Investment Edge Q4 2010

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Acess to five fund managers; Setanta Asset Management, SEI Investments, Morgan Stanley, BlackRock and Merrion Investment Managers

Acess to five fund managers; Setanta Asset Management, SEI Investments, Morgan Stanley, BlackRock and Merrion Investment Managers

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  • 1. Investment EdgeVolume 3 Quarter 4 2010
  • 2. 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 agenciesincluding a AA* rating from Standard & Poor’s.We only partner with the best investment managers to offer a broad range of choice toIrish investors. And we are backed by strength. Our parent is Great-West Life, one of theworld’s leading life assurance companies, making us one of the largest and strongest lifeand 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.
  • 3. Introduction Welcome to the fourth quarter 2010 edition of Investment Edge. The fourth quarter was a very positive one as the MSCI World Index rose 10.9%, and despite a number of challenges during 2010, posted a very healthy return of 19.5% in euro terms for the year. The main issue weighing on markets throughout the year was the euro sovereign debt crisis, which eventually led to a bailout of Greece and later Ireland, and worries over other peripheral euro countries’ debt levels. In the first half of the year there were ongoing concerns about the possibility of a double dip recession and the effect of increasedregulation in the US and elsewhere of the financial sector. The second half of the year saw fundamentalsreassert themselves as better-than-expected economic data, along with improving corporate earnings,drove markets on.Despite the ongoing weakness of Irish bank shares, the ISEQ almost recorded a positive return for theyear and rallied strongly in the fourth quarter as its non-financial stocks participated in the global rally.Meanwhile, the price of oil rose above US$90 per barrel for the first time in over two years and othercommodity prices continued to push higher.The strong final quarter was mainly attributable to heightened expectations amidst increased confidencethat the global recovery was well on track and improving corporate profitability that reached record levels. Athome the final quarter was dominated by turmoil on the political front and once again in the financial sector,as AIB, which had been the biggest stock in the ISEQ just three years ago, was effectively nationalised. InNovember the EU and IMF jointly agreed to an Irish bailout of õ67.5 billion. Also during the month a four-yearnational recovery plan to return the Irish economy to sustainable growth was announced with the intentionof cutting our budget deficit to the official target of 3% of GDP by 2014.The mid-term elections in the US delivered a resounding victory for the Republicans. The extension of theBush-era tax cuts by President Obama and further quantitative easing would later act as another stimulusfor the US economy. Market gains in December were among the strongest of the year. The US S&P 500Index rose to its highest level in over two years and the FTSE 100 Index closed above 6,000 for the firsttime since June 2008.As we look to 2011 many of the same themes will remain centre stage. The eurozone sovereign debt crisis islikely to remain a major influence in 2011 as markets seem unconvinced that these issues have been solved.Global growth is again expected to be positive at about 4.2%, fed in large parts by the emerging markets.Interest rate policy will likely remain relaxed in most parts of the world with the expectation that interestrates will remain at, or near, historic lows. However, rates may come under pressure in the latter stagesof 2011 if growth continues as expected. Equities still look attractive and remain reasonably valued,particularly in relation to bonds and deposit rates. Corporate profits are expected to continue their advance,albeit at lower levels of growth than in 2010. We may also see an increase in dividend payouts this year ascompanies put their surplus cash to work.In the Spotlight section of this issue we focus on the outstanding long-term performance from some ofCanada Life/Setanta’s main funds.We wish you all the best for 2011.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.
  • 4. IndexMarket Commentary 4Spotlight - Canada Life fund performance outperforms the markets in 2010 6Fund Fact Sheets 9Life Investment Funds 9Pension Funds 35Fund Performance 62Our Investment Partners 64
  • 5. Market Commentary Q4 2010Global equities ended the year on a very positive note with the MSCI World Index returning +10.9% for quarter four,bringing the return for 2010 to +19.5%. The best performing sectors for the quarter were energy and industrials &materials and the weakest were healthcare and utilities.Japan (Nikkei) and the US (S&P500) had very strong quarters, up 14.1% and 12.8% respectively. Investors shruggedoff European sovereign debt concerns and higher unemployment figures and instead focused on a historic trend price/earnings ratio of 19 times and GDP growth. Following two very positive years, equities look reasonably valued at currentlevels. US equity markets also received a boost from the extension of tax breaks originally introduced by President Bushfor two years. This measure resulted in a rise in economic growth forecasts for 2011, but also in a rise in US governmentbond yields on the expectation that borrowing will need to increase. The UK and the US continued with their programmes ofquantitative easing during the quarter. Policymakers seem broadly determined to continue to support economic recoveryvia this exceptionally easy monetary policy approach for the foreseeable future, or until inflation becomes an inhibitingfactor. Equities were also buoyed by strong global growth - double digit growth was recorded in Asia.European equities (Europe ex-UK), generated a positive quarterly return for the first time in 2010 (+5.6%). Europeanequities have been held back by concerns about debt levels on the balance sheets of some European banks and ofperipheral European countries. Stock prices in Germany were strong for the quarter and for the year, reflecting strongGerman economic growth. The ISEQ index returned 8% for the quarter.In a further effort to curb inflation, which is being driven primarily by rising food prices, the People’s Bank of Chinaannounced an interest rate hike of 0.25% on Christmas Day. Equity markets are beginning to tune into inflationarypressures in China and global inflation will become a focus point for equity investors in 2011, along with corporateearnings, dividend policy and monetary policy.European bonds had a negative quarter; the Bank of America Merrill Lynch sovereign bond five-year index returned -5.7%. The European sovereign debt crisis was centre stage during the quarter and peripheral (Ireland, Greece, Portugal,Spain) bond yields continued to rise as the ongoing political debate about how best to contain and solve the crisisdragged on. Uncertainty over European sovereign debt will likely continue to impact equity and bonds over the mediumterm, until a comprehensive eurozone response is accepted by the markets. European corporate bonds fared betterduring the quarter, down -1.7%, and returning +6% for 2010 as a whole (Merrill Lynch EMU Corporate bond index).Cash generated a low yield, reflecting the current low interest rate environment. The European Central Bank (ECB) left itsmain refinancing rate (refi) at 1% in line with market expectations. This is expected to remain unchanged during 2011.The euro weakened against the US dollar and sterling during the quarter by -1.9% and -1.0%, respectively. In overallterms, the euro fell by 8% against the US dollar during 2010, despite having strengthened against the US dollar for thefirst half of the year.Brent oil rose again during the quarter and reached its highest level of $94.3/barrel since October 1st 2008 when itthen peaked at $94.9/barrel. Growth in manufacturing together with the cold weather in Europe and the US helped toincrease demand. The Dow Jones UBS Spot Commodity Index rose by 18.9% during the quarter, bringing the gains forthe year to 26.4%.MSCI World Q4. 2010Source: MSCI Net Total Returns (in €) 01.10.2010 – 31.12.2010 4
  • 6. Asset Class Returns Q4. 2010Source: MSCI World, Merrill Lynch (G7), Merrill Lynch (EMU +5yrs), Average PropertyFund Mercer Survey, 3 Month Interbank Deposit (all in €) 01.10.10 – 31.12.10Regional Returns Q4. 2010Source: MSCI Regional Indices Total Return, ISEQ, (in €), 01.10.10 - 31.12.10Sector Returns Q4. 2010Source: MSCI Global Sector Performances Total Return (in €), 01.10.10 – 31.12.10 5
  • 7. Canada Life fund performance outperformsthe markets in 2010By Michael Hayes, Investment Development Manager, Canada Life2010 was another good year for investors with many major markets recording significant gains tobuild on the very positive returns seen in 2009. Recent performance figures show that several ofCanada Life’s investment funds outperformed their respective benchmarks in 2010 and over longerperiods*.While the 2010 performance figures are very welcome, the more relevant longer-term numbersare also very strong with several of our key funds showing significant outperformance against theirrelevant benchmarks and competitor funds. The Canada Life/Setanta Global Equity Fund, the CanadaLife/Setanta Focus 15 Fund, the Canada Life/Setanta Irish Equity Fund and the Canada Life/SetantaManaged Fund have all outperformed their respective benchmarks over the more relevant three, fiveand 10-year periods.Setanta has a strong conviction in value and quality investing, coupled with a diligent investmentprocess. They also conduct their own fundamental research. This generates an in-depthunderstanding of the companies and the sectors in which they operate, benefiting investors in theCanada Life/Setanta Funds.The standout performer in 2010, as was the case in 2009, was the Canada Life/Setanta Focus 15Fund. The fund increased by 26.5% last year, outperforming its benchmark, the MSCI World Index,by 7%. The fund is an actively managed, concentrated equity portfolio, which holds approximately 15international stocks. The Canada Life/Setanta Focus 15 fund has been one of the best-performingfunds in the Irish market over the last two years.With industry single premium sales increasing by 30% in 2010, it is encouraging to note that peopleare moving back into investment funds and away from cash and deposits. We have now had two goodyears in a row, and this has certainly helped investor confidence. Some funds are showing gains ofover 100% for the past two years. The positive trend into other asset classes that started in 2009has gathered momentum, and we are delighted to see that it looks set to continue in 2011.Canada Life is the strongest life assurance group in Ireland. Established in Ireland in 1903, theCanada Life Group has grown to be a modern and dynamic international financial services business.We are part of Great-West Life, one of the world’s leading life assurance companies, from a countryranked the most financially sound in the world**.With a reputation for financial strength, stability and consistently high financial ratings from theindependent rating agencies, Canada Life is the only life assurance group in Ireland to have a AArating*** from Standard & Poor’s.As part of the Great-West Life Assurance Company, we have access to a large pool of experience andexpertise on a global scale, allowing us to continuously enhance our product and service offering. 6
  • 8. 5-yr Fund Outperformance 10-yr Fund Outperformance Canada Life Fund Benchmark Performance per vs benchmark Performance vs. benchmark annum (p.a.) Canada Life/ Setanta Global MSCI World Index +0.9% p.a. +1.1% p.a. +0.7% p.a. +1.9% p.a. Equity Fund Canada Life/ Setanta Focus 15 MSCI World Index +5.4% p.a. +5.6% p.a. -0.7% p.a. +0.5% p.a. Fund Canada Life/ Setanta Irish ISEQ**** -5.6% p.a. +9.3% p.a. 1.2% p.a. 5.5% p.a. Equity Fund Canada Life/ Mercer Managed Setanta Pension +0.4% p.a. +1.2% p.a. +1.7% p.a 0.7% p.a. Fund Average Managed FundFor 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.Canada Life Assurance (Ireland) Limited and The Canada Life Assurance Company 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.* Performance Source: Pension Fund performance, Moneymate, Mercer Pooled Group Pension Managed Fund Survey. Fundperformance for the calendar year 2010. These performance figures are net of management fees. The figures for the CanadaLife/ Setanta Irish Equity Fund are for the life version of this fund and are also net of management fees.** IMF Country Report for Canada, 2009*** The financial rating shown for The Canada Life Assurance Company is provided by Standard & Poor’s. Standard & Poor’s isa rating agency which provides ratings on the financial strength of companies.**** The Canada Life/Setanta Irish Equity Fund is an actively managed fund investing in Irish equities. The fund is a stockpicking fund and does not attempt to replicate the performance of the ISEQ benchmark. 7
  • 9. 8
  • 10. Life Funds9
  • 11. Canada Life / Setanta Equity Dividend Fund Quarter 4, 2010Fund Description PThe Equity Dividend Fund is an actively managed equity ★ company debt must be ‘investment grade‘ (if rated)portfolio which aims to hold c. 40 stocks that pay above ★ company gearing below 100%.average dividends. The fund does not target high dividendpayers indiscriminately; a set of desired criteria is applied The ratio of debt to equity should be not more than 100%,when filtering potential candidates for the fund. The desired except for utility companies (water, electricity etc.) wherecriteria are: we use a hurdle of 200%, and for financial stocks, where no maximum is applied.★ dividend yield 20% in excess of the MSCI World Index★ no cut in dividend in the last five years The maximum exposure to currencies other than the euro is★ market capitalisation of at least ®500m (excluding Irish capped at 10% of the value of the fund. The Equity Dividend stocks) Fund is managed by Setanta Asset Management Limited★ dividend must be less than 80% of earnings (“Setanta“) .Top 10 Holdings Fund Performance* Q4 2010 Company Sector % BP Energy 3.7 13.5 CRH Industrials/Materials 3.5 11.2 Sanofi-Aventis Healthcare 3.4 7.5 Fortum Telecoms/Utilities 3.0 6.4 4.4 4.4 Wincor Nixdorf Information Technology 2.7 Diageo Consumer Staples 2.6 0.0 Lockheed Martin Industrials/Materials 2.6 -0.1 Svenska Handbanken Financials 2.6 -2.3 Thai Beverage Public Consumer Staples 2.5 -3.8 Nokia Information Technology 2.5Portfolio Financials Q4 2010 *Source: Moneymate. Peer Group Average (High Yield Equity Funds from Bloxhams, AIB, Eagle Star, Aviva and Friends First. Dividend Yield 3.8% P/E Ratio 12.9xSource: 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.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 10
  • 12. Canada Life / Setanta Balanced Fund Quarter 4, 2010Fund Description PThe investment objective of the Balanced Fund is to secure picked within a global sector framework, with an emphasislong-term capital growth. The fund seeks to achieve its on the following key characteristics:objective by investing primarily in a range of Irish andinternational equities and bonds. The asset distribution of ★ superior financial track recordthis fund is more conservative than a managed fund, having ★ competitive advantage and a sustainable business modela lower proportion of its assets invested in equities; the within their industrytarget equity content is less than 50%. ★ focused on profitability and can demonstrate an ability to earn cash flow returns in excess of their cost of capitalThe fund is managed by Setanta Asset Management Limited over the business cycle(“Setanta“). Setanta is a value investor in quality companies ★ do not carry excessive debt levels.and builds the portfolio from the bottom up. Stocks areTop 10 Holdings Fund Performance to 31/12/10 Company Sector % 5.8 Exxon Mobil Energy 2.3 5.1 General Dynamics Industrials/Materials 2.0 Johnson & Johnson Healthcare 1.8 Pfizer Healthcare 1.8 1.7 1.1 BP Energy 1.7 0.7 0.6 Total Energy 1.7 Microsoft Information Technology 1.7 -0.3 SCA ‘B’ Industrials/Materials 1.7 -1.9 -1.6 Everest RE GP Financials 1.5 -3.5 Danaher Industrials/Materials 1.5 Source: Moneymate. Performance is net of management fees.Asset Distribution Equity Geographic Distribution Equity Sectoral Asset Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 11
  • 13. Canada Life / Setanta Balanced Dividend Fund Quarter 4, 2010Fund Description PThe Balanced Dividend Fund is an actively managed balanced ★ dividend must be less than 80% of earningsfund investing 66% in equities and 34% in fixed interest ★ company debt must be ‘investment grade‘ (if rated)securities. The equity portion of the fund aims to hold c. 40 ★ company gearing below 100%.stocks that pay above average dividends. The fixed interestportion of the fund invests in EU government bonds. The ratio of debt to equity should be not more than 100%, except for utility companies (water, electricity etc.) whereThe fund does not target high dividend payers indiscriminately we use a hurdle of 200%, and for financials stock, where nofor the equity securities; a set of desired criteria is applied maximum is applied.when filtering potential candidates for the fund. The desiredcriteria are: The maximum exposure to currencies other than the euro is capped at 10% of the value of the fund. The Balanced★ dividend yield 20% in excess of the MSCI World Index Dividend Fund is managed by Setanta Asset Management★ no cut in dividend in the last 5 years Limited (“Setanta“) .★ market capitalisation of at least ®500m (excluding Irish stocks)Top 10 Holdings Fund Performance* Q4 2010 Company Sector % BP Energy 3.7 13.0 CRH Industrials/Materials 3.5 Sanofi-Aventis Healthcare 3.4 7.1 7.7 Fortum Telecoms/Utilities 3.0 Wincor Nixdorf Information Technology 2.7 4.4 4.5 3.9 Diageo Consumer Staples 2.6 1.0 1.6 0.4 Lockheed Martin Industrials/Materials 2.6 Svenska Handbanken Financials 2.6 Thai Beverage Public Consumer Staples 2.5 -3.2 Nokia Information Technology 2.5 *Source: Moneymate. Peer Group Average (High Yield Equity Funds from Bloxhams, AIB, Eagle Star, Aviva and Friends First.Portfolio Financials Q4 2010 Dividend Yield 3.8% 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 P/E Ratio 12.9x before taking account of any exit tax that may apply.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 12
  • 14. Canada Life / Setanta European Equity Fund Quarter 4, 2010Fund Description PThe investment objective of the European Equity Fund is to ★ superior financial track recordsecure long-term capital growth. ★ competitive advantage and a sustainable business model within their industryThe fund seeks to achieve its objective by investing in a ★ focused on profitability and can demonstrate an ability torange of European equities. earn cash flow returns in excess of their cost of capital over the business cycleIt is an actively managed equity portfolio which holds c. 30- ★ do not carry excessive debt levels.50 European stocks. The fund is managed by Setanta AssetManagement Limited (“Setanta“). Setanta is a value investorin quality companies and builds the portfolio from the bottomup. Stocks are picked within a global sector framework, withan emphasis on the following key characteristics:Top 10 Holdings Fund Performance to 31/12/10 Company Sector % BP Energy 4.9 Axel Springer Consumer Discretionary 4.3 15.3 CRH Industrials/Materials 4.1 Diageo Consumer Staples 4.0 9.0 Kingspan Group Industrials/Materials 3.9 7.8 6.9 Novartis Healthcare 3.8 Vodafone Telecoms/Utilities 3.8 0.9 DCC Industrials/Materials 3.7 -0.9 -1.0 -0.6 Glaxosmithkline Healthcare 3.7 -2.8 Sanofi-Aventis Healthcare 3.6 -4.5 Source: Moneymate. Performance is net of management fees.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 13
  • 15. Canada Life / Setanta Unitised With Profits Fund Quarter 4, 2010Fund Description PThe Unitised With Profits Fund (UWP) operates like a At maturity a terminal bonus may be applied if the underlyingunit-linked fund, except that investment return to assets have outperformed the declared bonuses.policyholders is smoothed and guaranteed not to fall.Returns are distributed in the form of a bonus rate declaredby Canada Life based on various factors including theperformance of the underlying assets.Returns are smoothed to the investor in that the bonusrate will endeavour to reflect the performance of the assetsover the long term, allowing the investor to avoid short-termvolatility in the markets.Top 10 Holdings Annual Bonus History Company Sector % Year Life Gross Version Net Version Exxon Mobil Energy 2.2 95 – 96 - - General Dynamics Industrials/Materials 2.0 96 – 97 - - Johnson & Johnson Healthcare 1.8 97 – 98 - - Pfizer Healthcare 1.7 98 – 99 - 6.5% 99 – 00 - 6.0% BP Energy 1.6 00 – 01 6.0% 5.0% SCA ‘B’ Industrials/Materials 1.6 01 – 02 6.0% 4.5% Total Energy 1.6 02 – 03 5.0% 3.5% Microsoft Information Technology 1.6 03 – 04 2.0% 0.0% 04 – 05 1.0% 0.0% CRH Industrials/Materials 1.5 05 – 06 1.0% 0.0% Everest RE GP Financials 1.5 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% Bonus rates are declared net of management chargesAsset Distribution Equity Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 14
  • 16. Canada Life / Setanta Focus 15 Fund Quarter 4, 2010Fund Description PThe Focus 15 Fund is an actively managed, concentrated ★ focused on profitability and can demonstrate an ability toequity portfolio, which holds c. 15 international (ex Ireland) earn cash flow returns in excess of their cost of capitalstocks. The Focus 15 Fund is managed by Setanta Asset over the business cycleManagement Limited (“Setanta“). Setanta is a value ★ do not carry excessive debt levels.investor in quality companies. Setanta builds the portfoliofrom the bottom up, using the stocks researched by the Clearly, Focus 15 is likely to be more volatile than moresector specialists, with an emphasis on the following key broadly-based funds; it is therefore only suitable for thosecharacteristics: investors with experience of the stock market.★ superior financial track record★ competitive advantage and a sustainable business model within their industryFund Holdings Fund Performance to 31/12/10 Company Sector % MI Developments Financials 9.1 Pfizer Healthcare 8.1 26.0 Tidewater Energy 8.1 Johnson & Johnson Healthcare 7.4 Astellas Pharmaceutical Healthcare 7.2 Wincor Nixdorf Information Technology 6.9 12.9 13.3 Steris Healthcare 6.6 7.7 NTT Docomo Telecoms/Utilities 6.4 5.3 4.4 Everest RE GP Financials 6.2 Total Energy 6.2 Toyota Motor Consumer Discretionary 6.1 -1.8 -1.7 -1.5 -4.0 Sysco Consumer Staples 5.8 Nokia Information Technology 4.0 OPAP Consumer Discretionary 3.9 Belgacom Telecoms/Utilities 3.7 Cash 4.7 Source: Moneymate. Performance is net of management fees.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 15
  • 17. Canada Life / Setanta Irish Equity Fund Quarter 4, 2010Fund Description PThe Irish Equity Fund is an actively managed equity ★ focused on profitability and can demonstrate an ability toportfolio which aims to hold stocks quoted on the Irish earn cash flow returns in excess of their cost of capitalstock exchange. The fund is managed by Setanta Asset over the business cycleManagement Limited (“Setanta“). Setanta is a value investor ★ do not carry excessive debt levels.in quality companies. Setanta builds the portfolio from thebottom up, picking stocks within a sector framework, with an The Irish Equity Fund is a relatively concentrated equity fundemphasis on the following key characteristics: with exposure to stocks from only one country and is likely to be more volatile than more broadly-based funds.★ superior financial track record★ competitive advantage and a sustainable business model within their industryTop 10 Holdings Fund Performance to 31/12/10 Company Sector % DCC Industrials/Materials 9.7 18.6 CRH Industrials/Materials 9.5 13.4 Kingspan Industrials/Materials 9.1 7.9 Dragon Oil Energy 7.8 1.2 Irish Continental Industrials/Materials 7.6 -0.7 Total Produce Consumer Staples 7.6 -5.6 -4.5 Abbey Industrials/Materials 7.0 -10.8 Ryanair Industrials/Materials 6.8 -15.4 Kerry Group Consumer Staples 6.3 -22.1 Grafton Group Industrials/Materials 6.3 Source: Moneymate. Performance is net of management fees.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 16
  • 18. Canada Life / Setanta Property Fund Quarter 4, 2010Fund Description PThis fund invests in commercial properties - office, retail and The Property Fund is suitable for investors who wish to gainwarehousing. The fund is characterised by the quality of the investment exposure to the commercial property sector.property that makes up the portfolio and the tenants that Investors should understand that property investment is byoccupy these properties. its nature less liquid than other asset classes.Currently, all of the properties are located in Ireland.Sample Property Holdings Fund Performance to 31/12/10 OFFICE Block C, Earlsfort Centre 12.8 Tenant - Office of Public Works Fund Weighting - 13.2% 2.1 1.5 RETAIL 45/46 Patrick Street, Cork -0.7 -3.0 -2.1 Tenant - C&J Clarke International -5.8 Fund Weighting - 3.8% -10.2 -11.9 INDUSTRIAL/WAREHOUSE Swords Business Campus -22.9 Tenants - Air France, Client Logic, Eastern Health Board Fund Weighting - 10.2% Source: Moneymate. Performance is net of management fees.Asset Distribution Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 17
  • 19. Canada Life / Setanta Strategic Growth Fund Quarter 4, 2010Fund Description PThe investment objective of the Strategic Growth Fund is to ★ superior financial track recordsecure long-term capital growth. The fund seeks to achieve ★ competitive advantage and a sustainable business modelits objective by investing primarily in a range of Irish and within their industryinternational equities and bonds. The fund will hold between ★ focused on profitability and can demonstrate an ability to50-80% of its assets in equities with the balance consisting earn cash flow returns in excess of their cost of capitalof bonds, property and cash over the business cycle ★ do not carry excessive debt levels.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, pickingstocks within a global sector framework, with an emphasison the following key characteristics:Top 10 Holdings Fund Performance to 31/12/10 Company Sector % Exxon Mobil Energy 1.6 11.4 General Dynamics Industrials/Materials 1.4 8.2 Johnson & Johnson Healthcare 1.4 Pfizer Healthcare 1.3 5.8 CRH Industrials/Materials 1.3 3.7 BP Energy 1.3 Svenska Cellulosa Industrials/Materials 1.2 0.4 Total Energy 1.2 -0.1 -1.0 -0.9 Microsoft Information Technology 1.1 -2.7 Everest RE GP Financials 1.1 -3.8 Source: Moneymate. Performance is net of management fees.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 18
  • 20. Canada Life / Setanta Global Opportunity Fund Quarter 4, 2010Fund Description PThe Global Opportunity Fund is an actively managed equity ★ superior financial track recordportfolio, which holds c. 100-140 global stocks. The ★ competitive advantage and a sustainable business modelinvestment objective of the Global Opportunity Fund is to within their industrysecure long-term capital growth by investing in a range of ★ focused on profitability and can demonstrate an ability toIrish and international equities. earn cash flow returns in excess of their cost of capital over the business cycleThe fund is managed by Setanta Asset Management Limited ★ do not carry excessive debt levels.(“Setanta“). The fund is the cornerstone of Setanta‘sinvestment process. Setanta is a value investor in qualitycompanies and builds the portfolio from the bottom up.Stocks are picked within a global sector framework, with anemphasis on the following key characteristics:Top 10 Holdings Fund Performance to 31/12/10 Company Sector % Exxon Mobil Energy 2.3 14.0 13.3 General Dynamics Industrials/Materials 2.0 Johnson & Johnson Healthcare 1.8 8.0 7.7 Pfizer Healthcare 1.8 BP Energy 1.7 Total Energy 1.7 0.2 Microsoft Information Technology 1.7 -0.1 SCA ‘B’ Industrials/Materials 1.7 -1.5 -2.1 -1.8 Everest RE GP Financials 1.5 -4.0 Danaher Industrials/Materials 1.5 Source: Moneymate. Performance is net of management fees.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 19
  • 21. Canada Life Quadrivium Fund Quarter 4, 2010Fund Description Fund Composition PThe investment objective of the Canada Life Quadrivium Fund The Quadrivium Fund invests in the following four asset classes:is to secure long-term capital growth. High-Yield EquitiesThe fund seeks to achieve its objective by investing in four The Canada Life Dividend Fund is an equity fund thatdifferent asset classes – equities, bonds, property and specifically targets stable blue chip quality companies withcommodities. By investing in Quadrivium investors can gain the ability to pay consistently strong dividends.access to a diversified portfolio invested across these four The Dividend Fund is a pure equity portfolio of activelyasset classes. The fund provides exposure to international managed companies with an average of 40 holdings.shares, Irish & European commercial property, commoditiesand fixed interest assets, all within one fund. Property Irish Commercial Property The Canada Life Property Fund invests in a range ofAsset Distribution 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 Property The 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 Asset Class Current Expected quoted European property companies through buying Allocation Range real estate securities. Real Estate securities are indirect Dividend Fund 44.7% 20% - 50% investments in property whose long-term returns depend on Irish Property 9.4% 10% - 25% the underlying real estate market. Morgan Stanley Euro Property Fund 20.0% 10% - 25% Commodities Commodities 16.7% 0% - 25% The commodities allocation in the Quadrivium fund invests Fixed Interest 9.2% 0% - 25% 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-AIGFund Performance 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 12.7 12.3 11.5 more than 33% of the index and no single commodity may 9.3 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 5.0 5.3 multi-asset portfolios. The ETFs are issued by ETF Securities. ETF Securities invest the assets backing the ETF with AIG. Fixed Interest The Canada Life Fixed Interest Fund invests in government -3.3 gilts predominantly from eurozone countries. Gilts, or bonds -5.5 are essentially a form of debt. Governments and largeSource: Moneymate. Performance is net of management fees. corporations use them to raise money for capital expenditure.This fund was launched on 22/10/07 Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 20
  • 22. Canada Life / Setanta Cash Fund Quarter 4, 2010Fund Description PThe Cash Fund seeks to provide modest returns in exchange individual securities of ‘A‘ and for the portfolio an averagefor relative capital security. The fund may invest in: rating of ‘AA‘.i) Euro denominated short-dated term deposits with banks The maximum average duration of the fund is 4.5 months,and/or eligible credit institutions on Canada Life‘s approved and the maximum duration of any one asset is one year.short-term borrowers list which have a minimum credit The fund has a diversified exposure, with no more than 30%rating of P-1 and which are authorised to carry on a banking credit exposure to any one entity.business in the State under Section 9 of the Central BankAct, 1971 and/or The fund is actively managed and consideration is given to the underlying credit worthiness of the financial institution,(ii) Euro denominated bonds issued by governments or the return and the tenure of the deposit.corporates subject to a minimum average credit rating ofCounterparty Exposure Fund Commentary Issuer % of Fund Issuer % of Fund The European Central Bank (ECB) left its main refinancing rate (refi) National Irish Bank 20.8 German Treasury Bill 3.3 at 1% in line with market expectations. This is expected to remain unchanged during 2011. EONIA (overnight rate) averaged 0.58% Ulster Bank 15.4 Bank of Ireland (G) 2.3 over the quarter while 3m Euribor averaged just over 1%, showing Allied Irish Bank (G) 10.9 EBS Building Society (G) 1.7 signs of normalization back to the main refinancing rate. Liquidity ACC Bank 10.0 European Investment Bank 1.6 in the euro system remained plentiful and this is keeping EONIA at BNP 8.9 SPGB 1.2 low levels in relation to the main refinancing rate. French Treasury Bill 6.6 SGLT 1.0 KBC Bank Ireland 6.1 KFW Bank 0.6 The final quarter of the year saw a couple of key announcements Irish Life & Permanent (G) 6.0 Cash 0.4 from the ECB. Namely there will be an extension of the full allotment in open market operations. At the moment full allotment Dutch Treasury Bill 3.3 will remain in place in the first quarter of 2011, with a furtherCounterparty exposures (G) are covered by the Irish Government guarantee. announcement on this expected at the ECB March meeting.Other counterparty/credit exposures are covered by either other European NationalGovernment Guarantees or have individually strong credit ratings. There was also a tightening of collateral at the ECB, a sign they are becoming concerned with the quality of collateral they are holding.Fund Performance to 31/12/10 This will increase the haircuts applied to lower quality or illiquid collateral meaning that banks will need to provide more collateral to secure funds. 1.7 1.7 1.7 The main development of the quarter was the ECB becoming vocal 1.4 1.4 1.4 about their worries on how banks, mainly in peripheral countries, have become “addicted” to using the ECB lending facilities for 1.0 liquidity. As stated above the ECB did extend full allotment into 2011, but this was agreed by consensus and not unanimously, despite the worsening sovereign debt crisis, a clear sign the ECB are intent on 0.3 returning to normal market conditions as soon as they can. However, there is no easy solution to this problem as these banks -0.1 can’t fund themselves elsewhere and are using ECB as a lender of last resort. Full allotment will keep excess liquidity in the system, -0.5 thus overnight rates will remain below the main refinancing rate. In the quarter, the Fund reduced its exposure to Irish banks and has increased its exposure to short-dated government or Source: Moneymate. Performance is net of management fees. government backed bonds. Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 21
  • 23. Canada Life / Setanta Fixed Interest Fund Quarter 4, 2010Fund Description PThe Fixed Interest Fund invests predominantly in eurozone The fund has a minimum ‘A‘ credit rating investment level forgovernment bonds. It may also hold corporate bonds and individual securities. The minimum average credit rating forbonds from non-eurozone countries. The fund is managed by the full portfolio is ‘AA‘. The duration of the portfolio can beSetanta Asset Management Limited (“Setanta“). between +/- two years of the index.Setanta‘s general philosophy in relation to fixed income is Returns are likely to be modest and can be negative.that performance in bond markets is primarily driven by the However, they are significantly less volatile than equitydirectional (duration) calls and yield curve positioning. The returns.fund takes relatively small currency or credit risk.Top 10 Holdings Fund Performance to 31/12/10 Company Country % 3.8 4.0 Depfa ACS Bank Ireland 4.7 3.0 2.4 2.1 Buoni Poliennali Del Tes Italy 3.7 1.9 Netherlands Government Netherlands 3.5 0.5 EBS Mortgage Finance Ireland 3.3 Irish Life & Permanent Ireland 3.2 Caisse D’Amort Dette Soc France 3.2 Treasury 5% 2020 Ireland 3.1 -3.7 -3.8 Buoni Poliennali Del Tes Italy 2.8 -6.1 Treasury 4.6% 2016 Ireland 2.6 Landswirtsch. Rentenbank Greece 2.6 Source: Moneymate. Performance is net of management fees.Asset Distribution Country Weighting Strategy Duration: Short of benchmark duration. Curve: Yield curve should flatten curve over the next year with a change in interest rate cycle. Intramarket: Reduce overweight in peripheral markets, targeting core agency spreads. Inflation: Inflation data may start to surprise, look to add inflation linked bonds as insurance. Credit: Exposure to government guaranteed debt, covered bonds and agency debt to add yield but with little additional credit risk. Currency: Strong performance in the Scandi currencies over the year, look to take profit. Position in Polish Zloty on valuation grounds and leveraged to German growth. Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 22
  • 24. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI Global Balanced Fund PInvestment Objective and Strategy Fund PerformanceThe SEI Global Balanced Fund aims to provide long term Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a 5 Yr p.agrowth of capital with a moderate level of income by 7.0% 14.9% 17.5% -1.0% -1.9% -0.5%investing in a range of SEI multi-manager equity and fixedincome funds. The fund is a globally diversified fund withapproximately 70% invested in top tier equity funds and the Top 10 Holdings %remaining 30% invested in top tier fixed income funds. Apple 1.47 Microsoft Corp. 1.15Asset Allocation JPMorgan Chase 1.07 Wells Fargo 1.06Equities 70% Qualcomm 1.05US Large Cap 28.00 Cisco Systems 1.01Global Developed Markets 14.00 Chevron 0.92Europe Ex-UK 10.00 AT&T 0.79UK 6.00 Procter & Gamble 0.77Japan 5.00 ConocoPhillips 0.70Pacific Basin Ex-Japan 3.50 Total 9.99Emerging Markets 3.50 Fixed Income Managers %Fixed Income 30% First International Advisors 5.70Global 15.00 UBS Currency 12.75Global Opportunistic 15.00 DB Advisors 3.06Total 100% Jennison Associates 2.19 Schroders Investment Management 2.64 Wellington GRV 3.78 TCW Group 3.33List of Managers %US Large Companies Equities 28.00 UK Equities 6.00Analytic Investors Inc. 3.36 Jupiter Investment Managers 0.18Aronson, Johnson, Ortiz 4.20 Invesco Quantatitive Strategies 1.20Delaware Investment Advisors 2.52 Investec Asset Management 0.72Enhanced Investment Technologies 3.36 L.A. Capital Management 1.50Legg Mason - Growth Equity 1.12 Mirabaud Asset Management 1.20Legg Mason - Core Equity 1.96 Standard Life Investments 1.20LSV Asset Management 3.64 Japanese Equities 5.00Neuberger Berman 2.52 Acadian Asset Management 1.35Quantitative Management Associates 3.64 Analytic Investors Inc. 1.00Global Developed Markets Equities 14.00 Capital International 1.90Acadian Asset Management 1.54 JPMorgan Asset Management 0.75Tradewinds 1.12 Pacific Basin Ex-Japan Equities 3.50Enhanced Investment Technologies 5.88 Axa Rosenberg Investment Management 0.93Janus Capital Group 2.80 Capital International 0.63Principal Global Investors 4.48 Lloyd George Investment Management 1.23Quantitative Management Associates 7.84 Maple-Brown Abbott Limited 0.53Wellington Managament Co. Int. Value 2.80 Emerging Markets Equities 3.50Europe Ex-UK Equities 10.00 Alliance Bernstein 0.53Acadian Asset Management 3.00 Artisan Partners 0.53BlackRock International 2.20 Axa Rosenberg Investment Management 0.79JPMorgan Asset Management 2.60 PanAgora Asset Management 0.53TT International 2.20 Rexiter Capital Management 0.53 The Boston Company Asset Management 0.61 23
  • 25. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI Global Developed Markets Equity Fund PInvestment Objective and Strategy Fund PerformanceThe investment objective of the Global Developed Markets Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aEquity Fund is to achieve capital appreciation by investing 10.5% 17.9% 19.2% -8.5% -8.7%primarily in equity securities of issuers located in developedcountries. Following a manager-of-managers approach, thefund’s assets are diversified across specialist sub-advisers.Fund BenchmarkMSCI World IndexTop 10 Holdings % Country Allocation % Microsoft 1.2 United States 45.3 General Electric 1.1 Japan 10.1 Exxon 1.0 United Kingdom 10.0 Pfizer 1.0 Canada 4.8 HSBC 0.8 Germany 3.5 Newmont Mining Corp. 0.8 Switzerland 3.5 Apple 0.8 France 3.4 Cisco Systems 0.8 Brazil 1.9 Wal-Mart Stores 0.7 Australia 1.6 Merck & Co. 0.7 Sweden 1.5 Total 8.9 Other 14.5Underlying Managers Sector Weighting % Intech Investment Management 17.5 Financials 15.3 Janus Capital Management 16.5 Industrials 14.3 Principle Global Investors 15.5 Consumer Discretionary 13.3 Tradewinds Global Investors 12.4 Information Technology 11.2 Wellington Management Company International Value 17.5 Energy 10.0 SEI Investments Management 20.6 Healthcare 9.8 Fund Total 100.00 Materials 9.8 Consumer Staples 7.6 Telecoms 5.4 Utilities 3.3Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 26.0 Between 20 and 50 Billion 20.6 Between 10 and 20 Billion 17.0 Between 1 and 10 Billion 34.6 Less than 1 Billion 1.8 24
  • 26. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI European (Ex-UK) Equity Fund PInvestment Objective and Strategy Fund PerformanceThe fund aims to achieve long-term capital growth and Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aincome by investing in a broadly diversified portfolio of 8.3% 9.1% 17.5% -9.1% -6.6%European equity securities. Following a manager-of-managersapproach, the fund’s assets are diversified across specialistsub-advisers.Fund BenchmarkMSCI Europe EX-UK indexTop 10 Holdings % Country Allocation % BNP Paribas 2.4 France 26.8 Compagnie Financiere Richemont 1.9 Germany 20.2 Novartis 1.6 Switzerland 12.9 Sanofi-Aventis 1.6 Italy 7.6 BASF 1.5 Sweden 7.0 Daimler 1.4 Netherlands 5.9 Total 1.3 Spain 3.7 SAP 1.2 Norway 3.6 Heineken 1.2 Denmark 3.3 Nestle 1.1 Finland 2.6 Total 15.1 Other 6.5Underlying Managers Sector Weighting % Acadian Asset Management 36.7 Industrials 21.0 Metropole Gestion 17.4 Consumer Discretionary 17.2 TT International 25.5 Financials 15.6 Wellington Management Company 20.4 Consumer Staples 12.5 Fund Total 100.00 Materials 9.3 Healthcare 8.0 Information Technology 6.7 Energy 4.3 Telecoms 3.6 Utilities 1.9Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 18.8 Between 20 and 50 Billion 18.7 Between 10 and 20 Billion 14.8 Between 1 and 10 Billion 41.7 Less than 1 Billion 6.0 25
  • 27. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI US Equity Fund PInvestment Objective and Strategy Fund PerformanceThe SEI US Large Companies Fund aims to provide long- Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aterm capital growth and income by investing primarily in a 11.7% 18.3% 17.9% -2.6% -4.0%broadly diversified portfolio of US equity securities of largecompanies. Following a manager-of-managers approach, thefund’s assets are diversified across specialist sub-advisers.Fund BenchmarkRussell 1000 IndexTop 10 Holdings % Sector Weighting % Apple 2.5 Information Technology 23.3 JPMorgan Chase 1.8 Financials 15.9 Wells Fargo & Co. 1.8 Healthcare 14.3 Microsoft 1.7 Consumer Discretionary 10.9 Qualcomm 1.6 Industrials 10.0 Chevron 1.6 Energy 9.3 Cisco Systems 1.3 Consumer Staples 7.5 Procter & Gamble 1.3 Utilities 3.4 Texas Instruments Incorporated 1.2 Materials 2.9 Conocophillips 1.2 Telecoms 2.6 Total 16.1Underlying Managers Brown Investment Advisory 10.2 Aronson, Johnson & Ortiz 16.3 Delaware Investment Advisors 8.2 Legg Mason - Growth Equity 10.2 Legg Mason - Value Equity 8.2 LSV Asset Management 16.3 Neuberger Berman 11.2 Quantitative Management Associates 13.3 WestEnd Advisors 6.1 Fund Total 100.00Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 33.9 Between 20 and 50 Billion 23.3 Between 10 and 20 Billion 16.0 Between 1 and 10 Billion 26.2 Less than 1 Billion 0.6 26
  • 28. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI UK Equity Fund PInvestment Objective and Strategy Fund PerformanceThe SEI UK Equity Fund aims to achieve long-term capital Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.agrowth and income by investing primarily in a broadly 7.5% 15.5% 25.5% -6.9% -8.5%diversified portfolio of UK equity securities. Following amanager-of managers approach, the fund’s assets arediversified across specialist sub-advisers.Fund BenchmarkFTSE All Share IndexTop 10 Holdings % Sector Weighting % Vodafone 3.6 Financials 19.1 Rio Tinto 3.5 Industrials 14.7 BP 2.9 Consumer Discretionary 12.5 Glaxosmithkline 2.8 Materials 12.5 BHP Billiton 2.6 Energy 12.2 Royal Dutch Shell (Cl B) 2.5 Consumer Staples 10.8 HSBC 2.5 Healthcare 6.8 Astrazeneca 2.4 Telecoms 4.6 British American Tobacco 2.2 Information Technology 4.6 BG Group 1.8 Utilities 2.2 Total 26.8Underlying Managers Invesco Asset Management 19.4 Investec Asset Management 12.8 Jupiter Asset Management 20.4 LA Capital Magaement 17.9 Mirabaud Asset Management 19.4 Standard Life Investments 10.2 Fund Total 100.00Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 34.4 Between 20 and 50 Billion 10.6 Between 10 and 20 Billion 9.5 Between 1 and 10 Billion 40.2 Less than 1 Billion 5.4 27
  • 29. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI Pacific Basin (Ex-Japan) Equity Fund PInvestment Objective and Strategy Fund PerformanceThe SEI Pacific Basin (ex-Japan) Equity Fund aims to achieve Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.along-term growth of capital and income by investing primarily in 9.6% 21.0% 38.3% 2.4% 4.3%a broadly diversified portfolio of Pacific Basin (ex-Japan) equitysecurities. Following a manager-of-managers approach, thefund’s assets are diversified across specialist sub-advisers.Fund BenchmarkMSCI Pacific ex Japan IndexTop 10 Holdings % Country Allocation % BHP Billiton 7.5 Australia 56.1 Australia & New Zealand Banking Group 4.2 Hong Kong 23.8 Wespac Banking 4.1 Singapore 8.9 National Australia Bank 4.0 China 4.0 Rio Tinto 3.6 United Kingdom 2.3 DBS Group Holdings 3.1 Korea 2.1 Commonwealth Bank of Australia 2.3 Taiwan 1.8 Wesfarmers 2.1 Thailand 0.5 Telstra 2.0 Malaysia 0.3 Sun Hung Kai Properties 1.9 New Zealand 0.2 Total 34.7Underlying Managers Sector Weighting % Capital International 28.00 Financials 42.9 Lloyd George Investment Managers 40.00 Materials 15.1 Maple Brown Abbott 32.00 Industrials 9.9 Fund Total 100.00 Consumer Staples 8.0 Consumer Discretionary 7.2 Energy 5.7 Information Technology 4.3 Telecoms 3.3 Healthcare 2.4 Utilities 1.2Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 27.8 Between 20 and 50 Billion 14.9 Between 10 and 20 Billion 21.2 Between 1 and 10 Billion 34.6 Less than 1 Billion 1.5 28
  • 30. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI Japan Equity Fund PInvestment Objective and Strategy Fund PerformanceThe investment objective of the SEI Japan Equity Fund is to Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aachieve long-term growth of capital and income by investing 15.7% 26.6% 9.6% -6.1% -8.1%primarily in a broadly diversified portfolio of Japanese equitysecurities. Following a manager-of-managers approach, thefund’s assets are diversified across specialist sub-advisers.Fund BenchmarkTOPIXTop 10 Holdings % Sector Weighting % Sumitomo Mitsui Financial Group 2.5 Industrials 21.9 Toyota 2.4 Consumer Discretionary 17.7 Nissan 1.9 Financials 16.9 Nippon Telegraph & Telephone Corp. 1.9 Information Technology 15.2 Mizuho Financial Group 1.6 Materials 7.8 Sumitomo 1.5 Healthcare 6.4 Takeda Pharmaceutical 1.4 Telecoms 4.5 Softbank 1.4 Consumer Staples 4.3 Marubeni 1.4 Utilities 3.0 JX Holdings 1.3 Energy 2.5 Total 17.2Underlying Managers Acadian Asset Management 22.5 Analytic Investors 20.4 Capital International 25.5 JPMorgan Asset Management 31.6 Fund Total 100.00Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 4.6 Between 20 and 50 Billion 17.5 Between 10 and 20 Billion 20.9 Between 1 and 10 Billion 47.0 Less than 1 Billion 9.9 29
  • 31. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI Emerging Markets Equity Fund PInvestment Objective and Strategy Fund PerformanceThe SEI Emerging Markets Equity Fund aims to achieve Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.acapital appreciation by investing primarily in securities of 8.4% 23.6% 42.3% 0.9% 4.3%emerging market issuers. Following a manager-of-managersapproach, the fund’s assets are diversified across specialistsub-advisers.Fund BenchmarkMSCI Emerging Markets IndexTop 10 Holdings % Country Allocation % Samsung Electronics 3.1 Brazil 16.7 China Mobile 1.4 China 16.4 Taiwan Semicon. Man. 1.3 Korea 11.8 MTN Group 1.2 Taiwan 10.4 Petrobras Petroleo Brasileiro (ORD) 1.2 India 7.8 Gazprom 1.2 South Africa 7.5 Cia Vale Do Rio Doce Ord 0.9 Russia 6.2 Petrobras Petroleo Brasileiro 0.9 Mexico 3.5 HTC 0.7 Indonesia 2.8 Pacific Rubiales Energy 0.7 Turkey 2.6 Total 12.6 Other 14.4Underlying Managers Sector Weighting % Artisan Partners 24.5 Financials 22.0 JO Hambro Capital Management 6.1 Information Technology 13.8 Lazard Asset Management 14.3 Energy 13.0 Neuberger Berman 14.3 Materials 12.9 PanAgora Asset Management 20.4 Consumer Discretionary 10.8 The Boston Company Asset Management 20.4 Telecoms 8.5 Fund Total 100.00 Industrials 7.8 Consumer Staples 5.8 Healthcare 3.0 Utilities 2.4Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 9.7 Between 20 and 50 Billion 11.2 Between 10 and 20 Billion 11.2 Between 1 and 10 Billion 57.2 Less than 1 Billion 10.8 30
  • 32. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI Global Fixed Income Fund PInvestment Objective and Strategy Fund PerformanceThe SEI Global Fixed Income Fund aims to generate current Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aincome and exhibit principal volatility similar to that of the -2.5% 3.9% 5.5% 0.7% 0.7%global developed fixed income market as a whole. Followinga manager-of-managers approach, the fund’s assets arediversified across specialist sub-advisersFund BenchmarkLehman Global Aggregate IndexTop 10 Holdings % Country Allocation % Japan-86 0.6% 09/20/14 /JPY/ 2.04 Euro 26.03 Japan-112 2.1% 06/20/29 /JPY/ 1.82 USA 24.98 Japan-113 2.1% 09/20/29 /JPY/ 1.66 Japan 24.08 US Treas NTS 3.5% 05/15/20 1.51 UK 7.25 US Treas NTS 3.125% 05/15/19 1.47 Canada 3.72 Japan-79 0.7% 12/20/13 /JPY/ 1.39 Other 13.94 Bundesrepub DEUT 3.50% 1/4/16 1.36 European IN 3.875% 10/15/16/EUR 1.27 Japan-304 1.3% 09/20/19 /JPY/ 1.26 United States TR 2% 02/28/15_ 1.22 Total 15.00Underlying Managers Quality Allocation % AllianceBernstein 32.00 Treasury 82.71 First International Advisors 28.00 Agency 7.57 UBS Global Asset Management 16.00 Credit 6.90 Wellington Management Company 24.00 Cash 2.51 Fund Total 100.00 Collateralized 0.31Quality Exposure % Aaa and Treasury 54.21 Aa 33.04 A 5.05 Baa 4.34 Ba and below 3.37 31
  • 33. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI Global Opportunistic Fixed Income Fund PInvestment Objective and Strategy Fund PerformanceThe SEI Global Opportunistic Fixed Income Fund aims to Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.agenerate current income consistent with the preservation of -1.2% 5.3% 8.9% 2.6% 2.4%capital by investing primarily in global fixed income markets.Following a manager-of-managers approach, the fund’sassets are diversified across specialist sub-advisers.Fund BenchmarkLehman Global Aggregate Hedged IndexTop 10 Holdings % Country Allocation % FGLMC PA90761 4.50% 01/01/40 2.52 Euro 26.1 Freddie Mac Gold Pool 1.17 UK 6.55 US Treas NTS 2.5% 01/31/15 1.02 Japan 2.31 FNMA PMA0023 5.00% 04/01/29 0.82 Canada 2.30 US T Bill ZCP 02/24/11 0.78 USA 60.79 FGLMC PG12491 5.00% 01/01/22 0.75 Other 1.95 Federal NATL MTG ASSN FR 2.625% 112014 0.73 US Treas NTS 3.625% 02/15/20 0.70 FNMA PAD0470 5.00% 02/01/49 0.69 Bundesrepub DEUT 3.50% 1/4/16 0.61 Total 9.79Underlying Managers Market Value Weighting % DB Advisors 20.20 Collateralized 39.19 Jennison Associates 17.15 Credit 34.78 Schroders Investment Management 15.16 Agency 16.00 TCW Investment Management Company 25.38 Treasury 10.32 Wellington Management Company 22.11 Cash -0.29 Fund Total 100.00Quality Exposure % Aaa and Treasury 53.87 Aa 13.91 A 17.57 Baa 11.72 Ba and below 2.93 32
  • 34. Canada Life / Morgan Stanley European Property Fund Quarter 4, 2010Fund Description PThe Canada Life/Morgan Stanley European Property Fund provides a highly efficient and cost-effective way of gainingallows investors to access the potential returns available such exposure. As an asset class, real estate can providefrom the European commercial property market in one important advantages to investors: historically low volatilitydiversified fund. The fund invests in a professionally managed relative to equities, attractive returns and a low correlationportfolio of European property companies and is managed by to other asset classes.a team of property experts at Morgan Stanley with over 40years of collective experience of real estate markets.Real estate securities are indirect investments in propertywhose long-term returns depend on the underlying realestate market. Broad geographic and sector diversificationwould be prohibitively expensive for a direct real estateinvestor. However, an indirect real estate portfolio structureTop 10 Holdings Fund Performance to 31/12/10 Company % Q4 2010 1.5% Unibail-Rodamco SE 9.95 1 Year 11.2% Land Securities PLC 5.74 2 Year p.a 22.1% Klepierre 5.25 3 Year p.a -8.9% PSP Swiss Property AG 5.10 Source: Moneymate. Performance is net of management fees. British Land Co. Ltd 4.93 Icade 4.78 Hammerson PLC 4.77 Beni Stabili SPA 3.19 Gecina 3.16 Corio NV 2.89 Total 49.76Equity Geographic Distribution 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.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Canada Life Assurance (Ireland) Limited is regulatedby the Central Bank of Ireland. 33
  • 35. Canada Life / Merrion Managed Fund Quarter 4, 2010Fund Description PThe Canada Life/Merrion Managed Fund is managed byMerrion Investment Managers. The fund is designed toprovide balanced long-term growth by actively managing thedistribution of the portfolio between cash, bonds, equitiesand property according to economic conditions.The fund maintains an average market weight in propertythrough its exposure to Canada Life’s Property Fund whilethe remainder of the fund is invested in Merrion InvestmentManager’s Managed Fund thus providing broad diversificationin quality equities, bonds, property and cash.Top 10 Holdings Fund Performance to 31/12/10 Canada Life/Merrion Managed Fund % iShares MSCI Emerging Markets 4.4 11.4 iShares MSCI World 3.4 9.5 Financial Select Sector SPDR 1.5 6.8 Ultra S&P500 ProShares 1.3 5.8 BP 1.3 iShares MSCI Japan 1.2 iShares MSCI Pacific ex Japan 1.2 Siemens 1.1 Microsoft 1.1 -2.7 CRH 1.1 -3.8 The Canada Life/Merrion Managed Fund was launched on 1/10/07. Source: Moneymate. Performance is net of management fees.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Merrion Capital Investment Managers Limited (tradingas Merrion Investment Managers is regulated by the Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 34
  • 36. Pension Funds 35
  • 37. Canada Life / Setanta Pension Unitised With Profits Fund Quarter 4, 2010Fund Description PThe Unitised With Profits Fund (UWP) operates like a At maturity a terminal bonus may be applied if the underlyingunit-linked fund, except that investment return to assets have outperformed the declared bonuses.policyholders is smoothed and guaranteed not to fall. The With-Profits Fund is a low-risk fund.Returns are distributed in the form of a bonus rate declaredby Canada Life based on various factors including theperformance of the underlying assets.Returns are smoothed to the investor in that the bonusrate will endeavour to reflect the performance of the assetsover the long term, allowing the investor to avoid short-termvolatility in the markets.Top 10 Holdings Annual Bonus History Company Sector % Year Pension 95 – 96 9.0% Exxon Mobil Energy 2.2 96 – 97 9.0% General Dynamics Industrials/Materials 2.0 97 – 98 9.0% Johnson & Johnson Healthcare 1.8 98 – 99 9.0% Pfizer Healthcare 1.7 99 – 00 8.0% BP Energy 1.6 00 – 01 7.0% SCA ‘B’ Industrials/Materials 1.6 01 – 02 6.25% 02 – 03 5.25% Total Energy 1.6 03 – 04 3.75% Microsoft Information Technology 1.6 04 – 05 3.0% CRH Industrials/Materials 1.5 05 – 06 3.0% Everest RE GP Financials 1.5 06 – 07 3.0% 07 - 08 3.0% 08 - 09 2.75% 09 - 10 1.0% 10 - 11 0.0% Bonus rates are declared net of management chargesAsset Distribution Equity Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 36
  • 38. Canada Life / Setanta Pension Balanced Dividend Fund Quarter 4, 2010Fund Description PThe Balanced Dividend Fund is an actively managed balanced ★ dividend must be less than 80% of earningsfund investing 66% in equities and 34% in fixed interest ★ company debt must be ‘investment grade‘ (if rated)securities. The equity portion of the fund aims to hold c. 40 ★ company gearing below 100%.stocks that pay above average dividends. The fixed interestportion of the fund invests in EU government bonds. The ratio of debt to equity should be not more than 100%, except for utility companies (water, electricity etc.) whereThe fund does not target high dividend payers indiscriminately we use a hurdle of 200%, and for financial stocks, where nofor the equity securities; a set of desired criteria is applied maximum is applied.when filtering potential candidates for the fund. The desiredcriteria are: The maximum exposure to currencies other than the euro is capped at 10% of the value of the fund. The Balanced★ dividend yield 20% in excess of the MSCI World Index Dividend Fund is managed by Setanta Asset Management★ no cut in dividend in the last 5 years Limited (“Setanta“) .★ market capitalisation of at least ®500m (excluding Irish stocks)Top 10 Holdings Fund Performance to 31/12/10 Company Sector % BP Energy 3.7 8.6 CRH Industrials/Materials 3.5 7.0 Sanofi-Aventis Healthcare 3.4 4.0 4.2 Fortum Telecoms/Utilities 3.0 2.4 1.7 Wincor Nixdorf Information Technology 2.7 0.5 Diageo Consumer Staples 2.6 Lockheed Martin Industrials/Materials 2.6 Svenska Handbanken Financials 2.6 Thai Beverage Public Consumer Staples 2.5 -5.3 Nokia Information Technology 2.5Portfolio Financials Q4 2010 Dividend Yield 3.8% P/E Ratio 12.9x Performance Source: Moneymate & Bloomberg (Benchmark).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.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 37
  • 39. Canada Life / Setanta Pension Global Equity Fund Quarter 4, 2010Fund Description PThe Global Equity Fund is an actively managed equity ★ superior financial track recordportfolio, which holds c. 100-140 global stocks. The ★ competitive advantage and a sustainable business modelinvestment objective of the Global Equity Fund is to secure within their industrylong-term capital growth by investing in a range of Irish and ★ focused on profitability and can demonstrate an ability tointernational equities. earn cash flow returns in excess of their cost of capital over the business cycleThe fund is managed by Setanta Asset Management Limited ★ do not carry excessive debt levels.(“Setanta“). The fund is the cornerstone of Setanta‘sinvestment process. Setanta is a value investor in qualitycompanies and builds the portfolio from the bottom up.Stocks are picked within a global sector framework, with anemphasis on the following key characteristics:Top 10 Holdings Fund Performance to 31/12/10 Company Sector % 19.5 Exxon Mobil Energy 2.3 General Dynamics Industrials/Materials 2.0 14.8 Johnson & Johnson Healthcare 1.8 10.9 Pfizer Healthcare 1.8 8.2 BP Energy 1.7 Total Energy 1.7 Microsoft Information Technology 1.7 0.9 0.7 SCA ‘B’ Industrials/Materials 1.7 -0.2 -1.4 -1.2 Everest RE GP Financials 1.5 -2.1 Danaher Industrials/Materials 1.5 Performance Source: Moneymate & Bloomberg (Benchmark).Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 38
  • 40. Canada Life / Setanta Pension Equity Dividend Fund Quarter 4, 2010Fund Description PThe Equity Dividend Fund is an actively managed equity ★ company debt must be ‘investment grade‘ (if rated)portfolio which aims to hold c. 40 stocks that pay above ★ company gearing below 100%.average dividends. The fund does not target high dividendpayers indiscriminately; a set of desired criteria is applied The ratio of debt to equity should be not more than 100%,when filtering potential candidates for the fund. The desired except for utility companies (water, electricity etc.) wherecriteria are: we use a hurdle of 200%, and for financial stocks, where no maximum is applied.★ dividend yield 20% in excess of the MSCI World Index★ no cut in dividend in the last five years The maximum exposure to currencies other than the euro is★ market capitalisation of at least ®500m (excluding Irish capped at 10% of the value of the fund. The Equity Dividend stocks) Fund is managed by Setanta Asset Management Limited★ dividend must be less than 80% of earnings (“Setanta“) .Top 10 Holdings Fund Performance to 31/12/10 Company Sector % BP Energy 3.7 12.1 CRH Industrials/Materials 3.5 Sanofi-Aventis Healthcare 3.4 6.7 7.0 Fortum Telecoms/Utilities 3.0 4.2 Wincor Nixdorf Information Technology 2.7 0.6 0.5 Diageo Consumer Staples 2.6 Lockheed Martin Industrials/Materials 2.6 -1.6 Svenska Handbanken Financials 2.6 -5.3 Thai Beverage Public Consumer Staples 2.5 Nokia Information Technology 2.5Portfolio Financials Q4 2010 Dividend Yield 3.8% P/E Ratio 12.9x Performance Source: Moneymate & Bloomberg (Benchmark).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.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 39
  • 41. Canada Life / Setanta Pension Focus 15 Fund Quarter 4, 2010Fund Description PThe Focus 15 Fund is an actively managed, concentrated ★ focused on profitability and can demonstrate an ability toequity portfolio, which holds c. 15 international (ex-Ireland) earn cash flow returns in excess of their cost of capitalstocks. The Focus 15 Fund is managed by Setanta Asset over the business cycleManagement Limited (“Setanta“). Setanta is a value investor ★ do not carry excessive debt levels.in quality companies. Setanta builds the portfolio fromthe bottom up, using the stocks researched by the sector Clearly, Focus 15 is likely to be more volatile than morespecialists, who apply the following key characteristics: broadly-based funds; it is therefore only suitable for those investors with experience of the stock market.★ superior financial track record★ competitive advantage and a sustainable business model within their industryFund Holdings Fund Performance to 31/12/10 Company Sector % MI Developments Financials 9.1 27.3 Pfizer Healthcare 8.1 Tidewater Energy 8.1 Johnson & Johnson Healthcare 7.4 19.5 Astellas Pharmaceutical Healthcare 7.2 13.2 Wincor Nixdorf Information Technology 6.9 10.9 Steris Healthcare 6.6 6.2 5.4 NTT Docomo Telecoms/Utilities 6.4 Everest RE GP Financials 6.2 Total Energy 6.2 -0.2 -0.8 Toyota Motor Consumer Discretionary 6.1 -2.1 -1.2 Sysco Consumer Staples 5.8 Nokia Information Technology 4.0 OPAP Consumer Discretionary 3.9 Belgacom Telecoms/Utilities 3.7 Cash 4.7 Performance Source: Moneymate & Bloomberg (Benchmark).Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 40
  • 42. Canada Life / Setanta Pension Irish Equity Fund Quarter 4, 2010Fund Description PThe Irish Equity Fund is an actively managed equity ★ focused on profitability and can demonstrate an ability toportfolio which aims to hold stocks quoted on the Irish earn cash flow returns in excess of their cost of capitalstock exchange. The fund is managed by Setanta Asset over the business cycleManagement Limited (“Setanta“). Setanta is a value investor ★ do not carry excessive debt levels.in quality companies. Setanta builds the portfolio from thebottom up, picking stocks within a sector framework, with an The Irish Equity Fund is a relatively concentrated equity fundemphasis on the following key characteristics: with exposure to stocks from only one country and is likely to be more volatile than more broadly-based funds.★ superior financial track record★ competitive advantage and a sustainable business model within their industryTop 10 Holdings Fund Performance to 31/12/10 Company Sector % 19.6 DCC Industrials/Materials 9.7 13.4 CRH Industrials/Materials 9.5 8.0 Kingspan Industrials/Materials 9.1 Dragon Oil Energy 7.8 Irish Continental Industrials/Materials 7.6 -0.1 Total Produce Consumer Staples 7.6 -4.7 Abbey Industrials/Materials 7.0 -10.0 Ryanair Industrials/Materials 6.8 -14.9 Kerry Group Consumer Staples 6.3 -23.2 Grafton Group Industrials/Materials 6.3 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.Asset Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 41
  • 43. Canada Life / Setanta Pension Managed Fund Quarter 4, 2010Fund Description PThe investment objective of the Pension Managed Fund is to ★ superior financial track recordsecure long-term capital growth. The fund seeks to achieve ★ competitive advantage and a sustainable business modelits objective by investing primarily in a range of Irish and within their industryinternational equities and bonds. The fund will hold between ★ focused on profitability and can demonstrate an ability to50-80% of its assets in equities with the balance consisting earn cash flow returns in excess of their cost of capitalof bonds, property and cash over the business cycle ★ do not carry excessive debt levels.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, pickingstocks within a global sector framework, with an emphasison the following key characteristics:Top 10 Holdings Fund Performance to 31/12/10 Company Sector % 11.3 Exxon Mobil Energy 1.6 General Dynamics Industrials/Materials 1.4 8.9 Johnson & Johnson Healthcare 1.4 5.9 Pfizer Healthcare 1.3 3.9 CRH Industrials/Materials 1.3 BP Energy 1.3 1.7 1.2 0.4 Svenska Cellulosa Industrials/Materials 1.2 Total Energy 1.2 -1.0 -1.7 Microsoft Information Technology 1.1 Everest RE GP Financials 1.1 -3.9 Performance Source: Mercer Managed Fund Survey.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 42
  • 44. Canada Life / Setanta Passive Equity Fund Quarter 4, 2010Fund Description PThis fund invests in the shares of a large number ofcompanies from around the world. The companies arechosen simply by reference to their size. There is no attemptto select the “winners”/avoid the “losers”, hence thedescription “passive”. Effectively the fund owns a slice ofmost of the companies quoted on the world’s major stockmarkets and its value will rise and fall in line with worldshare prices.Top 10 Holdings Fund Performance to 31/12/10 Company Sector % Exxon Mobil Energy 1.5 18.1 18.4 Apple Information Technology 1.2 Microsoft Information Technology 0.9 11.1 Nestle Consumer Staples 0.8 10.0 General Electric Industrials/Materials 0.8 IBM Information Technology 0.8 Chevron Industrials/Materials 0.8 0.0 Procter & Gamble Consumer Staples 0.8 -1.2 HSBC Financials 0.7 -2.8 -2.9 AT&T Telecoms/Utilities 0.7 Source: Moneymate. Performance is net of management fees.Equity Geographic Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 43
  • 45. Canada Life / Setanta Pension Property Fund Quarter 4, 2010Fund Description PThis fund invests in commercial properties - office, retail and The Property Fund is suitable for investors who wish to gainwarehousing. The fund is characterised by the quality of the investment exposure to the commercial property sector.property that makes up the portfolio and the tenants that Investors should understand that property investment is byoccupy these properties. its nature less liquid than other asset classes.Currently, all of the properties are located in Ireland.Sample Property Holdings Fund Performance to 31/12/10 OFFICE 3.7 Block C, Earlsfort Centre 0.8 1.3 0.1 Tenant - Office of Public Works Fund Weighting - 13.2% -1.4 -2.8 RETAIL 45/46 Patrick Street, Cork -7.6 -9.4 Tenant - C&J Clarke International Fund Weighting - 3.8% INDUSTRIAL/WAREHOUSE -18.0 Swords Business Campus -22.1 Tenants - Air France, Client Logic, Eastern Health Board Fund Weighting - 10.2% Source: MoneymateAsset Distribution Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 44
  • 46. Canada Life Pension Consensus Fund Quarter 4, 2010Fund Description PThe investment objective of the Consensus Fund is to secure The stock selection within each market is index stocklong-term capital growth. The fund is designed to eliminate selection which means the weighting in each stockindividual manager selection risk while achieving average represented within the relevant index is replicated.managed fund returns over the long term. The Consensus Fund is a medium-risk fund.It seeks to achieve its objective by investing in accordancewith the average asset distribution of Irish InvestmentManagers Group Pension Managed Funds.Asset Distribution Fund Performance to 31/12/10 11.5 11.4 6.0 5.9 1.0 0.2 -0.8 -1.6 -4.1 -4.7 Equity Geographic Distribution Source: Moneymate & Mercer Pooled Fund Survey (Benchmark). Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 45
  • 47. Canada Life Quadrivium Fund Quarter 4, 2010Fund Description Fund Composition PThe investment objective of the Canada Life Quadrivium Fund The Quadrivium Fund invests in the following four asset classes:is to secure long-term capital growth. High-Yield EquitiesThe fund seeks to achieve its objective by investing in four The Canada Life Dividend Fund is an equity fund thatdifferent asset classes – equities, bonds, property and specifically targets stable blue chip quality companies withcommodities. By investing in Quadrivium investors can gain the ability to pay consistently strong dividends.access to a diversified portfolio invested across these four The Dividend Fund is a pure equity portfolio of activelyasset classes. The fund provides exposure to international managed companies with an average of 40 holdings.shares, Irish & European commercial property, commoditiesand fixed interest assets, all within one fund. Property Irish Commercial Property The Canada Life Property Fund invests in a range ofAsset Distribution 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 Property The 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 Asset Class Current Expected Allocation Range quoted European property companies through buying real estate securities. Real Estate securities are indirect Dividend Fund 44.7% 20% - 50% investments in property whose long-term returns depend on Irish Property 9.4% 10% - 25% the underlying real estate market. Morgan Stanley Euro Property Fund 20.0% 10% - 25% Commodities 16.7% 0% - 25% Commodities The commodities allocation in the Quadrivium fund invests Fixed Interest 9.2% 0% - 25% 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-AIGFund Performance 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 13.3 energy, precious metals, livestock or grains) may constitute 12.2 12.8 more than 33% of the index and no single commodity may 10.2 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 5.2 5.4 multi-asset portfolios. The ETFs are issued by ETF Securities. ETF Securities invest the assets backing the ETF with AIG. Fixed Interest The Canada Life Fixed Interest Fund invests in government -2.8 gilts predominantly from eurozone countries. Gilts, or bonds -4.8 are essentially a form of debt. Governments and largeSource: Moneymate. Performance is net of management fees. corporations use them to raise money for capital expenditure.This fund was launched on 22/10/07 Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 46
  • 48. Canada Life / Setanta Pension Fixed Interest Fund Quarter 4, 2010Fund Description PThe Fixed Interest Fund invests predominantly in eurozone The fund has a minimum ‘A‘ credit rating investment level forgovernment bonds. It may also hold corporate bonds and individual securities. The minimum average credit rating forbonds from non-eurozone countries. The fund is managed by the full portfolio is ‘AA‘. The duration of the portfolio can beSetanta Asset Management Limited (“Setanta“). between +/- two years of the index.Setanta‘s general philosophy in relation to fixed income is Returns are likely to be modest and can be negative.that performance in bond markets is primarily driven by the However, they are significantly less volatile than equitydirectional (duration) calls and yield curve positioning. The returns.fund takes relatively small currency or credit risk.Top 10 Holdings Fund Performance to 31/12/10 Company Country % Depfa ACS Bank Ireland 4.7 5.1 Buoni Poliennali Del Tes Italy 3.7 2.7 2.7 Netherlands Government Netherlands 3.5 1.3 EBS Mortgage Finance Ireland 3.3 0.9 Irish Life & Permanent Ireland 3.2 Caisse D’Amort Dette Soc France 3.2 Treasury 5% 2020 Ireland 3.1 -3.1 Buoni Poliennali Del Tes Italy 2.8 Treasury 4.6% 2016 Ireland 2.6 -5.9 -5.7 Landswirtsch. Rentenbank Greece 2.6 Source: Moneymate. Performance is net of management fees.Asset Distribution Country Weighting Strategy Duration: Short of benchmark duration. Curve: Yield curve should flatten curve over the next year with a change in interest rate cycle. Intramarket: Reduce overweight in peripheral markets, targeting core agency spreads. Inflation: Inflation data may start to surprise, look to add inflation linked bonds as insurance. Credit: Exposure to government guaranteed debt, covered bonds and agency debt to add yield but with little additional credit risk. Currency: Strong performance in the Scandi currencies over the year, look to take profit. Position in Polish Zloty on valuation grounds and leveraged to German growth. Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 47
  • 49. Canada Life / Setanta Pension Cash Fund Quarter 4, 2010Fund Description PThe Cash Fund seeks to provide modest returns in exchange individual securities of ‘A‘ and for the portfolio an averagefor relative capital security. The fund may invest in: rating of ‘AA‘.i) Euro denominated short-dated term deposits with banks The maximum average duration of the fund is 4.5 months,and/or eligible credit institutions on Canada Life‘s approved and the maximum duration of any one asset is one year.short-term borrowers list which have a minimum credit The fund has a diversified exposure, with no more than 30%rating of P-1 and which are authorised to carry on a banking credit exposure to any one entity.business in the State under Section 9 of the Central BankAct, 1971 and/or The fund is actively managed and consideration is given to the underlying credit worthiness of the financial institution,(ii) Euro denominated bonds issued by governments or the return and the tenure of the deposit.corporates subject to a minimum average credit rating ofCounterparty Exposure Fund Commentary Issuer % of Fund Issuer % of Fund The European Central Bank (ECB) left its main refinancing rate (refi) National Irish Bank 20.8 German Treasury Bill 3.3 at 1% in line with market expectations. This is expected to remain unchanged during 2011. EONIA (overnight rate) averaged 0.58% Ulster Bank 15.4 Bank of Ireland (G) 2.3 over the quarter while 3m Euribor averaged just over 1%, showing Allied Irish Bank (G) 10.9 EBS Building Society (G) 1.7 signs of normalization back to the main refinancing rate. Liquidity ACC Bank 10.0 European Investment Bank 1.6 in the euro system remained plentiful and this is keeping EONIA at BNP 8.9 SPGB 1.2 low levels in relation to the main refinancing rate. French Treasury Bill 6.6 SGLT 1.0 KBC Bank Ireland 6.1 KFW Bank 0.6 The final quarter of the year saw a couple of key announcements Irish Life & Permanent (G) 6.0 Cash 0.4 from the ECB. Namely there will be an extension of the full allotment in open market operations. At the moment full allotment Dutch Treasury Bill 3.3 will remain in place in the first quarter of 2011, with a furtherCounterparty exposures (G) are covered by the Irish Government guarantee. announcement on this expected at the ECB March meeting.Other counterparty/credit exposures are covered by either other European NationalGovernment Guarantees or have individually strong credit ratings. There was also a tightening of collateral at the ECB, a sign they are becoming concerned with the quality of collateral they are holding.Fund Performance to 31/12/10 This will increase the haircuts applied to lower quality or illiquid collateral meaning that banks will need to provide more collateral to secure funds. 2.9 2.6 The main development of the quarter was the ECB becoming vocal about their worries on how banks, mainly in peripheral countries, 2.2 have become “addicted” to using the ECB lending facilities for 1.7 liquidity. As stated above the ECB did extend full allotment into 2011, but this was agreed by consensus and not unanimously, despite the worsening sovereign debt crisis, a clear sign the ECB are intent on returning to normal market conditions as soon as they can. 0.8 However, there is no easy solution to this problem as these banks 0.2 0.2 can’t fund themselves elsewhere and are using ECB as a lender of 0.1 last resort. Full allotment will keep excess liquidity in the system, thus overnight rates will remain below the main refinancing rate. In the quarter, the Fund reduced its exposure to Irish banks and has increased its exposure to short-dated government or Source: Moneymate. Performance is net of management fees. government backed bonds. Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by theCentral Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 48
  • 50. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI Global Balanced Fund PInvestment Objective and Strategy Fund PerformanceThe SEI Global Balanced Fund aims to provide long term Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.agrowth of capital with a moderate level of income by 6.9% 14.5% 17.3% -1.8% -2.1%investing in a range of SEI multi-manager equity and fixedincome funds. The fund is a globally diversified fund withapproximately 70% invested in top tier equity funds and the Top 10 Holdings %remaining 30% invested in top tier fixed income funds. Apple 1.47 Microsoft Corp. 1.15Asset Allocation JPMorgan Chase 1.07 Wells Fargo 1.06Equities 70% Qualcomm 1.05US Large Cap 28.00 Cisco Systems 1.01Global Developed Markets 14.00 Chevron 0.92Europe Ex-UK 10.00 AT&T 0.79UK 6.00 Procter & Gamble 0.77Japan 5.00 ConocoPhillips 0.70Pacific Basin Ex-Japan 3.50 Total 9.99Emerging Markets 3.50 Fixed Income Managers %Fixed Income 30% First International Advisors 5.70Global 15.00 UBS Currency 12.75Global Opportunistic 15.00 DB Advisors 3.06Total 100% Jennison Associates 2.19 Schroders Investment Management 2.64 Wellington GRV 3.78 TCW Group 3.33List of Managers %US Large Companies Equities 28.00 UK Equities 6.00Analytic Investors Inc. 3.36 Jupiter Investment Managers 0.18Aronson, Johnson, Ortiz 4.20 Invesco Quantatitive Strategies 1.20Delaware Investment Advisors 2.52 Investec Asset Management 0.72Enhanced Investment Technologies 3.36 L.A. Capital Management 1.50Legg Mason - Growth Equity 1.12 Mirabaud Asset Management 1.20Legg Mason - Core Equity 1.96 Standard Life Investments 1.20LSV Asset Management 3.64 Japanese Equities 5.00Neuberger Berman 2.52 Acadian Asset Management 1.35Quantitative Management Associates 3.64 Analytic Investors Inc. 1.00Global Developed Markets Equities 14.00 Capital International 1.90Acadian Asset Management 1.54 JPMorgan Asset Management 0.75Tradewinds 1.12 Pacific Basin Ex-Japan Equities 3.50Enhanced Investment Technologies 5.88 Axa Rosenberg Investment Management 0.93Janus Capital Group 2.80 Capital International 0.63Principal Global Investors 4.48 Lloyd George Investment Management 1.23Quantitative Management Associates 7.84 Maple-Brown Abbott Limited 0.53Wellington Managament Co. Int. Value 2.80 Emerging Markets Equities 3.50Europe Ex-UK Equities 10.00 Alliance Bernstein 0.53Acadian Asset Management 3.00 Artisan Partners 0.53BlackRock International 2.20 Axa Rosenberg Investment Management 0.79JPMorgan Asset Management 2.60 PanAgora Asset Management 0.53TT International 2.20 Rexiter Capital Management 0.53 The Boston Company Asset Management 0.61 49
  • 51. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI Global Developed Markets Equity Fund PInvestment Objective and Strategy Fund PerformanceThe investment objective of the Global Developed Markets Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aEquity Fund is to achieve capital appreciation by investing 10.6% 18.3% 19.7% -8.2% -8.3%primarily in equity securities of issuers located in developedcountries. Following a manager-of-managers approach, thefund’s assets are diversified across specialist sub-advisers.Fund BenchmarkMSCI World IndexTop 10 Holdings % Country Allocation % Microsoft 1.2 United States 45.3 General Electric 1.1 Japan 10.1 Exxon 1.0 United Kingdom 10.0 Pfizer 1.0 Canada 4.8 HSBC 0.8 Germany 3.5 Newmont Mining Corp. 0.8 Switzerland 3.5 Apple 0.8 France 3.4 Cisco Systems 0.8 Brazil 1.9 Wal-Mart Stores 0.7 Australia 1.6 Merck & Co. 0.7 Sweden 1.5 Total 8.9 Other 14.5Underlying Managers Sector Weighting % Intech Investment Management 17.5 Financials 15.3 Janus Capital Management 16.5 Industrials 14.3 Principle Global Investors 15.5 Consumer Discretionary 13.3 Tradewinds Global Investors 12.4 Information Technology 11.2 Wellington Management Company International Value 17.5 Energy 10.0 SEI Investments Management 20.6 Healthcare 9.8 Fund Total 100.00 Materials 9.8 Consumer Staples 7.6 Telecoms 5.4 Utilities 3.3Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 26.0 Between 20 and 50 Billion 20.6 Between 10 and 20 Billion 17.0 Between 1 and 10 Billion 34.6 Less than 1 Billion 1.8 50
  • 52. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI European (Ex-UK) Equity Fund PInvestment Objective and Strategy Fund PerformanceThe fund aims to achieve long-term capital growth and Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aincome by investing in a broadly diversified portfolio of 8.4% 9.6% 17.9% -9.0% -6.2%European equity securities. Following a manager-of-managersapproach, the fund’s assets are diversified across specialistsub-advisers.Fund BenchmarkMSCI Europe EX-UK indexTop 10 Holdings % Country Allocation % BNP Paribas 2.4 France 26.8 Compagnie Financiere Richemont 1.9 Germany 20.2 Novartis 1.6 Switzerland 12.9 Sanofi-Aventis 1.6 Italy 7.6 BASF 1.5 Sweden 7.0 Daimler 1.4 Netherlands 5.9 Total 1.3 Spain 3.7 SAP 1.2 Norway 3.6 Heineken 1.2 Denmark 3.3 Nestle 1.1 Finland 2.6 Total 15.1 Other 6.5Underlying Managers Sector Weighting % Acadian Asset Management 36.7 Industrials 21.0 Metropole Gestion 17.4 Consumer Discretionary 17.2 TT International 25.5 Financials 15.6 Wellington Management Company 20.4 Consumer Staples 12.5 Fund Total 100.00 Materials 9.3 Healthcare 8.0 Information Technology 6.7 Energy 4.3 Telecoms 3.6 Utilities 1.9Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 18.8 Between 20 and 50 Billion 18.7 Between 10 and 20 Billion 14.8 Between 1 and 10 Billion 41.7 Less than 1 Billion 6.0 51
  • 53. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI US Equity Fund PInvestment Objective and Strategy Fund PerformanceThe SEI US Large Companies Fund aims to provide long- Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aterm capital growth and income by investing primarily in a 11.7% 18.8% 18.3% -2.3% -3.5%broadly diversified portfolio of US equity securities of largecompanies. Following a manager-of-managers approach, thefund’s assets are diversified across specialist sub-advisers.Fund BenchmarkRussell 1000 IndexTop 10 Holdings % Sector Weighting % Apple 2.5 Information Technology 23.3 JPMorgan Chase 1.8 Financials 15.9 Wells Fargo & Co. 1.8 Healthcare 14.3 Microsoft 1.7 Consumer Discretionary 10.9 Qualcomm 1.6 Industrials 10.0 Chevron 1.6 Energy 9.3 Cisco Systems 1.3 Consumer Staples 7.5 Procter & Gamble 1.3 Utilities 3.4 Texas Instruments Incorporated 1.2 Materials 2.9 Conocophillips 1.2 Telecoms 2.6 Total 16.1Underlying Managers Brown Investment Advisory 10.2 Aronson, Johnson & Ortiz 16.3 Delaware Investment Advisors 8.2 Legg Mason - Growth Equity 10.2 Legg Mason - Value Equity 8.2 LSV Asset Management 16.3 Neuberger Berman 11.2 Quantitative Management Associates 13.3 WestEnd Advisors 6.1 Fund Total 100.00Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 33.9 Between 20 and 50 Billion 23.3 Between 10 and 20 Billion 16.0 Between 1 and 10 Billion 26.2 Less than 1 Billion 0.6 52
  • 54. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI UK Equity Fund PInvestment Objective and Strategy Fund PerformanceThe SEI UK Equity Fund aims to achieve long-term capital Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.agrowth and income by investing primarily in a broadly 7.8% 16.1% 25.9% -6.5% -8.1%diversified portfolio of UK equity securities. Following amanager-of managers approach, the fund’s assets arediversified across specialist sub-advisers.Fund BenchmarkFTSE All Share IndexTop 10 Holdings % Sector Weighting % Vodafone 3.6 Financials 19.1 Rio Tinto 3.5 Industrials 14.7 BP 2.9 Consumer Discretionary 12.5 Glaxosmithkline 2.8 Materials 12.5 BHP Billiton 2.6 Energy 12.2 Royal Dutch Shell (Cl B) 2.5 Consumer Staples 10.8 HSBC 2.5 Healthcare 6.8 Astrazeneca 2.4 Telecoms 4.6 British American Tobacco 2.2 Information Technology 4.6 BG Group 1.8 Utilities 2.2 Total 26.8Underlying Managers Invesco Asset Management 19.4 Investec Asset Management 12.8 Jupiter Asset Management 20.4 LA Capital Magaement 17.9 Mirabaud Asset Management 19.4 Standard Life Investments 10.2 Fund Total 100.00Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 34.4 Between 20 and 50 Billion 10.6 Between 10 and 20 Billion 9.5 Between 1 and 10 Billion 40.2 Less than 1 Billion 5.4 53
  • 55. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI Pacific Basin (Ex-Japan) Equity Fund PInvestment Objective and Strategy Fund PerformanceThe SEI Pacific Basin (ex-Japan) Equity Fund aims to achieve Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.along-term growth of capital and income by investing primarily in 9.7% 21.5% 38.8% 2.5% 4.8%a broadly diversified portfolio of Pacific Basin (ex-Japan) equitysecurities. Following a manager-of-managers approach, thefund’s assets are diversified across specialist sub-advisers.Fund BenchmarkMSCI Pacific ex Japan IndexTop 10 Holdings % Country Allocation % BHP Billiton 7.5 Australia 56.1 Australia & New Zealand Banking Group 4.2 Hong Kong 23.8 Wespac Banking 4.1 Singapore 8.9 National Australia Bank 4.0 China 4.0 Rio Tinto 3.6 United Kingdom 2.3 DBS Group Holdings 3.1 Korea 2.1 Commonwealth Bank of Australia 2.3 Taiwan 1.8 Wesfarmers 2.1 Thailand 0.5 Telstra 2.0 Malaysia 0.3 Sun Hung Kai Properties 1.9 New Zealand 0.2 Total 34.7Underlying Managers Sector Weighting % Capital International 28.00 Financials 42.9 Lloyd George Investment Managers 40.00 Materials 15.1 Maple Brown Abbott 32.00 Industrials 9.9 Fund Total 100.00 Consumer Staples 8.0 Consumer Discretionary 7.2 Energy 5.7 Information Technology 4.3 Telecoms 3.3 Healthcare 2.4 Utilities 1.2Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 27.8 Between 20 and 50 Billion 14.9 Between 10 and 20 Billion 21.2 Between 1 and 10 Billion 34.6 Less than 1 Billion 1.5 54
  • 56. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI Japan Equity Fund PInvestment Objective and Strategy Fund PerformanceThe investment objective of the SEI Japan Equity Fund is to Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aachieve long-term growth of capital and income by investing 15.9% 27.2% 10.0% -5.6% -7.7%primarily in a broadly diversified portfolio of Japanese equitysecurities. Following a manager-of-managers approach, thefund’s assets are diversified across specialist sub-advisers.Fund BenchmarkTOPIXTop 10 Holdings % Sector Weighting % Sumitomo Mitsui Financial Group 2.5 Industrials 21.9 Toyota 2.4 Consumer Discretionary 17.7 Nissan 1.9 Financials 16.9 Nippon Telegraph & Telephone Corp. 1.9 Information Technology 15.2 Mizuho Financial Group 1.6 Materials 7.8 Sumitomo 1.5 Healthcare 6.4 Takeda Pharmaceutical 1.4 Telecoms 4.5 Softbank 1.4 Consumer Staples 4.3 Marubeni 1.4 Utilities 3.0 JX Holdings 1.3 Energy 2.5 Total 17.2Underlying Managers Acadian Asset Management 22.5 Analytic Investors 20.4 Capital International 25.5 JPMorgan Asset Management 31.6 Fund Total 100.00Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 4.6 Between 20 and 50 Billion 17.5 Between 10 and 20 Billion 20.9 Between 1 and 10 Billion 47.0 Less than 1 Billion 9.9 55
  • 57. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI Emerging Markets Equity Fund PInvestment Objective and Strategy Fund PerformanceThe SEI Emerging Markets Equity Fund aims to achieve Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.acapital appreciation by investing primarily in securities of 8.5% 24.0% 42.8% 1.1% 4.7%emerging market issuers. Following a manager-of-managersapproach, the fund’s assets are diversified across specialistsub-advisers.Fund BenchmarkMSCI Emerging Markets IndexTop 10 Holdings % Country Allocation % Samsung Electronics 3.1 Brazil 16.7 China Mobile 1.4 China 16.4 Taiwan Semicon. Man. 1.3 Korea 11.8 MTN Group 1.2 Taiwan 10.4 Petrobras Petroleo Brasileiro (ORD) 1.2 India 7.8 Gazprom 1.2 South Africa 7.5 Cia Vale Do Rio Doce Ord 0.9 Russia 6.2 Petrobras Petroleo Brasileiro 0.9 Mexico 3.5 HTC 0.7 Indonesia 2.8 Pacific Rubiales Energy 0.7 Turkey 2.6 Total 12.6 Other 14.4Underlying Managers Sector Weighting % Artisan Partners 24.5 Financials 22.0 JO Hambro Capital Management 6.1 Information Technology 13.8 Lazard Asset Management 14.3 Energy 13.0 Neuberger Berman 14.3 Materials 12.9 PanAgora Asset Management 20.4 Consumer Discretionary 10.8 The Boston Company Asset Management 20.4 Telecoms 8.5 Fund Total 100.00 Industrials 7.8 Consumer Staples 5.8 Healthcare 3.0 Utilities 2.4Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 9.7 Between 20 and 50 Billion 11.2 Between 10 and 20 Billion 11.2 Between 1 and 10 Billion 57.2 Less than 1 Billion 10.8 56
  • 58. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI Global Fixed Income Fund PInvestment Objective and Strategy Fund PerformanceThe SEI Global Fixed Income Fund aims to generate current Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aincome and exhibit principal volatility similar to that of the -2.3% 4.4% 6.0% 1.2% 0.9%global developed fixed income market as a whole. Followinga manager-of-managers approach, the fund’s assets arediversified across specialist sub-advisersFund BenchmarkLehman Global Aggregate IndexTop 10 Holdings % Country Allocation % Japan-86 0.6% 09/20/14 /JPY/ 2.04 Euro 26.03 Japan-112 2.1% 06/20/29 /JPY/ 1.82 USA 24.98 Japan-113 2.1% 09/20/29 /JPY/ 1.66 Japan 24.08 US Treas NTS 3.5% 05/15/20 1.51 UK 7.25 US Treas NTS 3.125% 05/15/19 1.47 Canada 3.72 Japan-79 0.7% 12/20/13 /JPY/ 1.39 Other 13.94 Bundesrepub DEUT 3.50% 1/4/16 1.36 European IN 3.875% 10/15/16/EUR 1.27 Japan-304 1.3% 09/20/19 /JPY/ 1.26 United States TR 2% 02/28/15_ 1.22 Total 15.00Underlying Managers Quality Allocation % AllianceBernstein 32.00 Treasury 82.71 First International Advisors 28.00 Agency 7.57 UBS Global Asset Management 16.00 Credit 6.90 Wellington Management Company 24.00 Cash 2.51 Fund Total 100.00 Collateralized 0.31Quality Exposure % Aaa and Treasury 54.21 Aa 33.04 A 5.05 Baa 4.34 Ba and below 3.37 57
  • 59. Canada Life / SEI Manager-of-Managers Fund Quarter 4, 2010CL SEI Global Opportunistic Fixed Income Fund PInvestment Objective and Strategy Fund PerformanceThe SEI Global Opportunistic Fixed Income Fund aims to Q4 10 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.agenerate current income consistent with the preservation of -1.1% 5.8% 9.4% 3.2% 2.9%capital by investing primarily in global fixed income markets.Following a manager-of-managers approach, the fund’sassets are diversified across specialist sub-advisers.Fund BenchmarkLehman Global Aggregate Hedged IndexTop 10 Holdings % Country Allocation % FGLMC PA90761 4.50% 01/01/40 2.52 Euro 26.1 Freddie Mac Gold Pool 1.17 UK 6.55 US Treas NTS 2.5% 01/31/15 1.02 Japan 2.31 FNMA PMA0023 5.00% 04/01/29 0.82 Canada 2.30 US T Bill ZCP 02/24/11 0.78 USA 60.79 FGLMC PG12491 5.00% 01/01/22 0.75 Other 1.95 Federal NATL MTG ASSN FR 2.625% 112014 0.73 US Treas NTS 3.625% 02/15/20 0.70 FNMA PAD0470 5.00% 02/01/49 0.69 Bundesrepub DEUT 3.50% 1/4/16 0.61 Total 9.79Underlying Managers Market Value Weighting % DB Advisors 20.20 Collateralized 39.19 Jennison Associates 17.15 Credit 34.78 Schroders Investment Management 15.16 Agency 16.00 TCW Investment Management Company 25.38 Treasury 10.32 Wellington Management Company 22.11 Cash -0.29 Fund Total 100.00Quality Exposure % Aaa and Treasury 53.87 Aa 13.91 A 17.57 Baa 11.72 Ba and below 2.93 58
  • 60. Canada Life / Morgan Stanley Pension European Property Fund Quarter 4, 2010Fund Description PThe Canada Life/Morgan Stanley European Property Fund provides a highly efficient and cost-effective way of gainingallows investors to access the potential returns available such exposure. As an asset class, real estate can providefrom the European commercial property market in one important advantages to investors: historically low volatilitydiversified fund. The fund invests in a professionally managed relative to equities, attractive returns and a low correlation toportfolio of European property companies and is managed by other asset classes.a team of property experts at Morgan Stanley with over 40years of collective experience of real estate markets.Real estate securities are indirect investments in propertywhose long-term returns depend on the underlying realestate market. Broad geographic and sector diversificationwould be prohibitively expensive for a direct real estateinvestor. However, an indirect real estate portfolio structureTop 10 Holdings Fund Performance to 31/12/10 Company % Q4 2010 1.7% Unibail-Rodamco SE 9.95 1 Year 11.8% Land Securities PLC 5.74 2 Year p.a 22.7% Klepierre 5.25 3 Year p.a -9.0% PSP Swiss Property AG 5.10 Source: Moneymate. Performance is net of management fees. British Land Co. Ltd 4.93 Icade 4.78 Hammerson PLC 4.77 Beni Stabili SPA 3.19 Gecina 3.16 Corio NV 2.89 Total 49.76Equity Geographic Distribution 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.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Canada Life Assurance (Ireland) Limited is regulatedby the Central Bank of Ireland. 59
  • 61. Canada Life / BlackRock Pension Managed Fund Quarter 4, 2010Fund Description PThe Canada Life/Blackrock Pensions Managed Fund invests The Global Allocation Fund seeks to maximise total return.in both bonds and equities worldwide. The fund follows an The fund invests globally in equity, debt, and short-termasset allocation policy, which seeks to maximise returns securities of both corporate and governmental issuers, withwhile managing the risk in euro terms. The Canada Life/ no prescribed limits. The fund generally will seek to investBlackrock Pensions Managed Fund invests 100% in the in securities that are, in the opinion of the investmentBlackrock Global Allocation Fund, which is run by Blackrock advisor, undervalued. The fund may also invest in the equityInvestment Managers. Blackrock Investment Managers securities of small and emerging growth companies. Theis one of the world’s largest investment management fund may also invest a portion of its debt portfolio in high-organisations. yield fixed income transferable securities. Currency exposure is flexibly managed.Top 10 Holdings Fund Performance to 31/12/10 Company % 11.4 SPDR Gold Trust 2.0 US Treasury Note (OTR) 3.5% 15 May 2020 2.0 7.4 US Treasury Note 2.625% 15 Aug 2013 1.5 5.9 4.6 4.7 Exxon Mobil 1.1 UK Conv Gilt 4.75 03/07/2020 1.1 Apple 1.0 0.2 US Treasury Note 2.625% 13 Dec 2014 0.9 -0.8 Brazil 10.0% 1 Jan 2021 0.8 Microsoft 0.8 -4.1 US Treasury Note 2.375% 28 Feb 2015 0.8Asset Distribution Regional Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. BlackRock Investment Management (UK) Limited isauthorised and regulated by the Financial Services Authority. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 60
  • 62. Canada Life / Merrion Managed Fund Quarter 4, 2010Fund Description PThe Canada Life/Merrion Managed Fund is managed byMerrion Investment Managers. The fund is designed toprovide balanced long term growth by actively managing thedistribution of the portfolio between cash, bonds, equitiesand property according to economic conditions.The fund maintains an average market weight in propertythrough its exposure to Canada Life’s Property Fund whilethe remainder of the fund is invested in Merrion InvestmentManagers’ Managed Fund thus providing broad diversificationin quality equities, bonds, property and cash.Top 10 Holdings Fund Performance to 31/12/10 Canada Life/Merrion Managed Fund % 11.4 iShares MSCI Emerging Markets 4.4 10.1 iShares MSCI World 3.4 6.9 Financial Select Sector SPDR 1.5 5.9 Ultra S&P500 ProShares 1.3 BP 1.3 iShares MSCI Japan 1.2 iShares MSCI Pacific ex Japan 1.2 Siemens 1.1 -2.3 Microsoft 1.1 -4.1 CRH 1.1 The Canada Life/Merrion Managed Fund was launched on 1/10/07. Source: Merrion & Mercer Pooled Fund Survey. Performance is net of management fees.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.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 thespecific product policy conditions. You should always seek advice of an appropriately qualified professional. Merrion Capital Investment Managers Limited (tradingas Merrion Investment Managers) is regulated by the Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 61
  • 63. December 2010 Fund Performance as of 31/12/10Life Investment Funds (Gross Tax Basis) Name 1 Month 3 Month 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% 0.01% 0.26% 0.56% 0.72% 1.88% Canada Life/SEI US Equity Fund 2.54% 11.73% 18.27% -2.65% -- -- -- Canada Life/SEI UK Equity Fund 4.58% 7.50% 15.48% -6.94% -- -- -- Canada Life/SEI Pacific Basin Equity Fund 3.49% 9.59% 20.97% 2.41% -- -- -- Canada Life/SEI Japan Equity Fund 5.15% 15.67% 26.64% -6.09% -- -- -- Canada Life/SEI Global Opportunistic Fixed Income Fund -0.62% -1.24% 5.29% 2.65% -- -- -- Canada Life/SEI Global Fixed Income Fund -0.57% -2.53% 3.90% 0.72% -- -- -- Canada Life/SEI Global Equity Fund 3.52% 10.50% 17.89% -8.52% -- -- -- Canada Life/SEI Global Balanced Fund 2.54% 7.01% 14.94% -0.97% -0.53% -- -- Canada Life/SEI European Equity Fund 6.05% 8.32% 9.05% -9.14% -- -- -- Canada Life/SEI Emerging Markets Equity Fund 2.92% 8.38% 23.59% 0.94% -- -- -- Canada Life Quadrivium Fund 4.99% 4.99% 9.33% -5.51% -- -- -- Canada Life/Morgan Stanley European Property Fund 7.39% 1.53% 11.19% -8.89% -- -- -- Canada Life/Merrion Managed Fund 4.87% 6.76% 9.47% -2.73% -- -- -- Canada Life/Setanta Equity Dividend Distributing Fund 6.18% 3.51% 6.54% -7.16% -4.79% -0.27% -- Canada Life/Setanta Equity Dividend Non Distributing Fund 6.12% 6.45% 11.23% -2.33% -0.13% 4.37% -- Canada Life/Setanta Balanced Dividend Non Distributing Fund 4.13% 3.86% 7.73% 1.03% 1.63% 4.38% -- Canada Life/Setanta Balanced Dividend Distributing Fund 4.17% 1.24% 3.42% -3.61% -2.80% -0.05% -- Canada Life/Setanta Strategic Growth Fund 2.96% 3.73% 8.21% -2.74% -0.98% 3.22% -0.10% Canada Life Property Fund -0.34% -3.02% -2.06% -22.89% -10.18% -4.09% -0.66% Canada Life/Setanta Irish Equity Fund 8.90% 13.38% 18.64% -10.78% -5.64% 0.96% 1.23% Canada Life/Setanta Global Opportunity Fund 3.42% 8.01% 13.97% -2.09% 0.23% 4.80% -0.01% Canada Life/Setanta Focus 15 Fund 6.20% 12.86% 25.98% 5.28% 4.38% 7.38% -1.73% Canada Life/Setanta Fixed Interest Fund -0.12% -6.08% -3.81% 1.92% 0.47% 2.18% 2.98% Canada Life/Setanta European Equity Fund 6.42% 7.84% 6.92% -4.47% -0.91% 4.43% -0.98% Canada Life/Setanta Cash Fund 0.00% -0.14% -0.54% 1.00% 1.41% 1.18% 1.43% Canada Life/Setanta Balanced Fund 1.58% 0.67% 5.13% -3.53% -1.61% 2.14% 0.59%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 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% 0.91% -- Canada Life Property Fund -0.23% -2.31% -2.21% -19.74% -8.16% -2.54% 0.02% 5.14% Canada Life Pacific Equity Fund 3.42% 7.52% 22.96% 1.84% 5.91% 8.40% 5.26% 3.90% Canada Life Money Fund 0.00% -0.05% -0.22% 1.06% 1.39% 1.20% 1.35% 1.77% Canada Life Managed Fund 2.00% 3.68% 7.81% -2.03% -0.01% 3.19% 0.95% 5.08% Canada Life Leading Companies Fund 2.73% 6.53% 12.01% -1.72% 0.27% 3.94% 0.22% 5.02% Canada Life Irish Equity Fund 7.37% 11.11% 16.29% -8.78% -4.40% 1.43% 1.68% 6.08% Canada Life International Equity Fund 2.91% 6.90% 13.08% -1.27% 0.71% 4.11% 0.08% 4.95% Canada Life High Growth Managed Fund 2.73% 6.53% 12.07% -1.72% 0.26% 3.94% 0.22% 4.90% Canada Life Growth Managed Fund 2.00% 3.68% 7.81% -2.03% -0.01% 3.19% 0.95% 5.07% Canada Life Gilt Fund -0.08% -4.92% -2.67% 2.00% 0.69% 2.15% 2.80% 3.93% Canada Life Gilt & Bond Fund -0.06% -4.92% -2.65% 2.00% 0.69% 2.15% 2.87% 4.01% Canada Life Focus 15 Fund 5.05% 10.65% 21.38% 4.09% 3.38% 5.66% -1.34% -- Canada Life European Equity Fund 5.25% 6.48% 6.45% -3.61% -0.66% 3.46% -0.64% 5.02% Canada Life Cash Fund 0.02% -0.02% -0.20% 1.06% 1.39% 1.21% 1.40% 1.81% Canada Life BIAM Master Client Fund 2.82% 3.83% 7.38% -4.88% -2.27% 1.40% 0.61% 4.91% Canada Life BIAM Managed Fund 2.81% 3.84% 7.37% -4.88% -2.27% 1.40% 0.61% 4.92% Canada Life Balanced Equity Fund 2.73% 6.53% 12.11% -1.72% 0.26% 3.94% 0.22% 5.03% 62
  • 64. December 2010 Fund Performance as of 31/12/10Pension FundsName 1 Month 3 Month 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 3.56% 8.54% 15.59% -0.38% 1.40% 5.41% -0.60% 5.74%Canada Life/SEI US Equity Fund 2.60% 11.73% 18.77% -2.28% -- -- -- --Canada Life/SEI UK Equity Fund 4.80% 7.84% 16.09% -6.51% -- -- -- --Canada Life/SEI Pacific Basin Equity Fund 3.51% 9.67% 21.53% 2.52% -- -- -- --Canada Life/SEI Japanese Equity Fund 5.21% 15.90% 27.16% -5.62% -- -- -- --Canada Life/SEI Global Fixed Income Fund -0.57% -2.33% 4.38% 1.16% -- -- -- --Canada Life/SEI Global Equity Fund 3.61% 10.63% 18.29% -8.17% -- -- -- --Canada Life/SEI Global Balanced Fund 2.47% 6.88% 14.52% -1.79% -- -- -- --Canada Life/SEI European Equity Fund 6.20% 8.44% 9.60% -8.96% -- -- -- --Canada Life/SEI Emerging Markets Fund 2.87% 8.50% 24.04% 1.13% -- -- -- --Canada Life Quadrivium Fund 5.11% 5.23% 10.21% -4.78% -- -- -- --Canada Life/Morgan Stanley European Property Fund 7.42% 1.67% 11.77% -8.96% -- -- -- --Canada Life/Merrion Managed Fund 4.79% 6.88% 10.06% -2.25% -- -- -- --Canada Life/SEI Global Opportunistic Fixed Income Fund -0.53% -1.13% 5.78% 3.16%Canada Life/Setanta With Profit Fund 0.00% 0.00% 0.24% 1.50% 2.09% 2.38% 3.26% 4.98%Canada Life/Setanta Pension Money Fund 0.05% 0.08% 0.20% 1.74% 2.16% 1.93% 2.17% 2.79%Canada Life/Setanta Pension Managed Fund 2.99% 3.91% 8.93% -1.72% 0.41% 4.49% 1.68% 6.32%Canada Life/Setanta Pension Equity Fund 3.46% 8.19% 14.75% -1.39% 0.94% 5.57% 0.71% 6.16%Canada Life/Setanta Pension Fixed Interest Fund -0.05% -5.91% -3.09% 2.73% 1.27% 2.96% 3.76% 5.24%Canada Life/Setanta Consensus Fund 3.46% 6.03% 11.51% -4.72% -1.60% 2.93% 0.23% --Canada Life/Setanta Pension Property Fund -0.33% -2.81% -1.37% -22.14% -9.39% -3.29% 0.14% 6.28%Canada Life/Setanta Passive Equity Fund 3.83% 11.08% 18.05% -2.80% -1.17% 2.94% -- --Canada Life/KBC Pension Managed Fund 3.29% 5.85% 11.36% -7.90% -2.47% 2.39% -0.84% --Canada Life/Setanta Pension Focus 15 Fund 6.21% 13.15% 27.33% 6.20% 5.37% 8.42% -0.76% --Canada Life/Setanta Equity Dividend Fund 6.20% 6.65% 12.14% -1.63% 0.62% 5.14% -- --Canada Life/Setanta Balanced Dividend Fund 4.15% 4.02% 8.59% 1.74% 2.35% 5.12% -- --Canada Life/Blackrock Pension Managed Fund 4.36% 4.60% 7.38% 0.21% 4.71% 6.28% -- --Canada Life/BIAM Pension Managed Fund 3.80% 5.30% 9.99% -4.40% -2.37% 1.95% 0.63% 5.73%Indices and MeasuresName 1 Month 3 Month 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 7.11% 8.34% -4.01% -23.29% -15.11% -5.04% -4.18% 4.02%Irish Inflation 0.00% 0.00% -0.16% -1.39% 1.05% 1.47% 2.14% 2.40%FTSE 100 Share Index (TR) 6.62% 8.83% 12.97% 2.14% 4.82% 8.03% 3.21% 6.70%DJ EURO STOXX(50) TR 4.54% 5.80% -2.76% -9.64% -1.92% 3.16% -2.53% 6.69%S&P 500 TR 5.46% 12.27% 14.38% -1.25% 2.08% 4.04% 1.31% --MSCI The World Index (Gross TR) 4.88% 10.14% 10.22% -3.36% 0.91% 4.79% 1.35% 5.74%Japan NIKKEI 225 4.11% 10.84% -2.41% -10.88% -8.67% -0.38% -2.71% -4.46%Hong K. Hang Seng Bank 1.80% 4.64% 8.46% -4.90% 9.26% 9.18% 4.50% 5.52% All prices and performances are illustrated as at effective date 30th December 2010. Performance is illustrated on an offer-to-offer basis. Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up This document does not form part of any contract. E&OE. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 63
  • 65. Our Investment PartnersWe partner with only the best investment fund managers to provide a full range of investment options for our clients.Setanta Asset Management Morgan StanleySetanta Asset Management Limited (“Setanta”) is the primary Morgan Stanley Investment Management (MSIM) is a client-centricasset manager for Canada Life in Ireland and other European organisation dedicated to providing investment and risk-managementcountries. Setanta was established in Dublin in 1998 and has solutions to investors worldwide. With over three decades of assetgrown steadily since then, now managing €5.1bn (December management experience, Morgan Stanley’s investment strategies span2010) in assets for the Great-West Lifeco Inc group of the risk/return spectrum across geographies, investment styles and assetcompanies with clients in Ireland, Germany and Canada as classes, including equity, fixed income, alternatives and private markets.well other third-party institutions. MSIM comprises a community of specialised investment boutiques, each with a unique talent pool of experienced investment professionals backed bySetanta specialises in active global equity management, the broad reach, access and resources of Morgan Stanley.investing in stocks on a fundamental basis, with a focus onvalue and quality. Setanta has an experienced investment As of 30th September, 2010, MSIM had more than 740 investmentteam, who choose stocks within a global sector framework. professionals worldwide who managed and supervised US$265 billion inThe team has a strong track record in its core global equity assets for institutional and intermediary investors around the globe. Withstyle, and in other regional, country and specialist styles. 53 offices in 23 countries, Morgan Stanley is able to provide in-depth local knowledge and expertise while channelling the strengths of its globalSetanta offers investment on a segregated and on a pooled presence and resources to deliver targeted investment solutions.basis. It is the investment manager for a range of unit-linkedfunds, which Canada Life policyholders in Ireland and Europemay invest in. In addition Setanta has a number of specialist www.morganstanley.commutual funds available for professional investors, offering aglobal equity, high-yield, covered call strategy, and a similar Merrion Investment Managersstrategy which invests in companies which meet certain In 2007, Canada Life announced the launch of the Canada Life/Merrionethical restrictions. Managed fund and is delighted to welcome Merrion Investment Managers as a partner. Merrion Investment Managers, formerly Oppenheim Investmentwww.setanta-asset.com 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 marketsSEI Investments (SEI) have fallen. Merrion Investment Managers’ focus is on controlling risk, whileIn 2005, SEI partnered with Canada Life and together obtaining the maximum return available within the market.introduced the Manager-of-Managers concept in Irelandlaunching the SEI Manager-of-Manager Global Balanced Fund. Merrion Investment Managers’ only business is asset management meaning that they are totally focused on delivering exceptional investment returns toIn 2006, Canada Life added another nine SEI Manager-of- their clients.Managers funds to our investment platform.SEI Investments is a global leader in Manager-of-Managers www.merrion-investments.iewith €129 billion (December 2010) under managementworldwide. It is one of the world’s leading providers of multi BlackRockmanager investment products through their Manager-of- BlackRock is one of the world’s preeminent asset management firms andManagers offering, and has a strong track record of growth a premier provider of global investment management, risk managementin Europe with a presence in the UK, Italy, Germany, The and advisory services to institutional, intermediary and individual investorsNetherlands and France. around the world. BlackRock offers a range of solutions - from rigorous fundamental and quantitative active management approaches aimed atThe Manager-of-Managers concept is a sophisticated maximizing outperformance to highly efficient indexing strategies designed toinvestment approach, which builds up a portfolio of the best gain broad exposure to the world’s capital markets.specialist investment managers around the world, ratherthan a portfolio of individual stocks and bonds. The Manager- BlackRock is a truly global enterprise that combines the benefits of world-of-Managers, SEI, is responsible for the selection and wide reach with localised service. Blackrock manages assets for clientsperformance of the investment managers. in North and South America, Europe, Asia, Australia and the Middle East and Africa. Headquartered in New York, the firm employs more than 8,500Through this partnership, Canada Life can offer clients a talented professionals and maintains offices in 24 countries around thegreater chance of achieving more consistent long-term returns world. Blackrock’s client base includes corporate, public, union and industrywith controlled risk. pension plans; insurance companies; third-party mutual funds; endowments; foundations; charities; corporations; official institutions; banks; andwww.seic.com 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 64
  • 66. For further information on Canada Life investment products please contact: Michael Hayes Investment Development Manager, Canada Life Tel: 01 210 2757 Email: michael.hayes@canadalife.ie
  • 67. Canada Life House, Temple Road, Blackrock, Co. Dublin.Tel: 01 210 2000 Fax: 01 210 2020 Web: www.canadalife.ie Email: customerservices@canadalife.ie 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.