ASSET ALLOCATION MUST BE ACTIVELY MANAGED Richard Temperley Head of Investment Development – Zurich

Source: Zurich Life, September 2014 Active Management adds value

Source: Zurich Life, September years – Good Active Management Expertise

Source: Zurich Life, September years – Good Active Management Expertise

Source: Zurich Life, September years – Good Active Management Expertise

“Valuations and unprecedented policy response make strong equity gains possible” Zurich Investment Outlook Making the Right Calls

Active Fund Management Source: Zurich Life, September 2014 Active Management of Asset Classes

Process An Active Management Process

THE OUTLOOK FOR ASSET CLASSES

Equity Bull Market - a record breaking run… Source: Zurich Life, September th Longest bull market on record!

Bull Market’s End – the warning signs… Very tight monetary policy Sustained acceleration in inflation A big rise in short-term interest rates An overheating economy Severe overvaluation of equities compared with interest rates

Source: BlackRock, September 2014 Long-term Rates – Government 10-year Bond Yields

Short-term Rates – ECB Source: European Central Bank, September 2014

House Prices – Global Developed Markets Source: BIG,

Asset Class Performance Source: J.P. Morgan, Guide to Markets, Q

A Multi-asset solution is the answer

Warning: Past performance is not a reliable guide to future performance Warning: The value of your investment may go down as well as up Warning: Benefits may be affected by changes in currency exchange rates. Warning: If you invest in this product you may lose some or all of the money you invest.