Capital Link Forum

1. Capital Link Forum The New Ireland Fund, Inc. April, 2005 Presented by Deirdre Kennedy Senior Equity Manager Bank of Ireland Asset Management

2. The Irish growth story continues… One of Europe’s fastest growing economies Source: Davy/Irish Central Bank

3. ...as Irish fundamentals drive premium growth One of Europe’s major success stories • Supportive demographics • Flexible labor markets • Low corporate tax regime • Pro-business environment attractive to multinationals • Strong government finances

4. Ireland has a very young workforce... Population by age cohort 2002 ‘000 Source: NCB

5. …with the youngest median age in the EU 15... Source: Eurostat/Goodbody

6. …and the workforce is quite different from rest of Europe IRL/EU active population IRL (mn) EU (mn) Source: NCB

7. The Irish economy has become more competitive Irish relative unit wage costs Improving Source: Central Bank of Ireland/NCB

8. Adds up to high employment growth... The key to economic performance % Source: NCB

9. …and supported by healthy government finances General government debt as % of GDP % Source: NCB

10. The economy hit a soft patch for two years... Ireland Real GNP Source: Davy

11. ...but recovery underway since the spring of 2003 Ireland Real GNP Source: Davy

12. Economic success drives outperformance ISEQ relative to Eurofirst 300 Source: Davy

13. Looking forward - risks to the growth story? • Rising Euro exchange rate • Euro has already risen about 60% from its lows • An adjustment to the housing market • Support from demographics and low interest rate environment • A reduction in the flow of direct investment • The importance of grants versus a low corporate tax rate

14. But the positives remain • Favorable fiscal environment • Tax reductions and decent expenditure increases in the recent budget • Demographic, labor market and corporate tax attractions • 25-45 age group growing at 2% to 3% a year for the next decade • High proportion of college education, English speaking, low level of unionization • 12.5% tax rate committed in legislation • GNP growth forecast at 4.75% in 2005 • Premium growth relative to the rest of Europe

15. New Ireland Fund – investment style • Concentrated portfolio with 22 stocks held • Quality bias with a value discipline • Balance • Stocks directly exposed to the Irish economy • Irish companies with global growth strategies

16. Ireland’s leading bank – great play on a strong economy Allied Irish Banks Banking 16.9% of Fund 5 Yr CAGR 10 Yr CAGR EPS Growth % 7.7 11.0 Dividend Growth% 8.1 15.6 Total Shareholder return% 11.2 20.9 Valuation P/E 05 P/E 06 Yield Allied Irish Banks 11.1 10.1 4.0 International Peer Group 11.2 10.2 4.1 Source: Davy Stockbrokers

17. Successful execution of a global growth strategy CRH Building Materials 11.6% of Fund 5 Yr CAGR 10 Yr CAGR Sales Growth % 11.2 18.1 EPS Growth % 14.5 19.7 Dividend Growth % 10.5 13.1 Total Shareholder Return % 2.1 20.9 Valuation P/E 05 P/E 06 Yield CRH 11.7 10.7 1.9 European Peer Group 12.8 11.7 2.7 Source: Davy Stockbrokers

18. Sales Growth % 29.4 N/A EPS Growth % 40.7 N/A Total Shareholder Return % 14.7 N/A The winner in the sector Ryanair Airline 4.4% of Fund 5 Yr CAGR 10 Yr CAGR Valuation P/E 05 P/E 06 Yield Ryanair 15.8 13.3 - International Peer Group 20.6 16.7 - Source: Davy Stockbrokers

19. New Ireland Fund - top 10 stocks Source: BIAM, Davy

20. Demonstrating Shareholder Focus Number 1 performer in its Western European Lipper peer group over 1, 3 and 5 years $

21. $ New Ireland Fund NAV Performance The Fund repurchased 18% of shares outstanding over the past 5 years Source: PFPC, Total Return

22. Bank of Ireland Asset Management Limited is authorised by the Irish Financial Services Regulatory Authority (IFSRA) under the Investment Intermediaries Act, 1995. Past performance is not necessarily a guide to future performance. Mention of individual stocks should not be taken as a recommendation to trade in these stocks.