The New Ireland Fund - Quarterly Portfolio Update as of January 31, 2013

BOSTON, MA -- (Marketwire) -- 03/01/13 -- 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 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     FYTD    3 months 6 months 12 months
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                        Net Asset Value  16.04%  16.04%   31.06%   32.30%
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                        Market Price     11.54%  11.54%   33.79%   34.88%
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Ticker Symbol: IRL
 (NYSE)                 ISEQ Index (US$) 15.66%  15.66%   25.41%   25.81%
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                                         Common Stock                98.77%
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Total Net Assets            $56.5 Million  Ireland                   96.20%
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Net Asset Value Per Share:  $11.14         Germany                   2.57%
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NYSE Closing Market Price:  $9.86
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Discount of Market Price to
 NAV:                       (11.49)%     Cash                        0.78%
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Shares Outstanding:         5,075,698    Other assets & liabilities  0.45%
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                                         Total Net Assets            100.00%
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Top 10 Industries and Issuers as of January 31, 2013
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                              % of Net                              % of Net
   Industry                     Assets    Issue                       Assets
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1  Transportation                20.22 1  Ryanair Holdings             14.84
2  Construction & Building       17.01 2  CRH PLC                      11.48
   Materials
3  Other Assets                  16.23 3  Kerry Group PLC Series A     10.38
4  Food & Beverages              15.97 4  Aryzta AG                     7.23
5  Food & Agriculture             7.23 5  Paddy Power PLC               4.56
6  Healthcare Services            5.86 6  Irish Continental Group       4.54
                                          PLC
7  Leisure & Hotels               4.56 7  Smurfit Kappa Group PLC       4.48
8  Diversified Financial          4.52 8  Origin Enterprises PLC        3.91
   Services
9  Forest Products & Paper        4.49 9  Kingspan Group PLC            3.90
10 Agricultural Operations        3.91 10 Dragon Oil PLC                3.70
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The New Ireland Fund Inc. is managed by Kleinwort Benson Investors International, a wholly owned subsidiary of Kleinwort Benson Investors Dublin Limited.

Website: www.newirelandfund.com

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.