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

2. Source: Zurich Life, September 2014 Active Management adds value

3. Source: Zurich Life, September 2014 25 years – Good Active Management Expertise

4. Source: Zurich Life, September 2014 25 years – Good Active Management Expertise

5. Source: Zurich Life, September 2014 25 years – Good Active Management Expertise

6. “Valuations and unprecedented policy response make strong equity gains possible” Zurich Investment Outlook - 2009 Making the Right Calls

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

8. Process An Active Management Process

9. THE OUTLOOK FOR ASSET CLASSES

10. Equity Bull Market - a record breaking run… Source: Zurich Life, September 2014 4th Longest bull market on record!

13. 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

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

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

16. House Prices – Global Developed Markets Source: BIG, 24.06.14

17. Asset Class Performance Source: J.P. Morgan, Guide to Markets, Q3 2014.

18. A Multi-asset solution is the answer

19. 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.