Investment Edge Quarter 1 2011
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  • 1. Investment EdgeVolume 4 Quarter 1 2011
  • 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 second quarter edition of Investment Edge. The second quarter was a mixed bag for markets and overall the MSCI World Index fell by 0.9% in Euro terms during the period. Equity markets initially started 2011 where they had left off last year by extending the rally that began last summer on the back of strong corporate earnings and positive economic momentum. By late February, equities began what many commentators believed was an overdue correction prompted by increasing political unrest in the Middle East and rising inflation concerns. The pullback intensified following the massive earthquake and tsunami in Japan in mid-March. Markets regained some ground in thesecond half of March as the economic impact of the earthquake in Japan was not expected to have asignificant effect on global growth and there was some further positive US economic data.Developed equity markets broadly outperformed emerging equity markets; however, that trend began toreverse late in the quarter. Sector performance varied throughout the quarter and finished with energy beingthe only sector to produce a gain during the quarter benefiting from robust demand and tensions in theMiddle East.At home another round of stress tests of Irish banks commissioned by the Central Bank of Ireland revealednew capital requirements of €24 billion, and led to the new government following up with plans to restructurethe industry including plans to merge AIB with EBS and to have 2 main banking pillars. The government alsochanged their pre election stance on their intention to impose losses on bank senior bondholders, providingsome respite for financial institutions and investors that hold the debt. The total cost of the bank bailout todate is estimated to be €70 billion.European markets performed well during the quarter and despite the recent downgrades of debt in Ireland,Portugal and Spain, equity markets in peripheral Europe out-performed the broader European index. Out-performance was driven by the unexpected progress made by eurozone leaders in addressing the structureof bailout mechanisms and repayment conditions of existing loans. Robust fourth-quarter earnings reports,accommodative monetary policy and improving economic momentum drove strong performance by US equitymarkets as well. Equity markets in Russia and Canada, whose economies are leveraged to higher energyprices, also out-performed.Japanese equities, which had been outperforming since early November on a weaker yen and an improvingeconomy, dropped dramatically in the days following the earthquake and tsunami. They finished the quarterwell behind the global benchmark.As we moved into April the European Central Bank increased interest rates for the first time since July 2008in response to an increase in eurozone inflation. The quarter percentage point interest rate hike was entirelyexpected, and the focus has now shifted to discerning what the bank’s next move will be.While some form of correction has been expected as markets have now increased by over 70% since thetrough of March 2009 conditions still seem relatively positive for equity markets. However, there are somerisks to this favourable environment including an escalation of Middle East tensions that forces oil priceshigher, a policy error by central banks in increasing interest rates too quickly, the end of quantitative easingin June and its impact on the US economy and a hard economic landing in emerging economies.In the Spotlight section of this issue we focus on the importance of dividends as a major component of stockreturns to long term investors. We highlight our successful Canada Life/ Setanta Dividend Fund which followsa value investing philosophy and looks for companies paying above average dividends. The case for dividendbased investing is a strong one and dividend payouts are expected to increase this year as many companiesdistribute more of their surplus cash from improving earnings.Michael HayesInvestment Development Manager Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up. Canada Life Assurance (Ireland) Limited and The Canada Life Assurance Company are regulated by the Central Bank of Ireland. This quarterly publication is intended for Financial Advisors only.
  • 4. IndexMarket Commentary 4Spotlight - The importance of dividends 6Fund Fact Sheets 9Life Investment Funds 9Pension Funds 35Fund Performance 62Our Investment Partners 64
  • 5. Market Commentary Q1 2011Financial markets in the first quarter were buffeted by a couple of the destabilising ‘known unknowns’: the tragic naturaldisaster in Japan and the wave of political unrest/change sweeping across the Arab world. These macro uncertaintiesproved enough to all but stifle, but not significantly reverse, the strong flow into ‘risk’ assets such as equities which hascharacterised investor behaviour for much of the last two years. The MSCI Developed World index returned -0.9% for thequarter.Fuelled by the exceptionally easy stance of official monetary policy, the surge in global stock markets since the trough ofMarch 2009 has now extended to 71% (in Euro terms).While there has certainly been a strong economic and consequent earnings recovery over this period, some pause to reflecton what this substantial rally in stock prices means for current valuation levels seems timely. After all, for value investorssuch as us owning/buying the stock of a company with, for example, the MSCI World Equity Index at a price 1334.9 todayis a very different value proposition from owning/buying that stock at the trough price level of 697.5 in March 2009.In broad terms, valuation is now somewhat above long-term ‘fair value’ – though still well below the extreme levels scaledat the height of the technology boom in 2000 or prior to the great crash in 1929.As stock prices rally, it is becoming more difficult to buy stocks at prices below our estimation of their intrinsic worth. Ihasten to add, that this should in no way be taken as suggesting that we are making any forecast on the direction of stockprices more generally. We are merely highlighting that as we analyse our stock opportunities on a case by case basis toarrive at a sensible appraisal of their value, the sharp appreciation of stock prices over the last two years is now makingvalue more difficult to find.European Government bonds lagged most assets over the quarter. The BofA ML Sovereign 5Yr+ index returned-1.4% during the quarter. Despite political upheaval in the Middle East & North Africa and the natural disasters inJapan, investors continued to allocate to riskier assets. Consensus points to global growth remaining strong overthe year, with liquidity deemed ample and offering some comfort to investors. Within Europe, the sovereign debtcrisis continues. However, there are signs of some containment as Spanish and Italian bond spreads narrowedto core Europe. Portugal is expected to enter a bailout scenario, with many hopeful this is the line in the sand.Ireland continues to try and get a handle on the socialisation of the banking crisis, with some signs of foreignsentiment changing towards our pariah status (S&P rating lowered, but now stable outlook).The Euro strengthened by approx. 6% against the USD during the quarter, from 1.34 to 1.42.The best performing region over the period (in euro terms) was MSCI Europe ex UK (+1.9%). Japanese equities fellby approx. 15% when the Earthquake and Tsunami hit in mid March, and although stocks did recover, the return forthe quarter was still negative (-10.1%).The best performing global industrial sector was clearly energy, unsurprising given the rising oil price. The weakestsector over the quarter was consumer staples.Brent Oil continued to rise during the quarter reaching $118/bbl by end March – the highest level since October2008. Growth in manufacturing together with the cold weather in Europe and the US helped to increase demandin 2010. However, political upheaval in North Africa and the Middle East drove the price above $100/bbl in 2011.The DJ UBS Spot Commodity index rose by 5.1% during the last quarter, bringing the gains for the year to 17.0%MSCI World Q1. 2011Source: MSCI Net Total Returns (in €) 01.01.11 – 31.03.11 4
  • 6. Asset Class Returns Q1. 2011 Global Equities Euro Bonds Property Euro Cash % 3 2 1 0.3% 0 -1 -0.7% -0.9% -2 -1.4% -3Source: MSCI World, Merrill Lynch (EMU +5yrs), Average Property Fund MercerSurvey, 3 Month Interbank Deposit (all in €) 01.01.11 – 31.03.11Regional Returns Q1. 2011 % 15 10 5 1.9% 0.0% 0.6% 0 -5 -1.9% -0.9% -2.9% -10 -10.1% -15 MSCI World UK Europe ex UK USA Japan Pacific ex Ireland Index JapanSource: MSCI Regional Indices Total Return, ISEQ, (in €), 01.01.11 – 31.03.11Sector Returns Q1. 2011 % 9 7.6% 6 3 0 -1.2% -1.1% -0.7% -3 -1.6% -3.3% -3.2% -6 -4.0% -9 Financials Consumer Healthcare Consumer Information Industrials & Energy Telecoms / Discretionary Staple Technology Materials UtilitiesSource: MSCI Global Sector Performances Total Return (in €), 01.01.11 – 31.03.11 5
  • 7. Spotlight - The importance of dividendsBy Michael Hayes, Investment Development Manager, Canada Life2010 was another good year for investors with many major markets recording significant gains toAlbert Einstein once said of compound interest that ‘It is the greatest mathematical discovery of alltime’. While the veracity of this statement has long been questioned there can be no doubt aboutthe importance of dividends as a percentage of overall equity returns. The same logic attributed tocompound interest also applies to the reinvestment of dividends.In a recent research study ‘The quest for yield’ (2011) by Elroy Dimson, Paul Marsh and Roy Stauntonof the London Business School, the role of dividends is examined in some detail. In the study, $1invested in 1900 in US equities grew in capital value to $217 by the end of 2010 for an annualisedgain of 5%. However, according to the study if dividends had been reinvested in US equities, $1 wouldhave been worth $21,766 or an annualised return of 9.4%. Thus, reinvesting income can lead to areturn 100 times larger than the return from capital gains alone. This is not specific just to the US butis true for all equity markets researched in the study. The study also demonstrates that the longer theinvestment horizon, the more important is dividend income as ‘for the seriously long term investor, thevalue of a portfolio corresponds closely to the present value of dividends’.As well as the importance of dividends as a percentage of overall return the study found that highyielding stocks also out-performed lower yielding stocks. The study broke down data in respect ofUS returns from 1927 into US stocks that rank each year in the highest or lowest yielding 30% ofdividend paying-companies, the middle 40% and stocks that pay no dividends at all. Non-dividendpaying stocks gave the lowest total return of 8.4% per year, while low-yield stocks returned 9.1% andhigh yielders gave the best return at 11.2%.The longest data timeline provided in the study of the yield effect was done in the UK and goes backto 1900. In the study, the 100 largest UK stocks are ranked by their dividend yield and divided 50:50into higher and lower yielding stocks. The capitalisation weighted returns on those two portfoliosare calculated over the following year and that process is repeated every year. The results show thatan investment of £1 in 1900 would have grown to £5,122 in the lower yielding strategy by the endof 2010, an annualised return of 8%. However, the same initial investment allocated to high yieldstocks would have grown to £100,160 which is almost 20 times greater and equivalent to an annualreturn of 10.9% per year. As before, the study found that same effect has been evident in every othercountry reviewed except New Zealand which is a small market.According to the study the same results applied when different countries were compared to eachother based on dividend yield. At the start of each year 19 countries were ranked by their dividendyield at the old year end. The countries were assigned to quintiles each one made of four countrieswith the middle quintile containing three markets. Each portfolio had an equal amount invested ineach country and all income was reinvested. Portfolios were held for one year and the 19 countrieswere then re-ranked and the portfolios were rebalanced and this was repeated each year. The resultsfound that over the full 111 years from 1900 an investment of $1 in the lowest yielding countrieswould have grown to $370 by the end of 2010, a return of 5.5%. But the same initial investmentallocated to the highest yielding countries vastly out-performed as it would have grown to an end 2010value of more than $1 million, some 2700 times as much or a return of 13.4% per annum.The study also looked at four sub-periods of 25 years each and the first 10 years of the 21stcentury with high yielding stocks out-performing every time. While this strategy would have requireda disciplined rebalancing regime, it does highlight the yield effect. The study also found that higheryielding strategies not only had higher returns but also at lower levels of risk. 6
  • 8. The Canada Life/ Setanta Dividend FundThe Canada Life/Setanta Dividend Fund is an actively managed equity portfolio which invests instocks that have paid above average dividends since 2003.Setanta Asset Management Limited (‘Setanta’), Canada Life’s primary investment manager followsa value investing philosophy. The Canada Life/ Setanta Dividend Fund (the ‘Fund’) distils thisphilosophy, placing particular emphasis on the significant proportion of cumulative total return thatdividends typically represent.High yield investment fits neatly with Setanta’s value philosophy for a number of reasons. A highdividend yield is generally considered to be a classical indicator of value and typically correspondsto other respected value metrics. That said, a high dividend yield alone is not enough for a stock tomerit consideration for investment. In addition the stock must trade below Setanta’s assessment ofintrinsic value and the company will ideally exhibit strong competitive advantages. Setanta believesthat a strong balance sheet, a central tenet of value investing, is important for a company that aspiresto pay a sustainable and upwardly-trending dividend. Cash flow should closely reflect accountingearnings, indicating that profits are real and not reflective of an accountant’s vivid imagination. Robustcash flows typically ensure that a dividend is well covered and a company’s payout viable. Thesefactors help to protect an investment during the difficult times a company inevitably encounters,through an economic cycle. They also ensure that the Fund, in accordance with value investingprinciples, emphasises a high probability of long-term capital preservation.Setanta takes a common sense approach to risk so that investment decisions are based on thecharacteristics of each stock. By design, the Fund is well diversified, holding 45 stocks acrossnineteen countries and five continents. Stocks are currently drawn from ten broad economic sectors,while no stock has a greater weight than 5% of the fund.Sector concentration is a function of the value opportunities available, subject to reasonablediversification. Although subject to change, the largest sector is telecoms which currently represents15% of the fund. Upon investment the fund managers typically expect to hold a stock for 4-5 years,but are not bound to a maximum holding period. Setanta pays no heed to classical ‘risk’ metrics andagree with Warren Buffett, who said: “The risk that matters is not beta or volatility, but the possibilityof loss or injury from an investment.”The rationale for dividend based investing is clear and dividend payouts are expected to increase thisyear as many companies distribute more of their surplus cash from improved earnings.Dividends have historically contributed the majority of overall returns and to date there is no historicalevidence that this will change in the future. Dividends are the foundations on which long term equityreturns are built.For more information on Canada Life’s fund performance, please visit www.canadalife.ie Warning: The value of your investment may go down as well as up. Past performance is not a reliable guide to future performance.The Canada Life Assurance Company and Canada Life Assurance (Ireland) Limited are regulated by the Central Bank of Ireland.This article does not constitute advice or an advertisement and does not form part of any contract. 7
  • 9. 8
  • 10. Life Funds9
  • 11. Canada Life / Setanta Equity Dividend Fund Quarter 1, 2011Fund DescriptionThe 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* Q1 2011 Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a Company Sector % 15 CRH Industrials / Materials 3.6 12 Sanofi-Aventis Healthcare 3.5 Fortum Telecoms / Utilities 3.1 9 Lockheed Martin Industrials / Materials 2.8 6 Solvay Industrials / Materials 2.6 3 DCC Industrials / Materials 2.5 Wincor Nixdorf Information Technology 2.5 0 Svenska Handbkn Financials 2.5 -3 Sasol Energy 2.4 CL/Setanta Equity Dividend -6 Thai Beverage Public Consumer Staples 2.4 Average of High Yield Funds Peer GroupPortfolio Financials Q1 2011 *Source: Moneymate. Peer Group Average (High Yield Equity Funds from Bloxhams, AIB, Eagle Dividend Yield 3.8% Star, Aviva and Friends First. P/E Ratio 11.8xSource: Bloomberg & individual company reports. These figures are based on last years dividend in some cases.The gross yield is before any withholding taxes on the individual shares. It is also before taking account of any exit tax that may apply.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Consumer Cash Japan Ireland Discretionary Telecoms/Utilities 6.6% 6.8% Pacific & Emerging 4.4% 6.5% Consumer 18.4% Markets Staples 11.5% UK 10.9% 19.1% Equity Information 94.3% Energy Technology 11.1% 6.3% Industrials USA & Materials Financials Europe 20.0% 18.6% 14.2% 38.5% Healthcare 13.8% 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 1, 2011Fund DescriptionThe 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 31/03/11 Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a Company Sector % % Exxon Mobil Energy 2.4 6 5 Pfizer Healthcare 2.0 4 General Dynamics Industrials & Materials 2.0 3 CRH Industrials & Materials 2.0 2 Total Energy 1.9 1 Johnson & Johnson Healthcare 1.7 0 ENI Energy 1.7 -1 Owens Illinois New Industrials & Materials 1.7 -2 BP Energy 1.7 -3 DCC Industrials & Materials 1.7 -4 Canada Life/Setanta Balanced Category Average Managed Balanced Source: Moneymate. Performance is net of management fees.Asset Distribution Equity Geographic Distribution Equity Sectoral Asset Distribution Telecoms/Utilities Consumer Cash Japan Ireland 7.9% Discretionary 0.6% Property Pacific & Emerging 6.1% 5.8% UK 9.9% 7.4% 10.2% Information Markets Consumer 7.6% Technology Staples 12.4% 10.9%Equity47.2% Europe 21.0% Industrials Energy & Materials 15.5% Fixed Interest 16.6% 44.7% USA 49.4% Healthcare Financials 12.8% 14.1% 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 1, 2011Fund DescriptionThe 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* Q1 2011 % Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a Company Sector % 10 CRH Industrials / Materials 3.6 Sanofi-Aventis Healthcare 3.5 8 Fortum Telecoms / Utilities 3.1 6 Lockheed Martin Industrials / Materials 2.8 4 Solvay Industrials / Materials 2.6 2 DCC Industrials / Materials 2.5 Wincor Nixdorf Information Technology 2.5 0 Svenska Handbkn Financials 2.5 -2 Sasol Energy 2.4 -4 Thai Beverage Public Consumer Staples 2.4 CL/Setanta Bal Dividend Category Average Managed BalancedPortfolio Financials Q1 2011 *Source: Moneymate. Peer Group Average (High Yield Equity Funds from Bloxhams, AIB, Eagle Dividend Yield 3.8% Star, Aviva and Friends First. Source: Bloomberg & individual company reports. These figures are based on last years dividend P/E Ratio 11.8x 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 Consumer Japan Ireland Discretionary Pacific & Emerging 4.4% Telecoms/Utilities 6.6% 6.5% Markets 18.4% Consumer 11.5% Staples UK 10.9% 19.1% Information Energy Technology 11.1% 6.3% Industrials Europe USA & Materials Financials 38.5% 20.0% 18.6% 14.2% Healthcare 13.8% 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 1, 2011Fund DescriptionThe 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 31/03/11 Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a Company Sector % % DCC Industrials/Materials 4.9 20 BP Energy 4.4 15 C&C Group Consumer Staples 4.4 CRH Industrials/Materials 4.2 10 Solvay Industrials/Materials 4.0 Axel Springer Consumer Discretionary 3.9 5 Vodafone Telecoms / Utilities 3.9 Wincor Nixdorf Information/Technology 3.8 0 Diageo Consumer Staples 3.8 Total Energy 3.8 -5 Canada Life/Setanta European Equity Category Average Advanced Europe Equity Source: Moneymate. Performance is net of management fees.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Cash Consumer Cash Telecoms/ 1.7% Greece 2.0% Belgium Utilities Discretionary 3.0% 7.0% Czech Republic 10.0% 15.9% Consumer 3.0% Staples Finland Information 8.3% UK 9.0% Technology 27.0% 6.0% France 8.0% Energy 13.4% Germany Norway Industrials 8.0% 3.0% & Materials Switzerland 16.8% 6.0% Italy Ireland Financials Equity 6.0% 18.0% Healthcare 18.9% 98.3% 10.6% 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 1, 2011Fund DescriptionThe 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 2.4 95 – 96 - - Pfizer Healthcare 2.1 96 – 97 - - General Dynamics Industrials & Materials 2.0 97 – 98 - - CRH Industrials & Materials 1.9 98 – 99 - 6.5% Total Energy 1.9 99 – 00 - 6.0% 00 – 01 6.0% 5.0% ENI Energy 1.8 01 – 02 6.0% 4.5% Johnson & Johnson Healthcare 1.8 02 – 03 5.0% 3.5% BP Energy 1.8 03 – 04 2.0% 0.0% Owens Illinois New Industrials & Materials 1.7 04 – 05 1.0% 0.0% DCC Industrials & Materials 1.7 05 – 06 1.0% 0.0% 06 – 07 1.0% 0.0% 07 - 08 1.0% 0.0% 08 - 09 0.5% 0.0% 09 - 10 0.0% 0.0% 10 - 11 0.0% 0.0% Bonus rates are declared net of management chargesAsset Distribution Equity Geographic Distribution Equity Sectoral Distribution Japan Telecoms/Utilities Consumer Property Ireland Discretionary Cash 6.0% 7.9% 2.0% Pacific & Emerging 5.8% 9.9% 6.2% UK Markets 10.3% Information Consumer 8.6% Technology Staples 12.1% 11.0% Equity Europe 36.9% Fixed Interest 20.4% Industrials 54.9% Energy & Materials 15.8% 16.4% USA Healthcare 48.9% Financials 12.6% 14.3% 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 1, 2011Fund DescriptionThe 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 31/03/11 Company Sector % % Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a Pfizer Healthcare 9.0 15 Sysco Consumer Staples 8.2 12 Everest Re Group Financials 7.7 Tidewater Energy 7.0 9 Steris Healthcare 7.0 6 Johnson & Johnson Healthcare 6.9 Total Energy 6.8 3 MI Developments Financials 6.8 0 Astellas Pharmaceutical Healthcare 6.7 Wincor Nixdorf Information Technology 6.6 -3 NTT Docomo Telecoms / Utilities 6.1 -6 Motor Consumer Discretionary 5.9 Belgacom Telecoms / Utilities 4.0 Nokia Information Technology 3.1 Canada Life/Setanta Focus 15 OPAP Consumer Discretionary 2.1 Category Average Flexible Equity Komori Industrials & materials 1.8 Source: Moneymate. Performance is net of management fees. Cash 4.3Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Cash Consumer 4.3% Telecoms/Utilities Discretionary Japan 10.7% 8.5% 21.5% Consumer Information Staples Technology 8.6% 10.1% Pacific Industrials USA & Emerging & Materials Energy 46.7% Markets 1.9% 14.4% 8.0% Europe Healthcare 23.7% 30.8% Financials Equity 15.1% 95.7% 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 1, 2011Fund DescriptionThe 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 31/03/11 Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a Company Sector % % DCC Industrials & Materials 9.3 20 Total Produce Consumer Staples 8.8 15 Irish Continental Industrials & Materials 8.3 10 Kingspan Industrials & Materials 7.8 5 CRH Industrials & Materials 7.4 0 Abbey Industrials & Materials 7.3 -5 Dragon Oil Energy 6.3 -10 Grafton Group Industrials & Materials 6.2 -15 -20 Kerry Group Consumer Staples 6.2 -25 Ryanair Holdings Industrials & Materials 6.2 Canada Life/Setanta Irish Equity Category Average Irish Equity Source: Moneymate. Performance is net of management fees.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Consumer Cash Discretionary 0.1% 5.8% Consumer Staples 25.3% Industrials & Materials 57.5% Energy 6.3% Financials 1.1% Healthcare Equity 4.0% 99.9% 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 1, 2011Fund DescriptionThis 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 31/03/11 Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a OFFICE % Block C, Earlsfort Centre 15 Tenant - Office of Public Works 10 Fund Weighting - 13.2% 5 RETAIL 0 45/46 Patrick Street, Cork -5 Tenant - C&J Clarke International -10 Fund Weighting - 3.8% -15 INDUSTRIAL/WAREHOUSE -20 Swords Business Campus -25 Tenants - Air France, Client Logic, Eastern Health Board Fund Weighting - 10.2% Canada Life/Setanta Property Category Average Property Source: Moneymate. Performance is net of management fees.Asset Distribution Geographic Distribution Sectoral Distribution Cash 9.5% Rest of Ireland 16.5% Office 27.7% Retail Dublin city centre 41.7% Cork 44.4% 10.3% Cash & Bonds 9.5% Property Suburban Dublin Industrial 90.5% 28.8% 21.1% 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 1, 2011Fund DescriptionThe 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 31/03/11 Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a Company Sector % % Exxon Mobil Energy 1.6 6 CRH Industrials & Materials 1.5 5 DCC Industrials & Materials 1.4 4 Pfizer Healthcare 1.4 3 Total Energy 1.4 2 General Dynamics Industrials & Materials 1.3 1 ENI Energy 1.2 0 Johnson & Johnson Healthcare 1.2 -1 BP Energy 1.2 Owens Illinois Industrials & Materials 1.1 -2 -3 Canada Life/Setanta Strategic Growth G Category Average Managed Dynamic Source: Moneymate. Performance is net of management fees.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Japan Telecoms/Utilities Consumer Cash Property 6.0% Ireland 7.6% Discretionary Pacific & Emerging 6.4% 2.8% Markets 9.2% Information 9.7% Commodities Fixed Interest Consumer 7.9% UK Technology 2.4% 19.4% Staples 9.9% 11.6% 11.3% Europe 19.9% Industrials Energy & Materials 15.7% 18.3% Equity 69.0% Healthcare Financials USA 12.4% 13.5% 47.1% 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 1, 2011Fund DescriptionThe 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 31/03/11 Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a Company Sector % % Exxon Mobil Energy 2.4 10 Pfizer Healthcare 2.1 8 General Dynamics Industrials & Materials 2.0 6 CRH Industrials & Materials 1.9 4 Total Energy 1.9 Johnson & Johnson Healthcare 1.8 2 ENI Energy 1.7 0 Owens Illinois Industrials & Materials 1.7 -2 BP Energy 1.7 DCC Industrials & Materials 1.7 -4 Canada Life/Setanta Global Opportunity Category Average Flexible Equity Source: Moneymate. Performance is net of management fees.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Cash Japan Ireland Telecoms/Utilities Consumer 1.3% 7.9% Discretionary Pacific & Emerging 6.1% 5.8% UK 9.9% Markets 10.2% Information Consumer 7.6% Technology Staples 12.4% 10.9% Europe 21.0% Energy Industrials & Materials 15.5% 16.6% USA 49.4% Equity Healthcare Financials 98.7% 12.8% 14.1% 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 1, 2011Fund Description Fund CompositionThe 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 Fixed Interest 8.1% outside Ireland where appropriate. The fund is managed by a team of property specialists at Canada Life European Real Commodities Estate, who have over 20 years of property experience and 18.4% manage over €1.7 billion in property assets. Dividend Fund European Property 43.1% The Canada Life/Morgan Stanley European Property Fund European Property invests in a professionally managed portfolio of European 16.5% property companies, and is managed by a team of property Irish Property 13.9% 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 43.1% 20% - 50% investments in property whose long-term returns depend on Irish Property 13.9% 10% - 25% the underlying real estate market. European Property 16.5% 10% - 25% 18.4% Commodities Commodities 0% - 25% The commodities allocation in the Quadrivium fund invests Fixed Interest 8.1% 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 Q1 2011 1 yr p.a 2 yr p.a 3 yr p.a that allows investors to track commodity futures returns % through a single fund. No related group of commodities (e.g 25 energy, precious metals, livestock or grains) may constitute 20 more than 33% of the index and no single commodity may constitute less than 2% or more than 15% of the index. 15 Commodities tend to behave differently to all other asset Canada Life Quadrivium Fund classes and for this reason are used as a good diversifier in 10 multi-asset portfolios. The ETFs are issued by ETF Securities. Diversified Funds Average 5 (Diversified Funds from Eagle Star, ETF Securities invest the assets backing the ETF with AIG. Irish Life & Canada Life) 0 Fixed Interest -5 The Canada Life Fixed Interest Fund invests in government gilts predominantly from eurozone countries. Gilts, or bonds-10 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 1, 2011Fund DescriptionThe 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 Performance to 31/03/11 Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a Issuer % of Fund Issuer % of Fund % Ulster Bank 19.4 Belgian Treasury Bill 3.3 2.0 National Irish Bank 18.4 German Treasury Bill 3.3 French Treasury Bill 9.8 Bank of Ireland (G) 2.3 1.5 BNP 8.2 Allied Irish Bank (G) 2.0 ACC Bank 6.8 EBS Building Society (G) 1.9 1.0 Dutch Treasury Bill 6.2 Irish Life & Permanent (G) 1.8 0.5 Italian Treasury Bill 5.2 SPGB 1.2 Dutch Commercial Paper 3.3 Cash 3.6 0.0 German Commercial Paper 3.3Counterparty exposures (G) are covered by the Irish Government guarantee.Other counterparty/credit exposures are covered by either other European National -0.5Government Guarantees or have individually strong credit ratings. Canada Life/Setanta Cash G -1.0 Category Average Money Market Source: Moneymate. Performance is net of management fees. 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 1, 2011Fund DescriptionThe 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 31/03/11 Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a Company Country % % Depfa ACS Bank Ireland 5.2 4 3 Buoni Poliennali Del Tes Italy 3.9 2 EBS Mortgage Finance Ireland 3.3 1 Irish Life & Permanent Ireland 3.2 0 -1 Buoni Poliennali Del Tes Italy 3.0 -2 Buoni Poliennali Del Tes Italy 2.9 -3 Buoni Poliennali Del Tes Italy 2.9 -4 -5 Landwirtsch. Rentenbank Germany 2.7 -6 Hellenic Republic I/L Greece 2.7 -7 Buoni Poliennali Del Tes Italy 2.5 -8 Canada Life/Setanta Fixed Interest Fund Category Average Bonds Source: Moneymate. Performance is net of management fees.Asset Distribution Country Weighting Yield Curve Positioning UK Finland SNAT Poland Duration Fund Benchmark 1.0% 1.0% 2.0% 2.0% (Yrs to Maturity) Covered Greece France Weighting Weighting 18% 6.0% 7.0% Portugal 0-5 27.1% 9.1% 3.0% Italy Supranational Netherlands 27.0% 2% 6.0% 5 - 10 50.6% 61.4% BelgiumGovt. Agency 5.0% 10 - 15 21.8% 22.3% 14% 15 - 30 0.1% 7.2% Govt. Guarantee Govt. Ireland 4% 62% 17.0% Spain 100% 100% Austria 15.0% 3.0% Germany 4.0% 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 1, 2011CL SEI Global Balanced Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe SEI Global Balanced Fund aims to provide long term Q1 11 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 -1.1% 6.1% 21.2% 2.1% -2.3% -1.2%investing in a range of SEI multi-manager equity and fixedincome funds. The fund is a globally diversified fund with Top 10 Holdings %approximately 70% invested in top tier equity funds and the Apple Inc. 1.62remaining 30% invested in top tier fixed income funds. JPMorgan Chase & Co. 1.12 Chevron Corp. 1.12Asset Allocation Microsoft Corp. 1.04Equities 70% Wells Fargo & Co. 1.00US Large Cap 28.00 QUALCOMM Inc. 0.99Global Developed Markets 14.00 AT&T Inc. 0.81Europe Ex-UK 10.00 Pfizer Inc. 0.80UK 6.00 ConocoPhillips 0.78Japan 5.00 Exxon Mobil Corp. 0.77Pacific Basin Ex-Japan 3.50 Total 10.04Emerging Markets 3.50 Fixed Income Managers % AllianceBernstein 4.80Fixed Income 30% First International Advisers 4.20Global 15.00 UBS Global Asset Management 2.40Global Opportunistic 15.00 Wellington Management Company 3.60Total 100% DB Advisers 3.05 Jennison Associates 2.70 Schroders Investment Management 2.33 Wellington GRV 3.27 TCW Group 3.65List of Managers %US Large Companies Equities 28.00 UK Equities 6.00Aronson, Johnson, Ortiz 4.43 Invesco Quantitative Strategies 1.16Brown Investment Advisory 2.86 Investec Asset Management 0.77Delaware Investment Advisors 2.57 Jupiter Investment Managers 1.22Legg Mason - Growth Equity 3.14 L.A. Capital Management 1.07Legg Mason - Core Equity 2.57 Mirabaud Asset Management 1.16LSV Asset Management 4.43 Standard Life Investments 0.61Neuberger Berman 2.86 Japanese Equities 5.00Quantitative Management Associates 2.86 Acadian Asset Management 1.12WestEnd Advisors 2.28 Analytic Investors Inc 1.02Global Developed Markets Equities 14.00 Capital International 1.28Hexavest 3.46 JPMorgan Asset Management 1.58Intech Investment Management 2.89 Pacific Basin Ex-Japan Equities 3.50Janus Capital Group 2.60 Capital International 0.98Tradewinds 1.73 Lloyd George Investment Management 1.40Wellington Management Co. Int. Value 3.32 Maple-Brown Abbott Limited 1.12Europe Ex-UK Equities 10.00 Emerging Markets Equities 3.50Acadian Asset Management 3.67 Artisan Partners 0.71Metropole Gestion 1.74 JO Hambro Capital Management 0.36TT International 2.55 Lazard Asset Management 0.50Wellington Management Company 2.04 Neuberger Berman 0.50 PanAgora Asset Management 0.71 The Boston Company Asset Management 0.71 23
  • 25. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI Global Developed Markets Equity Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe investment objective of the Global Developed Markets Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aEquity Fund is to achieve capital appreciation by investing -2.4% 5.7% 24.7% -3.0% -9.4%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 % Exxon Mobil Corp. 1.28 United States 47.2 Microsoft Corp. 1.11 Japan 11.1 Eli Lilly & Co. 0.93 United Kingdom 8.0 HSBC Holdings Plc 0.9 Canada 4.3 General Electric Co. 0.83 Germany 4.0 Pfizer Inc. 0.82 Switzerland 3.9 International Business Machines Corp. 0.81 France 3.9 Wells Fargo & Co. 0.79 Australia 1.8 Newmont Mining Corp. 0.74 Norway 1.6 JPMorgan Chase & Co. 0.73 Hong Kong 1.6 Total 8.94 Other 12.6Underlying Managers Sector Weighting % Hexavest 24.7 Financials 17.1 Wellington Management Company International Value 23.7 Industrials 13.3 Intech Investment Management 20.6 Consumer Discretionary 12.1 Janus Capital Management 18.6 Energy 10.2 Tradewinds Global Investors 12.4 Information Technology 10.0 Fund Total 100.00 Health Care 10.0 Materials 9.8 Consumer Staples 7.8 Telecoms 5.9 Utilities 3.9Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 28.6 Between 20 and 50 Billion 25.7 Between 10 and 20 Billion 19.4 Between 1 and 10 Billion 24.6 Less than 1 Billion 1.7 24
  • 26. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI European (Ex-UK) Equity Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe fund aims to achieve long-term capital growth and Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aincome by investing in a broadly diversified portfolio of 1.6% 7.7% 28.4% -3.5% -6.1%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 S.A. 2.6 France 26.1 Total S.A. 2.4 Germany 21.6 Basf SE 1.8 Switzerland 12.2 Sanofi-Aventis S.A. 1.7 Sweden 8.6 Novartis AG 1.5 Italy 6.8 Daimler AG 1.4 Netherlands 4.9 Sap AG 1.3 Norway 3.4 Unicredit S.P .A. 1.3 Spain 3.3 Heineken N.V. 1.3 Denmark 2.8 Capgemini 1.2 Finland 2.5 Total 16.4 Other 7.8Underlying Managers Sector Weighting % Acadian Asset Management 36.7 Industrials 21.7 TT International 25.5 Financials 15.7 Wellington Management Company 20.4 Consumer Discretionary 14.8 Metropole Gestion 17.4 Consumer Staples 10.9 Fund Total 100.00 Materials 10.5 Information Technology 7.9 Health Care 7.8 Energy 5.9 Telecomm Services 2.7 Utilities 2.2Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 22.7 Between 20 and 50 Billion 12.8 Between 10 and 20 Billion 15.0 Between 1 and 10 Billion 43.2 Less than 1 Billion 6.3 25
  • 27. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI US Equity Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe SEI US Large Companies Fund aims to provide long- Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aterm capital growth and income by investing primarily in a -0.2% 7.2% 23.3% 2.7% -4.1%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 Inc. 2.6 Information Technology 24.6 JPMorgan Chase & Co. 1.7 Financials 15.1 Chevron Corp. 1.7 Health Care 13.3 Qualcomm Inc. 1.7 Consumer Discretionary 12.0 Wells Fargo & Co. 1.5 Energy 10.8 Microsoft Corp. 1.5 Industrials 9.3 AT&T Inc. 1.3 Consumer Staples 6.4 Conocophillips 1.2 Materials 3.1 Pfizer Inc. 1.1 Telecomm Services 2.8 Procter & Gamble Co. 1.1 Utilities 2.5 Total 15.6Underlying Managers Aronson & Johnson & Ortiz 15.8 LSV Asset Management 15.8 Legg Mason - Growth Equity 11.2 Brown Investment Advisory 10.2 Neuberger Berman 10.2 Quantitative Management Associates 10.2 Delaware Investments 9.2 Legg Mason - Value Equity 9.2 WestEnd Advisors 8.2 Fund Total 100.00Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 34.3 Between 20 and 50 Billion 26.1 Between 10 and 20 Billion 19.2 Between 1 and 10 Billion 20.2 Less than 1 Billion 0.3 26
  • 28. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI UK Equity Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe SEI UK Equity Fund aims to achieve long-term capital Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.agrowth and income by investing primarily in a broadly -2.6% 6.4% 28.7% -2.0% -9.0%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 Group Plc 4.0 Financials 19.3 Rio Tinto Plc 3.4 Industrials 15.4 BP Plc 3.1 Energy 14.0 BGGroup Plc 3.0 Materials 12.8 HSBC Holdings Plc 2.7 Consumer Discretionary 11.8 Glaxosmithkline Plc 2.6 Consumer Staples 9.2 Astrazeneca Plc 2.5 Health Care 6.2 Royal Dutch Shell Plc (Cl B) 2.4 Telecomm Services 5.4 BHP Billiton Plc 2.3 Information Technology 4.5 Barclays Plc 2.0 Utilities 1.5 Total 28.0Underlying Managers Jupiter Asset Management 20.4 Invesco Asset Management 19.4 Mirabaud Investment Management 19.4 L.A Capital Management 17.9 Investec Asset Management 12.8 Standard Life Investments 10.2 Fund Total 100.00Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 35.4 Between 20 and 50 Billion 11.7 Between 10 and 20 Billion 8.7 Between 1 and 10 Billion 40.1 Less than 1 Billion 4.1 27
  • 29. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI Pacific Basin (Ex-Japan) Equity Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe SEI Pacific Basin (ex-Japan) Equity Fund aims to achieve Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.along-term growth of capital and income by investing primarily in -4.6% 7.1% 34.9% 7.6% 2.0%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 Ltd. 7.6 Australia 56.3 Westpac Banking Corp. 4.4 Hong Kong 23.5 National Australia Bank Ltd. 4.3 Singapore 8.8 Australia & New Zealand Banking Group Ltd. 4.1 China 4.0 Rio Tinto Ltd. 3.5 United Kingdom 2.5 DBS Group Holdings Ltd. 3.2 Korea 2.2 Commonwealth Bank Of Australia 2.3 Taiwan 1.3 Wesfarmers Ltd. 1.9 Thailand 0.5 Oil Search Ltd. 1.8 Malaysia 0.3 Cheung Kong (Holdings) Ltd. 1.8 New Zealand 0.3 Total 34.7 Canada 0.3Underlying Managers Sector Weighting % Lloyd George Investments Management 40.0 Financials 42.3 Maple-Brown Abbott 32.0 Materials 16.8 Capital International 28.0 Industrials 9.4 Fund Total 100.00 Consumer Discretionary 7.4 Consumer Staples 7.1 Energy 6.1 Information Technology 4.3 Telecomm Services 3.0 Health Care 2.5 Utilities 1.2Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 28.7 Between 20 and 50 Billion 15.7 Between 10 and 20 Billion 21.2 Between 1 and 10 Billion 33.0 Less than 1 Billion 1.5 28
  • 30. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI Japan Equity Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe investment objective of the SEI Japan Equity Fund is to Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aachieve long-term growth of capital and income by investing -9.2% -1.7% 14.8% -2.9% -10.5%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 Inc. 2.8 Industrials 23.0 Toyota Motor Corp. 2.4 Financials 18.9 Nippon Telegraph & Telephone Corp. 2.0 Consumer Discretionary 17.1 Astellas Pharma Inc. 1.9 Information Technology 15.7 Sumitomo Corp. 1.9 Materials 6.1 Mitsubishi UFJ Financial Group Inc. 1.9 Health Care 5.9 Nissan Motor Co. Ltd. 1.7 Consumer Staples 4.7 Mitsui & Co. Ltd. 1.5 Telecomm Services 4.1 Softbank Corp. 1.5 Energy 2.7 Marubeni Corp. 1.5 Utilities 1.9 Total 19.0Underlying Managers JPMorgan Asset Management 31.6 Capital International 25.5 Acadian Asset Management 22.5 Analytic Investors 20.4 Fund Total 100.00Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 8.6 Between 20 and 50 Billion 17.8 Between 10 and 20 Billion 21.4 Between 1 and 10 Billion 44.6 Less than 1 Billion 7.6 29
  • 31. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI Emerging Markets Equity Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe SEI Emerging Markets Equity Fund aims to achieve Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.acapital appreciation by investing primarily in securities of -5.5% 8.7% 37.0% 4.8% 2.4%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 Co. Ltd. 3.0 Brazil 16.2 Gazprom OaO ADS 1.3 China 15.8 MTN Group Ltd. 1.3 Korea 12.7 China Mobile Ltd. 1.1 Taiwan 10.4 Taiwan Semiconductor Manufacturing Co. Ltd. 1.0 Russia 8.0 Petrobras Petroleo Brasileiro (Ord) 1.0 India 7.1 HTC Corp. 0.9 South Africa 7.1 Lukoil Holdings ADS 0.8 Mexico 3.6 Hyundai Mobis Co. Ltd. 0.8 Indonesia 2.7 Standard Bank Group Ltd. 0.8 Turkey 2.4 Total 12.0 Other 14.0Underlying Managers Sector Weighting % Artisan Partners 20.4 Financials 21.6 PanAgora Asset Management 20.4 Information Technology 14.5 The Boston Company Asset Management 20.4 Energy 14.0 Lazard Asset Management 14.3 Materials 13.5 Neuberger Berman 14.3 Consumer Discretionary 10.4 JO Hambro Capital Management 10.2 Industrials 8.6 Fund Total 100.00 Telecomm Services 7.3 Consumer Staples 5.4 Health Care 2.9 Utilities 1.9Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 11.2 Between 20 and 50 Billion 11.7 Between 10 and 20 Billion 8.3 Between 1 and 10 Billion 58.6 Less than 1 Billion 10.2 30
  • 32. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI Global Fixed Income Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe SEI Global Fixed Income Fund aims to generate current Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aincome and exhibit principal volatility similar to that of the -0.9% 0.8% 5.6% 0.6% 0.5%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 % BUNDESREPUB DEUT 3.50% 1/4/16 2.2 Euro 27.9 JAPAN-86 0.6% 09/20/14 /JPY/ 2.0 Japan 23.4 JAPAN-113 2.1% 09/20/29 /JPY/ 1.6 USA 20.9 JAPAN-112 2.1% 06/20/29 /JPY/ 1.5 Other 15.1 US TREAS NTS 3.5% 05/15/20 1.5 UK 8.7 JAPAN-79 0.7% 12/20/13 /JPY/ 1.3 Canada 4.1 EUROPEAN IN 3.875%10/15/16/EUR 1.3 JAPAN-304 1.3% 09/20/19 /JPY/ 1.2 BONOS Y O 5.5% 04/30/21 /EUR/ 1.2 JAPAN GOV 2.5% 12/21/20/JPY/ 1.1 Total 14.8Underlying Managers Quality Allocation % AllianceBernstein 32.00 Treasury 82.8 First International Advisors 28.00 Agency 8.2 Wellington Management Company 24.00 Credit 6.5 UBS Global Asset Management 16.00 Collateralized 1.2 Fund Total 100.00 Cash 1.3Quality Exposure % Aaa and Treasury 53.4 Aa 32.9 A 5.9 Baa 4.4 Ba and Below 3.3 31
  • 33. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI Global Opportunistic Fixed Income Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe SEI Global Opportunistic Fixed Income Fund aims to Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.agenerate current income consistent with the preservation of -0.2% 2.7% 9.2% 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 2.3 USA 59.3 FREDDIE MAC GOLD POOL 1.1 Euro 26.4 CANADA GOVT 3.75% 6/1/19 /CAD/ 1.1 UK 6.9 US TREAS NTS 2.5% 03/31/15 0.9 Canada 2.9 BUNDESREP 2.5% 01/04/21 /EUR/ 0.8 Other 2.4 FEDERAL NATL MTG ASSN FR 2.625%112014 0.7 Japan 2.1 FNMA PMA0023 5.00% 04/01/29 0.7 GENERAL ELEC C 5.625% 05/01/18 0.7 FGLMC PG12491 5.00% 01/01/22 0.7 FNMA PAD0470 5.00% 02/01/49 0.6 Total 9.5Underlying Managers Market Value Weighting % TCW Investment Management Company 24.3 Treasury 12.5 Wellington Management Company 21.8 Agency 16.0 DB Advisors 20.3 Credit 35.3 Jennison Associates 18.0 Collateralized 37.7 Schroders Investment Management 15.6 Cash -1.4 Fund Total 100.00Quality Exposure % Aaa and Treasury 54.1 A 17.1 Baa 14.3 Aa 12.0 Ba and Below 2.5 32
  • 34. Canada Life / Morgan Stanley European Property Fund Quarter 1, 2011Fund DescriptionThe 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 31/03/11 Company % Q1 2011 4.4% Unibail-Rodamco SE 10.22 1 Year 12.2% Land Securities PLC 5.31 2 Year p.a 43.1% Klepierre 5.27 3 Year p.a -6.9% PSP Swiss Property AG 4.54 Source: Moneymate. Performance is net of management fees. Icade 4.54 Hammerson PLC 4.46 British Land Co. Ltd 4.07 Gecina 3.60 Beni Stabili SPA 3.04 Corio NV 3.01 Total 48.06Equity Geographic Distribution Finland Switzerland 1.85% 6.37% Sweden 4.67% UK Italy 3.04% 37.90% Belgium 1.35% France 30.42% Netherlands Austria 7.06% 2.38% Cash & equivalents Germany 1.94% 3.02% 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 1, 2011Fund DescriptionThe 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 31/03/11 Canada Life/Merrion Managed Fund % Q1 2011 1 yr p.a 3 yr p.a % iShares MSCI World 3.0 5 iShares MSCI Emerging Markets 1.7 4 Financial Select Sector SPDR 1.3 3 Siemens 1.2 2 Microsoft 1.1 1 CRH 1.1 0 iShares MSCI Pacific ex Japan 1.1 -1 iShares MSCI Japan 1.0 ChevronTexaco 1.0 -2 iShares MSCI Asia ex Japan 1.0 -3 Canada Life/Merrion Managed Fund Category Average Managed Dynamic 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 Property Ireland Utilities Consumer 5.0% Cash Pacific Basin Telecoms 1.8% Discretionary 7.5% 11.6% 9.7% 3.5% 8.3% UK Information Consumer 12.4% Technology Staples Japan 11.4% 5.7% Fixed Interest 8.0% 11.1% Energy 13.7% Industrials 26.9% Equities 72.3% US Europe 34.7% 27.7% Financials Healthcare 20.5% 8.2% 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 1, 2011Fund DescriptionThe 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 2.4 96 – 97 9.0% Pfizer Healthcare 2.1 97 – 98 9.0% General Dynamics Industrials & Materials 2.0 98 – 99 9.0% CRH Industrials & Materials 1.9 99 – 00 8.0% Total Energy 1.9 00 – 01 7.0% ENI Energy 1.8 01 – 02 6.25% 02 – 03 5.25% Johnson & Johnson Healthcare 1.8 03 – 04 3.75% BP Energy 1.8 04 – 05 3.0% Owens Illinois New Industrials & Materials 1.7 05 – 06 3.0% DCC Industrials & Materials 1.7 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 Japan Telecoms/Utilities Consumer Property Ireland Discretionary Cash 6.0% 7.9% 2.0% Pacific & Emerging 5.8% 9.9% 6.2% UK Markets 10.3% Information Consumer 8.6% Technology Staples 12.1% 11.0% Equity Europe 36.9% Fixed Interest 20.4% Industrials 54.9% Energy & Materials 15.8% 16.4% USA Healthcare 48.9% Financials 12.6% 14.3% 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 1, 2011Fund DescriptionThe 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 31/03/11 Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a Company Sector % 10 CRH Industrials / Materials 3.6 8 Sanofi-Aventis Healthcare 3.5 6 Fortum Telecoms / Utilities 3.1 Lockheed Martin Industrials / Materials 2.8 4 Solvay Industrials / Materials 2.6 2 DCC Industrials / Materials 2.5 0 Wincor Nixdorf Information Technology 2.5 -2 Svenska Handbkn Financials 2.5 -4 Sasol Energy 2.4 -6 Thai Beverage Public Consumer Staples 2.4Portfolio Financials Canada Life/Setanta Pension Dividend Q1 2011 Category Average Managed Balanced Dividend Yield 3.8% P/E Ratio 11.8x 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 Consumer Japan Ireland Discretionary Pacific & Emerging 4.4% 6.5% Telecoms/Utilities 6.6% Markets 18.4% Consumer 11.5% Staples UK 10.9% 19.1% Information Energy Technology 11.1% 6.3% Industrials Europe USA & Materials Financials 38.5% 20.0% 18.6% 14.2% Healthcare 13.8% 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 1, 2011Fund DescriptionThe 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 31/03/11 % Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a Company Sector % 8 Exxon Mobil Energy 2.4 Pfizer Healthcare 2.1 6 General Dynamics Industrials & Materials 2.0 CRH Industrials & Materials 1.9 4 Total Energy 1.9 2 Johnson & Johnson Healthcare 1.8 ENI Energy 1.7 0 Owens Illinois Industrials & Materials 1.7 BP Energy 1.7 -2 DCC Industrials & Materials 1.7 Canada Life/Setanta Pension Global Equity Category Average Flexible Equity Performance Source: Moneymate & Bloomberg (Benchmark).Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Cash Telecoms/Utilities Consumer Japan Ireland Discretionary 1.3% 7.9% Pacific & Emerging 6.1% 5.8% UK 9.9% Markets 10.2% Information Consumer 7.6% Technology Staples 12.4% 10.9% Europe 21.0% Industrials Energy & Materials 15.5% 16.6% USA 49.4% Healthcare Financials Equity 12.8% 14.1% 98.7% 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 1, 2011Fund DescriptionThe 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 31/03/11 Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a Company Sector % 15 CRH Industrials / Materials 3.6 12 Sanofi-Aventis Healthcare 3.5 9 Fortum Telecoms / Utilities 3.1 Lockheed Martin Industrials / Materials 2.8 6 Solvay Industrials / Materials 2.6 3 DCC Industrials / Materials 2.5 0 Wincor Nixdorf Information Technology 2.5 -3 Svenska Handbkn Financials 2.5 -6 Sasol Energy 2.4 -9 Thai Beverage Public Consumer Staples 2.4 Canada Life/Setanta Pension Equity DividendPortfolio Financials Q1 2011 Category Average Flexible Equity Dividend Yield 3.8% P/E Ratio 11.8x 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 Consumer Cash Japan Ireland Pacific & Emerging Discretionary 6.8% 4.4% 6.5% Telecoms/Utilities Markets 6.6% 18.4% Consumer 11.5% UK Staples 19.1% 10.9% Equity 94.3% Information Energy Technology 11.1% 6.3% Industrials Europe USA & Materials Financials 38.5% 20.0% 18.6% 14.2% Healthcare 13.8% 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 1, 2011Fund DescriptionThe 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 31/03/11 Company Sector % Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a % Pfizer Healthcare 9.0 18 Sysco Consumer Staples 8.2 15 Everest Re Group Financials 7.7 Tidewater Energy 7.0 12 Steris Healthcare 7.0 9 Johnson & Johnson Healthcare 6.9 Total Energy 6.8 6 MI Developments Financials 6.8 3 Astellas Pharmaceutical Healthcare 6.7 Wincor Nixdorf Information Technology 6.6 0 NTT Docomo Telecoms / Utilities 6.1 -3 Motor Consumer Discretionary 5.9 Belgacom Telecoms / Utilities 4.0 Canada Life/Setanta Pension Focus 15 Nokia Information Technology 3.1 Category Average Flexible Equity OPAP Consumer Discretionary 2.1 Komori Industrials & materials 1.8 Performance Source: Moneymate & Bloomberg (Benchmark). Cash 4.3Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Cash Consumer 4.3% Telecoms/Utilities Discretionary Japan 10.7% 8.5% 21.5% Consumer Information Staples Technology 8.6% 10.1% Industrials Pacific USA & Materials Energy & Emerging 46.7% 1.9% 14.4% Markets 8.0% Europe Healthcare 23.7% 30.8% Financials Equity 15.1% 95.7% 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 1, 2011Fund DescriptionThe 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 31/03/11 % 01 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a Company Sector % 20 DCC Industrials & Materials 9.3 15 Total Produce Consumer Staples 8.8 10 Irish Continental Industrials & Materials 8.3 5 Kingspan Industrials & Materials 7.8 0 CRH Industrials & Materials 7.4 -5 Abbey Industrials & Materials 7.3 -10 Dragon Oil Energy 6.3 -15 Grafton Group Industrials & Materials 6.2 -20 Kerry Group Consumer Staples 6.2 -25 Ryanair Holdings Industrials & Materials 6.2 Canada Life/Setanta Irish Equity (Core Fund) ISEQ Index 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 Consumer Cash Discretionary 0.1% 5.8% Consumer Staples 25.3% Industrials & Materials 57.5% Energy 6.3% Financials 1.1% Equity Healthcare 99.9% 4.0% 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 1, 2011Fund DescriptionThe 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 31/03/11 Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a Company Sector % % Exxon Mobil Energy 1.6 6 CRH Industrials & Materials 1.5 5 DCC Industrials & Materials 1.4 4 Pfizer Healthcare 1.4 3 Total Energy 1.4 2 General Dynamics Industrials & Materials 1.3 1 ENI Energy 1.2 0 Johnson & Johnson Healthcare 1.2 -1 BP Energy 1.2 -2 Owens Illinois Industrials & Materials 1.1 Canada Life/Setanta Pension Managed Average Managed Fund (Mercer Survey) Performance Source: Mercer Managed Fund Survey.Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution Japan 6.0% Telecoms/Utilities Consumer Property Pacific & Emerging Ireland Discretionary Cash 7.6% 2.8% Markets 9.2% 9.7% 6.4% Information Commodities Fixed Interest 7.9% UK Consumer Technology 2.4% 19.4% 9.9% Staples 11.6% 11.3% Europe 19.9% Industrials Energy & Materials 15.7% 18.3% Equity 69.0% USA Healthcare Financials 47.1% 12.4% 13.5% 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 1, 2011Fund DescriptionThis 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 31/03/11 Sector % Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a Company % Exxon Mobil Corp Energy 1.7 8 Apple Information Technology 1.3 6 Chevron Corp Industrials/Materials 0.9 General Electric Co Industrials/Materials 0.8 4 IBM Corp Information Technology 0.8 Nestle Consumer Staples 0.8 2 Microsoft Corp Information Technology 0.8 HSBC Holdings (GB) Financials 0.7 0 AT&T Telecoms/Utilities 0.7 JPMorgan Chase & Co Financials 0.7 -2 -4 Canada Life/Setanta Passive Equity Category Average Flexible Equity Source: Moneymate. Performance is net of management fees.Equity Geographic Distribution Ireland Japan UK 0.1% 10.0% 9.7% Pacific & Emerging Markets 6.1% Europe 19.5% USA 54.5% 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 1, 2011Fund DescriptionThis 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 31/03/11 OFFICE % Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a 10 Block C, Earlsfort Centre Tenant - Office of Public Works 5 Fund Weighting - 13.2% 0 RETAIL 45/46 Patrick Street, Cork -5 Tenant - C&J Clarke International -10 Fund Weighting - 3.8% INDUSTRIAL/WAREHOUSE -15 Swords Business Campus -20 Tenants - Air France, Client Logic, Eastern Health Board Fund Weighting - 10.2% Canada Life/Setanta Pension Property Category Average Property Source: MoneymateAsset Distribution Geographic Distribution Sectoral Distribution Cash Rest of Ireland 9.5% 16.5% Office 27.7% Retail Dublin city centre 41.7% Cork 44.4% 10.3% Cash & Bonds 9.5% Suburban Dublin Industrial Property 28.8% 21.1% 90.5% 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 1, 2011Fund DescriptionThe 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 31/03/11 Cash % Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a 6.9% Property 6 2.9% 5 Fixed Interest 4 15.1% 3 Equity 2 75.2% 1 0 -1 -2 -3 Equity Geographic Distribution Japan Ireland Canada Life/Setanta Pension Consensus Pacific & Emerging 4.5% 6.7% UK Average Managed Fund (Mercer Survey) Markets 13.3% 14.5% Source: Moneymate & Mercer Pooled Fund Survey (Benchmark). Europe USA 27.4% 33.5% 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 1, 2011Fund Description Fund CompositionThe 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 Fixed Interest 8.1% outside Ireland where appropriate. The fund is managed by a team of property specialists at Canada Life European Real Commodities Estate, who have over 20 years of property experience and 18.4% manage over €1.7 billion in property assets. Dividend Fund European Property 43.1% The Canada Life/Morgan Stanley European Property Fund European Property invests in a professionally managed portfolio of European 16.5% property companies, and is managed by a team of property Irish Property 13.9% 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 43.1% 20% - 50% investments in property whose long-term returns depend on Irish Property 13.9% 10% - 25% the underlying real estate market. European Property 16.5% 10% - 25% Commodities 18.4% 0% - 25% Commodities The commodities allocation in the Quadrivium fund invests Fixed Interest 8.1% 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 Q1 2011 1 Yr p.a 2 yr p.a 3 yr p.a that allows investors to track commodity futures returns % through a single fund. No related group of commodities (e.g 25 energy, precious metals, livestock or grains) may constitute 20 more than 33% of the index and no single commodity may constitute less than 2% or more than 15% of the index. 15 Commodities tend to behave differently to all other asset classes and for this reason are used as a good diversifier in 10 Canada Life Quadrivium Fund multi-asset portfolios. The ETFs are issued by ETF Securities. Diversified Funds Average 5 (Diversified Funds from Eagle Star, ETF Securities invest the assets backing the ETF with AIG. Irish Life & Canada Life) 0 Fixed Interest -5 The Canada Life Fixed Interest Fund invests in government gilts predominantly from eurozone countries. Gilts, or bonds-10 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 1, 2011Fund DescriptionThe 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 31/03/11 % Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a Company Country % 5 Depfa ACS Bank Ireland 5.2 4 3 Buoni Poliennali Del Tes Italy 3.9 2 EBS Mortgage Finance Ireland 3.3 1 Irish Life & Permanent Ireland 3.2 0 -1 Buoni Poliennali Del Tes Italy 3.0 -2 Buoni Poliennali Del Tes Italy 2.9 -3 Buoni Poliennali Del Tes Italy 2.9 -4 -5 Landwirtsch. Rentenbank Germany 2.7 -6 Hellenic Republic I/L Greece 2.7 -7 Buoni Poliennali Del Tes Italy 2.5 Canada Life/ Setanta Pension Fixed Interest Category Average Bonds Source: Moneymate. Performance is net of management fees.Asset Distribution Country Weighting Yield Curve Positioning UK Finland SNAT Poland Duration Fund Benchmark 1.0% 1.0% 2.0% 2.0% (Yrs to Maturity) Covered Greece France Weighting Weighting 18% 6.0% 7.0% Portugal 0-5 27.1% 9.1% 3.0% Italy Supranational Netherlands 27.0% 2% 6.0% 5 - 10 50.6% 61.4% BelgiumGovt. Agency 5.0% 10 - 15 21.8% 22.3% 14% 15 - 30 0.1% 7.2% Govt. Guarantee Govt. Ireland 4% 62% 17.0% Spain 100% 100% Austria 15.0% 3.0% Germany 4.0% 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 1, 2011Fund DescriptionThe 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 Performance to 31/03/11 Issuer % of Fund Issuer % of Fund Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a % Ulster Bank 19.4 Belgian Treasury Bill 3.3 3.0 National Irish Bank 18.4 German Treasury Bill 3.3 French Treasury Bill 9.8 Bank of Ireland (G) 2.3 2.5 BNP 8.2 Allied Irish Bank (G) 2.0 2.0 ACC Bank 6.8 EBS Building Society (G) 1.9 Dutch Treasury Bill 6.2 Irish Life & Permanent (G) 1.8 1.5 Italian Treasury Bill 5.2 SPGB 1.2 1.0 Dutch Commercial Paper 3.3 Cash 3.6 German Commercial Paper 3.3 0.5Counterparty exposures (G) are covered by the Irish Government guarantee.Other counterparty/credit exposures are covered by either other European National 0.0Government Guarantees or have individually strong credit ratings. Canada Life/Setanta Cash Fund Category Average Money Market Source: Moneymate. Performance is net of management fees. 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 1, 2011CL SEI Global Balanced Fund P Low Medium HighInvestment Objective and Strategy Fund Performance Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aThe SEI Global Balanced Fund aims to provide long termgrowth of capital with a moderate level of income by -1.2% 5.7% 20.9% 1.9% -2.5%investing in a range of SEI multi-manager equity and fixedincome funds. The fund is a globally diversified fund with Top 10 Holdings %approximately 70% invested in top tier equity funds and the Apple Inc. 1.62remaining 30% invested in top tier fixed income funds. JPMorgan Chase & Co. 1.12 Chevron Corp. 1.12Asset Allocation Microsoft Corp. 1.04Equities 70% Wells Fargo & Co. 1.00US Large Cap 28.00 QUALCOMM Inc. 0.99Global Developed Markets 14.00 AT&T Inc. 0.81Europe Ex-UK 10.00 Pfizer Inc. 0.80UK 6.00 ConocoPhillips 0.78Japan 5.00 Exxon Mobil Corp. 0.77Pacific Basin Ex-Japan 3.50 Total 10.04Emerging Markets 3.50 Fixed Income Managers % AllianceBernstein 4.80Fixed Income 30% First International Advisers 4.20Global 15.00 UBS Global Asset Management 2.40Global Opportunistic 15.00 Wellington Management Company 3.60Total 100% DB Advisers 3.05 Jennison Associates 2.70 Schroders Investment Management 2.33 Wellington GRV 3.27List of Managers % TCW Group 3.65US Large Companies Equities 28.00 UK Equities 6.00Aronson, Johnson, Ortiz 4.43 Invesco Quantitative Strategies 1.16Brown Investment Advisory 2.86 Investec Asset Management 0.77Delaware Investment Advisors 2.57 Jupiter Investment Managers 1.22Legg Mason - Growth Equity 3.14 L.A. Capital Management 1.07Legg Mason - Core Equity 2.57 Mirabaud Asset Management 1.16LSV Asset Management 4.43 Standard Life Investments 0.61Neuberger Berman 2.86 Japanese Equities 5.00Quantitative Management Associates 2.86 Acadian Asset Management 1.12WestEnd Advisors 2.28 Analytic Investors Inc 1.02Global Developed Markets Equities 14.00 Capital International 1.28Hexavest 3.46 JPMorgan Asset Management 1.58Intech Investment Management 2.89 Pacific Basin Ex-Japan Equities 3.50Janus Capital Group 2.60 Capital International 0.98Tradewinds 1.73 Lloyd George Investment Management 1.40Wellington Management Co. Int. Value 3.32 Maple-Brown Abbott Limited 1.12Europe Ex-UK Equities 10.00 Emerging Markets Equities 3.50Acadian Asset Management 3.67 Artisan Partners 0.71Metropole Gestion 1.74 JO Hambro Capital Management 0.36TT International 2.55 Lazard Asset Management 0.50Wellington Management Company 2.04 Neuberger Berman 0.50 PanAgora Asset Management 0.71 The Boston Company Asset Management 0.71 49
  • 51. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI Global Developed Markets Equity Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe investment objective of the Global Developed Markets Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aEquity Fund is to achieve capital appreciation by investing -2.4% 6.2% 25.1% -2.6% -9.0%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 % Exxon Mobil Corp. 1.28 United States 47.2 Microsoft Corp. 1.11 Japan 11.1 Eli Lilly & Co. 0.93 United Kingdom 8.0 HSBC Holdings Plc 0.9 Canada 4.3 General Electric Co. 0.83 Germany 4.0 Pfizer Inc. 0.82 Switzerland 3.9 International Business Machines Corp. 0.81 France 3.9 Wells Fargo & Co. 0.79 Australia 1.8 Newmont Mining Corp. 0.74 Norway 1.6 JPMorgan Chase & Co. 0.73 Hong Kong 1.6 Total 8.94 Other 12.6Underlying Managers Sector Weighting % Hexavest 24.7 Financials 17.1 Wellington Management Company International Value 23.7 Industrials 13.3 Intech Investment Management 20.6 Consumer Discretionary 12.1 Janus Capital Management 18.6 Energy 10.2 Tradewinds Global Investors 12.4 Information Technology 10.0 Fund Total 100.00 Health Care 10.0 Materials 9.8 Consumer Staples 7.8 Telecoms 5.9 Utilities 3.9Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 28.6 Between 20 and 50 Billion 25.7 Between 10 and 20 Billion 19.4 Between 1 and 10 Billion 24.6 Less than 1 Billion 1.7 50
  • 52. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI European (Ex-UK) Equity Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe fund aims to achieve long-term capital growth and Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aincome by investing in a broadly diversified portfolio of 1.7% 8.3% 28.9% -3.1% -5.6%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 S.A. 2.6 France 26.1 Total S.A. 2.4 Germany 21.6 Basf SE 1.8 Switzerland 12.2 Sanofi-Aventis S.A. 1.7 Sweden 8.6 Novartis AG 1.5 Italy 6.8 Daimler AG 1.4 Netherlands 4.9 Sap AG 1.3 Norway 3.4 Unicredit S.P .A. 1.3 Spain 3.3 Heineken N.V. 1.3 Denmark 2.8 Capgemini 1.2 Finland 2.5 Total 16.4 Other 7.8Underlying Managers Sector Weighting % Acadian Asset Management 36.7 Industrials 21.7 TT International 25.5 Financials 15.7 Wellington Management Company 20.4 Consumer Discretionary 14.8 Metropole Gestion 17.4 Consumer Staples 10.9 Fund Total 100.00 Materials 10.5 Information Technology 7.9 Health Care 7.8 Energy 5.9 Telecomm Services 2.7 Utilities 2.2Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 22.7 Between 20 and 50 Billion 12.8 Between 10 and 20 Billion 15.0 Between 1 and 10 Billion 43.2 Less than 1 Billion 6.3 51
  • 53. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI US Equity Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe SEI US Large Companies Fund aims to provide long- Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aterm capital growth and income by investing primarily in a -0.1% 7.7% 23.8% 3.1% -3.7%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 Inc. 2.6 Information Technology 24.6 JPMorgan Chase & Co. 1.7 Financials 15.1 Chevron Corp. 1.7 Health Care 13.3 Qualcomm Inc. 1.7 Consumer Discretionary 12.0 Wells Fargo & Co. 1.5 Energy 10.8 Microsoft Corp. 1.5 Industrials 9.3 AT&T Inc. 1.3 Consumer Staples 6.4 Conocophillips 1.2 Materials 3.1 Pfizer Inc. 1.1 Telecomm Services 2.8 Procter & Gamble Co. 1.1 Utilities 2.5 Total 15.6Underlying Managers Aronson & Johnson & Ortiz 15.8 LSV Asset Management 15.8 Legg Mason - Growth Equity 11.2 Brown Investment Advisory 10.2 Neuberger Berman 10.2 Quantitative Management Associates 10.2 Delaware Investments 9.2 Legg Mason - Value Equity 9.2 WestEnd Advisors 8.2 Fund Total 100.00Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 34.3 Between 20 and 50 Billion 26.1 Between 10 and 20 Billion 19.2 Between 1 and 10 Billion 20.2 Less than 1 Billion 0.3 52
  • 54. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI UK Equity Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe SEI UK Equity Fund aims to achieve long-term capital Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.agrowth and income by investing primarily in a broadly -2.5% 6.9% 28.8% -1.7% -8.7%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 Group Plc 4.0 Financials 19.3 Rio Tinto Plc 3.4 Industrials 15.4 BP Plc 3.1 Energy 14.0 BGGroup Plc 3.0 Materials 12.8 HSBC Holdings Plc 2.7 Consumer Discretionary 11.8 Glaxosmithkline Plc 2.6 Consumer Staples 9.2 Astrazeneca Plc 2.5 Health Care 6.2 Royal Dutch Shell Plc (Cl B) 2.4 Telecomm Services 5.4 BHP Billiton Plc 2.3 Information Technology 4.5 Barclays Plc 2.0 Utilities 1.5 Total 28.0Underlying Managers Jupiter Asset Management 20.4 Invesco Asset Management 19.4 Mirabaud Investment Management 19.4 L.A Capital Management 17.9 Investec Asset Management 12.8 Standard Life Investments 10.2 Fund Total 100.00Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 35.4 Between 20 and 50 Billion 11.7 Between 10 and 20 Billion 8.7 Between 1 and 10 Billion 40.1 Less than 1 Billion 4.1 53
  • 55. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI Pacific Basin (Ex-Japan) Equity Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe SEI Pacific Basin (ex-Japan) Equity Fund aims to achieve Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.along-term growth of capital and income by investing primarily in -4.5% 7.7% 35.6% 8.1% 2.7%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 Ltd. 7.6 Australia 56.3 Westpac Banking Corp. 4.4 Hong Kong 23.5 National Australia Bank Ltd. 4.3 Singapore 8.8 Australia & New Zealand Banking Group Ltd. 4.1 China 4.0 Rio Tinto Ltd. 3.5 United Kingdom 2.5 DBS Group Holdings Ltd. 3.2 Korea 2.2 Commonwealth Bank Of Australia 2.3 Taiwan 1.3 Wesfarmers Ltd. 1.9 Thailand 0.5 Oil Search Ltd. 1.8 Malaysia 0.3 Cheung Kong (Holdings) Ltd. 1.8 New Zealand 0.3 Total 34.7 Canada 0.3Underlying Managers Sector Weighting % Lloyd George Investments Management 40.0 Financials 42.3 Maple-Brown Abbott 32.0 Materials 16.8 Capital International 28.0 Industrials 9.4 Fund Total 100.00 Consumer Discretionary 7.4 Consumer Staples 7.1 Energy 6.1 Information Technology 4.3 Telecomm Services 3.0 Health Care 2.5 Utilities 1.2Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 28.7 Between 20 and 50 Billion 15.7 Between 10 and 20 Billion 21.2 Between 1 and 10 Billion 33.0 Less than 1 Billion 1.5 54
  • 56. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI Japan Equity Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe investment objective of the SEI Japan Equity Fund is to Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aachieve long-term growth of capital and income by investing -9.2% -1.2% 15.3% -2.5% -10.0%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 Inc. 2.8 Industrials 23.0 Toyota Motor Corp. 2.4 Financials 18.9 Nippon Telegraph & Telephone Corp. 2.0 Consumer Discretionary 17.1 Astellas Pharma Inc. 1.9 Information Technology 15.7 Sumitomo Corp. 1.9 Materials 6.1 Mitsubishi UFJ Financial Group Inc. 1.9 Health Care 5.9 Nissan Motor Co. Ltd. 1.7 Consumer Staples 4.7 Mitsui & Co. Ltd. 1.5 Telecomm Services 4.1 Softbank Corp. 1.5 Energy 2.7 Marubeni Corp. 1.5 Utilities 1.9 Total 19.0Underlying Managers JPMorgan Asset Management 31.6 Capital International 25.5 Acadian Asset Management 22.5 Analytic Investors 20.4 Fund Total 100.00Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 8.6 Between 20 and 50 Billion 17.8 Between 10 and 20 Billion 21.4 Between 1 and 10 Billion 44.6 Less than 1 Billion 7.6 55
  • 57. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI Emerging Markets Equity Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe SEI Emerging Markets Equity Fund aims to achieve Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.acapital appreciation by investing primarily in securities of -5.3% 9.2% 37.5% 5.3% 3.4%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 Co. Ltd. 3.0 Brazil 16.2 Gazprom OaO ADS 1.3 China 15.8 MTN Group Ltd. 1.3 Korea 12.7 China Mobile Ltd. 1.1 Taiwan 10.4 Taiwan Semiconductor Manufacturing Co. Ltd. 1.0 Russia 8.0 Petrobras Petroleo Brasileiro (Ord) 1.0 India 7.1 HTC Corp. 0.9 South Africa 7.1 Lukoil Holdings ADS 0.8 Mexico 3.6 Hyundai Mobis Co. Ltd. 0.8 Indonesia 2.7 Standard Bank Group Ltd. 0.8 Turkey 2.4 Total 12.0 Other 14.0Underlying Managers Sector Weighting % Artisan Partners 20.4 Financials 21.6 PanAgora Asset Management 20.4 Information Technology 14.5 The Boston Company Asset Management 20.4 Energy 14.0 Lazard Asset Management 14.3 Materials 13.5 Neuberger Berman 14.3 Consumer Discretionary 10.4 JO Hambro Capital Management 10.2 Industrials 8.6 Fund Total 100.00 Telecomm Services 7.3 Consumer Staples 5.4 Health Care 2.9 Utilities 1.9Market Capitalisation Breakdown (USD) Weight (%) Greater than 50 Billion 11.2 Between 20 and 50 Billion 11.7 Between 10 and 20 Billion 8.3 Between 1 and 10 Billion 58.6 Less than 1 Billion 10.2 56
  • 58. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI Global Fixed Income Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe SEI Global Fixed Income Fund aims to generate current Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.aincome and exhibit principal volatility similar to that of the -0.8% 1.4% 6.1% 1.1% 0.6%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 % BUNDESREPUB DEUT 3.50% 1/4/16 2.2 Euro 27.9 JAPAN-86 0.6% 09/20/14 /JPY/ 2.0 Japan 23.4 JAPAN-113 2.1% 09/20/29 /JPY/ 1.6 USA 20.9 JAPAN-112 2.1% 06/20/29 /JPY/ 1.5 Other 15.1 US TREAS NTS 3.5% 05/15/20 1.5 UK 8.7 JAPAN-79 0.7% 12/20/13 /JPY/ 1.3 Canada 4.1 EUROPEAN IN 3.875%10/15/16/EUR 1.3 JAPAN-304 1.3% 09/20/19 /JPY/ 1.2 BONOS Y O 5.5% 04/30/21 /EUR/ 1.2 JAPAN GOV 2.5% 12/21/20/JPY/ 1.1 Total 14.8Underlying Managers Quality Allocation % AllianceBernstein 32.00 Treasury 82.8 First International Advisors 28.00 Agency 8.2 Wellington Management Company 24.00 Credit 6.5 UBS Global Asset Management 16.00 Collateralized 1.2 Fund Total 100.00 Cash 1.3Quality Exposure % Aaa and Treasury 53.4 Aa 32.9 A 5.9 Baa 4.4 Ba and Below 3.3 57
  • 59. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011CL SEI Global Opportunistic Fixed Income Fund P Low Medium HighInvestment Objective and Strategy Fund PerformanceThe SEI Global Opportunistic Fixed Income Fund aims to Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.agenerate current income consistent with the preservation of -0.1% 3.2% 9.6% 3.1% 2.7%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 2.3 USA 59.3 FREDDIE MAC GOLD POOL 1.1 Euro 26.4 CANADA GOVT 3.75% 6/1/19 /CAD/ 1.1 UK 6.9 US TREAS NTS 2.5% 03/31/15 0.9 Canada 2.9 BUNDESREP 2.5% 01/04/21 /EUR/ 0.8 Other 2.4 FEDERAL NATL MTG ASSN FR 2.625%112014 0.7 Japan 2.1 FNMA PMA0023 5.00% 04/01/29 0.7 GENERAL ELEC C 5.625% 05/01/18 0.7 FGLMC PG12491 5.00% 01/01/22 0.7 FNMA PAD0470 5.00% 02/01/49 0.6 Total 9.5Underlying Managers Market Value Weighting % TCW Investment Management Company 24.3 Treasury 12.5 Wellington Management Company 21.8 Agency 16.0 DB Advisors 20.3 Credit 35.3 Jennison Associates 18.0 Collateralized 37.7 Schroders Investment Management 15.6 Cash -1.4 Fund Total 100.00Quality Exposure % Aaa and Treasury 54.1 A 17.1 Baa 14.3 Aa 12.0 Ba and Below 2.5 58
  • 60. Canada Life / Morgan Stanley Pension European Property Fund Quarter 1, 2011Fund DescriptionThe 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 31/03/11 Company % Q1 2011 4.4% Unibail-Rodamco SE 10.22 1 Year 11.7% Land Securities PLC 5.31 2 Year p.a 42.6% Klepierre 5.27 3 Year p.a -7.5% PSP Swiss Property AG 4.54 Source: Moneymate. Performance is net of management fees. Icade 4.54 Hammerson PLC 4.46 British Land Co. Ltd 4.07 Gecina 3.60 Beni Stabili SPA 3.04 Corio NV 3.01 Total 48.06Equity Geographic Distribution Finland Switzerland 1.85% 6.37% Sweden 4.67% UK Italy 3.04% 37.90% Belgium 1.35% France 30.42% Netherlands Austria 7.06% 2.38% Cash & equivalents Germany 1.94% 3.02% 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 1, 2011Fund DescriptionThe 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 31/03/11 % Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a Company % 12 SPDR Gold Trust 1.4 10 Exxon Mobil 1.3 8 Apple 1.0 6 Microsoft 0.8 4 Petrobras 0.8 2 Chevron Corp 0.7 0 General Electric 0.7 -2 International Business Machines Corp. 0.7 -4 AT&T 0.6 -6 Bristol-Myers Squibb 0.6 Total 8.6 Canada Life/BlackRock Pension Managed Fund Average Managed Fund (Mercer Survey)Asset Distribution Regional Distribution Equity Sectoral Distribution Asia/Pacific Consumer (ex Japan) Equity Asia/Pacifc Other Discretionary 2.7% (ex Japan) Bonds 2.4% Cash 2.1% Consumer 5.9% Energy 7.3% Europe Bonds Staples 4.8% Japan Bonds 16.5% 0.3% 6.0% Fixed Income Japan Equity 25.9% 6.2% Industrials North America 8.6% Emerging Market Equity Bonds Financials 38.8% 6.8% 13.9% Cash Healthcare 7.3% 9.9% Equity Europe Equity Materials 66.8% 8.5% Utilities / Telecoms 13.1% 11.0% Emerging Market Equity North America Bonds Information 10.7% 11.8% Technology 12.7% 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 tothe specific product policy conditions. You should always seek advice of an appropriately qualified professional. BlackRock Investment Managers (UK) Limited isauthorised and regulated by the Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland. 60
  • 62. Canada Life / Merrion Managed Fund Quarter 1, 2011Fund DescriptionThe 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 31/03/11 Q1 2011 1 yr p.a 3 yr p.a Canada Life/Merrion Managed Fund % % 6 iShares MSCI World 3.0 5 iShares MSCI Emerging Markets 1.7 4 Financial Select Sector SPDR 1.3 3 Siemens 1.2 2 Microsoft 1.1 1 CRH 1.1 0 iShares MSCI Pacific ex Japan 1.1 -1 iShares MSCI Japan 1.0 -2 ChevronTexaco 1.0 -3 iShares MSCI Asia ex Japan 1.0 Canada Life/Merrion Managed Fund Average Managed Fund (Mercer Survey) 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 Property Ireland Utilities Consumer 5.0% Pacific Basin Telecoms 1.8% Discretionary Cash 7.5% 9.7% 3.5% 8.3% 11.6% UK Information Consumer 12.4% Technology Japan Staples 11.4% 5.7% 8.0% Fixed Interest 11.1% Energy 13.7% Industrials 26.9% Equities 72.3% US Europe 34.7% 27.7% Financials Healthcare 20.5% 8.2% 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. March 2011 Fund Performance as of 31/03/11Life Investment Funds (Gross Tax Basis) Name 1 Month 3 Month YTD 1 Year 3 yr p.a. 5 yr p.a. 7 yr p.a. 10 yr p.a. Canada Life/Setanta Life UWP Fund 0.00% 0.00% 0.00% 0.00% 0.18% 0.50% 0.65% 1.74% Canada Life/SEI US Equity Fund -2.87% -0.24% -0.24% 7.22% 2.70% -- -- -- Canada Life/SEI UK Equity Fund -5.19% -2.60% -2.60% 6.43% -2.02% -- -- -- Canada Life/SEI Pacific Basin Equity Fund -1.41% -4.66% -4.66% 7.12% 7.62% -- -- -- Canada Life/SEI Japan Equity Fund -11.02% -9.22% -9.22% -1.72% -2.89% -- -- -- Canada Life/SEI Global Opportunistic Fixed Income Fund -0.18% -0.18% -0.18% 2.68% 2.65% -- -- -- Canada Life/SEI Global Fixed Income Fund -0.19% -0.96% -0.96% 0.88% 0.62% -- -- -- Canada Life/SEI Global Equity Fund -3.78% -2.41% -2.41% 5.68% -3.01% -- -- -- Canada Life/SEI Global Balanced Fund -2.16% -1.09% -1.09% 6.06% 2.16% -1.26% -- -- Canada Life/SEI European Equity Fund -1.21% 1.61% 1.61% 7.75% -3.55% -- -- -- Canada Life/SEI Emerging Markets Equity Fund 2.22% -5.52% -5.52% 8.71% 4.86% -- -- -- Canada Life Quadrivium Fund -0.60% 1.34% 1.34% 8.34% -3.09% -- -- -- Canada Life/Morgan Stanley European Property Fund -0.16% 4.36% 4.36% 11.67% -7.50% -- -- -- Canada Life/Merrion Managed Fund -2.64% -2.74% -2.74% 1.32% -1.23% -- -- -- Canada Life/Setanta Equity Dividend Distributing Fund -0.62% 3.07% 3.07% 6.16% -2.79% -5.10% 0.27% -- Canada Life/Setanta Equity Dividend Non Distributing Fund -0.67% 3.06% 3.06% 10.79% 2.28% -0.46% 4.93% -- Canada Life/Setanta Balanced Dividend Non Distributing Fund -0.62% 1.64% 1.64% 6.61% 3.76% 1.36% 4.61% -- Canada Life/Setanta Balanced Dividend Distributing Fund -0.60% 1.57% 1.57% 2.19% -1.01% -3.07% 0.16% -- Canada Life/Setanta Strategic Growth Fund -1.96% 0.00% 0.00% 2.46% 0.46% -1.67% 2.74% 0.57% Canada Life Property Fund 0.09% -1.60% -1.60% -4.81% -19.30% -11.42% -4.53% -1.09% Canada Life/Setanta Irish Equity Fund -4.15% -3.21% -3.21% 4.53% -8.07% -8.10% 0.54% 1.07% Canada Life/Setanta Global Opportunity Fund -2.68% -0.32% -0.32% 4.66% 2.40% -0.99% 4.26% 0.58% Canada Life/Setanta Focus 15 Fund -3.49% -1.13% -1.13% 10.88% 11.18% 3.43% 6.52% -0.15% Canada Life/Setanta Fixed Interest Fund -0.59% -0.93% -0.93% -7.26% 1.25% 0.97% 1.58% 2.69% Canada Life/Setanta European Equity Fund -4.20% -0.80% -0.80% 2.19% -0.36% -2.45% 4.18% -0.10% Canada Life/Setanta Cash Fund -0.07% -0.14% -0.14% -0.61% 0.69% 1.32% 1.13% 1.32% Canada Life/Setanta Balanced Fund -1.54% -0.67% -0.67% -1.18% -0.78% -2.06% 1.60% 0.85%These funds relate only to unit linked investment policies that commenced after 01/01/2001.Life Investment Funds (Net Tax Basis) Name 1 Month 3 Month YTD 1 Year 3 yr p.a. 5 yr p.a. 7 yr p.a. 10 yr p.a. 15 yr p.a. Canada Life With Profit Fund 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.79% -- Canada Life SSGA Master Client -2.50% -1.25% -1.25% 1.28% -1.15% -3.48% 0.84% 0.81% 4.57% Canada Life SSGA Managed -2.51% -1.25% -1.25% 1.28% -1.15% -3.48% 0.84% 0.81% 4.58% Canada Life Property Fund 0.06% -1.30% -1.30% -4.42% -15.94% -9.35% -3.25% -0.33% 4.95% Canada Life Pacific Equity Fund -0.91% -2.89% -2.89% 10.89% 6.25% 4.59% 6.65% 5.08% 3.26% Canada Life Money Fund -0.05% -0.07% -0.07% -0.25% 0.79% 1.32% 1.16% 1.28% 1.72% Canada Life Managed Fund -1.76% -0.29% -0.29% 1.97% 0.76% -0.85% 2.76% 1.20% 4.80% Canada Life Leading Companies Fund -2.20% -0.14% -0.14% 4.59% 1.96% -0.71% 3.53% 0.75% 4.64% Canada Life Irish Equity Fund -3.41% -3.12% -3.12% 4.24% -6.82% -6.74% 0.99% 1.56% 5.62% Canada Life International Equity Fund -2.20% -0.27% -0.27% 5.23% 2.47% -0.22% 3.75% 0.54% 4.52% Canada Life High Growth Managed Fund -2.22% -0.12% -0.12% 4.58% 1.96% -0.72% 3.53% 0.75% 4.58% Canada Life Growth Managed Fund -1.75% -0.29% -0.29% 1.98% 0.76% -0.85% 2.77% 1.20% 4.80% Canada Life Gilt Fund -0.51% -0.76% -0.76% -5.63% 1.38% 1.14% 1.65% 2.57% 4.01% Canada Life Gilt & Bond Fund -0.51% -0.78% -0.78% -5.64% 1.39% 1.14% 1.65% 2.68% 4.07% Canada Life Focus 15 Fund -2.83% -0.89% -0.89% 9.22% 8.79% 2.63% 5.01% -0.09% -- Canada Life European Equity Fund -3.41% -0.77% -0.77% 2.17% -0.41% -1.93% 3.24% 0.04% 4.62% Canada Life Cash Fund -0.07% -0.11% -0.11% -0.27% 0.79% 1.32% 1.16% 1.31% 1.76% Canada Life Balanced Equity Fund -2.20% -0.13% -0.13% 4.59% 1.97% -0.71% 3.53% 0.75% 4.65% 62
  • 64. March 2011 Fund Performance as of 31/03/11Pension FundsName 1 Month 3 Month YTD 1 Year 3 yr p.a. 5 yr p.a. 7 yr p.a. 10 yr p.a. 15 yr p.a.Canada Life/Setanta MM Pension Overseas Fund -2.63% -0.28% -0.28% 5.89% 4.23% 0.31% 4.96% 0.04% 5.31%Canada Life/SEI US Equity Fund -2.92% -0.12% -0.12% 7.71% 3.15% -- -- -- --Canada Life/SEI UK Equity Fund -5.11% -2.56% -2.56% 6.94% -1.69% -- -- -- --Canada Life/SEI Pacific Basin Equity Fund -1.30% -4.49% -4.49% 7.73% 8.11% -- -- -- --Canada Life/SEI Japanese Equity Fund -11.08% -9.19% -9.19% -1.23% -2.52% -- -- -- --Canada Life/SEI Global Fixed Income Fund -0.10% -0.86% -0.86% 1.37% 1.08% -- -- -- --Canada Life/SEI Global Equity Fund -3.84% -2.37% -2.37% 6.21% -2.62% -- -- -- --Canada Life/SEI Global Balanced Fund -2.29% -1.21% -1.21% 5.71% 1.90% -- -- -- --Canada Life/SEI European Equity Fund -1.18% 1.70% 1.70% 8.29% -3.14% -- -- -- --Canada Life/SEI Emerging Markets Fund 2.26% -5.35% -5.35% 9.21% 5.29% -- -- -- --Canada Life Quadrivium Fund -0.55% 1.47% 1.47% 9.11% -2.37% -- -- -- --Canada Life/Morgan Stanley European Property Fund -0.16% 4.44% 4.44% 12.19% -6.98% -- -- -- --Canada Life/Merrion Managed Fund -2.60% -2.60% -2.60% 1.85% -0.18% -- -- -- --Canada Life/SEI Global Opportunistic Fixed Income -0.09% -0.09% -0.09% 3.19% 3.09% -- -- -- --Canada Life/SSGA Pension Managed -3.27% -1.55% -1.55% 2.03% -1.54% -3.66% 1.23% 0.99% 5.22%Canada Life/Setanta With Profit Fund 0.00% 0.00% 0.00% 0.00% 1.26% 1.94% 2.24% 3.08% 4.83%Canada Life/Setanta Pension Money Fund 0.02% 0.07% 0.07% 0.21% 1.44% 2.08% 1.89% 2.07% 2.73%Canada Life/Setanta Pension Managed Fund -1.82% 0.23% 0.23% 3.16% 1.62% -0.38% 4.04% 2.07% 5.93%Canada Life/Setanta Pension Equity Fund -2.62% -0.11% -0.11% 5.47% 3.13% -0.26% 5.02% 1.37% 5.63%Canada Life/Setanta Pension Fixed Interest Fund -0.54% -0.76% -0.76% -6.55% 2.06% 1.77% 2.38% 3.48% 5.33%Canada Life/Setanta Consensus Fund -2.31% -0.76% -0.76% 4.38% -0.91% -2.66% 2.21% 0.59% --Canada Life/Setanta Pension Property Fund 0.12% -1.47% -1.47% -4.16% -18.55% -10.65% -3.73% -0.29% 6.07%Canada Life/Setanta Passive Equity Fund -3.91% -1.30% -1.30% 6.43% 2.10% -2.35% 2.08% -- --Canada Life/KBI Pension Managed Fund -1.84% -0.64% -0.64% 4.00% -2.44% -3.52% 1.91% -0.06% --Canada Life/Setanta Pension Focus 15 Fund -3.32% -0.89% -0.89% 11.96% 12.20% 4.41% 7.54% 0.85% --Canada Life/Setanta Equity Dividend Fund -0.55% 3.29% 3.29% 11.64% 3.03% 0.29% 5.71% -- --Canada Life/Setanta Balanced Dividend Fund -0.54% 1.84% 1.84% 7.37% 4.52% 2.09% 5.34% -- --Canada Life/Blackrock Pension Managed Fund 0.41% 3.47% 3.47% 9.94% 1.70% 4.49% 6.24% -- --Indices and MeasuresName 1 Month 3 Month YTD 1 year 3 yr p.a. 5 yr p.a. 7 yr p.a. 10 yr p.a. 15 yr p.a.ISEQ Overall Return 0.30% 2.95% 2.95% -6.50% -20.62% -16.00% -5.41% -3.69% 3.78%Irish Inflation 0.00% 0.00% 0.00% 0.00% -1.93% 0.80% 1.37% 2.05% 2.37%FTSE 100 Share Index (TR) 1.74% 2.84% 2.84% 8.04% 4.78% 3.88% 8.32% 4.18% 6.65%DJ EURO STOXX(50) TR -0.63% 6.37% 6.37% 2.71% -4.34% -2.15% 3.65% -0.87% 6.60%S&P 500 TR 2.15% 6.45% 6.45% 15.36% 1.33% 2.73% 4.45% 3.46% --MSCI The World Index (Gross TR) 0.29% 4.43% 4.43% 9.21% -0.23% 0.73% 4.87% 2.74% 5.58%Japan NIKKEI 225 -9.72% -5.09% -5.09% -13.66% -8.46% -10.66% -2.61% -2.88% -5.18%Hong K. Hang Seng Bank 1.73% 3.33% 3.33% 10.52% 0.95% 8.53% 9.42% 6.43% 5.33% All prices and performances are illustrated as at effective date 31st March 2011. 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.