Bank of Ireland announces further expansion of UK Geared Property Fund Portfolio

Bank of Ireland has announced that it has added to its UK Geared Property Fund portfolio through the purchase of two properties in Romford, Essex (retail warehouse) and Northampton (industrial warehouse) at a cost of approx stg£6.42million. These premises will join the Fund's existing properties in Cheltenham (retail warehouse), Reading (retail property) and Newbury (high street retail), purchased in May 2004 for Stg£4.49million.

The Fund is targeted at investors seeking to capitalise on the growth opportunities in the UK commercial property market who are prepared to accept the additional risk that attaches to a geared fund. The minimum investment required to participate in the fund is €30,000 and it has grown by over 13.5% since the start of 2004.

The Fund's strategy is to purchase further properties over the coming months with the aim of selling them in approximately 5 to 7 years. In total, the Fund will comprise of approximately 10 properties.

Up to two thirds of the property value is being financed through borrowing (gearing) from Bank of Ireland Specialist Business Bank, with the other third coming from investor's funds. The key advantage of gearing is that any gains in value on the property purchased with the loans also accrue to the investor, significantly enhancing potential investment returns. However, any losses incurred are more magnified and an investor's capital is more at risk than with a non-geared fund. The borrowing is non-recourse, which means that investors will not be personally liable for loan repayments this is all managed within the Fund.

Mr. Jim McMahon, Property Director Bank of Ireland Asset Management commented on the new investment and the Fund in general. "We are very pleased with the latest addition to our portfolio. Romford is situated 15 miles to the east of central London with good links to the City and Docklands. Northampton is a major warehouse location in the East Midlands area, which is a strategic area for logistics and distribution.

The UK market has been very resilient and is now back on a growth path from which property growth should follow. We expect a good flow of property investments on the market over the coming months from which we expect to be able to build a well-diversified portfolio. Four of the five properties purchased to date for the Fund are freehold premises, and all are let on a long lease to good tenants. There is good potential for growth in income and they are broadly representative of the type of investment to be included in the portfolio".

The Fund is available through Bank of Ireland Life/New Ireland's Investment Portfolio. Further details are available on request from the Insurance & Investment Adviser at your local Bank of Ireland branch or your New Ireland broker/Investment Advisor. The Fund will be open for a limited time.

ENDS

1st December 2004

For reference contact:

Catherine Moynihan
Manager,
Savings & Investments Marketing
Bank of Ireland Life
Tel: 6172878

Mary Brennan
Group Corporate Communications
Bank of Ireland
Tel: 01 604 3838

Notes to Editors:
Full product details are available in a product brochure, which is available on request.

Terms & conditions apply. Remember that the value of the prices of the funds comprising the Investment Portfolio policy can fall as well as rise and the value of your investment and the sum you originally invested are not guaranteed.

Bank of Ireland Life is a trading name of New Ireland Assurance Company plc. Bank of Ireland and Bank of Ireland Insurance & Investments Limited are tied agents of New Ireland Assurance Company plc. New Ireland Assurance Company plc is regulated by the Irish Financial Services Regulatory Authority. New Ireland Assurance Company plc, trading as Bank of Ireland Life, is regulated by the Irish Financial Services Regulatory Authority. Bank of Ireland Insurance & Investments Limited is a Multi-Agency Intermediary regulated by the Irish Financial Services Regulatory Authority. Bank of Ireland is regulated by the Irish Financial Services Regulatory Authority . Bank of Ireland Asset Management Limited is authorised by the Irish Financial Services Regulatory Authority under the Investment Intermediaries Act 1995. Terms & Conditions apply.