19.7%. 186, 03/ -15.9%. 187, -15.2%. 188, -14.5%. 189, 190, 07/ 191, -14.7%. 192, -15%. 193, -16.3%. 194, -16.7%. 195, -15.5%. 196, 197, 14/ 198, 15/ -17.4%. 199, 16/ -17.5%. 200, -16.9%. 201, -16.7%. 202, 19/ -17.2%. 203, 20/ 204, 21/ 205, 22/ -14.1%. 206, -15.6%. 207, 24/ -13.8%. 208, 25/ -13.5%. 209, 26/ -13.2%. 210, 211, 28/ Point 212, 29/ is -13.1% %. 5 Year Performance to 01 October Month 3.5% 3 Months 8.1% YTD 14.3% 1 Year 26.7% 3 Years 9.6% p.a. 5 Years 1.3% p.a. 10 Years 10.5% p.a. Industry Average Returns 1 Year 25.3% 3 Years 11.2% p.a. 5 Years 1.3% p.a. 10 Years 10.7% p.a. Pension Japanese Fund Top 5 Holdings (in alphabetical order) Performance to 01 October Denso Kurita Water Industries Sumitomo Mitsui Financial Tokio Marine Holdings Toyota 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Pension titled Scale Japanese label. 1,. Fund (6). 2, 3, 03/ -0.5%. 4, 1.9%. 5, 1.4%. 6, 1.7%. 7, 07/ 8, 9, is 1.8%. 10, 2.2%. 11, 2.2%. 12, 3.1%. 13, 0.7%. 14, 14/ 15, 15/ 16, 16/ 1.5%. 17, -0.4%. 18,. 19, 19/ -1.1%. 20, 20/ -1.7%. 21, 21/ 22, 22/ 23, -3.7%. 24, 24/ -2.2%. 25, 25/ -3%. 26, 26/ -3.2%. 27, -5.1%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ -1.3%. 32, 0.9%. 33, 1.4%. 34, 03/ 0.1%. 35, 36, 37, -2.5%. 38, 07/ -2.4%. 39, -3.9%. 40, -5.8%. 41, -7.6%. 42, 43, 44, -8.9%. 45, 14/ -7.7%. 46, 15/ -6.3%. 47, 16/ -7.7%. 48, -7.9%. 49, 50, 19/ 51, 20/ -9%. 52, 21/ -7.6%. 53, 22/ -10.7%. 54, -9.3%. 55, 24/ -10.3%. 56, 25/ 57, 26/ 58, -8.3%. 59, 28/ -7.6%. 60, 29/ -7.9%. 61, 30/ -5.5%. 62, -3.9%. 63, 64, 03/ 65, -5%. 66, -5.5%. 67, -5.3%. 68, 07/ -4.5%. 69, -3.8%. 70, 71, 72, -4.3%. 73, -3.7%. 74, -4.6%. 75, 14/ -8%. 76, 15/ -7.9%. 77, 16/ 78, 79, 80, 19/ -10.5%. 81, 20/ -12.2%. 82, 21/ -11.9%. 83, 22/ -9.4%. 84, 85, 24/ 86, 25/ -10.3%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -12.3%. 94, 95, 03/ -12%. 96, -9.7%. 97, -13.1%. 98, 99, 07/ is 100, -13.9%. 101, 102, -13.5%. 103, -13.8%. 104, -15.9%. 105, 106, 14/ 107, 15/ -15.8%. 108, 16/ -16.3%. 109, -19.5%. 110, -17.2%. 111, 19/ -16.6%. 112, 20/ 113, 21/ 114, 22/ , -22.6%. 116, 24/ -23.1%. 117, 25/ -19.6%. 118, 26/ -16.8%. 119, 120, 28/ 121, 29/ -18.3%. 122, 30/ -17%. 123, 31/ -19.1%. 124, -16.6%. 125, -17.7%. 126, 03/ 127, 128, -15.1%. 129, -15.6%. 130, 07/ -18.3%. 131, -18.2%. 132, -19.1%. 133, 134, 135, -20.2%. 136, -19.7%. 137, 14/ -20.7%. 138, 15/ -17.6%. 139, 16/ -17.9%. 140, 141, 142, 19/ -17.7%. 143, 20/ -17.6%. 144, 21/ -19.2%. 145, 22/ -16.4%. 146, -18.8%. 147, 24/ 148, 25/ 149, 26/ -16.1%. 150, -17.2%. 151, 28/ -15.2%. 152, 29/ -16.6%. 153, 03/ -18.7%. 154, 03/ 155, 03/03/ 156, 03/ -21.5%. 157, 03/ -21.1%. 158, 03/ -21.5%. 159, 07/03/ -21.3%. 160, 03/ -23.1%. 161, 03/ 162, 03/ 163, 03/ -24.7%. 164, 03/ -23%. 165, 03/ -22.6%. 166, 14/03/ -24.7%. 167, 15/03/ -26.6%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -27%. 172, 20/03/ -24.9%. 173, 21/03/ -25.6%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -23.6%. 179, 03/ -23.7%. 180, 28/03/ -24%. 181, 29/03/ -24.2%. 182, 30/03/ 183, 31/03/ 184, -26.1%. 185, -26%. 186, 03/ -22.4%. 187, -20.5%. 188, -20.3%. 189, 190, 07/ 191, -20.2%. 192, -21.4%. 193, -22.3%. 194, -24.2%. 195, -20.8%. 196, 197, 14/ 198, 15/ -24%. 199, 16/ -23.7%. 200, -21.3%. 201, -22.9%. 202, 19/ -20.9%. 203, 20/ 204, 21/ 205, 22/ -20.3%. 206, -19.7%. 207, 24/ , 25/ -22.1%. 209, 26/ -18.4%. 210, 211, 28/ Point 212, 29/ is -17% %. 5 Year Performance to 01 October Month 1.7% 3 Months 0.3% YTD 12.1% 1 Year 9.6% 3 Years 8. p.a. 5 Years -3.4% p.a. 10 Years 0.2% p.a. Industry Average Returns 1 Year 3.9% 3 Years 5.3% p.a. 5 Years -3.5% p.a. 10 Years 1.7% p.a. Performance is based on the price calculated for 01 October, 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. 34

37 PENSION PROPERTY FUND To generate long term capital growth through a portfolio of prime commercial properties primarily in Ireland, the UK and mainland Europe. Actively Managed Property State Street Global Advisors Ireland Limited Total Fund Size 469.5m High Performance to 01 October 1 Month 0. 3 Months 0.9% YTD 4.8% 1 Year 5.7% 3 Years 6.2% p.a. 5 Years -7.4% p.a. 10 Years 2.3% p.a. 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Pension titled Scale Property label. 1,. Fund (6). 2, 3, 03/ -0.1%. 4, 5, 6, 7, 07/ 8, 9, is. 10, 0.1%. 11, 12, 0.1%. 13,. 14, 14/ 15, 15/ 16, 16/ 0.1%. 17, 0.2%. 18, 19, 19/ 20, 20/ 0.3%. 21, 21/ 22, 22/ 23, 0.6%. 24, 24/ 25, 25/ 26, 26/ 27, 0.7%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 0.6%. 32, 0.7%. 33, 34, 03/ 35, 36, 37, 38, 07/ 39, 40, 41, 42, 43, 44, 0.8%. 45, 14/ 46, 15/ 0.7%. 47, 16/ 48, 49, 50, 19/ 51, 20/ 52, 21/ 53, 22/ 0.6%. 54, 0.5%. 55, 24/ 56, 25/ 57, 26/ 58, 59, 28/ 60, 29/ 0.6%. 61, 30/ 0.7%. 62, 0.6%. 63, 64, 03/ 65, -1.9%. 66, -2.2%. 67, -2.3%. 68, 07/ -2.4%. 69, 70, 71, 72, -2.2%. 73, -2.1%. 74, -1.9%. 75, 14/ 76, 15/ -2%. 77, 16/ 78, 79, 80, 19/ -2.1%. 81, 20/ -2.9%. 82, 21/ -3%. 83, 22/ -3.2%. 84, 85, 24/ 86, 25/ -3.1%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -3.7%. 94, 95, 03/ -3%. 96, 97, 98, 99, 07/ is 100, -3.1%. 101, -3.2%. 102, -3.3%. 103, -3.4%. 104, -3.5%. 105, 106, 14/ 107, 15/ -3.4%. 108, 16/ -3.6%. 109, -3.4%. 110, 111, 19/ 112, 20/ 113, 21/ 114, 22/ 115, -3.3%. 116, 24/ -3.4%. 117, 25/ -3.3%. 118, 26/ -3.5%. 119, 120, 28/ 121, 29/ -3.4%. 122, 30/ 123, 31/ -3.3%. 124, 125, -3.2%. 126, 03/ 127, 128, -3.1%. 129, 130, 07/ -3%. 131, -3.5%. 132, -3.4%. 133, 134, 135, -3.5%. 136, -3.4%. 137, 14/ -3.6%. 138, 15/ -3.4%. 139, 16/ 140, 141, 142, 19/ 143, 20/ 144, 21/ 145, 22/ 146, -3.3%. 147, 24/ 148, 25/ 149, 26/ 150, -4.4%. 151, 28/ 152, 29/ 153, 03/ 154, 03/ 155, 03/03/ 156, 03/ -6.2%. 157, 03/ -6.3%. 158, 03/ 159, 07/03/ -6.4%. 160, 03/ -6.2%. 161, 03/ 162, 03/ 163, 03/ 164, 03/ -6.3%. 165, 03/ -6.4%. 166, 14/03/ 167, 15/03/ 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -6.3%. 172, 20/03/ -6.4%. 173, 21/03/ -6.3%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ 179, 03/ -6.7%. 180, 28/03/ -6.5%. 181, 29/03/ -6.4%. 182, 30/03/ 183, 31/03/ 184, 185, -6.3%. 186, 03/ -6.1%. 187, -6.2%. 188, -6.1%. 189, 190, 07/ 191, 192, 193, Point 194, is -6.3%. 5 Year Performance to 01 October Calendar Year Performance 1.2% 10.6% -7.8% -35.1% -0.4% Asset Pie chart Split with as 6 at items. 30 September 1, 2, U.K. Irish (Office) 47% 47. 3, Other Property 16% % 19. 4, 5, Irish Cash Property 7% 7. (Retail) Item 6, Irish Property (Industrial) 1% 1. Asset Split as at 30 September U.K. Property 47% Irish Property (Office) 19% Other Property 16% Irish Property (Retail) 1 Cash 7% Irish Property (Industrial) 1% Top 10 Properties (in alphabetical order) 1 Great St Helens, London 1 Rue St. Georges/34-36 Rue De Provence Eversheds House - Manchester Henderson UK Shopping Centre 15 Dacre Street, London Jodenbreestraat 15 Grosvenor Street London New Mersey Retail Park 58 Mosley Street, Manchester Industry Average Returns 1 Year 3.7% 3 Years 3.7% p.a. 5 Years -10.7% p.a. 10 Years 1.1% p.a. US Geared Property Portfolio Performance is based on the price calculated for 01 October, 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. 35

38 PENSION INDEX FUNDS 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 Sector Split as at 30 September Sector Pie chart Split with as 7 at items. 30 September 1, 2, Financials Consumer 24% Goods 24. 3, Other 15% % 19. 4, 5, IT Health 13% Care 13. 6, Energy Item 7, Industrials 9% 9. Financials 24% Consumer Goods 19% Other 15% IT 13% Health Care 1 Energy 1 Industrials 9% Pension S&P 500 Fund Sector Pie chart Split with as 7 at items. 30 September 1, 2, IT Consumer 23% 23. 3, Financials 15% Goods % 22. 4, 5, Health Energy Care 11% 12% Item 6, 7, Industrials Other 7% Sector Split as at 30 September IT 23% Consumer Goods 22% Financials 15% Health Care 12% Energy 11% Industrials 1 Other 7% Pension Nikkei 225 Fund Sector Pie chart Split with as 7 at items. 30 September 1, 2, Consumer Industrials 24% Goods % 29. 3, 4, IT Health 22% Care 22. 5, Financials 7% Item 6, 7, Other Energy 7% 1% Sector Split as at 30 September Consumer Goods 29% Industrials 24% IT 22% Health Care 1 Financials 7% Other 7% Energy 1% Pension FTSE 100 Fund Sector Pie chart Split with as 7 at items. 30 September 1, 2, Consumer Energy 2 Goods % 23. 3, 4, Industrials Financials 18% 18. 5, 6, Health IT 8% 8. Care 9% 9. Item 7, Other 4% 4. Sector Split as at 30 September Consumer Goods 23% Energy 2 Industrials 18% Financials 18% Health Care 9% IT 8% Other 4% Pension NASDAQ Fund Sector Pie chart Split with as 5 at items. 30 September 1, 2, IT Consumer 66% 66. 3, Health Care Goods 11% Item 4, 5, Industrials Other 1% 1. 2% 2. Sector Split as at 30 September IT 66% Consumer Goods 2 Health Care 11% Industrials 2% Other 1% Top 5 Stocks (in alphabetical order) Banco Santander S.A. BASF SE Sanofi S.A. Siemens AG Total S.A. Top 5 Stocks (in alphabetical order) Holding not available Top 5 Stocks (in alphabetical order) Fanuc Corp. Fast Retailing Co. Ltd. KDDI Corp. Kyocera Corp. SoftBank Corp. Top 5 Stocks (in alphabetical order) BP PLC GlaxoSmithKline PLC HSBC Holdings PLC Royal Dutch Shell PLC (CL A) Vodafone Group PLC Top 5 Stocks (in alphabetical order) Amazon.com Inc. Apple Inc. Google Inc. Cl A Microsoft Corp. Oracle Corp. Performance to 01 October 1 Month 1.2% 3 Months 9.4% YTD 10.9% 1 Year 19.5% 3 Years -0.7% p.a. 5 Years -6.8% p.a. Performance to 01 October 1 Month 0.5% 3 Months 4.8% YTD 17.3% 1 Year 35.5% 3 Years 18. p.a. 5 Years 2.8% p.a. Performance to 01 October 1 Month -0.1% 3 Months 0.3% YTD 6.2% 1 Year 6.7% 3 Years 5.9% p.a. 5 Years -1.9% p.a. Performance to 01 October 1 Month 0.4% 3 Months 5.6% YTD 10.9% 1 Year 25.3% 3 Years 12.2% p.a. 5 Years -1.5% p.a. Performance to 01 October 1 Month -1.1% 3 Months 5.7% YTD 24.5% 1 Year 37.3% 3 Years 23.8% p.a. 5 Years 9. p.a. Performance is based on the price calculated for 01 October, 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. 36

39 PENSION INDEXED ALL EQUITY FUND Total Fund Size To provide investors with exposure to a highly diversified basket of global equities Passively Managed Equity-based State Street Global Advisors Ireland Limited 47.4m High Performance to 01 October 1 Month 1.4% 3 Months 8.5% YTD 14.1% 1 Year 23.4% 3 Years 7.6% p.a. 5 Years - 10 Years - 3 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Pen titled Indexed Scale label. 1, All. Equity S6 RP. 2, 3, 03/ -0.1%. 4, 5, 6, 7, 07/ 8, 9, is. 10, -0.8%. 11, 12, 13, 14, 14/ 15, 15/ 16, 16/ -0.8%. 17, 18, 19, 19/ 20, 20/ 21, 21/ 22, 22/ 23, 1.6%. 24, 24/ 25, 25/ 26, 26/ 27, 28, 28/ 29, 29/ 30, 30/ 1.1%. 31, 31/ 32, 33, 34, 03/ 35, 36, 37, -3.2%. 38, 07/ 39, 40, 41, 42, 43, 44, -3%. 45, 14/ 46, 15/ 47, 16/ 48, 49, 50, 19/ 51, 20/ 0.2%. 52, 21/ 53, 22/ 54, 55, 24/ 56, 25/ 57, 26/ 58, 1.2%. 59, 28/ 60, 29/ 61, 30/ 62, 63, 64, 03/ 65, 0.5%. 66, 67, 68, 07/ 69, 70, 71, 72, 0.4%. 73, 74, 75, 14/ 76, 15/ 77, 16/ 78, 79, -0.3%. 80, 19/ 81, 20/ 82, 21/ 83, 22/ 84, 85, 24/ 86, 25/ 2.6%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, 4%. 94, 95, 03/ 96, 97, 3.9%. 98, 99, 07/ is 100, 4.7%. 101, 102, 103, 104, 105, 106, 14/ 107, 15/ 6.3%. 108, 16/ 109, 110, 111, 19/ 112, 20/ 113, 21/ 114, 22/ 5.8%. 115, 116, 24/ 117, 25/ 118, 26/ 119, 120, 28/ 121, 29/ 5.9%. 122, 30/ 123, 31/ 124, 125, 2.6%. 126, 03/ 127, 128, 2.1%. 129, 130, 07/ 131, 132, 133, 134, 135, 3.5%. 136, 137, 14/ 138, 15/ 139, 16/ 140, 141, 142, 19/ 0.9%. 143, 20/ 144, 21/ 145, 22/ 146, 147, 24/ 148, 25/ 149, 26/ 3.6%. 150, 3.5%. 151, 28/ 152, 03/ 153, 03/ 3.6%. 154, 03/03/ 155, 03/ 156, 03/ 3.2%. 157, 03/ 5.8%. 158, 07/03/ 159, 03/ 160, 03/ 7.2%. 161, 03/ 162, 03/ 163, 03/ 5.8%. 164, 03/ 165, 14/03/ 166, 15/03/ 167, 16/03/ 168, 03/ 169, 03/ 170, 19/03/ 8.5%. 171, 20/03/ 172, 21/03/ 173, 22/03/ 174, 03/ 175, 24/03/ 176, 25/03/ 177, 26/03/ 9.7%. 178, 03/ 179, 28/03/ 180, 29/03/ 181, 30/03/ 182, 31/03/ 183, 184, 10.8%. 185, 03/ 186, 187, 188, 189, 07/ 190, 191, 10.9%. 192, 193, Point 194, is 13.2%. 3 Year Performance to 01 October / 28/ 07/ 24/ 19/ 03/ Calendar Year Performance Equity Pie chart Split with as 6 at items. 30 September 1, 2, Eurozone North American 51% 51. 3, Pacific Basin Equities Equities 5% 32% , 5, UK Japanese Equities Equities 5% 5. Item 6, Non Eurozone 3% 3. 4% 4. Equity Split as at 30 September -6.6% 13.1% 29.1% - - Eurozone 51% North American Equities 32% Pacific Basin Equities 5% Top 10 Holdings (in alphabetical order) Anheuser-Busch InBev Sanofi S.A. Apple Inc. SAP AG Banco Santander S.A. Siemens AG BASF SE Telefonica S.A. Bayer AG Total S.A. UK Equities 5% Japanese Equities 4% Non Eurozone 3% Performance is based on the price calculated for 01 October, 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. 37

40 PENSION IRISH EQUITY Total Fund Size To generate long term capital growth by investing in a portfolio of Irish equities Actively Managed Equities State Street Global Advisors Ireland Limited 63.2m Very High Performance to 01 October 1 Month 4.6% 3 Months 9.1% YTD 20.5% 1 Year 34.2% 3 Years 4.2% p.a. 5 Years -11.9% p.a. 10 Years 1.2% p.a. 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Pension titled Scale Irish label. 1, Equity. (6). 2, 3, 03/ 2.1%. 4, 5.1%. 5, 6.9%. 6, 7.6%. 7, 07/ 8, 9, is 8.8%. 10, 7.9%. 11, 7.1%. 12, 6.6%. 13, 4.8%. 14, 14/ 15, 15/ 16, 16/ 2.4%. 17, 0.4%. 18,. 19, 19/ 1.1%. 20, 20/ -0.2%. 21, 21/ 22, 22/ 23, -1%. 24, 24/ -3%. 25, 25/ -1.7%. 26, 26/ 27, -1.8%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ -0.3%. 32, -1.4%. 33, -0.3%. 34, 03/ -2.3%. 35, 36, 37, -3.7%. 38, 07/ -5.4%. 39, -6.3%. 40, -9.3%. 41, -10.9%. 42, 43, 44, , 14/ -9.2%. 46, 15/ -8.8%. 47, 16/ -10.7%. 48, -11.6%. 49, 50, 19/ 51, 20/ -11.7%. 52, 21/ -14.4%. 53, 22/ -15.7%. 54, -18.7%. 55, 24/ -19.5%. 56, 25/ 57, 26/ 58, -16.1%. 59, 28/ -16.6%. 60, 29/ -14.8%. 61, 30/ -11.5%. 62, -11.2%. 63, 64, 03/ 65, -8.6%. 66, -10.6%. 67, -13%. 68, 07/ -11.7%. 69, -10.3%. 70, 71, 72, -7.6%. 73, -5.8%. 74, -6.8%. 75, 14/ -7.2%. 76, 15/ -10.6%. 77, 16/ 78, 79, -9.8%. 80, 19/ -12.1%. 81, 20/ 82, 21/ -12.9%. 83, 22/ -13.5%. 84, 85, 24/ 86, 25/ -11.6%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -11.8%. 94, 95, 03/ -11.4%. 96, -11.3%. 97, -11.2%. 98, 99, 07/ is 100, -11.9%. 101, -13%. 102, -12.9%. 103, -15.8%. 104, -16.9%. 105, 106, 14/ 107, 15/ -16.2%. 108, 16/ -15.4%. 109, -18.6%. 110, -18.9%. 111, 19/ -18.1%. 112, 20/ 113, 21/ 114, 22/ -17.9%. 115, -20.7%. 116, 24/ -17.8%. 117, 25/ -17.4%. 118, 26/ -13.5%. 119, 120, 28/ 121, 29/ -14.2%. 122, 30/ -15.9%. 123, 31/ -14.7%. 124, -14.8%. 125, -16.1%. 126, 03/ 127, 128, -13.9%. 129, -13.4%. 130, 07/ -17%. 131, -17.1%. 132, -19%. 133, 134, 135, -18.5%. 136, -19%. 137, 14/ -17.2%. 138, 15/ -17.7%. 139, 16/ -18.4%. 140, 141, 142, 19/ -19%. 143, 20/ -18.7%. 144, 21/ 145, 22/ -18.3%. 146, -18.8%. 147, 24/ 148, 25/ 149, 26/ , -18.1%. 151, 28/ -16.1%. 152, 29/ -16.6%. 153, 03/ -17.8%. 154, 03/ 155, 03/03/ 156, 03/ -19.6%. 157, 03/ -21%. 158, 03/ -22%. 159, 07/03/ -19.9%. 160, 03/ -22.2%. 161, 03/ 162, 03/ 163, 03/ -22.4%. 164, 03/ -23%. 165, 03/ -22.1%. 166, 14/03/ -20.8%. 167, 15/03/ -22.8%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -23.5%. 172, 20/03/ -24.9%. 173, 21/03/ -25.5%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -22.9%. 179, 03/ -19.7%. 180, 28/03/ -20.8%. 181, 29/03/ -20.6%. 182, 30/03/ 183, 31/03/ 184, 185, -21.8%. 186, 03/ -18.3%. 187, -16.9%. 188, -19.3%. 189, 190, 07/ 191, -19.2%. 192, -18.7%. 193, -19.8%. Point 194, is -20.6% %. 5 Year Performance to 01 October Calendar Year Performance 3.7% 0.5% % -28.2% Top 10 Holdings (in alphabetical order) Industry Average Returns 1 Year 32.3% 3 Years 2.7% p.a. 5 Years -13.1% p.a. 10 Years 0.5% p.a. Aryzta CRH DCC Dragon Oil Elan Grafton Irish Contl Kerry Group Kingspan Ryanair Performance is based on the price calculated for 01 October, 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. 38

41 DAVY GEARED HIGH YIELD FUND (PENSION) To generate long term capital growth with a relatively high, yet sustainable, flow of income for the fund, using borrowings to increase exposure to these equities Actively Managed High yield equities Davy Asset Management Number Of Stocks 47 Total Fund Size 154.4m Very High Performance to 01 October 1 Month 0.2% 3 Months 6.6% YTD 15.1% 1 Year 30.4% 3 Years 14.6% p.a. 5 Years -5.2% p.a. 10 Years - 5 Line Year graph Performance with 1 line to and October points. Y Line scale 1, Geared titled Scale High label. 1, Yld. Fund S6. 2, 3, 03/ 1.8%. 4, 4.1%. 5, 5.2%. 6, 5.7%. 7, 07/ 8, 9, is 6.9%. 10, 6.3%. 11, 6.6%. 12, 6%. 13, 5.4%. 14, 14/ 15, 15/ 16, 16/ 5.1%. 17, 2.6%. 18, 1.6%. 19, 19/ 2.8%. 20, 20/ 1.3%. 21, 21/ 22, 22/ 23, 0.3%. 24, 24/ -1.3%. 25, 25/ 0.3%. 26, 26/ -0.6%. 27, -0.1%. 28, 28/ 29, 29/ 30, 30/ 31, 31/ 1.1%. 32, 2.7%. 33, 4.1%. 34, 03/ 1.6%. 35, 36, 37, -0.3%. 38, 07/ -1.7%. 39, -2.3%. 40, -5.1%. 41, -7.2%. 42, 43, 44, -8.7%. 45, 14/ -8.3%. 46, 15/ -7%. 47, 16/ -7.4%. 48, -9.1%. 49, 50, 19/ 51, 20/ -10.1%. 52, 21/ -13%. 53, 22/ -12.6%. 54, -16.6%. 55, 24/ -16%. 56, 25/ 57, 26/ 58, -13.6%. 59, 28/ 60, 29/ -14.6%. 61, 30/ -11.5%. 62, -11.3%. 63, 64, 03/ 65, -9.3%. 66, -9.9%. 67, -12.2%. 68, 07/ -10.1%. 69, -8.8%. 70, 71, 72, -7.7%. 73, -7%. 74, -8.1%. 75, 14/ -7.6%. 76, 15/ -10.7%. 77, 16/ 78, 79, -10.1%. 80, 19/ -12.4%. 81, 20/ -12.5%. 82, 21/ -13.8%. 83, 22/ -13.6%. 84, 85, 24/ 86, 25/ -11.7%. 87, 26/ 88, 89, 28/ 90, 29/ 91, 30/ 92, 31/ 93, -12.4%. 94, 95, 03/ -12.6%. 96, -14%. 97, -14.2%. 98, 99, 07/ is 100, -16.3%. 101, -16.4%. 102, -16.2%. 103, -17.7%. 104, -18.3%. 105, 106, 14/ 107, 15/ -19.2%. 108, 16/ -18.9%. 109, -21.8%. 110, -21.7%. 111, 19/ -22.3%. 112, 20/ 113, 21/ 114, 22/ -23.3%. 115, -27.6%. 116, 24/ -26.5%. 117, 25/ -28.2%. 118, 26/ -23.3%. 119, 120, 28/ 121, 29/ -24.1%. 122, 30/ -25.1%. 123, 31/ -23.5%. 124, -24.1%. 125, -24.5%. 126, 03/ 127, 128, 129, -22.2%. 130, 07/ -25.7%. 131, -25.5%. 132, -27.2%. 133, 134, 135, -27%. 136, -28%. 137, 14/ -25.4%. 138, 15/ -25.3%. 139, 16/ -25.4%. 140, 141, 142, 19/ -27.4%. 143, 20/ -25.5%. 144, 21/ -25.3%. 145, 22/ 146, -25.8%. 147, 24/ 148, 25/ 149, 26/ -26.7%. 150, -24.2%. 151, 28/ -22.8%. 152, 29/ -23.6%. 153, 03/ -25.8%. 154, 03/ 155, 03/03/ 156, 03/ -27.8%. 157, 03/ -29.2%. 158, 03/ -30.4%. 159, 07/03/ -28.5%. 160, 03/ -30.7%. 161, 03/ 162, 03/ 163, 03/ -31.3%. 164, 03/ -31.8%. 165, 03/ , 14/03/ -29.4%. 167, 15/03/ -31.2%. 168, 16/03/ 169, 03/ 170, 03/ 171, 19/03/ -32.5%. 172, 20/03/ -32.8%. 173, 21/03/ -33.4%. 174, 22/03/ 175, 03/ 176, 24/03/ 177, 25/03/ 178, 26/03/ -31.8%. 179, 03/ -29.3%. 180, 28/03/ -30.6%. 181, 29/03/ -29.8%. 182, 30/03/ 183, 31/03/ 184, 185, -30.8%. 186, 03/ -26.8%. 187, -25.8%. 188, 189, 190, 07/ 191, -26.8%. 192, -26.4%. 193, -27.4%. Point 194, is -28.3% %. 5 Year Performance to 01 October Calendar Year Performance -7.4% 29.1% 31.3% -51.8% -21.1% Equity Pie chart Split with as 4 at items. 30 September 1, 2, North UK Equities American 28% Equities % 37. Item 3, 4, Pacific European Basin Equities Equities 16% 19% Equity Split as at 30 September North American Equities 37% UK Equities 28% Top 10 Holdings (in alphabetical order) Allianz Imperial Tobacco Barclays Johnson & Johnson BHP Billiton Microsoft Corp Exxon Mobil Pfizer HSBC Royal Dutch Shell Pacific Basin Equities 19% European Equities 16% Gearing Ratio as at 30 September 52% Sector Pie chart Split with as 10 at items. 30 September 1, 2, Financial Consumer 2 Staples 20. 3, Industrial 15% % 16. 4, 5, Healthcare Technology 11% 11% 11. 6, Energy 9% , 8, Consumer Basic Materails Discretionary 5% 5. 6% 6. Item 9, 10, Other Communications 4% 4. 3% 3. Sector Split as at 30 September Financial 2 Consumer Staples 16% Industrial 15% Healthcare 11% Technology 11% Energy 9% Consumer Discretionary 6% Basic Materails 5% Other 4% Communications 3% Performance is based on the price calculated for 01 October, 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. 39

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 Retirement Fund Retirement Fund Retirement Fund Retirement Fund Retirement Fund Retirement Fund Retirement Fund 2024 Onwards Consensus IRIS Funds Consensus IRIS Consensus IRIS Consensus IRIS Consensus IRIS Consensus IRIS Consensus IRIS Consensus IRIS Consensus IRIS 2024 Onwards Years % p.a. Warning: These funds may be affected by changes in currency exchange rates. Note: Performance is based on the price calculated for 01 October, 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. 40

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 Low Pension Funds Pension Cash Fund Medium Pension Funds Pension Gilt Fund Elements (Pension) Protected Assets Fund (pension) BNYM Global Real Return Fund (Pension) Medium to High Pension Funds Income & Growth Fund (pension) Pension Evergreen Fund Pension Managed Fund Ethical Managed Fund (pension) Pension Consensus Fund KBI Pension Managed Fund Friends First Mixed Fund High Pension Funds Pension Davy High Yield Equity Trilogy II Fund (pension) Discovery (pension) Innovator (pension) Alternative Energy (pension) Water Fund (pension) Spotlight (pension) Pension Equity Fund Pension International Ethical Equity Fund (pension) Pension North American Pension UK Equity Fund Pension European Fund Euroland Equity Fund (pension) Years % p.a. Pension Pacific Basin Pension Japanese Fund Pension Property Fund Pension Eurostoxx 50 Fund Pension Nikkei 225 Fund Pension S&P 500 Fund Pension NASDAQ Fund Pension FTSE 100 Fund Pension Indexed All Equity Fund Warning: These funds may be affected by changes in currency exchange rates. Note: Performance is based on the price calculated for 01 October, 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. 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 Bank of Ireland Life. Bank of Ireland Life 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. 41

44 PERFORMANCE - PENSION FUNDS (CONTINUED) Very High 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 Davy Geared High Yield Fund (pension) Years % p.a. Warning: These funds may be affected by changes in currency exchange rates. Note: Performance is based on the price calculated for 01 October, 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. 42

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47 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: Past performance is not a reliable guide to future performance Warning: Warning: If For you SecureAdvantage, invest in these funds, if you you cash could in your lose investment some or all (where of the option money that exists) you before invest. the maturity date, you may lose some or all of the money you put in + Lines are open from 8.00am to 6.00pm, Monday to Friday.To improve our service to you, calls may be recorded. Call charges may vary depending on your service provider. 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. Warning: These funds may be affected by changes in currency exchange rates 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 Warning: be incompletethe or condensed. value All ofopinions your and investment estimates constitute maybest gojudgement downat as thewell time ofas publication up 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 Warning: stocks/assets Pastis performance not a recommendation isto not purchasea reliable or sell thoseguide stocks/assets. future In the event performance of any changes in taxation or legislation, Bank of Ireland Life 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 Warning: For SecureAdvantage, if you cash in your investment (where option exists) before the maturity date, you may lose some or all of the money you put in over time. Bank of Ireland Life is a trading name of New Ireland Assurance Company plc. New Ireland Assurance Company plc trading as Bank of Ireland Life is regulated by the Central Bank of Ireland. A member of Bank of Ireland Group. Davy Asset Management is regulated by the Central Bank of Ireland. Bloxham Stockbrokers is a member of the Irish Stock Exchange and the London Stock Exchange. Bloxham Stockbrokers is regulated + Kleinwort Lines are Benson byopen the Financial from Investors 8.00am Regulator. Dublin 6.00pm, Ltd is regulated Monday to by Friday.To the Central improve Bank of our Ireland. service to you, calls may be recorded. Call charges may vary depending on your service provider. KBC Friends Asset First Management Life Assurance Limited Company is regulated Limited by is the regulated Financial by the Regulator. Central Bank of Ireland. F&C Ireland Limited is regulated by the Central Bank of Ireland. Friends Terms and First conditions Life Assurance apply. Company Where relevant Limited lifeis assurance regulated by taxthe applies. Financial Investing Regulator. in a geared F&C Ireland fund orlimited a fund is that regulated containsby anthe Financial element State Street of Regulator. gearing Global can Advisors lead to Ireland potentially Limited increased is regulated returns by the when Central asset Bank growth of Ireland. is positive, Incorporated however it and should registered be noted in Ireland that any at losses 2 Park are Place, magnified. Upper Hatch In thestreet, event Dublin that the2. investment Registered does number not perform as Member intended of the an Irish investor Association may notof receive Investment back all Managers. of their original capital and in extreme circumstances may lose their entire capital. 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 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 umbrella type investment company with variable capital (ICVC) and segregated liability between sub-funds, incorporated with limited specific issue without taking appropriate financial, insurance investment or other professional advice. While the information has liability under the laws of Ireland. It qualifies and is authorised in Ireland by the Central Bank of Ireland as an undertaking for collective been taken from sources we believe to be reliable, we do not guarantee their accuracy or completeness and any such information may investment be incomplete in transferable or condensed. securities All pursuant opinions to and the estimates European constitute Communities best (Undertakings judgement at the for Collective time of publication Investment and in are Transferable subject to Securities) change without Regulations, notice. The (S1. content No. of 352 this of document ), as is amended. for information The Manager purposes of BNY only and Mellon does Global not constitute Funds, plc anis offer BNY or Mellon Glob al recommendation Management Limited. to buy BNY or sell Mellon anyglobal investment Management or to subscribe Limited, to33 any Sir investment John Rogerson's management Quay, Dublin or advisory 2, Ireland. service. The Mention Manager of is individual approved stocks/assets a management is not company a recommendation and regulated to purchase by the Central or sell Bank those of stocks/assets. Ireland under the In the European event of Communities any changes(undertakings taxation for legislation, Collective Investment Bank of Ireland in Transferable Life may amend Securities) the terms Regulations, and conditions (S1. of the No. relevant 352 of ), contract as toamended. take account The Global of any such (ex. US) Distributor changes. of BNY Mellon If there Global is any Funds, conflict plc between is BNY Mellon this document Asset Management and the Policy International Conditions, Limited. the Policy BNY Conditions Mellon Asset will Management apply. The details International shown Limited, relating BNY Mellon to all of Global thesemanagement Funds and their Limited compositions (BNY MGM), arenewton as at theand dates any stated other BNY throughout Mellon this entity document mentioned andare may all change ultimately over owned time. by The Bank of New York Mellon Corporation. New Ireland Assurance Company plc trading as Bank of Ireland Life is regulated by the Central Bank of Ireland. A member of the Bank of Ireland Group. Bank of Ireland Insurance & Investments Limited and Bank of Ireland are regulated by the Central Bank of Ireland and are tied agents of New Ireland Assurance Company plc. Bloxham Stockbrokers is a member of the Irish Stock Exchange and the London Stock Exchange. Bloxham Stockbrokers is Bloxham regulated Stockbrokers by the Central is Bank a member of Ireland. of the Irish Stock Exchange and the London Stock Exchange. Bloxham Stockbrokers is regulated Kleinwort Benson by the Financial Investors Regulator. Dublin Ltd is regulated by the Central Bank of Ireland. KBC Friends Asset First Management Life Assurance Limited Company is regulated Limited by is the regulated Financial by the Regulator. Central Bank of Ireland. F&C Ireland Limited is regulated by the Central Bank of Ireland. Friends First Life Assurance Company Limited is regulated by the Financial Regulator. F&C Ireland Limited is regulated by the Financial State Street Regulator. 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 Member of the Irish Association of Investment Managers.

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