Bank of Ireland Smartfunds - Your Investment Could Have Doubled By Now!

Bank of Ireland Life today, Tuesday 23 November 2004, announced details on the performance of its Smart Funds investment range, designed to give investors a simple but smart way to enter the world of stocks and shares. It offers a range of 25 investment funds, all managed by Bank of Ireland Asset Management Limited (BIAM), the largest and top performing Irish investment fund manager. The Evergreen Fund, one of the funds in the Smart Funds range, has delivered exceptional returns and is now rated as the best performing balanced managed fund in the market over 3, 5, 7 and 10 year periods*.

The continued strong performance of the Evergreen Fund in particular highlights the exceptional growth potential of Smart Funds investments over a ten-year term. For example, €20,000 invested in the Evergreen Fund from October 1994 to October 2004, would now be worth over €46,000. This represents a return of over 130%**.

Some other funds in the Smart Funds investment range that performed exceptionally well over the same ten-year period (29/10/94-29/10/04)** include:

Commenting on the performance of Smart Funds to date, Gareth McQuillan, Head of Marketing, Bank of Ireland Life said,"In managing Smart Funds, BIAM selects shares, property and bonds which offer good value and potential for long-term growth. They carry out extensive global research and as a result their long-term track record of selecting the right assets is second to none. By investing in Smart Funds you are not only getting greater access to a range of funds catering for all types of investor, but also the vital ingredient of BIAM's quality expertise in managing your money and delivering exceptional returns on investments".

"It is BIAM's performance that underpins the success of our Smart Funds range. In particular the consistently strong performance of the Evergreen Fund and the Balanced Managed Fund, two of the most popular choices among our customers, is testament to this.Consumers increasingly want options that allow their money to work harder for them. Accessing the growth potential of the stock market allows your money to realise its true earnings potential and can offer greater rewards than traditional deposit vehicles",concluded McQuillan.

Money invested in a SmartFunds policy buys units in one or more funds in the SmartFunds range. Each fund contains a range of shares and/or other assets that are chosen by Bank of Ireland's expert fund manager, Bank of Ireland Asset Management Limited (BIAM) to meet the needs of different types of investors. BIAM has won 11 of the 16 prestigious MoneyMate Investment Awards over the last four years for its management of Bank of Ireland Life's funds. These awards recognise excellence in fund management within the Irish Financial Services Industry.

Key features of the SmartFunds product are as follows:

*According to Money Mate Figures (27 October 2004)

** This represents the actual performance of a policy taking account of both taxes and charges. Changes in tax and other legislation may affect the value of your investment. Past performance is not a guide to future performance. Investments can fall as well as rise and this investment is not guaranteed.

ENDS

For further information please contact:

Head of Marketing
Bank of Ireland Life
Tel: 01 617 2360

Group Corporate Communications
Bank of Ireland
Tel: 01 604 3838

About Bank of Ireland Life

Bank of Ireland Life is the leading provider of savings and investment options in Ireland. Our unrivalled deposit and equity based product range, makes it possible for Bank of Ireland Life to meet and respond to the varied needs and requirements of our growing customer network.

Supporting our range of savings and investment options is a comprehensive advice service, which is delivered through a team of qualified advisors throughout our branches nationwide. Our products are underpinned by the financial strength of the Bank of Ireland Group, and by the award winning investment capability of Bank of Ireland Asset Management Limited (BIAM). New Ireland Assurance Company plc, trading as Bank of Ireland Life, is regulated by the Irish Financial Services Regulatory Authority.

Bank of Ireland Asset Management Limited (BIAM) is the largest Irish fund manager. BIAM's investment performance is providing Irish investors with a track record second to none. BIAM has consistently won awards over the last four years in the prestigious MoneyMate Investment Awards for its management of Bank of Ireland Life funds. These awards recognise excellence in fund management within the Irish Financial Services Industry.

With more than 37 years experience and approximately €50 billion*** worth of funds under management, BIAM provides solid, conservative investment management expertise with a long-term focus. Bank of Ireland Asset Management Limited is authorised by the Irish Financial Services Regulatory Authority under the Investment Intermediaries Act, 1995.

***As at November 2004.