investment edge quarter 1 2011

Volume 4 Quarter 1 2011

Investment Edge

Canada Life is a leading provider of life, pensions and investments with over 100 years’ experience serving the financial planning needs of our customers in the Irish market. We receive consistently high financial ratings from the independent rating agencies including a AA* rating from Standard & Poor’s.

We only partner with the best investment managers to offer a broad range of choice to Irish investors. And we are backed by strength. Our parent is Great-West Life, one of the world’s leading life assurance companies, making us one of the largest and strongest life and pension companies operating in the Irish market today.

* The financial rating shown for the Canada Life Assurance Company is provided by Standard & Poor’s. Standard & Poor’s is a rating agency which provides ratings on the financial strength of companies. This information is correct at the time of going to print.

Welcome to the second quarter edition of Investment Edge. The second quarter was a mixed bag for markets and overall the MSCI World Index fell by 0.9% in Euro terms during the period. Equity markets initially started 2011 where they had left off last year by extending the rally that began last summer on the back of strong corporate earnings and positive economic momentum. By late February, equities began what many commentators believed was an overdue correction prompted by increasing political unrest in the Middle East and rising inflation concerns. The pullback intensified following the massive earthquake and tsunami in Japan in mid-March. Markets regained some ground in the

second half of March as the economic impact of the earthquake in Japan was not expected to have a significant effect on global growth and there was some further positive US economic data.

Developed equity markets broadly outperformed emerging equity markets; however, that trend began to reverse late in the quarter. Sector performance varied throughout the quarter and finished with energy being the only sector to produce a gain during the quarter benefiting from robust demand and tensions in the Middle East.

At home another round of stress tests of Irish banks commissioned by the Central Bank of Ireland revealed new capital requirements of €24 billion, and led to the new government following up with plans to restructure the industry including plans to merge AIB with EBS and to have 2 main banking pillars. The government also changed their pre election stance on their intention to impose losses on bank senior bondholders, providing some respite for financial institutions and investors that hold the debt. The total cost of the bank bailout to date is estimated to be €70 billion.

European markets performed well during the quarter and despite the recent downgrades of debt in Ireland, Portugal and Spain, equity markets in peripheral Europe out-performed the broader European index. Out-performance was driven by the unexpected progress made by eurozone leaders in addressing the structure of bailout mechanisms and repayment conditions of existing loans. Robust fourth-quarter earnings reports, accommodative monetary policy and improving economic momentum drove strong performance by US equity markets as well. Equity markets in Russia and Canada, whose economies are leveraged to higher energy prices, also out-performed.

Japanese equities, which had been outperforming since early November on a weaker yen and an improving economy, dropped dramatically in the days following the earthquake and tsunami. They finished the quarter well behind the global benchmark.

As we moved into April the European Central Bank increased interest rates for the first time since July 2008 in response to an increase in eurozone inflation. The quarter percentage point interest rate hike was entirely expected, and the focus has now shifted to discerning what the bank’s next move will be.

While some form of correction has been expected as markets have now increased by over 70% since the trough of March 2009 conditions still seem relatively positive for equity markets. However, there are some risks to this favourable environment including an escalation of Middle East tensions that forces oil prices higher, a policy error by central banks in increasing interest rates too quickly, the end of quantitative easing in June and its impact on the US economy and a hard economic landing in emerging economies.

In the Spotlight section of this issue we focus on the importance of dividends as a major component of stock returns to long term investors. We highlight our successful Canada Life/ Setanta Dividend Fund which follows a value investing philosophy and looks for companies paying above average dividends. The case for dividend based investing is a strong one and dividend payouts are expected to increase this year as many companies distribute more of their surplus cash from improving earnings.

Michael HayesInvestment Development Manager

Warning: Past performance is not a reliable guide to future performance.The value of your investment may go down as well as up.

Canada Life Assurance (Ireland) Limited and The Canada Life Assurance Company are regulated by the Central Bank of Ireland.This quarterly publication is intended for Financial Advisors only.

Introduction

Index

Market Commentary 4

Spotlight - The importance of dividends 6

Fund Fact Sheets 9Life Investment Funds 9Pension Funds 35

Fund Performance 62

Our Investment Partners 64

4

Market Commentary Q1 2011Financial markets in the first quarter were buffeted by a couple of the destabilising ‘known unknowns’: the tragic natural disaster in Japan and the wave of political unrest/change sweeping across the Arab world. These macro uncertainties proved enough to all but stifle, but not significantly reverse, the strong flow into ‘risk’ assets such as equities which has characterised investor behaviour for much of the last two years. The MSCI Developed World index returned -0.9% for the quarter.

Fuelled by the exceptionally easy stance of official monetary policy, the surge in global stock markets since the trough of March 2009 has now extended to 71% (in Euro terms).

While there has certainly been a strong economic and consequent earnings recovery over this period, some pause to reflect on what this substantial rally in stock prices means for current valuation levels seems timely. After all, for value investors such as us owning/buying the stock of a company with, for example, the MSCI World Equity Index at a price 1334.9 today is a very different value proposition from owning/buying that stock at the trough price level of 697.5 in March 2009.

In broad terms, valuation is now somewhat above long-term ‘fair value’ – though still well below the extreme levels scaled at the height of the technology boom in 2000 or prior to the great crash in 1929.

As stock prices rally, it is becoming more difficult to buy stocks at prices below our estimation of their intrinsic worth. I hasten to add, that this should in no way be taken as suggesting that we are making any forecast on the direction of stock prices more generally. We are merely highlighting that as we analyse our stock opportunities on a case by case basis to arrive at a sensible appraisal of their value, the sharp appreciation of stock prices over the last two years is now making value more difficult to find.

European Government bonds lagged most assets over the quarter. The BofA ML Sovereign 5Yr+ index returned -1.4% during the quarter. Despite political upheaval in the Middle East & North Africa and the natural disasters in Japan, investors continued to allocate to riskier assets. Consensus points to global growth remaining strong over the year, with liquidity deemed ample and offering some comfort to investors. Within Europe, the sovereign debt crisis continues. However, there are signs of some containment as Spanish and Italian bond spreads narrowed to core Europe. Portugal is expected to enter a bailout scenario, with many hopeful this is the line in the sand. Ireland continues to try and get a handle on the socialisation of the banking crisis, with some signs of foreign sentiment changing towards our pariah status (S&P rating lowered, but now stable outlook).

The Euro strengthened by approx. 6% against the USD during the quarter, from 1.34 to 1.42.

The best performing region over the period (in euro terms) was MSCI Europe ex UK (+1.9%). Japanese equities fell by approx. 15% when the Earthquake and Tsunami hit in mid March, and although stocks did recover, the return for the quarter was still negative (-10.1%).

The best performing global industrial sector was clearly energy, unsurprising given the rising oil price. The weakest sector over the quarter was consumer staples.

Brent Oil continued to rise during the quarter reaching $118/bbl by end March – the highest level since October 2008. Growth in manufacturing together with the cold weather in Europe and the US helped to increase demand in 2010. However, political upheaval in North Africa and the Middle East drove the price above $100/bbl in 2011. The DJ UBS Spot Commodity index rose by 5.1% during the last quarter, bringing the gains for the year to 17.0%

MSCI World Q1. 2011

Source: MSCI Net Total Returns (in €) 01.01.11 – 31.03.11

5

Global Equities Euro Bonds Property Euro Cash%

0.3%

-0.7%-1.4%

-0.9%

-3

-2

-1

0

1

2

3

MSCI WorldIndex

UK Europe ex UK USA Japan Pacific ex Japan

Ireland

%

0.0%1.9%

-1.9%-0.9%

-15

-10

-5

0

5

10

15

0.6%

-2.9%

-10.1%

Source: MSCI Regional Indices Total Return, ISEQ, (in €), 01.01.11 – 31.03.11

Financials ConsumerDiscretionary

Healthcare ConsumerStaple

InformationTechnology

Industrials &Materials

Energy Telecoms / Utilities

%

-1.1%

-3.3%

-1.2%

-9

-6

-3

0

3

6

9 7.6%

-4.0%

-0.7%

-3.2%

-1.6%

Asset Class Returns Q1. 2011

Source: MSCI World, Merrill Lynch (EMU +5yrs), Average Property Fund Mercer Survey, 3 Month Interbank Deposit (all in €) 01.01.11 – 31.03.11

Regional Returns Q1. 2011

Sector Returns Q1. 2011

Source: MSCI Global Sector Performances Total Return (in €), 01.01.11 – 31.03.11

6

Spotlight - The importance of dividends

By Michael Hayes, Investment Development Manager, Canada Life 2010 was another good year for investors with many major markets recording significant gains to Albert Einstein once said of compound interest that ‘It is the greatest mathematical discovery of all time’. While the veracity of this statement has long been questioned there can be no doubt about the importance of dividends as a percentage of overall equity returns. The same logic attributed to compound interest also applies to the reinvestment of dividends.

In a recent research study ‘The quest for yield’ (2011) by Elroy Dimson, Paul Marsh and Roy Staunton of the London Business School, the role of dividends is examined in some detail. In the study, $1 invested in 1900 in US equities grew in capital value to $217 by the end of 2010 for an annualised gain of 5%. However, according to the study if dividends had been reinvested in US equities, $1 would have been worth $21,766 or an annualised return of 9.4%. Thus, reinvesting income can lead to a return 100 times larger than the return from capital gains alone. This is not specific just to the US but is true for all equity markets researched in the study. The study also demonstrates that the longer the investment horizon, the more important is dividend income as ‘for the seriously long term investor, the value of a portfolio corresponds closely to the present value of dividends’.

As well as the importance of dividends as a percentage of overall return the study found that high yielding stocks also out-performed lower yielding stocks. The study broke down data in respect of US returns from 1927 into US stocks that rank each year in the highest or lowest yielding 30% of dividend paying-companies, the middle 40% and stocks that pay no dividends at all. Non-dividend paying stocks gave the lowest total return of 8.4% per year, while low-yield stocks returned 9.1% and high yielders gave the best return at 11.2%.

The longest data timeline provided in the study of the yield effect was done in the UK and goes back to 1900. In the study, the 100 largest UK stocks are ranked by their dividend yield and divided 50:50 into higher and lower yielding stocks. The capitalisation weighted returns on those two portfolios are calculated over the following year and that process is repeated every year. The results show that an investment of £1 in 1900 would have grown to £5,122 in the lower yielding strategy by the end of 2010, an annualised return of 8%. However, the same initial investment allocated to high yield stocks would have grown to £100,160 which is almost 20 times greater and equivalent to an annual return of 10.9% per year. As before, the study found that same effect has been evident in every other country reviewed except New Zealand which is a small market.

According to the study the same results applied when different countries were compared to each other based on dividend yield. At the start of each year 19 countries were ranked by their dividend yield at the old year end. The countries were assigned to quintiles each one made of four countries with the middle quintile containing three markets. Each portfolio had an equal amount invested in each country and all income was reinvested. Portfolios were held for one year and the 19 countries were then re-ranked and the portfolios were rebalanced and this was repeated each year. The results found that over the full 111 years from 1900 an investment of $1 in the lowest yielding countries would have grown to $370 by the end of 2010, a return of 5.5%. But the same initial investment allocated to the highest yielding countries vastly out-performed as it would have grown to an end 2010 value of more than $1 million, some 2700 times as much or a return of 13.4% per annum.

The study also looked at four sub-periods of 25 years each and the first 10 years of the 21st century with high yielding stocks out-performing every time. While this strategy would have required a disciplined rebalancing regime, it does highlight the yield effect. The study also found that higher yielding strategies not only had higher returns but also at lower levels of risk.

7

The Canada Life/ Setanta Dividend Fund

The Canada Life/Setanta Dividend Fund is an actively managed equity portfolio which invests in stocks that have paid above average dividends since 2003.

Setanta Asset Management Limited (‘Setanta’), Canada Life’s primary investment manager follows a value investing philosophy. The Canada Life/ Setanta Dividend Fund (the ‘Fund’) distils this philosophy, placing particular emphasis on the significant proportion of cumulative total return that dividends typically represent.

High yield investment fits neatly with Setanta’s value philosophy for a number of reasons. A high dividend yield is generally considered to be a classical indicator of value and typically corresponds to other respected value metrics. That said, a high dividend yield alone is not enough for a stock to merit consideration for investment. In addition the stock must trade below Setanta’s assessment of intrinsic value and the company will ideally exhibit strong competitive advantages. Setanta believes that a strong balance sheet, a central tenet of value investing, is important for a company that aspires to pay a sustainable and upwardly-trending dividend. Cash flow should closely reflect accounting earnings, indicating that profits are real and not reflective of an accountant’s vivid imagination. Robust cash flows typically ensure that a dividend is well covered and a company’s payout viable. These factors help to protect an investment during the difficult times a company inevitably encounters, through an economic cycle. They also ensure that the Fund, in accordance with value investing principles, emphasises a high probability of long-term capital preservation.

Setanta takes a common sense approach to risk so that investment decisions are based on the characteristics of each stock. By design, the Fund is well diversified, holding 45 stocks across nineteen countries and five continents. Stocks are currently drawn from ten broad economic sectors, while no stock has a greater weight than 5% of the fund.

Sector concentration is a function of the value opportunities available, subject to reasonable diversification. Although subject to change, the largest sector is telecoms which currently represents 15% of the fund. Upon investment the fund managers typically expect to hold a stock for 4-5 years, but are not bound to a maximum holding period. Setanta pays no heed to classical ‘risk’ metrics and agree with Warren Buffett, who said: “The risk that matters is not beta or volatility, but the possibility of loss or injury from an investment.”

The rationale for dividend based investing is clear and dividend payouts are expected to increase this year as many companies distribute more of their surplus cash from improved earnings.

Dividends have historically contributed the majority of overall returns and to date there is no historical evidence that this will change in the future. Dividends are the foundations on which long term equity returns are built.

For more information on Canada Life’s fund performance, please visit www.canadalife.ie

Warning: The value of your investment may go down as well as up. Past performance is not a reliable guide to future performance.

The Canada Life Assurance Company and Canada Life Assurance (Ireland) Limited are regulated by the Central Bank of Ireland.

This article does not constitute advice or an advertisement and does not form part of any contract.

99

Life Funds

10

Canada Life / Setanta Equity Dividend Fund Quarter 1, 2011

Fund Description

Important Information:This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change. The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.

Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.

company debt must be ‘investment grade‘ (if rated) company gearing below 100%.

The ratio of debt to equity should be not more than 100%, except for utility companies (water, electricity etc.) where we use a hurdle of 200%, and for financial stocks, where no maximum is applied.

The maximum exposure to currencies other than the euro is capped at 10% of the value of the fund. The Equity Dividend Fund is managed by Setanta Asset Management Limited (“Setanta“) .

Top 10 Holdings Fund Performance* Q1 2011

The Equity Dividend Fund is an actively managed equity portfolio which aims to hold c. 40 stocks that pay above average dividends. The fund does not target high dividend payers indiscriminately; a set of desired criteria is applied when filtering potential candidates for the fund. The desired criteria are:

dividend yield 20% in excess of the MSCI World Index no cut in dividend in the last five years market capitalisation of at least 500m (excluding Irish

stocks) dividend must be less than 80% of earnings

Portfolio Financials Q1 2011

Dividend Yield 3.8%

P/E Ratio 11.8x

Equity Sectoral DistributionEquity Geographic DistributionAsset Distribution

*Source: Moneymate. Peer Group Average (High Yield Equity Funds from Bloxhams, AIB, Eagle Star, Aviva and Friends First.

Source: Bloomberg & individual company reports. These figures are based on last years dividend in some cases. The gross yield is before any withholding taxes on the individual shares. It is also before taking account of any exit tax that may apply.

Equity94.3%

Cash6.8%

Ireland6.5%

USA20.0%

Europe38.5%

Pacific & Emerging Markets11.5%

Japan4.4%

UK19.1%

Financials14.2%

Consumer Discretionary

6.6%

Healthcare13.8%

ConsumerStaples10.9%

Information Technology

6.3%

Industrials & Materials

18.6%

Energy11.1%

Telecoms/Utilities18.4%

Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a

CL/Setanta Equity Dividend

Average of High Yield Funds Peer Group

-6

-3

0

3

6

9

12

15 Company Sector %

CRH Industrials / Materials 3.6

Sanofi-Aventis Healthcare 3.5

Fortum Telecoms / Utilities 3.1

Lockheed Martin Industrials / Materials 2.8

Solvay Industrials / Materials 2.6

DCC Industrials / Materials 2.5

Wincor Nixdorf Information Technology 2.5

Svenska Handbkn Financials 2.5

Sasol Energy 2.4

Thai Beverage Public Consumer Staples 2.4

11

Canada Life / Setanta Balanced Fund Quarter 1, 2011

Fund Description



picked within a global sector framework, with an emphasis on the following key characteristics:

superior financial track record competitive advantage and a sustainable business model

within their industry focused on profitability and can demonstrate an ability to

earn cash flow returns in excess of their cost of capital over the business cycle

do not carry excessive debt levels.

Top 10 Holdings Fund Performance to 31/03/11

The investment objective of the Balanced Fund is to secure long-term capital growth. The fund seeks to achieve its objective by investing primarily in a range of Irish and international equities and bonds. The asset distribution of this fund is more conservative than a managed fund, having a lower proportion of its assets invested in equities; the target equity content is less than 50%.

The fund is managed by Setanta Asset Management Limited (“Setanta“). Setanta is a value investor in quality companies and builds the portfolio from the bottom up. Stocks are

Equity Sectoral Asset DistributionEquity Geographic DistributionAsset Distribution

Source: Moneymate. Performance is net of management fees.

Company Sector %

Exxon Mobil Energy 2.4

Pfizer Healthcare 2.0

General Dynamics Industrials & Materials 2.0

CRH Industrials & Materials 2.0

Total Energy 1.9

Johnson & Johnson Healthcare 1.7

ENI Energy 1.7

Owens Illinois New Industrials & Materials 1.7

BP Energy 1.7

DCC Industrials & Materials 1.7

Cash0.6% Property

7.4%

Equity47.2%

Fixed Interest44.7%

Ireland5.8% UK

10.2%

USA49.4%

Europe21.0%

Pacific & Emerging Markets

7.6%

Japan6.1%

Financials14.1%


9.9%

Healthcare12.8%



12.4%


16.6%

Energy15.5%


% Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a

Canada Life/Setanta Balanced

Category Average Managed Balanced

-4

-3

-2

-1

0

1

2

3

4

5

6

12

Canada Life / Setanta Balanced Dividend Fund Quarter 1, 2011

Fund Description



dividend must be less than 80% of earnings company debt must be ‘investment grade‘ (if rated) company gearing below 100%.

The ratio of debt to equity should be not more than 100%, except for utility companies (water, electricity etc.) where we use a hurdle of 200%, and for financials stock, where no maximum is applied.

The maximum exposure to currencies other than the euro is capped at 10% of the value of the fund. The Balanced Dividend Fund is managed by Setanta Asset Management Limited (“Setanta“) .

Top 10 Holdings Fund Performance* Q1 2011

The Balanced Dividend Fund is an actively managed balanced fund investing 66% in equities and 34% in fixed interest securities. The equity portion of the fund aims to hold c. 40 stocks that pay above average dividends. The fixed interest portion of the fund invests in EU government bonds.

The fund does not target high dividend payers indiscriminately for the equity securities; a set of desired criteria is applied when filtering potential candidates for the fund. The desired criteria are:

dividend yield 20% in excess of the MSCI World Index no cut in dividend in the last 5 years market capitalisation of at least 500m (excluding Irish stocks)


*Source: Moneymate. Peer Group Average (High Yield Equity Funds from Bloxhams, AIB, Eagle Star, Aviva and Friends First.Source: Bloomberg & individual company reports. These figures are based on last years dividend in some cases. The gross yield is before any withholding taxes on the individual shares. It is also before taking account of any exit tax that may apply.


Dividend Yield 3.8%

P/E Ratio 11.8x

Company Sector %









Sasol Energy 2.4


Ireland6.5%

USA20.0%

Europe38.5%


Japan4.4%

UK19.1%

Financials14.2%


6.6%

Healthcare13.8%



6.3%


18.6%

Energy11.1%



CL/Setanta Bal Dividend


-4

-2

0

2

4

6

8

10

13

Canada Life / Setanta European Equity Fund Quarter 1, 2011

Fund Description








The investment objective of the European Equity Fund is to secure long-term capital growth.

The fund seeks to achieve its objective by investing in a range of European equities.

It is an actively managed equity portfolio which holds c. 30-50 European stocks. The fund is managed by Setanta Asset Management Limited (“Setanta“). Setanta is a value investor in quality companies and builds the portfolio from the bottom up. Stocks are picked within a global sector framework, with an emphasis on the following key characteristics:

Company Sector %

DCC Industrials/Materials 4.9

BP Energy 4.4

C&C Group Consumer Staples 4.4

CRH Industrials/Materials 4.2

Solvay Industrials/Materials 4.0

Axel Springer Consumer Discretionary 3.9

Vodafone Telecoms / Utilities 3.9

Wincor Nixdorf Information/Technology 3.8

Diageo Consumer Staples 3.8

Total Energy 3.8

Equity Geographic DistributionAsset Distribution


Equity Sectoral Distribution

Cash1.7%

Equity98.3%

Belgium7.0% Czech Republic

3.0%

Finland 9.0%

France8.0%

Germany8.0%

Ireland18.0%

Italy6.0%

Switzerland6.0%

Norway3.0%

Greece3.0%

Cash2.0%

UK27.0%

Financials18.9%


10.0%

Healthcare10.6%

ConsumerStaples8.3%Information

Technology6.0%

Industrials& Materials

16.8%

Energy13.4%



Canada Life/Setanta European Equity

Category Average Advanced Europe Equity

-5

0

5

10

15

20

14

Year Life

Gross Version Net Version

95 – 96 - -

96 – 97 - -

97 – 98 - -

98 – 99 - 6.5%

99 – 00 - 6.0%

00 – 01 6.0% 5.0%

01 – 02 6.0% 4.5%

02 – 03 5.0% 3.5%

03 – 04 2.0% 0.0%

04 – 05 1.0% 0.0%

05 – 06 1.0% 0.0%

06 – 07 1.0% 0.0%

07 - 08 1.0% 0.0%

08 - 09 0.5% 0.0%

09 - 10 0.0% 0.0%

10 - 11 0.0% 0.0%

Canada Life / Setanta Unitised With Profits Fund Quarter 1, 2011

Fund Description



Top 10 Holdings Annual Bonus History

Bonus rates are declared net of management charges

At maturity a terminal bonus may be applied if the underlying assets have outperformed the declared bonuses.

The Unitised With Profits Fund (UWP) operates like a unit-linked fund, except that investment return to policyholders is smoothed and guaranteed not to fall.

Returns are distributed in the form of a bonus rate declared by Canada Life based on various factors including the performance of the underlying assets.

Returns are smoothed to the investor in that the bonus rate will endeavour to reflect the performance of the assets over the long term, allowing the investor to avoid short-term volatility in the markets.


Company Sector %





Total Energy 1.9

ENI Energy 1.8


BP Energy 1.8



Cash6.2%

Property 2.0%

Fixed Interest54.9%

Equity36.9%

UK10.3%

Ireland5.8%

USA48.9%

Europe20.4%


8.6%

Japan6.0%

Financials14.3%


9.9%

Healthcare12.6%



12.1%


16.4%

Energy15.8%


15

Canada Life / Setanta Focus 15 Fund Quarter 1, 2011

Fund Description



focused on profitability and can demonstrate an ability to earn cash flow returns in excess of their cost of capital over the business cycle


Clearly, Focus 15 is likely to be more volatile than more broadly-based funds; it is therefore only suitable for those investors with experience of the stock market.

Fund Performance to 31/03/11

The Focus 15 Fund is an actively managed, concentrated equity portfolio, which holds c. 15 international (ex Ireland) stocks. The Focus 15 Fund is managed by Setanta Asset Management Limited (“Setanta“). Setanta is a value investor in quality companies. Setanta builds the portfolio from the bottom up, using the stocks researched by the sector specialists, with an emphasis on the following key characteristics:


within their industry



Fund Holdings

Company Sector %


Sysco Consumer Staples 8.2

Everest Re Group Financials 7.7

Tidewater Energy 7.0

Steris Healthcare 7.0


Total Energy 6.8

MI Developments Financials 6.8

Astellas Pharmaceutical Healthcare 6.7


NTT Docomo Telecoms / Utilities 6.1

Motor Consumer Discretionary 5.9

Belgacom Telecoms / Utilities 4.0

Nokia Information Technology 3.1

OPAP Consumer Discretionary 2.1

Komori Industrials & materials 1.8

Cash 4.3

Cash4.3%

Equity95.7%

Japan21.5%

USA46.7%

Europe23.7%

Pacific & Emerging

Markets8.0%

Financials15.1%


8.5%

Healthcare30.8%

ConsumerStaples8.6%


10.1%

Energy14.4%



1.9%


Canada Life/Setanta Focus 15

Category Average Flexible Equity

-6

-3

0

3

6

9

12

15

16

Canada Life / Setanta Irish Equity Fund Quarter 1, 2011

Fund Description





The Irish Equity Fund is a relatively concentrated equity fund with exposure to stocks from only one country and is likely to be more volatile than more broadly-based funds.


The Irish Equity Fund is an actively managed equity portfolio which aims to hold stocks quoted on the Irish stock exchange. The fund is managed by Setanta Asset Management Limited (“Setanta“). Setanta is a value investor in quality companies. Setanta builds the portfolio from the bottom up, picking stocks within a sector framework, with an emphasis on the following key characteristics:



Equity Geographic DistributionAsset Distribution


Equity Sectoral Distribution

Company Sector %


Total Produce Consumer Staples 8.8

Irish Continental Industrials & Materials 8.3

Kingspan Industrials & Materials 7.8


Abbey Industrials & Materials 7.3

Dragon Oil Energy 6.3

Grafton Group Industrials & Materials 6.2

Kerry Group Consumer Staples 6.2

Ryanair Holdings Industrials & Materials 6.2

Cash0.1%

Equity99.9%

Financials1.1%

Healthcare4.0%



57.5%

ConsumerDiscretionary

5.8%

Energy6.3%


Canada Life/Setanta Irish Equity

Category Average Irish Equity

-25

-20

-15

-10

-5

0

5

10

15

20

17

Canada Life / Setanta Property Fund Quarter 1, 2011

Fund Description



The Property Fund is suitable for investors who wish to gain investment exposure to the commercial property sector. Investors should understand that property investment is by its nature less liquid than other asset classes.

Sample Property Holdings Fund Performance to 31/03/11

This fund invests in commercial properties - office, retail and warehousing. The fund is characterised by the quality of the property that makes up the portfolio and the tenants that occupy these properties.

Currently, all of the properties are located in Ireland.

OFFICE

Block C, Earlsfort Centre

Tenant - Office of Public Works

Fund Weighting - 13.2%

RETAIL

45/46 Patrick Street, Cork

Tenant - C&J Clarke International


INDUSTRIAL/WAREHOUSE

Swords Business Campus

Tenants - Air France, Client Logic, Eastern Health Board


Geographic DistributionAsset Distribution


Sectoral Distribution

Cash9.5%

Property90.5%

Dublin city centre 44.4%

Cork10.3%

Rest of Ireland16.5%

Suburban Dublin 28.8%

Office27.7%

Retail41.7%

Cash & Bonds9.5%

Industrial21.1%


Canada Life/Setanta Property

Category Average Property

-25

-20

-15

-10

-5

0

5

10

15

18

Canada Life / Setanta Strategic Growth Fund Quarter 1, 2011

Fund Description








The investment objective of the Strategic Growth Fund is to secure long-term capital growth. The fund seeks to achieve its objective by investing primarily in a range of Irish and international equities and bonds. The fund will hold between 50-80% of its assets in equities with the balance consisting of bonds, property and cash

The fund is managed by Setanta Asset Management Limited (“Setanta“). Setanta is a value investor in quality companies. Setanta builds the portfolio from the bottom up, picking stocks within a global sector framework, with an emphasis on the following key characteristics:



Company Sector %





Total Energy 1.4


ENI Energy 1.2


BP Energy 1.2

Owens Illinois Industrials & Materials 1.1

Cash6.4%

Property2.8%

Fixed Interest19.4%

Commodities2.4%

Equity69.0%

Ireland9.2%

UK9.9%

USA47.1%

Europe19.9%


7.9%

Japan6.0%

Financials13.5%


9.7%

Healthcare12.4%



11.6%


18.3%

Energy15.7%



Canada Life/Setanta Strategic Growth G

Category Average Managed Dynamic

-2

-1

0

1

2

3

4

5

6

-3

19

Canada Life / Setanta Global Opportunity Fund Quarter 1, 2011

Fund Description




The Global Opportunity Fund is an actively managed equity portfolio, which holds c. 100-140 global stocks. The investment objective of the Global Opportunity Fund is to secure long-term capital growth by investing in a range of Irish and international equities.

The fund is managed by Setanta Asset Management Limited (“Setanta“). The fund is the cornerstone of Setanta‘s investment process. Setanta is a value investor in quality companies and builds the portfolio from the bottom up. Stocks are picked within a global sector framework, with an emphasis on the following key characteristics:







Company Sector %





Total Energy 1.9


ENI Energy 1.7


BP Energy 1.7


Cash1.3%

Equity98.7%

Ireland5.8% UK

10.2%

USA49.4%

Europe21.0%


7.6%

Japan6.1%

Financials14.1%


9.9%

Healthcare12.8%



12.4%


16.6%

Energy15.5%



Canada Life/Setanta Global Opportunity


-4

-2

0

2

4

6

8

10

20

Canada Life Quadrivium Fund Quarter 1, 2011

Fund Description



Fund Composition

The investment objective of the Canada Life Quadrivium Fund is to secure long-term capital growth.

The fund seeks to achieve its objective by investing in four different asset classes – equities, bonds, property and commodities. By investing in Quadrivium investors can gain access to a diversified portfolio invested across these four asset classes. The fund provides exposure to international shares, Irish & European commercial property, commodities and fixed interest assets, all within one fund.

Asset Distribution

The Quadrivium Fund invests in the following four asset classes:

High-Yield EquitiesThe Canada Life Dividend Fund is an equity fund that specifically targets stable blue chip quality companies with the ability to pay consistently strong dividends. The Dividend Fund is a pure equity portfolio of actively managed companies with an average of 40 holdings.

PropertyIrish Commercial PropertyThe Canada Life Property Fund invests in a range of commercial properties. The fund is currently fully invested in Irish commercial properties but will seek opportunities outside Ireland where appropriate. The fund is managed by a team of property specialists at Canada Life European Real Estate, who have over 20 years of property experience and manage over €1.7 billion in property assets.

European PropertyThe Canada Life/Morgan Stanley European Property Fund invests in a professionally managed portfolio of European property companies, and is managed by a team of property experts at Morgan Stanley with over 40 years of collective experience of real estate markets. The fund invests in quoted European property companies through buying real estate securities. Real Estate securities are indirect investments in property whose long-term returns depend on the underlying real estate market.

CommoditiesThe commodities allocation in the Quadrivium fund invests in an Exchange Traded Fund (ETF) issued by ETF Securities. The ETFs All Commodities DJ-AIGCI is designed to track the Dow Jones-AIG Commodity sub-index. The Dow Jones-AIG Commodity sub-index invests in a broadly diversified index that allows investors to track commodity futures returns through a single fund. No related group of commodities (e.g energy, precious metals, livestock or grains) may constitute more than 33% of the index and no single commodity may constitute less than 2% or more than 15% of the index. Commodities tend to behave differently to all other asset classes and for this reason are used as a good diversifier in multi-asset portfolios. The ETFs are issued by ETF Securities. ETF Securities invest the assets backing the ETF with AIG.

Fixed InterestThe Canada Life Fixed Interest Fund invests in government gilts predominantly from eurozone countries. Gilts, or bonds are essentially a form of debt. Governments and large corporations use them to raise money for capital expenditure.

Asset Class CurrentAllocation

Expected Range

Dividend Fund 43.1% 20% - 50%

Irish Property 13.9% 10% - 25%

European Property 16.5% 10% - 25%

Commodities 18.4% 0% - 25%

Fixed Interest 8.1% 0% - 25%

Fund Performance

Source: Moneymate. Performance is net of management fees.This fund was launched on 22/10/07

Dividend Fund43.1%

Fixed Interest8.1%

Commodities18.4%

European Property16.5%

Irish Property13.9%

Diversified Funds Average(Diversified Funds from Eagle Star, Irish Life & Canada Life)

% Q1 2011 1 yr p.a 2 yr p.a 3 yr p.a

Canada Life Quadrivium Fund

-10

-5

0

5

10

15

20

25

21

Canada Life / Setanta Cash Fund Quarter 1, 2011

Fund Description



The Cash Fund seeks to provide modest returns in exchange for relative capital security. The fund may invest in:

i) Euro denominated short-dated term deposits with banks and/or eligible credit institutions on Canada Life‘s approved short-term borrowers list which have a minimum credit rating of P-1 and which are authorised to carry on a banking business in the State under Section 9 of the Central Bank Act, 1971 and/or

(ii) Euro denominated bonds issued by governments or corporates subject to a minimum average credit rating of


Counterparty Exposure

Counterparty exposures (G) are covered by the Irish Government guarantee. Other counterparty/credit exposures are covered by either other European National Government Guarantees or have individually strong credit ratings.

Issuer % of Fund

Ulster Bank 19.4

National Irish Bank 18.4

French Treasury Bill 9.8

BNP 8.2

ACC Bank 6.8

Dutch Treasury Bill 6.2

Italian Treasury Bill 5.2

Dutch Commercial Paper 3.3

German Commercial Paper 3.3

individual securities of ‘A‘ and for the portfolio an average rating of ‘AA‘.

The maximum average duration of the fund is 4.5 months, and the maximum duration of any one asset is one year. The fund has a diversified exposure, with no more than 30% credit exposure to any one entity.

The fund is actively managed and consideration is given to the underlying credit worthiness of the financial institution, the return and the tenure of the deposit.


Issuer % of Fund

Belgian Treasury Bill 3.3

German Treasury Bill 3.3

Bank of Ireland (G) 2.3

Allied Irish Bank (G) 2.0

EBS Building Society (G) 1.9

Irish Life & Permanent (G) 1.8

SPGB 1.2

Cash 3.6


Canada Life/Setanta Cash G

Category Average Money Market

-0.5

0.0

-1.0

0.5

1.0

1.5

2.0

22

Canada Life / Setanta Fixed Interest Fund Quarter 1, 2011

Fund Description



The fund has a minimum ‘A‘ credit rating investment level for individual securities. The minimum average credit rating for the full portfolio is ‘AA‘. The duration of the portfolio can be between +/- two years of the index.

Returns are likely to be modest and can be negative. However, they are significantly less volatile than equity returns.


The Fixed Interest Fund invests predominantly in eurozone government bonds. It may also hold corporate bonds and bonds from non-eurozone countries. The fund is managed by Setanta Asset Management Limited (“Setanta“).

Setanta‘s general philosophy in relation to fixed income is that performance in bond markets is primarily driven by the directional (duration) calls and yield curve positioning. The fund takes relatively small currency or credit risk.


Asset Distribution

Company Country %

Depfa ACS Bank Ireland 5.2

Buoni Poliennali Del Tes Italy 3.9

EBS Mortgage Finance Ireland 3.3

Irish Life & Permanent Ireland 3.2




Landwirtsch. Rentenbank Germany 2.7

Hellenic Republic I/L Greece 2.7


Duration (Yrs to Maturity)

Fund Weighting

Benchmark Weighting

0 - 5 27.1% 9.1%

5 - 10 50.6% 61.4%

10 - 15 21.8% 22.3%

15 - 30 0.1% 7.2%

100% 100%

Country Weighting Yield Curve Positioning

Govt.62%

Govt. Guarantee4%

Govt. Agency14%

Supranational2%

Covered18%

Italy27.0%

France7.0%

Spain15.0%

Germany4.0%

Austria3.0%

Ireland17.0%

Belgium5.0%

Netherlands6.0%

Portugal3.0%

Greece6.0%

UK1.0%

Finland1.0%

SNAT2.0%

Poland2.0%


Canada Life/Setanta Fixed Interest Fund

Category Average Bonds

-8

-7

-6

-5

-4

-3

-2

-1

0

1

2

3

4

23

Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011

CL SEI Global Balanced Fund

Investment Objective and Strategy

The SEI Global Balanced Fund aims to provide long term growth of capital with a moderate level of income by investing in a range of SEI multi-manager equity and fixed income funds. The fund is a globally diversified fund with approximately 70% invested in top tier equity funds and the remaining 30% invested in top tier fixed income funds.

Top 10 Holdings %

Fund Performance

HighMediumLowP

Asset Allocation

Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a 5 Yr p.a

-1.1% 6.1% 21.2% 2.1% -2.3% -1.2%

Equities 70%

US Large Cap 28.00

Global Developed Markets 14.00

Europe Ex-UK 10.00

UK 6.00

Japan 5.00

Pacific Basin Ex-Japan 3.50

Emerging Markets 3.50

Fixed Income 30%

Global 15.00

Global Opportunistic 15.00

Total 100%

Apple Inc. 1.62

JPMorgan Chase & Co. 1.12

Chevron Corp. 1.12

Microsoft Corp. 1.04

Wells Fargo & Co. 1.00

QUALCOMM Inc. 0.99

AT&T Inc. 0.81

Pfizer Inc. 0.80

ConocoPhillips 0.78

Exxon Mobil Corp. 0.77

Total 10.04

List of Managers %

US Large Companies Equities 28.00

Aronson, Johnson, Ortiz 4.43

Brown Investment Advisory 2.86

Delaware Investment Advisors 2.57

Legg Mason - Growth Equity 3.14

Legg Mason - Core Equity 2.57

LSV Asset Management 4.43

Neuberger Berman 2.86

Quantitative Management Associates 2.86

WestEnd Advisors 2.28

Global Developed Markets Equities 14.00

Hexavest 3.46

Intech Investment Management 2.89

Janus Capital Group 2.60

Tradewinds 1.73

Wellington Management Co. Int. Value 3.32

Europe Ex-UK Equities 10.00

Acadian Asset Management 3.67

Metropole Gestion 1.74

TT International 2.55

Wellington Management Company 2.04

UK Equities 6.00

Invesco Quantitative Strategies 1.16

Investec Asset Management 0.77

Jupiter Investment Managers 1.22

L.A. Capital Management 1.07

Mirabaud Asset Management 1.16

Standard Life Investments 0.61

Japanese Equities 5.00


Analytic Investors Inc 1.02

Capital International 1.28

JPMorgan Asset Management 1.58

Pacific Basin Ex-Japan Equities 3.50


Lloyd George Investment Management 1.40

Maple-Brown Abbott Limited 1.12

Emerging Markets Equities 3.50

Artisan Partners 0.71

JO Hambro Capital Management 0.36

Lazard Asset Management 0.50


PanAgora Asset Management 0.71

The Boston Company Asset Management 0.71

Fixed Income Managers %AllianceBernstein 4.80

First International Advisers 4.20

UBS Global Asset Management 2.40


DB Advisers 3.05

Jennison Associates 2.70

Schroders Investment Management 2.33

Wellington GRV 3.27

TCW Group 3.65

24


CL SEI Global Developed Markets Equity Fund


The investment objective of the Global Developed Markets Equity Fund is to achieve capital appreciation by investing primarily in equity securities of issuers located in developed countries. Following a manager-of-managers approach, the fund’s assets are diversified across specialist sub-advisers.

Fund Benchmark

MSCI World Index

Top 10 Holdings %

Underlying Managers

Fund Performance

HighMediumLowP

Sector Weighting %

Financials 17.1

Industrials 13.3

Consumer Discretionary 12.1

Energy 10.2

Information Technology 10.0

Health Care 10.0

Materials 9.8

Consumer Staples 7.8

Telecoms 5.9

Utilities 3.9

Hexavest 24.7

Wellington Management Company International Value 23.7


Janus Capital Management 18.6

Tradewinds Global Investors 12.4

Fund Total 100.00

Market Capitalisation Breakdown (USD) Weight (%)

Greater than 50 Billion 28.6

Between 20 and 50 Billion 25.7



Less than 1 Billion 1.7



Eli Lilly & Co. 0.93

HSBC Holdings Plc 0.9

General Electric Co. 0.83

Pfizer Inc. 0.82

International Business Machines Corp. 0.81


Newmont Mining Corp. 0.74


Total 8.94

Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a

-2.4% 5.7% 24.7% -3.0% -9.4%

Country Allocation %

United States 47.2

Japan 11.1

United Kingdom 8.0

Canada 4.3

Germany 4.0

Switzerland 3.9

France 3.9

Australia 1.8

Norway 1.6

Hong Kong 1.6

Other 12.6

25


CL SEI European (Ex-UK) Equity Fund


The fund aims to achieve long-term capital growth and income by investing in a broadly diversified portfolio of European equity securities. Following a manager-of-managers approach, the fund’s assets are diversified across specialist sub-advisers.

Fund Benchmark

MSCI Europe EX-UK index

Top 10 Holdings %


Underlying Managers

France 26.1

Germany 21.6

Switzerland 12.2

Sweden 8.6

Italy 6.8

Netherlands 4.9

Norway 3.4

Spain 3.3

Denmark 2.8

Finland 2.5

Other 7.8

Fund Performance

HighMediumLowP

Sector Weighting %

Industrials 21.7

Financials 15.7



Materials 10.5


Health Care 7.8

Energy 5.9

Telecomm Services 2.7

Utilities 2.2





Fund Total 100.00







BNP Paribas S.A. 2.6

Total S.A. 2.4

Basf SE 1.8

Sanofi-Aventis S.A. 1.7

Novartis AG 1.5

Daimler AG 1.4

Sap AG 1.3

Unicredit S.P.A. 1.3

Heineken N.V. 1.3

Capgemini 1.2

Total 16.4


1.6% 7.7% 28.4% -3.5% -6.1%

26


CL SEI US Equity Fund


The SEI US Large Companies Fund aims to provide long-term capital growth and income by investing primarily in a broadly diversified portfolio of US equity securities of large companies. Following a manager-of-managers approach, the fund’s assets are diversified across specialist sub-advisers.

Fund Benchmark

Russell 1000 Index

Top 10 Holdings %

Underlying Managers

Fund Performance

HighMediumLowP

Sector Weighting %


Financials 15.1

Health Care 13.3


Energy 10.8

Industrials 9.3


Materials 3.1


Utilities 2.5

Aronson & Johnson & Ortiz 15.8






Delaware Investments 9.2

Legg Mason - Value Equity 9.2


Fund Total 100.00







Apple Inc. 2.6


Chevron Corp. 1.7

Qualcomm Inc. 1.7


Microsoft Corp. 1.5

AT&T Inc. 1.3

Conocophillips 1.2

Pfizer Inc. 1.1

Procter & Gamble Co. 1.1

Total 15.6


-0.2% 7.2% 23.3% 2.7% -4.1%

27


CL SEI UK Equity Fund


The SEI UK Equity Fund aims to achieve long-term capital growth and income by investing primarily in a broadly diversified portfolio of UK equity securities. Following a manager-of managers approach, the fund’s assets are diversified across specialist sub-advisers.

Fund Benchmark

FTSE All Share Index

Top 10 Holdings %

Underlying Managers

Fund Performance

HighMediumLowP

Sector Weighting %

Financials 19.3

Industrials 15.4

Energy 14.0

Materials 12.8



Health Care 6.2



Utilities 1.5

Jupiter Asset Management 20.4

Invesco Asset Management 19.4

Mirabaud Investment Management 19.4

L.A Capital Management 17.9



Fund Total 100.00







Vodafone Group Plc 4.0

Rio Tinto Plc 3.4

BP Plc 3.1

BGGroup Plc 3.0


Glaxosmithkline Plc 2.6

Astrazeneca Plc 2.5

Royal Dutch Shell Plc (Cl B) 2.4

BHP Billiton Plc 2.3

Barclays Plc 2.0

Total 28.0


-2.6% 6.4% 28.7% -2.0% -9.0%

28


CL SEI Pacific Basin (Ex-Japan) Equity Fund


The SEI Pacific Basin (ex-Japan) Equity Fund aims to achieve long-term growth of capital and income by investing primarily in a broadly diversified portfolio of Pacific Basin (ex-Japan) equity securities. Following a manager-of-managers approach, the fund’s assets are diversified across specialist sub-advisers.

Fund Benchmark

MSCI Pacific ex Japan Index

Top 10 Holdings %


Underlying Managers

Australia 56.3

Hong Kong 23.5

Singapore 8.8

China 4.0

United Kingdom 2.5

Korea 2.2

Taiwan 1.3

Thailand 0.5

Malaysia 0.3

New Zealand 0.3

Canada 0.3

Fund Performance

HighMediumLowP

Sector Weighting %

Financials 42.3

Materials 16.8

Industrials 9.4



Energy 6.1



Health Care 2.5

Utilities 1.2

Lloyd George Investments Management 40.0

Maple-Brown Abbott 32.0


Fund Total 100.00








-4.6% 7.1% 34.9% 7.6% 2.0%

BHP Billiton Ltd. 7.6

Westpac Banking Corp. 4.4

National Australia Bank Ltd. 4.3

Australia & New Zealand Banking Group Ltd. 4.1

Rio Tinto Ltd. 3.5

DBS Group Holdings Ltd. 3.2

Commonwealth Bank Of Australia 2.3

Wesfarmers Ltd. 1.9

Oil Search Ltd. 1.8

Cheung Kong (Holdings) Ltd. 1.8

Total 34.7

29


CL SEI Japan Equity Fund


The investment objective of the SEI Japan Equity Fund is to achieve long-term growth of capital and income by investing primarily in a broadly diversified portfolio of Japanese equity securities. Following a manager-of-managers approach, the fund’s assets are diversified across specialist sub-advisers.

Fund Benchmark

TOPIX

Top 10 Holdings %

Underlying Managers

Fund Performance

HighMediumLowP

Sector Weighting %

Industrials 23.0

Financials 18.9



Materials 6.1

Health Care 5.9



Energy 2.7

Utilities 1.9




Analytic Investors 20.4

Fund Total 100.00







Sumitomo Mitsui Financial Group Inc. 2.8

Toyota Motor Corp. 2.4

Nippon Telegraph & Telephone Corp. 2.0

Astellas Pharma Inc. 1.9

Sumitomo Corp. 1.9

Mitsubishi UFJ Financial Group Inc. 1.9

Nissan Motor Co. Ltd. 1.7

Mitsui & Co. Ltd. 1.5

Softbank Corp. 1.5

Marubeni Corp. 1.5

Total 19.0


-9.2% -1.7% 14.8% -2.9% -10.5%

30


CL SEI Emerging Markets Equity Fund


The SEI Emerging Markets Equity Fund aims to achieve capital appreciation by investing primarily in securities of emerging market issuers. Following a manager-of-managers approach, the fund’s assets are diversified across specialist sub-advisers.

Fund Benchmark

MSCI Emerging Markets Index

Top 10 Holdings %


Samsung Electronics Co. Ltd. 3.0

Gazprom OaO ADS 1.3

MTN Group Ltd. 1.3

China Mobile Ltd. 1.1

Taiwan Semiconductor Manufacturing Co. Ltd. 1.0

Petrobras Petroleo Brasileiro (Ord) 1.0

HTC Corp. 0.9

Lukoil Holdings ADS 0.8

Hyundai Mobis Co. Ltd. 0.8

Standard Bank Group Ltd. 0.8

Total 12.0

Underlying Managers

Brazil 16.2

China 15.8

Korea 12.7

Taiwan 10.4

Russia 8.0

India 7.1

South Africa 7.1

Mexico 3.6

Indonesia 2.7

Turkey 2.4

Other 14.0


-5.5% 8.7% 37.0% 4.8% 2.4%

Fund Performance

HighMediumLowP

Sector Weighting %

Financials 21.6


Energy 14.0

Materials 13.5


Industrials 8.6



Health Care 2.9

Utilities 1.9







Fund Total 100.00







31


CL SEI Global Fixed Income Fund


The SEI Global Fixed Income Fund aims to generate current income and exhibit principal volatility similar to that of the global developed fixed income market as a whole. Following a manager-of-managers approach, the fund’s assets are diversified across specialist sub-advisers

Fund Benchmark

Lehman Global Aggregate Index

Top 10 Holdings %

Underlying Managers

Fund Performance

HighMediumLowP

Quality Allocation %

Treasury 82.8

Agency 8.2

Credit 6.5

Collateralized 1.2

Cash 1.3

AllianceBernstein 32.00

First International Advisors 28.00



Fund Total 100.00

Quality Exposure %

Aaa and Treasury 53.4

Aa 32.9

A 5.9

Baa 4.4

Ba and Below 3.3

BUNDESREPUB DEUT 3.50% 1/4/16 2.2

JAPAN-86 0.6% 09/20/14 /JPY/ 2.0

JAPAN-113 2.1% 09/20/29 /JPY/ 1.6

JAPAN-112 2.1% 06/20/29 /JPY/ 1.5

US TREAS NTS 3.5% 05/15/20 1.5

JAPAN-79 0.7% 12/20/13 /JPY/ 1.3

EUROPEAN IN 3.875%10/15/16/EUR 1.3

JAPAN-304 1.3% 09/20/19 /JPY/ 1.2

BONOS Y O 5.5% 04/30/21 /EUR/ 1.2

JAPAN GOV 2.5% 12/21/20/JPY/ 1.1

Total 14.8


Euro 27.9

Japan 23.4

USA 20.9

Other 15.1

UK 8.7

Canada 4.1


-0.9% 0.8% 5.6% 0.6% 0.5%

32


CL SEI Global Opportunistic Fixed Income Fund


The SEI Global Opportunistic Fixed Income Fund aims to generate current income consistent with the preservation of capital by investing primarily in global fixed income markets. Following a manager-of-managers approach, the fund’s assets are diversified across specialist sub-advisers.

Fund Benchmark

Lehman Global Aggregate Hedged Index

Top 10 Holdings %

Underlying Managers

Fund Performance

HighMediumLowP

Market Value Weighting %

Treasury 12.5

Agency 16.0

Credit 35.3

Collateralized 37.7

Cash -1.4

TCW Investment Management Company 24.3


DB Advisors 20.3



Fund Total 100.00

Quality Exposure %


A 17.1

Baa 14.3

Aa 12.0

Ba and Below 2.5

FGLMC PA90761 4.50% 01/01/40 2.3

FREDDIE MAC GOLD POOL 1.1

CANADA GOVT 3.75% 6/1/19 /CAD/ 1.1

US TREAS NTS 2.5% 03/31/15 0.9

BUNDESREP 2.5% 01/04/21 /EUR/ 0.8

FEDERAL NATL MTG ASSN FR 2.625%112014 0.7

FNMA PMA0023 5.00% 04/01/29 0.7

GENERAL ELEC C 5.625% 05/01/18 0.7

FGLMC PG12491 5.00% 01/01/22 0.7

FNMA PAD0470 5.00% 02/01/49 0.6

Total 9.5


USA 59.3

Euro 26.4

UK 6.9

Canada 2.9

Other 2.4

Japan 2.1


-0.2% 2.7% 9.2% 2.6% 2.4%

33

Canada Life / Morgan Stanley European Property Fund Quarter 1, 2011

Fund Description

Important Information:This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change. The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the specific product policy conditions. You should always seek advice of an appropriately qualified professional. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.

Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up. The Canada Life/Morgan Stanley European Property Fund was launched on 30/7/07.

provides a highly efficient and cost-effective way of gaining such exposure. As an asset class, real estate can provide important advantages to investors: historically low volatility relative to equities, attractive returns and a low correlation to other asset classes.


The Canada Life/Morgan Stanley European Property Fund allows investors to access the potential returns available from the European commercial property market in one diversified fund. The fund invests in a professionally managed portfolio of European property companies and is managed by a team of property experts at Morgan Stanley with over 40 years of collective experience of real estate markets.

Real estate securities are indirect investments in property whose long-term returns depend on the underlying real estate market. Broad geographic and sector diversification would be prohibitively expensive for a direct real estate investor. However, an indirect real estate portfolio structure

Q1 2011 4.4%

1 Year 12.2%

2 Year p.a 43.1%

3 Year p.a -6.9%

Equity Geographic Distribution


Company %

Unibail-Rodamco SE 10.22

Land Securities PLC 5.31

Klepierre 5.27

PSP Swiss Property AG 4.54

Icade 4.54

Hammerson PLC 4.46

British Land Co. Ltd 4.07

Gecina 3.60

Beni Stabili SPA 3.04

Corio NV 3.01

Total 48.06

UK37.90%

France30.42% Netherlands

7.06%

Switzerland 6.37%Sweden

4.67%

Cash & equivalents1.94%

Italy3.04%

Germany3.02%

Austria2.38%

Finland1.85%

Belgium1.35%

34

Canada Life / Merrion Managed Fund Quarter 1, 2011

Fund Description

Important Information:This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change. The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the specific product policy conditions. You should always seek advice of an appropriately qualified professional. Merrion Capital Investment Managers Limited (trading as Merrion Investment Managers is regulated by the Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.



The Canada Life/Merrion Managed Fund is managed by Merrion Investment Managers. The fund is designed to provide balanced long-term growth by actively managing the distribution of the portfolio between cash, bonds, equities and property according to economic conditions.

The fund maintains an average market weight in property through its exposure to Canada Life’s Property Fund while the remainder of the fund is invested in Merrion Investment Manager’s Managed Fund thus providing broad diversificationin quality equities, bonds, property and cash.

Equity Sectoral DistributionEquity Geographic Distribution

The Canada Life/Merrion Managed Fund was launched on 1/10/07. Source: Moneymate. Performance is net of management fees.

Asset Distribution

Canada Life/Merrion Managed Fund %

iShares MSCI World 3.0

iShares MSCI Emerging Markets 1.7

Financial Select Sector SPDR 1.3

Siemens 1.2

Microsoft 1.1

CRH 1.1

iShares MSCI Pacific ex Japan 1.1

iShares MSCI Japan 1.0

ChevronTexaco 1.0

iShares MSCI Asia ex Japan 1.0

Equities72.3%

Cash11.6%

Fixed Interest11.1%

Property5.0%


8.3%Consumer

Staples5.7%

Energy13.7%

Financials20.5%Healthcare

8.2%

Industrials26.9%


11.4%

Telecoms3.5%

Utilities1.8%

Ireland7.5%

UK12.4%

US34.7%

Europe27.7%

Japan8.0%

Pacific Basin9.7%

% Q1 2011 1 yr p.a 3 yr p.a

Canada Life/Merrion Managed Fund

Category Average Managed Dynamic

-3

-2

-1

0

1

2

3

4

5

3535

Pension Funds

36

Canada Life / Setanta Pension Unitised With Profits Fund Quarter 1, 2011

Fund Description



Year Pension

95 – 96 9.0%

96 – 97 9.0%

97 – 98 9.0%

98 – 99 9.0%

99 – 00 8.0%

00 – 01 7.0%

01 – 02 6.25%

02 – 03 5.25%

03 – 04 3.75%

04 – 05 3.0%

05 – 06 3.0%

06 – 07 3.0%

07 - 08 3.0%

08 - 09 2.75%

09 - 10 1.0%

10 - 11 0.0%

Top 10 Holdings Annual Bonus History

Bonus rates are declared net of management charges

At maturity a terminal bonus may be applied if the underlying assets have outperformed the declared bonuses.

The With-Profits Fund is a low-risk fund.

The Unitised With Profits Fund (UWP) operates like a unit-linked fund, except that investment return to policyholders is smoothed and guaranteed not to fall.

Returns are distributed in the form of a bonus rate declared by Canada Life based on various factors including the performance of the underlying assets.

Returns are smoothed to the investor in that the bonus rate will endeavour to reflect the performance of the assets over the long term, allowing the investor to avoid short-term volatility in the markets.


Company Sector %





Total Energy 1.9

ENI Energy 1.8


BP Energy 1.8



Cash6.2%

Property 2.0%

Fixed Interest54.9%

Equity36.9%

UK10.3%

Ireland5.8%

USA48.9%

Europe20.4%


8.6%

Japan6.0%

Financials14.3%


9.9%

Healthcare12.6%



12.1%


16.4%

Energy15.8%


37

Canada Life / Setanta Pension Balanced Dividend Fund Quarter 1, 2011

Fund Description





Performance Source: Moneymate & Bloomberg (Benchmark).

dividend must be less than 80% of earnings company debt must be ‘investment grade‘ (if rated) company gearing below 100%.


The maximum exposure to currencies other than the euro is capped at 10% of the value of the fund. The Balanced Dividend Fund is managed by Setanta Asset Management Limited (“Setanta“) .

The Balanced Dividend Fund is an actively managed balanced fund investing 66% in equities and 34% in fixed interest securities. The equity portion of the fund aims to hold c. 40 stocks that pay above average dividends. The fixed interest portion of the fund invests in EU government bonds.

The fund does not target high dividend payers indiscriminately for the equity securities; a set of desired criteria is applied when filtering potential candidates for the fund. The desired criteria are:

dividend yield 20% in excess of the MSCI World Index no cut in dividend in the last 5 years market capitalisation of at least 500m (excluding Irish stocks)


Dividend Yield 3.8%

P/E Ratio 11.8xSource: Bloomberg & individual company reports. These figures are based on last years dividend in some cases. The gross yield is before any withholding taxes on the individual shares. It is also before taking account of any exit tax that may apply.

Company Sector %









Sasol Energy 2.4


Ireland6.5%

USA20.0%

Europe38.5%


Japan4.4%

UK19.1%

Financials14.2%


6.6%

Healthcare13.8%



6.3%


18.6%

Energy11.1%


Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a

Canada Life/Setanta Pension Dividend


-6

-4

-2

0

2

4

6

8

10

38

Canada Life / Setanta Pension Global Equity Fund Quarter 1, 2011

Fund Description






The Global Equity Fund is an actively managed equity portfolio, which holds c. 100-140 global stocks. The investment objective of the Global Equity Fund is to secure long-term capital growth by investing in a range of Irish and international equities.

The fund is managed by Setanta Asset Management Limited (“Setanta“). The fund is the cornerstone of Setanta‘s investment process. Setanta is a value investor in quality companies and builds the portfolio from the bottom up. Stocks are picked within a global sector framework, with an emphasis on the following key characteristics:





Company Sector %





Total Energy 1.9


ENI Energy 1.7


BP Energy 1.7


Cash1.3%

Equity98.7%

Ireland5.8% UK

10.2%

USA49.4%

Europe21.0%


7.6%

Japan6.1%

Financials14.1%


9.9%

Healthcare12.8%



12.4%


16.6%

Energy15.5%



Canada Life/Setanta Pension Global Equity


-2

0

2

4

6

8

39

Canada Life / Setanta Pension Equity Dividend Fund Quarter 1, 2011

Fund Description






Ireland6.5%

USA20.0%

Europe38.5%


Japan4.4%

UK19.1%

Financials14.2%


6.6%

Healthcare13.8%



6.3%


18.6%

Energy11.1%


Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a

Canada Life/Setanta Pension Equity Dividend


-9

-6

-3

0

3

6

9

12

15

Equity94.3%

Cash6.8%

company debt must be ‘investment grade‘ (if rated) company gearing below 100%.


The maximum exposure to currencies other than the euro is capped at 10% of the value of the fund. The Equity Dividend Fund is managed by Setanta Asset Management Limited (“Setanta“) .

The Equity Dividend Fund is an actively managed equity portfolio which aims to hold c. 40 stocks that pay above average dividends. The fund does not target high dividend payers indiscriminately; a set of desired criteria is applied when filtering potential candidates for the fund. The desired criteria are:

dividend yield 20% in excess of the MSCI World Index no cut in dividend in the last five years market capitalisation of at least 500m (excluding Irish

stocks) dividend must be less than 80% of earnings


Dividend Yield 3.8%

P/E Ratio 11.8xSource: Bloomberg & individual company reports. These figures are based on last years dividend in some cases. The gross yield is before any withholding taxes on the individual shares. It is also before taking account of any exit tax that may apply.

Company Sector %









Sasol Energy 2.4


40

Canada Life / Setanta Pension Focus 15 Fund Quarter 1, 2011

Fund Description



Fund Holdings Fund Performance to 31/03/11





Clearly, Focus 15 is likely to be more volatile than more broadly-based funds; it is therefore only suitable for those investors with experience of the stock market.

The Focus 15 Fund is an actively managed, concentrated equity portfolio, which holds c. 15 international (ex-Ireland) stocks. The Focus 15 Fund is managed by Setanta Asset Management Limited (“Setanta“). Setanta is a value investor in quality companies. Setanta builds the portfolio from the bottom up, using the stocks researched by the sector specialists, who apply the following key characteristics:



Company Sector %


Sysco Consumer Staples 8.2

Everest Re Group Financials 7.7

Tidewater Energy 7.0

Steris Healthcare 7.0


Total Energy 6.8

MI Developments Financials 6.8

Astellas Pharmaceutical Healthcare 6.7


NTT Docomo Telecoms / Utilities 6.1

Motor Consumer Discretionary 5.9

Belgacom Telecoms / Utilities 4.0

Nokia Information Technology 3.1

OPAP Consumer Discretionary 2.1

Komori Industrials & materials 1.8

Cash 4.3

Cash4.3%

Equity95.7%

Japan21.5%

USA46.7%

Europe23.7%

Pacific & Emerging

Markets8.0%

Financials15.1%


8.5%

Healthcare30.8%

ConsumerStaples8.6%


10.1%

Energy14.4%



1.9%


Canada Life/Setanta Pension Focus 15


-3

0

3

6

9

12

15

18

41

Canada Life / Setanta Pension Irish Equity Fund Quarter 1, 2011

Fund Description




Equity Sectoral DistributionAsset Distribution

Performance Source: Unit prices from CLFIS UK Limited (Fund), MSCI (90% local, 10% Euro) & Bloomberg (Benchmark). Setanta fund returns are shown net of management charges. Valuation Statistics Source: Style Research. Performance is net of management fees.



The Irish Equity Fund is a relatively concentrated equity fund with exposure to stocks from only one country and is likely to be more volatile than more broadly-based funds.

The Irish Equity Fund is an actively managed equity portfolio which aims to hold stocks quoted on the Irish stock exchange. The fund is managed by Setanta Asset Management Limited (“Setanta“). Setanta is a value investor in quality companies. Setanta builds the portfolio from the bottom up, picking stocks within a sector framework, with an emphasis on the following key characteristics:



Company Sector %


Total Produce Consumer Staples 8.8

Irish Continental Industrials & Materials 8.3

Kingspan Industrials & Materials 7.8


Abbey Industrials & Materials 7.3

Dragon Oil Energy 6.3

Grafton Group Industrials & Materials 6.2

Kerry Group Consumer Staples 6.2

Ryanair Holdings Industrials & Materials 6.2

Cash0.1%

Equity99.9%

Financials1.1%

Healthcare4.0%



57.5%

ConsumerDiscretionary

5.8%

Energy6.3%

% 01 2011 1 yr p.a 3 yr p.a 5 yr p.a

Canada Life/Setanta Irish Equity (Core Fund)

ISEQ Index

-25

-20

-15

-10

-5

0

5

10

15

20

10 yr p.a

42

Canada Life / Setanta Pension Managed Fund Quarter 1, 2011

Fund Description





Performance Source: Mercer Managed Fund Survey.





The investment objective of the Pension Managed Fund is to secure long-term capital growth. The fund seeks to achieve its objective by investing primarily in a range of Irish and international equities and bonds. The fund will hold between 50-80% of its assets in equities with the balance consisting of bonds, property and cash

The fund is managed by Setanta Asset Management Limited (“Setanta“). Setanta is a value investor in quality companies. Setanta builds the portfolio from the bottom up, picking stocks within a global sector framework, with an emphasis on the following key characteristics:

Company Sector %





Total Energy 1.4


ENI Energy 1.2


BP Energy 1.2


Cash6.4%

Property2.8%

Fixed Interest19.4%

Commodities2.4%

Equity69.0%

Ireland9.2%

UK9.9%

USA47.1%

Europe19.9%


7.9%

Japan6.0%

Financials13.5%


9.7%

Healthcare12.4%



11.6%


18.3%

Energy15.7%



Canada Life/Setanta Pension Managed

Average Managed Fund (Mercer Survey)

-2

-1

0

1

2

3

4

5

6

43

Canada Life / Setanta Passive Equity Fund Quarter 1, 2011

Fund Description




This fund invests in the shares of a large number of companies from around the world. The companies are chosen simply by reference to their size. There is no attempt to select the “winners”/avoid the “losers”, hence the description “passive”. Effectively the fund owns a slice of most of the companies quoted on the world’s major stock markets and its value will rise and fall in line with world share prices.

Company Sector %

Exxon Mobil Corp Energy 1.7

Apple Information Technology 1.3

Chevron Corp Industrials/Materials 0.9

General Electric Co Industrials/Materials 0.8

IBM Corp Information Technology 0.8

Nestle Consumer Staples 0.8

Microsoft Corp Information Technology 0.8

HSBC Holdings (GB) Financials 0.7

AT&T Telecoms/Utilities 0.7

JPMorgan Chase & Co Financials 0.7

Top 10 Holdings



Ireland 0.1% UK

9.7%

USA54.5%

Europe19.5%


6.1%

Japan 10.0%

% Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a

Canada Life/Setanta Passive Equity


-2

0

2

4

6

8

-4

44

Canada Life / Setanta Pension Property Fund Quarter 1, 2011

Fund Description



The Property Fund is suitable for investors who wish to gain investment exposure to the commercial property sector. Investors should understand that property investment is by its nature less liquid than other asset classes.

Sample Property Holdings Fund Performance to 31/03/11

This fund invests in commercial properties - office, retail and warehousing. The fund is characterised by the quality of the property that makes up the portfolio and the tenants that occupy these properties.

Currently, all of the properties are located in Ireland.

OFFICE

Block C, Earlsfort Centre

Tenant - Office of Public Works


RETAIL

45/46 Patrick Street, Cork

Tenant - C&J Clarke International


INDUSTRIAL/WAREHOUSE

Swords Business Campus

Tenants - Air France, Client Logic, Eastern Health Board


Source: Moneymate

Geographic DistributionAsset Distribution Sectoral Distribution

Cash9.5%

Property90.5%

Dublin city centre 44.4%

Cork10.3%

Rest of Ireland16.5%

Suburban Dublin 28.8%

Office27.7%

Retail41.7%

Cash & Bonds9.5%

Industrial21.1%


Canada Life/Setanta Pension Property

Category Average Property

-20

-15

-10

-5

0

5

10

45

Canada Life Pension Consensus Fund Quarter 1, 2011

Fund Description



The stock selection within each market is index stock selection which means the weighting in each stock represented within the relevant index is replicated.

The Consensus Fund is a medium-risk fund.


The investment objective of the Consensus Fund is to secure long-term capital growth. The fund is designed to eliminate individual manager selection risk while achieving average managed fund returns over the long term.

It seeks to achieve its objective by investing in accordance with the average asset distribution of Irish Investment Managers Group Pension Managed Funds.


Asset Distribution

Source: Moneymate & Mercer Pooled Fund Survey (Benchmark).

Ireland6.7%

UK13.3%

USA33.5%

Europe27.4%


Japan4.5%

Cash6.9% Property

2.9%

Fixed Interest15.1%

Equity75.2%


Canada Life/Setanta Pension Consensus


-3

-2

-1

0

1

2

3

4

5

6

46

Canada Life Quadrivium Fund Quarter 1, 2011

Fund Description



Fund Composition

The investment objective of the Canada Life Quadrivium Fund is to secure long-term capital growth.

The fund seeks to achieve its objective by investing in four different asset classes – equities, bonds, property and commodities. By investing in Quadrivium investors can gain access to a diversified portfolio invested across these four asset classes. The fund provides exposure to international shares, Irish & European commercial property, commodities and fixed interest assets, all within one fund.

Asset Distribution

The Quadrivium Fund invests in the following four asset classes:

High-Yield EquitiesThe Canada Life Dividend Fund is an equity fund that specifically targets stable blue chip quality companies with the ability to pay consistently strong dividends. The Dividend Fund is a pure equity portfolio of actively managed companies with an average of 40 holdings.

PropertyIrish Commercial PropertyThe Canada Life Property Fund invests in a range of commercial properties. The fund is currently fully invested in Irish commercial properties but will seek opportunities outside Ireland where appropriate. The fund is managed by a team of property specialists at Canada Life European Real Estate, who have over 20 years of property experience and manage over €1.7 billion in property assets.

European PropertyThe Canada Life/Morgan Stanley European Property Fund invests in a professionally managed portfolio of European property companies, and is managed by a team of property experts at Morgan Stanley with over 40 years of collective experience of real estate markets. The fund invests in quoted European property companies through buying real estate securities. Real Estate securities are indirect investments in property whose long-term returns depend on the underlying real estate market.

CommoditiesThe commodities allocation in the Quadrivium fund invests in an Exchange Traded Fund (ETF) issued by ETF Securities. The ETFs All Commodities DJ-AIGCI is designed to track the Dow Jones-AIG Commodity sub-index. The Dow Jones-AIG Commodity sub-index invests in a broadly diversified index that allows investors to track commodity futures returns through a single fund. No related group of commodities (e.g energy, precious metals, livestock or grains) may constitute more than 33% of the index and no single commodity may constitute less than 2% or more than 15% of the index. Commodities tend to behave differently to all other asset classes and for this reason are used as a good diversifier in multi-asset portfolios. The ETFs are issued by ETF Securities. ETF Securities invest the assets backing the ETF with AIG.

Fixed InterestThe Canada Life Fixed Interest Fund invests in government gilts predominantly from eurozone countries. Gilts, or bonds are essentially a form of debt. Governments and large corporations use them to raise money for capital expenditure.

Fund Performance

Source: Moneymate. Performance is net of management fees.This fund was launched on 22/10/07

Dividend Fund43.1%

Fixed Interest8.1%

Commodities18.4%

European Property16.5%

Irish Property13.9%

% Q1 2011 1 Yr p.a 2 yr p.a 3 yr p.a

Canada Life Quadrivium Fund

Diversified Funds Average (Diversified Funds from Eagle Star, Irish Life & Canada Life)

-10

-5

0

5

10

15

20

25

Asset Class CurrentAllocation

Expected Range

Dividend Fund 43.1% 20% - 50%

Irish Property 13.9% 10% - 25%

European Property 16.5% 10% - 25%

Commodities 18.4% 0% - 25%

Fixed Interest 8.1% 0% - 25%

47

Canada Life / Setanta Pension Fixed Interest Fund Quarter 1, 2011

Fund Description




Asset Distribution Country Weighting

Govt.62%

Govt. Guarantee4%

Govt. Agency14%

Supranational2%

Covered18%

Italy27.0%

France7.0%

Spain15.0%

Germany4.0%

Austria3.0%

Ireland17.0%

Belgium5.0%

Netherlands6.0%

Portugal3.0%

Greece6.0%

UK1.0%

Finland1.0%

SNAT2.0%

Poland2.0%

The fund has a minimum ‘A‘ credit rating investment level for individual securities. The minimum average credit rating for the full portfolio is ‘AA‘. The duration of the portfolio can be between +/- two years of the index.

Returns are likely to be modest and can be negative. However, they are significantly less volatile than equity returns.

The Fixed Interest Fund invests predominantly in eurozone government bonds. It may also hold corporate bonds and bonds from non-eurozone countries. The fund is managed by Setanta Asset Management Limited (“Setanta“).

Setanta‘s general philosophy in relation to fixed income is that performance in bond markets is primarily driven by the directional (duration) calls and yield curve positioning. The fund takes relatively small currency or credit risk.


Company Country %

Depfa ACS Bank Ireland 5.2


EBS Mortgage Finance Ireland 3.3

Irish Life & Permanent Ireland 3.2




Landwirtsch. Rentenbank Germany 2.7

Hellenic Republic I/L Greece 2.7


Duration (Yrs to Maturity)

Fund Weighting

Benchmark Weighting

0 - 5 27.1% 9.1%

5 - 10 50.6% 61.4%

10 - 15 21.8% 22.3%

15 - 30 0.1% 7.2%

100% 100%

Yield Curve Positioning

% Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a

Canada Life/ Setanta Pension Fixed Interest

Category Average Bonds

-6

-7

-5

-4

-3

-2

-1

0

1

2

3

4

5

10 yr p.a

48

Canada Life / Setanta Pension Cash Fund Quarter 1, 2011

Fund Description



The Cash Fund seeks to provide modest returns in exchange for relative capital security. The fund may invest in:

i) Euro denominated short-dated term deposits with banks and/or eligible credit institutions on Canada Life‘s approved short-term borrowers list which have a minimum credit rating of P-1 and which are authorised to carry on a banking business in the State under Section 9 of the Central Bank Act, 1971 and/or

(ii) Euro denominated bonds issued by governments or corporates subject to a minimum average credit rating of

Counterparty Exposure

individual securities of ‘A‘ and for the portfolio an average rating of ‘AA‘.

The maximum average duration of the fund is 4.5 months, and the maximum duration of any one asset is one year. The fund has a diversified exposure, with no more than 30% credit exposure to any one entity.

The fund is actively managed and consideration is given to the underlying credit worthiness of the financial institution, the return and the tenure of the deposit.


Counterparty exposures (G) are covered by the Irish Government guarantee. Other counterparty/credit exposures are covered by either other European National Government Guarantees or have individually strong credit ratings.


% Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a

Canada Life/Setanta Cash Fund

Category Average Money Market

0.0

0.5

1.0

1.5

2.0

2.5

3.0

10 yr p.aIssuer % of Fund

Ulster Bank 19.4

National Irish Bank 18.4

French Treasury Bill 9.8

BNP 8.2

ACC Bank 6.8

Dutch Treasury Bill 6.2

Italian Treasury Bill 5.2

Dutch Commercial Paper 3.3

German Commercial Paper 3.3

Issuer % of Fund

Belgian Treasury Bill 3.3

German Treasury Bill 3.3

Bank of Ireland (G) 2.3

Allied Irish Bank (G) 2.0

EBS Building Society (G) 1.9

Irish Life & Permanent (G) 1.8

SPGB 1.2

Cash 3.6

49


CL SEI Global Balanced Fund


The SEI Global Balanced Fund aims to provide long term growth of capital with a moderate level of income by investing in a range of SEI multi-manager equity and fixed income funds. The fund is a globally diversified fund with approximately 70% invested in top tier equity funds and the remaining 30% invested in top tier fixed income funds.

Fund Performance

Asset Allocation

Equities 70%

US Large Cap 28.00

Global Developed Markets 14.00

Europe Ex-UK 10.00

UK 6.00

Japan 5.00

Pacific Basin Ex-Japan 3.50

Emerging Markets 3.50

Fixed Income 30%

Global 15.00

Global Opportunistic 15.00

Total 100%

HighMediumLowP


-1.2% 5.7% 20.9% 1.9% -2.5%

Top 10 Holdings %Apple Inc. 1.62


Chevron Corp. 1.12



QUALCOMM Inc. 0.99

AT&T Inc. 0.81

Pfizer Inc. 0.80

ConocoPhillips 0.78


Total 10.04

List of Managers %

Fixed Income Managers %AllianceBernstein 4.80

First International Advisers 4.20



DB Advisers 3.05



Wellington GRV 3.27

TCW Group 3.65

US Large Companies Equities 28.00

Aronson, Johnson, Ortiz 4.43


Delaware Investment Advisors 2.57


Legg Mason - Core Equity 2.57





Global Developed Markets Equities 14.00

Hexavest 3.46


Janus Capital Group 2.60

Tradewinds 1.73

Wellington Management Co. Int. Value 3.32

Europe Ex-UK Equities 10.00





UK Equities 6.00

Invesco Quantitative Strategies 1.16


Jupiter Investment Managers 1.22

L.A. Capital Management 1.07

Mirabaud Asset Management 1.16


Japanese Equities 5.00


Analytic Investors Inc 1.02



Pacific Basin Ex-Japan Equities 3.50


Lloyd George Investment Management 1.40

Maple-Brown Abbott Limited 1.12

Emerging Markets Equities 3.50







50


CL SEI Global Developed Markets Equity Fund


The investment objective of the Global Developed Markets Equity Fund is to achieve capital appreciation by investing primarily in equity securities of issuers located in developed countries. Following a manager-of-managers approach, the fund’s assets are diversified across specialist sub-advisers.

Fund Benchmark

MSCI World Index

Top 10 Holdings %

Underlying Managers

Fund Performance

HighMediumLowP

Sector Weighting %




-2.4% 6.2% 25.1% -2.6% -9.0%

Financials 17.1

Industrials 13.3


Energy 10.2


Health Care 10.0

Materials 9.8


Telecoms 5.9

Utilities 3.9

Hexavest 24.7

Wellington Management Company International Value 23.7


Janus Capital Management 18.6

Tradewinds Global Investors 12.4

Fund Total 100.00








Eli Lilly & Co. 0.93


General Electric Co. 0.83

Pfizer Inc. 0.82



Newmont Mining Corp. 0.74


Total 8.94

United States 47.2

Japan 11.1

United Kingdom 8.0

Canada 4.3

Germany 4.0

Switzerland 3.9

France 3.9

Australia 1.8

Norway 1.6

Hong Kong 1.6

Other 12.6

51


CL SEI European (Ex-UK) Equity Fund


The fund aims to achieve long-term capital growth and income by investing in a broadly diversified portfolio of European equity securities. Following a manager-of-managers approach, the fund’s assets are diversified across specialist sub-advisers.

Fund Benchmark

MSCI Europe EX-UK index

Top 10 Holdings %


Underlying Managers

Fund Performance

HighMediumLowP

Sector Weighting %



1.7% 8.3% 28.9% -3.1% -5.6%

France 26.1

Germany 21.6

Switzerland 12.2

Sweden 8.6

Italy 6.8

Netherlands 4.9

Norway 3.4

Spain 3.3

Denmark 2.8

Finland 2.5

Other 7.8

Industrials 21.7

Financials 15.7



Materials 10.5


Health Care 7.8

Energy 5.9


Utilities 2.2





Fund Total 100.00






BNP Paribas S.A. 2.6

Total S.A. 2.4

Basf SE 1.8

Sanofi-Aventis S.A. 1.7

Novartis AG 1.5

Daimler AG 1.4

Sap AG 1.3

Unicredit S.P.A. 1.3

Heineken N.V. 1.3

Capgemini 1.2

Total 16.4

52


CL SEI US Equity Fund


The SEI US Large Companies Fund aims to provide long-term capital growth and income by investing primarily in a broadly diversified portfolio of US equity securities of large companies. Following a manager-of-managers approach, the fund’s assets are diversified across specialist sub-advisers.

Fund Benchmark

Russell 1000 Index

Top 10 Holdings %

Underlying Managers

Fund Performance

HighMediumLowP

Sector Weighting %



-0.1% 7.7% 23.8% 3.1% -3.7%


Financials 15.1

Health Care 13.3


Energy 10.8

Industrials 9.3


Materials 3.1


Utilities 2.5

Aronson & Johnson & Ortiz 15.8






Delaware Investments 9.2

Legg Mason - Value Equity 9.2


Fund Total 100.00






Apple Inc. 2.6


Chevron Corp. 1.7

Qualcomm Inc. 1.7


Microsoft Corp. 1.5

AT&T Inc. 1.3

Conocophillips 1.2

Pfizer Inc. 1.1

Procter & Gamble Co. 1.1

Total 15.6

53


CL SEI UK Equity Fund


The SEI UK Equity Fund aims to achieve long-term capital growth and income by investing primarily in a broadly diversified portfolio of UK equity securities. Following a manager-of managers approach, the fund’s assets are diversified across specialist sub-advisers.

Fund Benchmark

FTSE All Share Index

Top 10 Holdings %

Underlying Managers

Fund Performance

HighMediumLowP

Sector Weighting %



-2.5% 6.9% 28.8% -1.7% -8.7%

Financials 19.3

Industrials 15.4

Energy 14.0

Materials 12.8



Health Care 6.2



Utilities 1.5

Jupiter Asset Management 20.4

Invesco Asset Management 19.4

Mirabaud Investment Management 19.4

L.A Capital Management 17.9



Fund Total 100.00






Vodafone Group Plc 4.0

Rio Tinto Plc 3.4

BP Plc 3.1

BGGroup Plc 3.0


Glaxosmithkline Plc 2.6

Astrazeneca Plc 2.5

Royal Dutch Shell Plc (Cl B) 2.4

BHP Billiton Plc 2.3

Barclays Plc 2.0

Total 28.0

54


CL SEI Pacific Basin (Ex-Japan) Equity Fund


The SEI Pacific Basin (ex-Japan) Equity Fund aims to achieve long-term growth of capital and income by investing primarily in a broadly diversified portfolio of Pacific Basin (ex-Japan) equity securities. Following a manager-of-managers approach, the fund’s assets are diversified across specialist sub-advisers.

Fund Benchmark

MSCI Pacific ex Japan Index

Top 10 Holdings %


Underlying Managers

Fund Performance

HighMediumLowP

Sector Weighting %



-4.5% 7.7% 35.6% 8.1% 2.7%

Australia 56.3

Hong Kong 23.5

Singapore 8.8

China 4.0

United Kingdom 2.5

Korea 2.2

Taiwan 1.3

Thailand 0.5

Malaysia 0.3

New Zealand 0.3

Canada 0.3

Financials 42.3

Materials 16.8

Industrials 9.4



Energy 6.1



Health Care 2.5

Utilities 1.2

Lloyd George Investments Management 40.0

Maple-Brown Abbott 32.0


Fund Total 100.00






BHP Billiton Ltd. 7.6

Westpac Banking Corp. 4.4

National Australia Bank Ltd. 4.3

Australia & New Zealand Banking Group Ltd. 4.1

Rio Tinto Ltd. 3.5

DBS Group Holdings Ltd. 3.2

Commonwealth Bank Of Australia 2.3

Wesfarmers Ltd. 1.9

Oil Search Ltd. 1.8

Cheung Kong (Holdings) Ltd. 1.8

Total 34.7

55


CL SEI Japan Equity Fund


The investment objective of the SEI Japan Equity Fund is to achieve long-term growth of capital and income by investing primarily in a broadly diversified portfolio of Japanese equity securities. Following a manager-of-managers approach, the fund’s assets are diversified across specialist sub-advisers.

Fund Benchmark

TOPIX

Top 10 Holdings %

Underlying Managers

Fund Performance

HighMediumLowP

Sector Weighting %



-9.2% -1.2% 15.3% -2.5% -10.0%

Industrials 23.0

Financials 18.9



Materials 6.1

Health Care 5.9



Energy 2.7

Utilities 1.9




Analytic Investors 20.4

Fund Total 100.00






Sumitomo Mitsui Financial Group Inc. 2.8

Toyota Motor Corp. 2.4

Nippon Telegraph & Telephone Corp. 2.0

Astellas Pharma Inc. 1.9

Sumitomo Corp. 1.9

Mitsubishi UFJ Financial Group Inc. 1.9

Nissan Motor Co. Ltd. 1.7

Mitsui & Co. Ltd. 1.5

Softbank Corp. 1.5

Marubeni Corp. 1.5

Total 19.0

56


CL SEI Emerging Markets Equity Fund


The SEI Emerging Markets Equity Fund aims to achieve capital appreciation by investing primarily in securities of emerging market issuers. Following a manager-of-managers approach, the fund’s assets are diversified across specialist sub-advisers.

Fund Benchmark

MSCI Emerging Markets Index

Top 10 Holdings %


Underlying Managers

Fund Performance

HighMediumLowP

Sector Weighting %



-5.3% 9.2% 37.5% 5.3% 3.4%

Samsung Electronics Co. Ltd. 3.0

Gazprom OaO ADS 1.3

MTN Group Ltd. 1.3

China Mobile Ltd. 1.1

Taiwan Semiconductor Manufacturing Co. Ltd. 1.0

Petrobras Petroleo Brasileiro (Ord) 1.0

HTC Corp. 0.9

Lukoil Holdings ADS 0.8

Hyundai Mobis Co. Ltd. 0.8

Standard Bank Group Ltd. 0.8

Total 12.0

Brazil 16.2

China 15.8

Korea 12.7

Taiwan 10.4

Russia 8.0

India 7.1

South Africa 7.1

Mexico 3.6

Indonesia 2.7

Turkey 2.4

Other 14.0

Financials 21.6


Energy 14.0

Materials 13.5


Industrials 8.6



Health Care 2.9

Utilities 1.9







Fund Total 100.00






57


CL SEI Global Fixed Income Fund


The SEI Global Fixed Income Fund aims to generate current income and exhibit principal volatility similar to that of the global developed fixed income market as a whole. Following a manager-of-managers approach, the fund’s assets are diversified across specialist sub-advisers

Fund Benchmark

Lehman Global Aggregate Index

Top 10 Holdings %

Underlying Managers

Fund Performance

HighMediumLowP

Quality Allocation %

Quality Exposure %



-0.8% 1.4% 6.1% 1.1% 0.6%

Treasury 82.8

Agency 8.2

Credit 6.5

Collateralized 1.2

Cash 1.3

AllianceBernstein 32.00

First International Advisors 28.00



Fund Total 100.00


Aa 32.9

A 5.9

Baa 4.4

Ba and Below 3.3

BUNDESREPUB DEUT 3.50% 1/4/16 2.2

JAPAN-86 0.6% 09/20/14 /JPY/ 2.0

JAPAN-113 2.1% 09/20/29 /JPY/ 1.6

JAPAN-112 2.1% 06/20/29 /JPY/ 1.5

US TREAS NTS 3.5% 05/15/20 1.5

JAPAN-79 0.7% 12/20/13 /JPY/ 1.3

EUROPEAN IN 3.875%10/15/16/EUR 1.3

JAPAN-304 1.3% 09/20/19 /JPY/ 1.2

BONOS Y O 5.5% 04/30/21 /EUR/ 1.2

JAPAN GOV 2.5% 12/21/20/JPY/ 1.1

Total 14.8

Euro 27.9

Japan 23.4

USA 20.9

Other 15.1

UK 8.7

Canada 4.1

58


CL SEI Global Opportunistic Fixed Income Fund


The SEI Global Opportunistic Fixed Income Fund aims to generate current income consistent with the preservation of capital by investing primarily in global fixed income markets. Following a manager-of-managers approach, the fund’s assets are diversified across specialist sub-advisers.

Fund Benchmark

Lehman Global Aggregate Hedged Index

Top 10 Holdings %

Underlying Managers

Fund Performance

HighMediumLowP

Market Value Weighting %

Quality Exposure %



-0.1% 3.2% 9.6% 3.1% 2.7%

Treasury 12.5

Agency 16.0

Credit 35.3

Collateralized 37.7

Cash -1.4

TCW Investment Management Company 24.3


DB Advisors 20.3



Fund Total 100.00


A 17.1

Baa 14.3

Aa 12.0

Ba and Below 2.5

FGLMC PA90761 4.50% 01/01/40 2.3

FREDDIE MAC GOLD POOL 1.1

CANADA GOVT 3.75% 6/1/19 /CAD/ 1.1

US TREAS NTS 2.5% 03/31/15 0.9

BUNDESREP 2.5% 01/04/21 /EUR/ 0.8

FEDERAL NATL MTG ASSN FR 2.625%112014 0.7

FNMA PMA0023 5.00% 04/01/29 0.7

GENERAL ELEC C 5.625% 05/01/18 0.7

FGLMC PG12491 5.00% 01/01/22 0.7

FNMA PAD0470 5.00% 02/01/49 0.6

Total 9.5

USA 59.3

Euro 26.4

UK 6.9

Canada 2.9

Other 2.4

Japan 2.1

59

Canada Life / Morgan Stanley Pension European Property Fund Quarter 1, 2011

Fund Description

Important Information:This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change. The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the specific product policy conditions. You should always seek advice of an appropriately qualified professional. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.

provides a highly efficient and cost-effective way of gaining such exposure. As an asset class, real estate can provide important advantages to investors: historically low volatility relative to equities, attractive returns and a low correlation to other asset classes.


The Canada Life/Morgan Stanley European Property Fund allows investors to access the potential returns available from the European commercial property market in one diversified fund. The fund invests in a professionally managed portfolio of European property companies and is managed by a team of property experts at Morgan Stanley with over 40 years of collective experience of real estate markets.

Real estate securities are indirect investments in property whose long-term returns depend on the underlying real estate market. Broad geographic and sector diversification would be prohibitively expensive for a direct real estate investor. However, an indirect real estate portfolio structure

Q1 2011 4.4%

1 Year 11.7%

2 Year p.a 42.6%

3 Year p.a -7.5%

Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up. The Canada Life/Morgan Stanley European Property Fund was launched on 30/7/07.



Company %

Unibail-Rodamco SE 10.22

Land Securities PLC 5.31

Klepierre 5.27

PSP Swiss Property AG 4.54

Icade 4.54

Hammerson PLC 4.46

British Land Co. Ltd 4.07

Gecina 3.60

Beni Stabili SPA 3.04

Corio NV 3.01

Total 48.06

UK37.90%

France30.42% Netherlands

7.06%

Switzerland 6.37%Sweden

4.67%

Cash & equivalents1.94%

Italy3.04%

Germany3.02%

Austria2.38%

Finland1.85%

Belgium1.35%

60

Company %

SPDR Gold Trust 1.4

Exxon Mobil 1.3

Apple 1.0

Microsoft 0.8

Petrobras 0.8

Chevron Corp 0.7

General Electric 0.7


AT&T 0.6

Bristol-Myers Squibb 0.6

Total 8.6

Canada Life / BlackRock Pension Managed Fund Quarter 1, 2011

Fund Description

Important Information:This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change. The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the specific product policy conditions. You should always seek advice of an appropriately qualified professional. BlackRock Investment Managers (UK) Limited is authorised and regulated by the Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.



The Canada Life/Blackrock Pensions Managed Fund invests in both bonds and equities worldwide. The fund follows an asset allocation policy, which seeks to maximise returns while managing the risk in euro terms. The Canada Life/Blackrock Pensions Managed Fund invests 100% in theBlackrock Global Allocation Fund, which is run by Blackrock Investment Managers. Blackrock Investment Managers is one of the world’s largest investment management organisations.

Equity Sectoral DistributionRegional DistributionAsset Distribution

Equity66.8%

Fixed Income25.9%

Cash7.3% Japan Bonds

0.3%

Asia/Pacifc (ex Japan) Bonds

2.1%

North America Equity38.8%

North America Bonds11.8%

Emerging Market Equity10.7%

Europe Equity8.5%

Cash7.3%

Japan Equity6.2%

Europe Bonds4.8%

Asia/Pacific (ex Japan) Equity

2.7%

Emerging MarketBonds6.8%

Financials13.9%

Energy16.5%


5.9%

Other2.4%

Industrials8.6%

Utilities / Telecoms11.0%

Materials13.1%


12.7%

Consumer Staples6.0%

Healthcare9.9%

The Global Allocation Fund seeks to maximise total return. The fund invests globally in equity, debt, and short-term securities of both corporate and governmental issuers, with no prescribed limits. The fund generally will seek to invest in securities that are, in the opinion of the investment advisor, undervalued. The fund may also invest in the equity securities of small and emerging growth companies. The fund may also invest a portion of its debt portfolio in high-yield fixed income transferable securities. Currency exposure is flexibly managed.

% Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a

Canada Life/BlackRock Pension Managed Fund


-6

-4

-2

0

2

4

6

8

10

12

61

Canada Life / Merrion Managed Fund Quarter 1, 2011

Fund Description

Important Information:This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change. The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the specific product policy conditions. You should always seek advice of an appropriately qualified professional. Merrion Capital Investment Managers Limited (trading as Merrion Investment Managers) is regulated by the Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.




The Canada Life/Merrion Managed Fund was launched on 1/10/07. Source: Merrion & Mercer Pooled Fund Survey. Performance is net of management fees.

The Canada Life/Merrion Managed Fund is managed by Merrion Investment Managers. The fund is designed to provide balanced long term growth by actively managing the distribution of the portfolio between cash, bonds, equities and property according to economic conditions.

The fund maintains an average market weight in property through its exposure to Canada Life’s Property Fund while the remainder of the fund is invested in Merrion Investment Managers’ Managed Fund thus providing broad diversificationin quality equities, bonds, property and cash.

Canada Life/Merrion Managed Fund %

iShares MSCI World 3.0

iShares MSCI Emerging Markets 1.7

Financial Select Sector SPDR 1.3

Siemens 1.2

Microsoft 1.1

CRH 1.1

iShares MSCI Pacific ex Japan 1.1

iShares MSCI Japan 1.0

ChevronTexaco 1.0

iShares MSCI Asia ex Japan 1.0

Equities72.3%

Cash11.6%

Fixed Interest11.1%

Property5.0%


8.3%Consumer

Staples5.7%

Energy13.7%

Financials20.5%Healthcare

8.2%

Industrials26.9%


11.4%

Telecoms3.5%

Utilities1.8%

Ireland7.5%

UK12.4%

US34.7%

Europe27.7%

Japan8.0%

Pacific Basin9.7%

% Q1 2011 1 yr p.a 3 yr p.a

Canada Life/Merrion Managed Fund


-3

-2

-1

0

1

2

3

4

5

6

62

Life Investment Funds (Gross Tax Basis)

March 2011 Fund Performance as of 31/03/11

These funds relate only to unit linked investment policies that commenced after 01/01/2001.

Life Investment Funds (Net Tax Basis)

Name 1 Month 3 Month YTD 1 Year 3 yr p.a. 5 yr p.a. 7 yr p.a. 10 yr p.a.

Canada Life/Setanta Life UWP Fund 0.00% 0.00% 0.00% 0.00% 0.18% 0.50% 0.65% 1.74%

Canada Life/SEI US Equity Fund -2.87% -0.24% -0.24% 7.22% 2.70% -- -- --

Canada Life/SEI UK Equity Fund -5.19% -2.60% -2.60% 6.43% -2.02% -- -- --

Canada Life/SEI Pacific Basin Equity Fund -1.41% -4.66% -4.66% 7.12% 7.62% -- -- --

Canada Life/SEI Japan Equity Fund -11.02% -9.22% -9.22% -1.72% -2.89% -- -- --

Canada Life/SEI Global Opportunistic Fixed Income Fund -0.18% -0.18% -0.18% 2.68% 2.65% -- -- --

Canada Life/SEI Global Fixed Income Fund -0.19% -0.96% -0.96% 0.88% 0.62% -- -- --

Canada Life/SEI Global Equity Fund -3.78% -2.41% -2.41% 5.68% -3.01% -- -- --

Canada Life/SEI Global Balanced Fund -2.16% -1.09% -1.09% 6.06% 2.16% -1.26% -- --

Canada Life/SEI European Equity Fund -1.21% 1.61% 1.61% 7.75% -3.55% -- -- --

Canada Life/SEI Emerging Markets Equity Fund 2.22% -5.52% -5.52% 8.71% 4.86% -- -- --

Canada Life Quadrivium Fund -0.60% 1.34% 1.34% 8.34% -3.09% -- -- --

Canada Life/Morgan Stanley European Property Fund -0.16% 4.36% 4.36% 11.67% -7.50% -- -- --

Canada Life/Merrion Managed Fund -2.64% -2.74% -2.74% 1.32% -1.23% -- -- --

Canada Life/Setanta Equity Dividend Distributing Fund -0.62% 3.07% 3.07% 6.16% -2.79% -5.10% 0.27% --

Canada Life/Setanta Equity Dividend Non Distributing Fund -0.67% 3.06% 3.06% 10.79% 2.28% -0.46% 4.93% --

Canada Life/Setanta Balanced Dividend Non Distributing Fund -0.62% 1.64% 1.64% 6.61% 3.76% 1.36% 4.61% --

Canada Life/Setanta Balanced Dividend Distributing Fund -0.60% 1.57% 1.57% 2.19% -1.01% -3.07% 0.16% --

Canada Life/Setanta Strategic Growth Fund -1.96% 0.00% 0.00% 2.46% 0.46% -1.67% 2.74% 0.57%

Canada Life Property Fund 0.09% -1.60% -1.60% -4.81% -19.30% -11.42% -4.53% -1.09%

Canada Life/Setanta Irish Equity Fund -4.15% -3.21% -3.21% 4.53% -8.07% -8.10% 0.54% 1.07%

Canada Life/Setanta Global Opportunity Fund -2.68% -0.32% -0.32% 4.66% 2.40% -0.99% 4.26% 0.58%

Canada Life/Setanta Focus 15 Fund -3.49% -1.13% -1.13% 10.88% 11.18% 3.43% 6.52% -0.15%

Canada Life/Setanta Fixed Interest Fund -0.59% -0.93% -0.93% -7.26% 1.25% 0.97% 1.58% 2.69%

Canada Life/Setanta European Equity Fund -4.20% -0.80% -0.80% 2.19% -0.36% -2.45% 4.18% -0.10%

Canada Life/Setanta Cash Fund -0.07% -0.14% -0.14% -0.61% 0.69% 1.32% 1.13% 1.32%

Canada Life/Setanta Balanced Fund -1.54% -0.67% -0.67% -1.18% -0.78% -2.06% 1.60% 0.85%

Name 1 Month 3 Month YTD 1 Year 3 yr p.a. 5 yr p.a. 7 yr p.a. 10 yr p.a. 15 yr p.a.

Canada Life With Profit Fund 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.79% --

Canada Life SSGA Master Client -2.50% -1.25% -1.25% 1.28% -1.15% -3.48% 0.84% 0.81% 4.57%

Canada Life SSGA Managed -2.51% -1.25% -1.25% 1.28% -1.15% -3.48% 0.84% 0.81% 4.58%

Canada Life Property Fund 0.06% -1.30% -1.30% -4.42% -15.94% -9.35% -3.25% -0.33% 4.95%

Canada Life Pacific Equity Fund -0.91% -2.89% -2.89% 10.89% 6.25% 4.59% 6.65% 5.08% 3.26%

Canada Life Money Fund -0.05% -0.07% -0.07% -0.25% 0.79% 1.32% 1.16% 1.28% 1.72%

Canada Life Managed Fund -1.76% -0.29% -0.29% 1.97% 0.76% -0.85% 2.76% 1.20% 4.80%

Canada Life Leading Companies Fund -2.20% -0.14% -0.14% 4.59% 1.96% -0.71% 3.53% 0.75% 4.64%

Canada Life Irish Equity Fund -3.41% -3.12% -3.12% 4.24% -6.82% -6.74% 0.99% 1.56% 5.62%

Canada Life International Equity Fund -2.20% -0.27% -0.27% 5.23% 2.47% -0.22% 3.75% 0.54% 4.52%

Canada Life High Growth Managed Fund -2.22% -0.12% -0.12% 4.58% 1.96% -0.72% 3.53% 0.75% 4.58%

Canada Life Growth Managed Fund -1.75% -0.29% -0.29% 1.98% 0.76% -0.85% 2.77% 1.20% 4.80%

Canada Life Gilt Fund -0.51% -0.76% -0.76% -5.63% 1.38% 1.14% 1.65% 2.57% 4.01%

Canada Life Gilt & Bond Fund -0.51% -0.78% -0.78% -5.64% 1.39% 1.14% 1.65% 2.68% 4.07%

Canada Life Focus 15 Fund -2.83% -0.89% -0.89% 9.22% 8.79% 2.63% 5.01% -0.09% --

Canada Life European Equity Fund -3.41% -0.77% -0.77% 2.17% -0.41% -1.93% 3.24% 0.04% 4.62%

Canada Life Cash Fund -0.07% -0.11% -0.11% -0.27% 0.79% 1.32% 1.16% 1.31% 1.76%

Canada Life Balanced Equity Fund -2.20% -0.13% -0.13% 4.59% 1.97% -0.71% 3.53% 0.75% 4.65%

63

Indices and Measures

March 2011 Fund Performance as of 31/03/11

All prices and performances are illustrated as at effective date 31st March 2011. Performance is illustrated on an offer-to-offer basis.

This document does not form part of any contract. E&OE. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.

Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up

Pension FundsName 1 Month 3 Month YTD 1 Year 3 yr p.a. 5 yr p.a. 7 yr p.a. 10 yr p.a. 15 yr p.a.

Canada Life/Setanta MM Pension Overseas Fund -2.63% -0.28% -0.28% 5.89% 4.23% 0.31% 4.96% 0.04% 5.31%

Canada Life/SEI US Equity Fund -2.92% -0.12% -0.12% 7.71% 3.15% -- -- -- --

Canada Life/SEI UK Equity Fund -5.11% -2.56% -2.56% 6.94% -1.69% -- -- -- --

Canada Life/SEI Pacific Basin Equity Fund -1.30% -4.49% -4.49% 7.73% 8.11% -- -- -- --

Canada Life/SEI Japanese Equity Fund -11.08% -9.19% -9.19% -1.23% -2.52% -- -- -- --

Canada Life/SEI Global Fixed Income Fund -0.10% -0.86% -0.86% 1.37% 1.08% -- -- -- --

Canada Life/SEI Global Equity Fund -3.84% -2.37% -2.37% 6.21% -2.62% -- -- -- --

Canada Life/SEI Global Balanced Fund -2.29% -1.21% -1.21% 5.71% 1.90% -- -- -- --

Canada Life/SEI European Equity Fund -1.18% 1.70% 1.70% 8.29% -3.14% -- -- -- --

Canada Life/SEI Emerging Markets Fund 2.26% -5.35% -5.35% 9.21% 5.29% -- -- -- --

Canada Life Quadrivium Fund -0.55% 1.47% 1.47% 9.11% -2.37% -- -- -- --

Canada Life/Morgan Stanley European Property Fund -0.16% 4.44% 4.44% 12.19% -6.98% -- -- -- --

Canada Life/Merrion Managed Fund -2.60% -2.60% -2.60% 1.85% -0.18% -- -- -- --

Canada Life/SEI Global Opportunistic Fixed Income -0.09% -0.09% -0.09% 3.19% 3.09% -- -- -- --

Canada Life/SSGA Pension Managed -3.27% -1.55% -1.55% 2.03% -1.54% -3.66% 1.23% 0.99% 5.22%

Canada Life/Setanta With Profit Fund 0.00% 0.00% 0.00% 0.00% 1.26% 1.94% 2.24% 3.08% 4.83%

Canada Life/Setanta Pension Money Fund 0.02% 0.07% 0.07% 0.21% 1.44% 2.08% 1.89% 2.07% 2.73%

Canada Life/Setanta Pension Managed Fund -1.82% 0.23% 0.23% 3.16% 1.62% -0.38% 4.04% 2.07% 5.93%

Canada Life/Setanta Pension Equity Fund -2.62% -0.11% -0.11% 5.47% 3.13% -0.26% 5.02% 1.37% 5.63%

Canada Life/Setanta Pension Fixed Interest Fund -0.54% -0.76% -0.76% -6.55% 2.06% 1.77% 2.38% 3.48% 5.33%

Canada Life/Setanta Consensus Fund -2.31% -0.76% -0.76% 4.38% -0.91% -2.66% 2.21% 0.59% --

Canada Life/Setanta Pension Property Fund 0.12% -1.47% -1.47% -4.16% -18.55% -10.65% -3.73% -0.29% 6.07%

Canada Life/Setanta Passive Equity Fund -3.91% -1.30% -1.30% 6.43% 2.10% -2.35% 2.08% -- --

Canada Life/KBI Pension Managed Fund -1.84% -0.64% -0.64% 4.00% -2.44% -3.52% 1.91% -0.06% --

Canada Life/Setanta Pension Focus 15 Fund -3.32% -0.89% -0.89% 11.96% 12.20% 4.41% 7.54% 0.85% --

Canada Life/Setanta Equity Dividend Fund -0.55% 3.29% 3.29% 11.64% 3.03% 0.29% 5.71% -- --

Canada Life/Setanta Balanced Dividend Fund -0.54% 1.84% 1.84% 7.37% 4.52% 2.09% 5.34% -- --

Canada Life/Blackrock Pension Managed Fund 0.41% 3.47% 3.47% 9.94% 1.70% 4.49% 6.24% -- --

Name 1 Month 3 Month YTD 1 year 3 yr p.a. 5 yr p.a. 7 yr p.a. 10 yr p.a. 15 yr p.a.

ISEQ Overall Return 0.30% 2.95% 2.95% -6.50% -20.62% -16.00% -5.41% -3.69% 3.78%

Irish Inflation 0.00% 0.00% 0.00% 0.00% -1.93% 0.80% 1.37% 2.05% 2.37%

FTSE 100 Share Index (TR) 1.74% 2.84% 2.84% 8.04% 4.78% 3.88% 8.32% 4.18% 6.65%

DJ EURO STOXX(50) TR -0.63% 6.37% 6.37% 2.71% -4.34% -2.15% 3.65% -0.87% 6.60%

S&P 500 TR 2.15% 6.45% 6.45% 15.36% 1.33% 2.73% 4.45% 3.46% --

MSCI The World Index (Gross TR) 0.29% 4.43% 4.43% 9.21% -0.23% 0.73% 4.87% 2.74% 5.58%

Japan NIKKEI 225 -9.72% -5.09% -5.09% -13.66% -8.46% -10.66% -2.61% -2.88% -5.18%

Hong K. Hang Seng Bank 1.73% 3.33% 3.33% 10.52% 0.95% 8.53% 9.42% 6.43% 5.33%

64

Our Investment PartnersWe partner with only the best investment fund managers to provide a full range of investment options for our clients.

Setanta Asset ManagementSetanta Asset Management Limited (“Setanta”) is the primary asset manager for Canada Life in Ireland and other European countries. Setanta was established in Dublin in 1998 and has grown steadily since then, now managing €5.1bn (December 2010) in assets for the Great-West Lifeco Inc group of companies with clients in Ireland, Germany and Canada as well other third-party institutions.

Setanta specialises in active global equity management, investing in stocks on a fundamental basis, with a focus on value and quality. Setanta has an experienced investment team, who choose stocks within a global sector framework. The team has a strong track record in its core global equity style, and in other regional, country and specialist styles.

Setanta offers investment on a segregated and on a pooled basis. It is the investment manager for a range of unit-linked funds, which Canada Life policyholders in Ireland and Europe may invest in. In addition Setanta has a number of specialist mutual funds available for professional investors, offering a global equity, high-yield, covered call strategy, and a similar strategy which invests in companies which meet certain ethical restrictions.

www.setanta-asset.com

SEI Investments (SEI)In 2005, SEI partnered with Canada Life and together introduced the Manager-of-Managers concept in Ireland launching the SEI Manager-of-Manager Global Balanced Fund.

In 2006, Canada Life added another nine SEI Manager-of-Managers funds to our investment platform.

SEI Investments is a global leader in Manager-of-Managers with €129 billion (December 2010) under management worldwide. It is one of the world’s leading providers of multi manager investment products through their Manager-of-Managers offering, and has a strong track record of growth in Europe with a presence in the UK, Italy, Germany, The Netherlands and France.

The Manager-of-Managers concept is a sophisticated investment approach, which builds up a portfolio of the best specialist investment managers around the world, rather than a portfolio of individual stocks and bonds. The Manager-of-Managers, SEI, is responsible for the selection and performance of the investment managers.

Through this partnership, Canada Life can offer clients a greater chance of achieving more consistent long-term returns with controlled risk.

www.seic.com

Morgan StanleyMorgan Stanley Investment Management (MSIM) is a client-centric organisation dedicated to providing investment and risk-management solutions to investors worldwide. With over three decades of asset management experience, Morgan Stanley’s investment strategies span the risk/return spectrum across geographies, investment styles and asset classes, including equity, fixed income, alternatives and private markets. MSIM comprises a community of specialised investment boutiques, each with a unique talent pool of experienced investment professionals backed by the broad reach, access and resources of Morgan Stanley.

As of 30th September, 2010, MSIM had more than 740 investment professionals worldwide who managed and supervised US$265 billion in assets for institutional and intermediary investors around the globe. With 53 offices in 23 countries, Morgan Stanley is able to provide in-depth local knowledge and expertise while channelling the strengths of its global presence and resources to deliver targeted investment solutions.

www.morganstanley.com

Merrion Investment ManagersIn 2007, Canada Life announced the launch of the Canada Life/Merrion Managed fund and is delighted to welcome Merrion Investment Managers as a partner. Merrion Investment Managers, formerly Oppenheim Investment Managers, have built a reputation upon a proven approach to investment management that has delivered consistently strong performance - not only in years when markets have risen but also during periods when markets have fallen. Merrion Investment Managers’ focus is on controlling risk, while obtaining the maximum return available within the market.

Merrion Investment Managers’ only business is asset management meaning that they are totally focused on delivering exceptional investment returns to their clients.

www.merrion-investments.ie BlackRockBlackRock is one of the world’s preeminent asset management firms and a premier provider of global investment management, risk management and advisory services to institutional, intermediary and individual investors around the world. BlackRock offers a range of solutions - from rigorous fundamental and quantitative active management approaches aimed at maximizing outperformance to highly efficient indexing strategies designed to gain broad exposure to the world’s capital markets.

BlackRock is a truly global enterprise that combines the benefits of world-wide reach with localised service. Blackrock manages assets for clients in North and South America, Europe, Asia, Australia and the Middle East and Africa. Headquartered in New York, the firm employs more than 8,500 talented professionals and maintains offices in 24 countries around the world. Blackrock’s client base includes corporate, public, union and industry pension plans; insurance companies; third-party mutual funds; endowments; foundations; charities; corporations; official institutions; banks; and individuals worldwide.

As of 30th September, 2010, BlackRock’s assets under management total US$3.45 trillion across equity, fixed income, cash management, alternative investment, real estate and advisory strategies.

www.blackrock.co.uk

For further information on Canada Life investment products please contact:

Michael HayesInvestment Development Manager, Canada Life

Tel: 01 210 2757Email: [email protected]

This information is correct at the time of going to print. Canada Life Assurance (Ireland) Limited and The Canada Life Assurance Company are regulated by the Central Bank of Ireland.

Canada Life House, Temple Road, Blackrock, Co. Dublin.Tel: 01 210 2000 Fax: 01 210 2020 Web: www.canadalife.ie Email: [email protected]

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