infrastructure & property briefing seminar 4th september 2014

Patrick Burke

Managing Director

Irish Infrastructure & Irish Property Seminar

4th September 2014

Eunice Dreelan

Director – Investment Development

Irish Infrastructure & Irish Property Seminar

4th September 2014

Irish LifeInvestment Managers

The Infrastructure JourneyMinimising Risk and Maximising Returns

September 2014

Simon Ellis

Head of Origination, AMP

The Irish Infrastructure Fund

Local and global expertise

Flagship Investor ManagerIndependent Infrastructure

Investment Manager

Experience > Established in 2001 to fund Ireland's

social welfare and public service

pensions

> NPRF Fund value of €19.9bn(2)

> Broad experience in traditional and

alternative investments, including

significant private equity holdings

> Investment mandate to change to

focus solely on commercial

investments in Ireland

> Functions managed by the National

Treasury Management Agency

> Regulated by the Central Bank of

Ireland

> Part of Great-West Lifeco

> Ireland’s largest fund manager with

€39.4bn in assets under

management(2)

> Managing assets since 1939

> 900+ domestic and international

institutional clients

> Manages assets for 24 of the 30

largest pension funds in Ireland

> Regulated by the Australian Securities and

Investments Commission

> €100bn funds under management

> One of the longest standing participants in global

infrastructure investing with 25 years experience and

over 60 infrastructure investment professionals

> A top ten global infrastructure manager(1) with

€5.3bn infrastructure FUM(2)

> Over 100 infrastructure equity and debt investments

made globally since 1988, across a range of sectors

and lifecycles

> Invested almost £1 billion in infrastructure assets

over the past 18 months

Note: (1) Towers Watson Global Alternatives Survey 2012.

(2) As of December 31st, 2013

A key strategic cornerstone investor, local fund manager and experienced international infrastructure manager

4

The Irish Infrastructure Fund1) As at 30 June 2014 in euro. Track Record represents the investment performance of AMP Capital’s infrastructure equity investments which are similar to the strategy of the Fund, as at 30 June 2014 and not the actual performance of the Fund.

See the Appendix for detailed footnotes and the full composition of the Track Record. In considering prior performance information, prospective investors should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that the Fund will achieve comparable results or be able to avoid losses. Historical returns show aggregate data from multiple investment vehicles across different economic cycles and include unrealised valuations. Therefore, no Investor has received the stated returns. Performance listed is gross and does not account for fees paid to the manager.

ASSETS26

CASH YIELD SINCE INCEPTION

6.0%GROSS IRR AND 2.2X MONEY MULTIPLEON REALISEDASSETS

16.9%GROSS IRRSINCE INCEPTION

15.4%

BILLION INVESTED€3.4

Global Track Record

of deals within the AMP

Global Infrastructure Fund’s

investment strategy(1)

5AMP Capital Infrastructure Track Record


Benefits of Investing in Infrastructure

Stable inflation

- linked cash flows Cash flows often indexed to reflect increases in inflation or

long-term interest rates. Provides a good match for long-term inflation linked liabilities

Regulated /

Contracted Regulation and/or long-term contracts make cash flow generation highly visible and stable

Long Term Mature assets have long life spans and give predictable cash flows

Income + Growth Stable long-term yields, with the potential for capital growth

Potential for value enhancement through active management

Reduced risk Attractive risk-adjusted returns

Low correlation and volatility compared with traditional asset classes

Defensive characteristics

6


Returns Across Asset Classes 7

Attractive Yield & Capital Growth Relative to other Asset Classes

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

10 Year GermanBond Yield

10 Year Irish GovtBond Yield

Cash - 12 MonthEuribor

Irish Infr IRR(Net) sinceinception

Irish Infr Yield(Net) sinceinception

Irish PropertyYield

World EquityDividend Yield

Source: as of the 29th of August - Bloomberg, FT, AMP/Irish Life


Infrastructure offers a wide spectrum of investment opportunities across multiple sectors and lifecycles with different return

and risk characteristics

Infrastructure universe: risk vs. returnR

etu

rntu

rn

Risk

Unregulated Assets

Partially Regulated

User Pays Assets

Regulated Assets

Housing

Hospitals

Education

Prisons

Courts

Gas Transmission

& Distribution

Electricity Transmission

& Distribution

Water & Wastewater

Airports

Toll Roads

Rail

Ports

Telecoms

Motorway Service

Stations

Storage

Metering

Ferry Operators

Power Generation -

Merchant

Economic Infrastructure Social Infrastructure

Greenfield Assets

New projects which are

approaching or under

construction

Source: B Capital partners, JP Morgan Asset Management, ING Bank

Availability Based

Assets

8

Irish LifeInvestment Managers

September 2014 The Irish Infrastructure Fund


The opportunity: delivering value relative to other European markets 10

Focus on assets combining a stable cash yield (5%+) and growth opportunities to produce a target IRR of 12%+

> First two assets acquired and performing well. €150m invested to date

> Immediate access to a projected 5 year average gross cash yield of 7.5%

> Excellent growth opportunities, leveraging the strategic platforms established in key sectors

Attractive portfolio of

seed assets

> First mover advantage, on the ground since 2011 and the only infrastructure fund entirely focused on Ireland

> Strong relationships established with existing owners, advisors and key Government departments

> Preferred party for management and vendors

Leading competitive

position

> Significant private sector investment in infrastructure pre global financial crisis

> State-owned assets with major capex requirements

> Live opportunities across a range of infrastructure sectors - pipeline with estimated equity requirement in

excess of €300m identified. 3 transactions targeted to close before the year end

Strong pipeline of

opportunities

> Willing / forced sellers as private sector owners look to delever balance sheets, exit non core assets and

recycle capital

> Bilateral opportunities

> Limited competition as mid-sized transactions fall underneath the radar of larger funds

Delivering relative

value


Fund performance: vindicating the relative value thesis 11

The Fund’s first two investments continue to deliver strong performance

The first two investments for the Fund are projected to generate a gross 5 year average cash yield of 7.5% based on capital

invested

First dividend paid in October 2013

To date, the Fund has delivered on its investment mandate

As at 30 June 2014 6 month Return 12 month Return IRR since acquisitionGross cash yield since

acquisition

Cyclone Wind Farms 3.7% 9.7% 11.6% 5.5%

Towercom 10.3% N/A (1) 13.2% 5.3%

Note: (1) Towercom was acquired 12 September 2013.


Inflation or GDP

correlated revenues

Key characteristics of targeted investments

Fund investment strategy 12

Monopolistic

characteristics or clear

competitive advantage

Cash flow growth

potential through

operational efficiencies

and capital projects

The Irish

Infrastructure

Fund

Monopolistic

characteristics or clear

competitive advantage

Sustainable and

predictable long-term

cash flows

High barriers to entry

that limit competition at

the asset level

Cash flow growth potential

through operational

efficiencies, capital projects

or revenue enhancing

activities

Provision of essential

services

The Fund seeks to invest in

assets that meet the

following criteria:

> Wholly or substantially

located or based in Ireland

> Predominantly operational

infrastructure assets

> Capability to invest in core

greenfield assets

> Acquired on the primary or

secondary market

> Provide potential to create

value through active asset

management

> Diversified across sectors

(energy/utilities, transport,

telecoms and PPPs) and risk

factors

Stable, cash-yielding Irish infrastructure assets with the potential to add value through active asset management


Investment universe 13

c. 230 assets

c. €10bn equity value

c. 120 assets

c. €6.0bn equity value

10 – 15 assets

€0.5 - 1bn

Irish infrastructure

universe(1)

Identified Fund target

assets

Target portfolio

Opportunities across a range of sectors

Transport

Airports

Ports

Roads

Rail

Energy /

Utilities

Gas distribution

Electricity generation

Wind

Water

Waste

TelecomsTowers infrastructure

Broadband network

PPPs

Convention centre

Education

Justice

Health

Note: (1) Includes operational and Government committed (e.g. new PPP projects announced under the Government Stimulus package) infrastructure assets across the energy/utilities,

transport, telecoms and PPP sectors. Does not include wind farm projects currently under construction or planning.

Ireland has a large universe of operational infrastructure assets


Deal prioritisation and likely funding requirements 14

There exists a sizeable pipeline of attractive opportunities which can be executed upon by the end of the year

1

Asset Timing – start of process Timing – funding

Target 1 September Nov / Dec 2014

Target 2 Now Oct / Nov 2014

Target 3 Now Nov / Dec 2014

Total priority 1 opportunities equity cheque €120 – 170m

2

3


Target 4 Sep / Oct 2014 Nov / Dec 2014

Target 5 Q4 2014 Q1 2015

Target 6 2015 H2 2015/2016



Target 7 Q4 2014 Q4 2014

Target 8 2015 2015



Seed asset: Towercom Limited 15

Overview • Towercom is the largest independent towers company in Ireland with a

portfolio of c.400 towers

• Originally spun out of eircom, the incumbent Irish telecom operator in

2007 for €155m.

• Acquired by IIF in September 2013

Key investment

highlights

• Portfolio includes many key strategic locations - planning permission for

competing towers extremely difficult to obtain

• Most revenues are derived from major MNO’s (88% of revenue comes

from top 6 customers), and most revenue is under long term customer

contracts

• A strong and experienced management team (c. 5.0% CAGR for

revenues between 2008 - 2012)

• EBITDA margin of c.85% and modest future capex => strong cash

conversion

• Conservative financing structure

Attractive pricing and

return metrics

• Acquired for a price representing of just under 10x EBITDA

• IRR since acquisition of 13.2% (as at 30 June 2014)

• Cash yield since acquisition of 5.3% (as at 30 June 2014)

Significant upside

potential

• Management forecasts assume Towercom will see more revenue

growth from network sharing than our acquisition case

• The Towercom management team could manage significantly more

towers with minimal additional cost

• Expect to use Towercom as an acquisition vehicle for further tower

opportunities in the Irish market

A combination of strong cash conversion and excellent growth potential (both organic and via acquisition)


Seed asset: Cyclone Wind Farms 16

Overview • Portfolio of operational wind farms with an enterprise value of c.€200m

completed in June 2012

• Majority interest in two wind farm portfolios in Ireland

– 75% of an 8 wind farm portfolio in the Republic of Ireland (53MW)

– 80% of a 2 wind farm portfolio in Northern Ireland (51MW)

Key investment

highlights

• Long term Power Purchase Agreements in place for all projects

• 3rd party O&M contracts in place for up to 15 years

• Excellent wind resources with P50 wind factors of up between 27-32%

• Strong cash yield – 10 year average yield of c.10% p.a. on invested equity

projected

• Conservative financing in place with gearing of c.50%

• Strong operating/availability track record reflecting strong management team

established by Viridian (co-shareholder)

• Portfolio diversified across sites (10) and regulatory regimes

Performance update • Operating well, with availability running around 97%

• Financial performance for the most recent financial year was in line with budget

• Cash yield since inception of 5.5%

Platform for growth • The Cyclone portfolio provides rare access to a controlling interest in an

existing portfolio of operational assets

• Strong on-going relationship with Viridian provides access to the development

pipeline of one of the largest developers in Ireland

Diverse portfolio with strong operational track record, delivering attractive cash yield potential


Investing now is the key to seizing the full opportunity 17

> Currently working on an attractive pipeline of transactions with a number of motivated sellers

> Live opportunities in the PPP, energy, roads and transport sectors

> In discussions with vendors on bilateral opportunities

Live deals in the next

6 months

> First two assets acquired at prices which compare favourably to those seen in similar transactions

across Europe

> Returns in the target range of 12 – 15% demonstrably available

> Projected 5 year average gross cash yields of 7.5%

Relative value thesis

demonstrated

> Ireland is returning to growth and is underpinned by stable and improving fundamentals

> Committing now is crucial to take advantage of the attractive market environment – limited competition and a

number of motivated sellers across a range of sectors

> Over time, as Ireland recovers further, the interest in Irish infrastructure assets will only increase

Attractive market

environment

> Given the strong pipeline of investment opportunities, we are confident that investor commitments can

be drawn-down over the next 6 months

Near term drawdown

of commitments


Important note

The information contained in this document, including any attachments (collectively, "Information") is issued by Irish Life Investment Managers Limited (regulated by the Central

Bank of Ireland) (“ILIM”) for providing general information about the investment capabilities referred to in the Information (“Capabilities”) and is qualified in its entirety by any

Prospectus, Supplement, Trust Deed or other relevant documentation. The Information is not intended for distribution or use in any jurisdiction where it would be contrary to

applicable laws, regulations or directives and does not constitute a recommendation, offer, solicitation or invitation to invest regarding the Capabilities.

Prospective investors should make their own inquiries and consult professional advisers as to applicable laws, regulations and directives (including any requisite governmental or

other consents or prescribed formalities) in any particular jurisdiction (including, where the Information is received) and the consequences arising from any failure to comply with

them.

While every care has been taken in preparing the Information; except as required by law, none of ILIM or their associates makes any representation or warranty as to accuracy

or completeness, including, without limitation, of any forecasts, or takes any responsibility for any loss or damage suffered as a result.

Photographic images used are for illustrative purposes only and may not represent actual images of assets or opportunities described in the Information.

The Information does not purport to be complete, does not necessarily contain all information which a prospective investor would consider material, and has been prepared

without taking account of any particular person’s objectives, financial situation or needs. Accordingly, the Information should not form the basis of any investment decision. A

person should, before deciding, consider the appropriateness of the Information, and seek professional advice, having regard to the person’s objectives, financial situation and

needs.

Past performance, forecasts and simulated performance may not be a reliable guide to future performance. The value of investments may fall as well as rise.

The Information is provided on a confidential basis and must be kept strictly confidential (with the exception of providing it to your professional advisors who are also contractually

and/or professionally bound to keep it confidential) and may not be reproduced or redistributed (in whole or in part) or otherwise made available to any other person in any format

without the express written consent of ILIM.

The Information should not be construed as an offer to sell or a solicitation of an offer to buy any security. Any sale or purchase of a security may only be made pursuant to an

offering memorandum.

18

Irish Property

Recovery built on strong foundations

Martin O’Reilly

Head of ILIM Property

Agenda

Property Market Prospects

Irish Life Pension Irish Property Fund

Drivers of Property Investment Return

Capital growth 1. Change in yield > Asset pricing

> Liquidity pressures

> Rental growth prospects

2. Rental value change > Demand for space

> Supply of space

3. Value add > Asset management

Income Return Rental income > Paid by tenants

Total Return Attribution (by sector)

Office Yield compression & strong Rental growth

Retail Yield compression with Rental values stabilising

All sectors Rental income high

Market Liquidity

Buyers

Private Equity Institutions REITS Private

Sectors

Office Retail Multi family Industrial

Transactions

€1.8bn – 2013 (96 transactions)

€1.7bn – H1 2014 (103 transactions)

Property portfolios Loan portfolios

Sellers

Banks deleveraging Back to back Resale

Asset Pricing

Property & Bonds Yields

Irish Property 7.3%

Irish long bond 1.9%

Spread 5.4%

Risk premium c.2%

Current Spread

Prime Property Yields

Peak Trough Current Trend

Office 3.75% 7.25% 5.0% Sub 5%

Retail 2.5% 6.0% 4.5% Stronger

Industrial 5.0% 10.0% 8.0% Stronger

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

11.00%EQUIVALENT YIELD

Office yield since 2012

Rental growth - Office Vacancy rate falling

Shortage of Grade A offices

Strong letting activity

Pre-let activity

Prime Office rent €40psf

Lease terms strengthening

Rents at economic rebuild levels

Selective development underway

Site sales activity

Source: JLL

Vacancy rates

Dublin Overall 16.6% Grade A 4.9% Grade B/C 11.7%

Dublin 2 Overall 11.7% Grade A 3.5% Grade B/C 8.2%

Rental growth - Retail

Consumer sentiment improving

Retail environment challenging

Prime streets & Centres v The rest

Occupancy rates improving / New entrants

Rents stabilising in prime locations

Prime Retail Rent €400 psf Zone A

Vacancy Rates

Grafton Street 2.2%

Henry Street 4.7%

Recent Irish Life lettings

Rents set to recover from recession levels

Source JLL

http://www.google.ie/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&docid=K3BPeP_-OfajAM&tbnid=hjboBOHifOfyNM:&ved=0CAUQjRw&url=http://www.tkmaxx.ie/&ei=4qdwU9C1L8SR7AbGooHgCw&psig=AFQjCNFkYp3rd8_SZcK_BrpRKOHiQ0KUHQ&ust=1399978196893209

http://www.google.ie/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&docid=K3BPeP_-OfajAM&tbnid=hjboBOHifOfyNM:&ved=0CAUQjRw&url=http://www.tkmaxx.ie/&ei=4qdwU9C1L8SR7AbGooHgCw&psig=AFQjCNFkYp3rd8_SZcK_BrpRKOHiQ0KUHQ&ust=1399978196893209

http://www.google.ie/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&docid=Lk5KiRg7Exlu5M&tbnid=Zpx9RN4d1_oTPM:&ved=0CAUQjRw&url=http://idsgn.org/posts/starbucks-reveals-new-logo-drops-wordmark/&ei=OKlwU76ANcGI7AaymoG4AQ&bvm=bv.66330100,d.ZGU&psig=AFQjCNFiC1qmHov7UdTpvk05g_HbhBG2BA&ust=1399978628119616

http://www.google.ie/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&docid=Lk5KiRg7Exlu5M&tbnid=Zpx9RN4d1_oTPM:&ved=0CAUQjRw&url=http://idsgn.org/posts/starbucks-reveals-new-logo-drops-wordmark/&ei=OKlwU76ANcGI7AaymoG4AQ&bvm=bv.66330100,d.ZGU&psig=AFQjCNFiC1qmHov7UdTpvk05g_HbhBG2BA&ust=1399978628119616

Value Add

30 Herbert Street, Dublin 2

50,000 sq.ft

Being refurbished & to let

40,000 sq ft let BBH & LGT Bank

3 Georges Dock, IFSC

25,000 sq.ft

Being refurbished & to let

2 floors let

Improving the value by direct intervention in the asset

Income Return

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Reversion

Annual income Return

Reversionary Yield 6%

High occupancy rate 96%

Trends & Prospects

Current Outlook

Liquidity Activity at record levels Weight of active buyers Volume of active sellers

To continue Changing focus New entrants

Yields Strong yield compression Lead by offices High yield gap with bonds

Prime office to stabilise Retail & industrial to fall To close with risk premium

Rental Growth Office strong with little supply Retail & industrial prime

stabilising

Strong growth to continue Recover from distressed levels

Income return High & roburst at c.7% Cornerstone trending at c.6%

ILIM Strategic Approach

Market & Sector Forecasting

Investment style Growth - rental & capital

Value-added - refurb etc.

Core income - secure & high

Portfolio Risk Management

Income management High Occupancy

Tenant issues

Grow rents


Key Fund Features

Structure Unit linked policyholder fund

Vintage Established 1971

Investor type ILIM institutional direct and managed fund clients

Liquidity Exiting investors phased over 3 years

Leverage None

Cash mandate Target 2.5%

Income Unit encashment

Sector Office, Retail, Industrial & Residential

Geography Ireland only (focus on Dublin)

Strategy Maximum total return through Income, Growth and Value add

Valuation Fair value – monthly external valuation

Pricing basis Acquisition

Property Portfolio Value €756m

Cash €48m

Number of Properties 55

Number of Leases 350+

Annual Rent Roll €52m

Vacancy Rate 5%

Average lease length 8 yrs

Current yield 7%

Key Fund Data

74%

22%

4%

Offices 21 properties

Retail 21 properties

Industrial 13properties

Property Sector Weighting July 2014

94%

6%

Dublin

Provincial

Provincial vs Dublin


Office Portfolio City Centre 2 Grand Canal Square

30 Herbert Street

3 Georges Dock

87/89 Pembroke Road

Stephen Court

Hambledon House

26-28 City Quay

Earl Court/Segrave House

80 Harcourt Street

Blks C&D Georges Quay

1 Adelaide Road

Baggott Bridge House

Blks 2 Irish Life Centre

Out of town Belfield Office Park Clonskeagh

Block 7 Beech Hill Office Park

City Gate, Mahon, Cork

% of Office Rents by Business Sector

40%

28%

25%

7% Banking & Finance

Public Admin & SemiStateOther Business Services

TMT

Retail Portfolio

Shopping Centres

St Stephens Green

ILAC Centre

Pavilions Swords

High Street

Grafton Street (6)

Henry/Mary Street (3+)

Patrick Street (2)

Others (5)

Retail Parks

Coolock Retail Park (9)

Retail Sub-sector Weighting

37%

8%41%

14%

High Street Other City Centre

Shopping Centre Retail Park

Recent Acquisitions

87/89 Pembroke Road, Ballsbridge• 30,000 sq.ft• Passing Rent €1m• Bank of Ireland, ECDL, US Embassy• WAULT 21 years

1 Adelaide Road, Dublin 2• 60,000 sq.ft• Passing Rent €2.375m• AIB

• Unexpired lease term 10 years

2 Grand Canal Square, Dublin 2• 149,000 sq.ft - BREAM Excellent• Rent Passing €4.44m• William Fry & Capita• WAULT 14.7 yrs

Blocks A & B City Gate Park, Cork• New Office development• 216,000sq.ft• Let to EMC Information Systems, FireEye, RDJ solicitors, DFS,

Starbucks, Energie

30 Herbert Street, Dublin 2• 50,000 sq.ft• Being refurbished & to let• 40,000 sq ft in advanced negotiation

3 Georges Dock, IFSC• 25,000 sq.ft

• Being refurbished & to let

• 2 floors let

ExclusiveIrish Life under exclusivity on new acquisition

Henry Street Dublin 1

Prime retail parade 100% prime pitch Strong retailer line up

Rents primed for recovery Opportunities to add value

Reasons Why


High quality property portfolio

Strong & experienced team

Clear strategy & process

Strong track record

Pension Case Study

Colm O’Neill

Chief Investment Officer

Case Study

60%40%

Long Dated Matching Bonds

Growth Assets

Considerations for Growth Assets Return Expectations Diversification Drawdown Liquidity

Defined Benefit Closed to new entrants since 2007 Significant active membership Growth Assets, targeting Bond return + 3%

Infrastructure: Attractive Risk and Return Characteristics

Return Analysis Unlisted Infrastructure

FTSE Wld EMU 5yr+

Annualised Return 7.8% 5.0% 7.0%Annualised Volatility 6.3% 13.9% 6.3%Max Drawdown -7.8% -48.2% -8.7%

Risk Adjusted Returns 1.2 0.4 1.1

Correlation 0.0 0.5

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

Mar-07 Dec-07 Sep-08 Jun-09 Mar-10 Dec-10 Sep-11 Jun-12 Mar-13 Dec-13

Unlisted Infrastructure FTSE Wld EMU 5yr+

Underwater Chart - Unlisted Infrastructure Vs Other Asset ClassesCumulative Returns

50%

75%

100%

125%

150%

175%

200%

Mar-07 Dec-07 Sep-08 Jun-09 Mar-10 Dec-10 Sep-11 Jun-12 Mar-13 Dec-13

Unlisted Infrastructure FTSE Wld EMU 5yr+

March 2007 – August 2014 / Source: AMP / ILIM

Irish Property: Capital Recovery with Attractive Yield

August 2004 – August 2014 / Source: ILIM

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

Aug-04 Sep-05 Oct-06 Nov-07 Dec-08 Jan-10 Feb-11 Mar-12 Apr-13 May-14

Irish Property FTSE Wld EMU 5yr+

Underwater Chart - Irish Property Vs Other Asset ClassesCumulative Returns

50%

75%

100%

125%

150%

175%

200%

225%

Aug-04 Sep-05 Oct-06 Nov-07 Dec-08 Jan-10 Feb-11 Mar-12 Apr-13 May-14

Irish Property FTSE Wld EMU 5yr+

LiquidityInfrastructure

Long term investment

Exit Options Matching buyers Asset sales Changes to gearing within fund

Venture Capital?

Access Direct investment Irish Life unit linked fund

Irish Property

Medium to long term investment

Exit Terms DC demographic exits: Immediate access Scheme exits: Phased over 3 years Schemes in wind up: Exit facilitated

Net acquirer of property through the Global Financial Crisis

Growth Asset Allocation

40%

43%

7%10%

Long Dated Matching BondsRisk Managed EquitiesAbsolute ReturnReal Assets

Irish PropertyEuropean PropertyInfrastructure

5.7%2.5%

1.8%

Irish Property Infrastructure

Long term return expectations

6% 8% +

Short term return expectation

8% + 8% +

Cash Distribution 5% - 6%

Diversification Improved Improved

Drawdown Potentially high Low

Liquidity Spread over 3 years Managed

Questions?

Thank You