The New Ireland Fund - Quarterly Portfolio Update as of October 31, 2012

BOSTON, MA--(Marketwire - Nov 20, 2012) - 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.

The New Ireland Fund, Inc.		Total Return		FYTD		3 months		6 months		12 months
		Net Asset Value		13.94%		12.94%		3.34%		13.94%
		Market Price		16.50%		19.95%		8.60%		16.50%
Ticker Symbol: IRL (NYSE)		ISEQ Index (US$)		12.94%		8.43%		-0.64%		12.94%

				Common Stock		99.52%
Total Net Assets		$49.5 Million		Ireland		96.91%
Net Asset Value Per Share:		$9.60		Germany		2.61%
NYSE Closing Market Price:		$8.84
Discount of Market Price to NAV:		(7.92)%		Cash		0.44%
Shares Outstanding:		5,156,348		Other assets & liabilities		0.04%
				Total Net Assets		100.00%

Top 10 Industries and Holdings as of October 31, 2012
		Industry		% of Net Assets				Issue		% of Net Assets
1		Transportation		18.58		1		CRH PLC		11.30
2		Construction & Building Materials		16.86		2		Kerry Group PLC, Series A		10.88
3		Food & Beverages		16.52		3		Ryanair Holdings PLC		10.67
4		Healthcare Services		7.24		4		Aryzta AG		5.68
5		Food & Agriculture		5.68		5		Smurfit Kappa Group PLC		4.84
6		Diversified Financial Services		5.53		6		Irish Continental Group PLC		4.69
7		Forest Products & Paper		4.84		7		Paddy Power PLC		4.63
8		Leisure & Hotels		4.63		8		Origin Enterprises PLC		4.49
9		Agricultural Operations		4.49		9		Kingspan Group PLC		4.49
10		Energy		4.19		10		Dragon Oil PLC		4.19

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.