The New Ireland Fund Quarterly Portfolio Update

BOSTON, MA -- (Marketwired) -- 02/29/16 -- Investment Objective: The New Ireland Fund, Inc., (NYSE: IRL) a closed-end diversified investment company, seeks long-term capital appreciation through investment of at least 80% of its assets in a portfolio of Irish equity and fixed income securities. The Fund is designed for U.S. and other investors who wish to participate in the Irish securities markets.

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The New Ireland Fund, Inc. Total Return         3     Fiscal    12      3
Ticker Symbol: IRL (BYSE)                     months   YTD    months  years*
                           -------------------------------------------------
                           Net Asset Value    0.20%   0.20%   21.36% 17.94%
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                           Market Price       4.50%   4.50%   21.49% 17.25%
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Benchmarks                 ISEQ Index (US$)   -3.25%  -3.25%  14.23% 14.76%
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                           MSCI All Ireland   -2.85%  -2.85%  15.47% 16.37%
                           Capped Index
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*Periods over 1 year are annualized. Fund returns reflect the re-investment of dividends.

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                                                  Common Stock        99.17%
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Total Net Assets                    $74.9 Million   Ireland           96.36%
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Net Asset Value Per Share:          $14.88          U.K.               2.81%
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NYSE Closing Market Price:          $12.94
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Discount of Market Price to NAV:    (13.04)%
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Shares Outstanding:                 5,035,192     Other                0.83%
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                                                  Total Net Assets   100.00%
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Top 10 Industries and Issuers as of January 31, 2016
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                           % of Net                                 % of Net
   Industry                Assets         Issue                       Assets
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1  Airlines                20.88       1  Ryanair Holdings PLC        20.88%
2  Construction Materials  18.97       2  CRH PLC                     18.97%
3  Hotels, Restaurants &   14.68       3  Paddy Power PLC             11.26%
   Leisure
4  Other Assets            13.01       4  Kerry Group PLC, Series      5.17%
                                          A
5  Food Products           10.28       5  Kingspan Group PLC           5.06%
6  Building Products       5.06        6  Applegreen PLC               4.30%
7  Industrial              4.61        7  Bank of Ireland (The)        4.18%
   Conglomerates
8  Specialty Retail        4.30        8  Irish Continental Group      4.03%
                                          PLC - UTS
9  Commercial Banks        4.18        9  Smurfit Kappa Group PLC      3.91%
10 Marine                  4.03        10 Dalata Hotel Group PLC       3.42%
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Fund specific data and performance are provided for informational purposes only and are not intended for trading purposes. The performance shown represents past performance and does not guarantee future results. Current performance may be higher or lower than the performance information shown. Fund returns are annualized for periods longer than one year. Fund returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Fund returns assume that dividends and capital gains distributions, if any, were reinvested.

• Net asset value (NAV) is total assets less total liabilities divided by the number of shares outstanding.
• Market Price is the price at which the Fund's shares are traded on an exchange. Because closed-end fund shares trade on an exchange based on investor demand, the Fund's shares may trade at a price higher or lower than the Fund's NAV. Consequently, a shareholder may be unable to realize the full NAV of the shareholder's shares when the shares are sold.

An investment in the Fund's shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes unpredictably. At any point in time, Fund shares may be worth less than a shareholder's original investment, even after taking into account the reinvestment of Fund dividends and/or distributions.

An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount invested in the Fund. The Fund is a non-diversified, closed-end investment company under the Investment Company Act of 1940 and focuses its investments in a single country, thereby increasing its vulnerability to developments in that country. Investing in foreign securities presents certain risks not associated with domestic investments, such as currency fluctuation and political and economic changes and market risks. This may result in greater share volatility.

Fund shares are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank.

The Fund is managed by Kleinwort Benson Investors International Ltd., a subsidiary of Kleinwort Benson Investors Dublin Ltd., and is listed on the New York Stock Exchange under the ticker symbol -- IRL. For further information, please contact the Fund at (800) 468-6475 or [email protected].

Website: www.newirelandfund.com

For further information, please contact the Fund
(800) 468-6475
[email protected]

Source: The New Ireland Fund, Inc.

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