Monthly Bulletin - January 2012

8/2/2019 Monthly Bulletin - January 2012

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Investment bulletinJanuary 2012

Zurich International Life


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This investment bulletin should be read in conjunction with the principal brochure(s) for therelevant product(s).

For fund performance in fund currency please refer to pages 3 - 14

For fund performance in US dollars please refer to pages 15 - 26

(For the purpose of this bulletin, fund performance exchange rates into US dollars have been sourced by Financial

Express)

For details of the available range of funds and their charges, please refer to the Investments-your guide and Mirrorfunds-your guide booklets, copies of which are available on request.

For full details of the products, please refer to the individual product brochure and individual policy terms andconditions, copies of which are available on request.

Past performance is not a guide to future performance. The value of any investment and the income from it canfall as well as rise as a result of market and currency fluctuations and you may not get back the amount originallyinvested.


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Fund performance in fund currency to 31 December 2011

Fund name Fund code AMC (%) Current bidprice

Launch date FE Crownrating

3 months 1 year 3 years 5 years 5 years AGR

Low risk funds

Eagle Money Market1 SEEGL 0.75 13.83 01/03/1988 -0.45% 2.24% 1.49% 51.71% 8.69%Euro Money Market SEEUR 0.75 0.87 01/10/1995 0.00% 0.11% 0.23% 5.32% 1.04%Japanese yen Money Market SEJPY 0.75 131.93 01/10/1995 0.00% 0.00% 1.87% 1.36% 0.27%

Sterling Money Market SEGBP 0.75 3.00 01/03/1988 0.00% 0.03% 0.13% 2.98% 0.59%Swiss franc Money Market SECHF 0.75 1.24 31/12/2002 0.00% 0.00% 0.00% 0.81% 0.16%US dollar Money Market SEUSD 0.75 2.09 01/03/1988 0.00% 0.00% 0.10% 5.56% 1.09%

Managed funds

Eagle Adventurous1 ADEGL 1.50 19.30 01/03/1988 6.84% -5.54% 35.04% 19.22% 3.58%Eagle Blue Chip1 BCEGL 1.50 23.08 01/03/1988 3.80% -2.66% 18.82% 32.88% 5.85%Eagle Performance1 PFEGL 1.50 21.41 01/03/1988 5.12% -5.00% 26.25% 24.10% 4.41%Euro Adventurous ADEUR 1.50 1.99 31/12/2002 9.76% -2.78% 55.67% -2.88% -0.58%Euro Blue Chip BCEUR 1.50 1.94 31/12/2002 4.98% -6.51% 25.34% -4.15% -0.84%Euro Cautious CAEUR 1.50 1.83 31/12/2002 3.86% -3.17% 21.92% 3.04% 0.60%Euro Defensive DEEUR 1.50 1.77 31/12/2002 3.09% 0.63% 20.49% 12.31% 2.35%Euro Performance PFEUR 1.50 1.96 31/12/2002 6.63% -8.15% 33.40% -8.32% -1.72%Sterling Adventurous ADGBP 1.50 3.45 01/03/1988 7.64% -4.83% 35.45% 15.27% 2.88%

Sterling Blue Chip BCGBP 1.50 4.19 01/03/1988 6.51% 1.70% 29.71% 20.35% 3.77%Sterling Cautious CAGBP 1.50 2.16 03/03/2003 6.35% 5.21% 27.36% 25.73% 4.69%Sterling Defensive DEGBP 1.50 1.96 03/03/2003 5.66% 8.59% 20.99% 28.27% 5.11%Sterling Performance PFGBP 1.50 4.19 01/03/1988 6.99% -3.32% 35.58% 17.49% 3.28%US dollar Adventurous ADUSD 1.50 2.87 01/03/1988 5.24% -7.06% 40.62% -7.89% -1.63%US dollar Adventurous - Series B2 KBUSD 1.50 1.19 01/07/2006 1.27% -13.62% 32.89% -13.37% -2.83%US dollar Blue Chip BCUSD 1.50 4.05 01/03/1988 4.11% 1.81% 31.56% 11.56% 2.21%US dollar Blue Chip - Series B 2 KCUSD 1.50 1.36 01/07/2006 3.42% -1.52% 33.79% 1.64% 0.33%US dollar Cautious CTUSD 1.50 1.91 03/03/2003 2.69% 3.98% 20.79% 14.82% 2.80%US dollar Cautious - Series B2 KDUSD 1.50 1.43 01/07/2006 2.51% 0.21% 27.79% 8.75% 1.69%US dollar Defensive DFUSD 1.50 1.83 03/03/2003 1.61% 5.05% 13.09% 19.90% 3.70%US dollar Defensive - Series B2 KEUSD 1.50 1.53 01/07/2006 1.59% 2.82% 26.17% 17.74% 3.32%US dollar Performance PFUSD 1.50 3.72 01/03/1988 5.11% -1.92% 38.26% 3.16% 0.62%US dollar Performance - Series B2 KFUSD 1.50 1.29 01/07/2006 3.37% -6.32% 35.40% -5.43% -1.11%

Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund chargeof 0.75%.

Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and

currency fluctuations and you may not get back the amount originally invested. Investment bulletin Page 3 of 30


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Mirror funds

Money market

ZI Emirates Islamic Money Market3 3LUSD 0.35 1.27 09/08/2010 0.00% 0.40% - 1.28% 0.92%ZI Fidelity Currency EUR DVEUR 1.00 1.23 09/04/2009 -0.16% -0.73% - -1.92% -0.71%ZI Fidelity Currency GBP BXGBP 1.00 1.23 09/04/2009 -0.16% -0.73% - -1.92% -0.71%ZI Fidelity Currency USD OYUSD 1.00 1.23 09/04/2009 -0.16% -0.73% - -2.00% -0.74%ZI Nordea 1 SEK Reserve AGSEK 0.13 1.27 05/05/2010 0.48% 1.68% - 1.52% 0.91%

Global bond

ZI Amundi Funds Bond Global Aggregate CWUSD 0.80 1.28 01/11/2011 - - - -1.61% -9.43%ZI BlackRock Global Funds GlobalGovernment Bond EUR4 ALEUR 0.75 1.41 10/07/2008 0.50% 2.70% 8.64% 12.72% 3.51%

ZI BlackRock Global Funds GlobalGovernment Bond USD BPUSD 0.75 1.41 10/07/2008 0.43% 2.40% 8.82% 12.48% 3.44%

ZI Fidelity International Bond FCUSD 0.75 1.67 15/12/2003 -0.89% 1.96% 22.97% 22.16% 4.08%ZI HSBC MultiAlpha Global Aggregate Bond 3GUSD 0.90 1.28 09/08/2010 0.95% 2.56% - 1.19% 0.85%ZI Invesco Bond OPUSD 0.75 1.47 07/04/2009 -1.73% 5.89% - 17.92% 6.23%ZI Invesco Global Bond OQUSD 0.75 1.45 07/04/2009 0.21% 6.72% - 15.68% 5.48%ZI Invesco Global Bond EUR DNEUR 0.90 1.49 09/04/2009 5.97% 9.63% - 19.38% 6.70%

ZI Loomis Sayles Multisector Income

3

X7USD 1.80 1.36 01/06/2010 1.42% 2.18% - 9.14% 5.56%ZI Morgan Stanley Investment Funds GlobalBond DBUSD 0.80 2.10 01/11/1998 -0.85% 2.04% 13.72% 28.89% 5.21%

ZI Schroder ISF Global Convertible BondUSD R3USD 1.25 1.30 11/11/2009 0.00% -8.46% - 3.51% 1.62%

ZI Schroder ISF Global Convertible BondEUR FXEUR 1.25 1.29 05/11/2009 -0.15% -8.37% - 3.03% 1.40%

ZI Schroder ISF Global Inflation Linked BondEUR BLEUR 0.75 1.59 01/12/2008 3.31% 10.94% 24.86% 27.36% 8.17%

ZI Schroder ISF Global Inflation Linked BondUSD4 GAUSD 0.75 1.58 01/12/2008 3.20% 10.17% 19.41% 26.48% 7.93%

ZI Templeton Global Bond SEK5 AJSEK 1.05 1.23 01/11/2011 - - - -3.60% -19.99%ZI Templeton Global Bond USD5 TEUSD 1.05 1.99 21/02/2006 0.50% -3.81% 25.02% 46.51% 7.94%ZI Templeton Global Total Return5 TDUSD 1.05 2.20 21/02/2006 1.20% -1.52% 49.32% 57.78% 9.55%ZI Threadneedle Global Bond IBUSD 0.75 2.24 01/10/1996 -1.36% 3.41% 1.36% 17.43% 3.27%

Sterling bond

ZI Threadneedle Sterling Bond BNGBP 1.00 2.91 01/10/1995 5.17% 13.71% 14.52% 29.32% 5.28%

Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge

of 0.75%.

NB Performance data marked with a is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




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Mirror funds cont inued

US dollar bond

ZI Franklin US Government5 TCUSD 0.95 1.80 01/11/2001 1.12% 5.74% 14.32% 26.33% 4.79%ZI Threadneedle Dollar Bond BNUSD 1.00 2.21 01/10/1995 1.05% 4.84% 24.45% 15.78% 2.97%

Euro bond

ZI Invesco European Bond IEUSD 0.75 2.33 01/11/2001 -1.57% 2.15% 7.39% 12.26% 2.34%ZI Threadneedle European Bond BNEUR 1.00 1.67 01/10/1995 1.58% 3.92% 14.60% 18.92% 3.53%ZI UBS Swiss Franc Bond UBCHF 0.90 1.37 31/12/2002 -1.09% -0.58% 12.88% 8.15% 1.58%

Protected

ZI Invesco Capital Shield 90 (EUR) ICEUR 1.00 1.13 01/04/2007 0.18% -1.22% -2.75% -9.51% -2.08%ZI Investec Multi Asset Protector6 DZGBP 1.60 1.15 03/05/2011 -1.12% - - -8.60% -12.69%

High yield and Corporate bond

ZI Baring GUF High Yield Bond NBUSD 1.00 2.62 01/11/1998 4.71% -2.38% 50.89% 22.99% 4.23%ZI Fidelity Funds European High YieldHedged AFSEK 1.00 1.25 05/05/2010 3.65% -2.87% - -0.32% -0.19%

ZI Invesco Euro Corporate Bond DMEUR 1.00 1.58 09/04/2009 2.46% -2.11% - 26.40% 8.96%ZI Invesco Global High Income ORUSD 1.00 1.90 07/04/2009 1.44% 1.82% - 52.08% 16.60%

ZI Investec GSF Investment Grade CorporateBond USD G3USD 0.75 1.32 11/11/2009 2.40% -1.12% - 5.60% 2.58%

ZI Investec GSF Investment Grade CorporateBond EUR FTEUR 0.75 1.29 11/11/2009 2.38% -0.54% - 2.96% 1.37%

Asian bond

ZI Aberdeen Global Asian Local CurrencyShort Duration Bond OMUSD 1.00 1.47 07/04/2009 0.48% -0.68% - 17.77% 6.18%

ZI Schroder ISF Asian Bond Absolute Return CBUSD 1.25 1.48 15/03/2004 1.78% -0.80% 6.31% 6.16% 1.20%ZI Schroder ISF Asian Convertible Bond USD P3USD 1.25 1.26 11/11/2009 0.00% -11.84% - 0.88% 0.41%ZI Schroder ISF Asian Convertible Bond EUR FVEUR 1.25 1.25 11/11/2009 -0.32% -11.81% - 0.56% 0.26%ZI Templeton Asian Bond5 4QUSD 1.05 1.25 01/12/2010 0.48% -1.03% - -0.16% -0.15%ZI UBS Australian Dollar Bond UCAUD 0.90 1.93 15/12/2003 2.19% 10.78% 16.22% 36.50% 6.42%

Emerging markets bond

ZI BNPPL1 Bond Best Selection WorldEmerging KAUSD 1.50 1.71 17/03/2004 5.44% -8.08% 55.52% -18.18% -3.93%


of 0.75%.





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Emerging markets bond continued

ZI HSBC GIF Global Emerging Markets Bond NUUSD 1.00 1.83 07/04/2009 5.34% 6.08% - 46.76% 15.11%ZI Invesco Emerging Local Currencies Debt 4YUSD 1.50 1.15 03/05/2011 -0.61% - - -10.24% -15.05%ZI Threadneedle Emerging Market Bond EBUSD 1.50 5.05 01/11/1998 4.86% 5.96% 42.90% 34.49% 6.11%

Property

ZI Aviva Investors Property Trust DMGBP 1.25 1.06 04/05/2005 0.19% -2.48% 1.63% -35.07% -8.27%ZI Henderson Horizon Asia Pacific PropertyEquities EFUSD 1.20 0.73 01/11/2007 -3.81% -27.60% 33.09% -41.44% -12.06%

ZI Henderson Horizon Global PropertyEquities BAUSD 1.20 0.97 01/11/2006 2.87% -11.10% 55.29% -27.85% -6.32%

ZI Morgan Stanley Investment Funds AsianProperty DCUSD 1.40 2.34 01/11/2001 -1.72% -23.97% 24.55% -26.15% -5.88%

ZI Morgan Stanley Investment FundsEuropean Property DDUSD 1.40 2.24 01/11/2001 -7.90% -16.49% 23.70% -59.49% -16.53%

ZI Schroder ISF Global Property Securities 7GUSD 1.50 1.16 01/09/2011 1.85% - - -8.74% -24.13%

Managed adventurous

ZI Emirates Active Managed3 K4USD 1.60 1.18 04/12/2009 2.52% -7.31% - -6.50% -3.19%

ZI HSBC International Select fund-Adventurous EUR DYEUR 1.25 1.00 01/11/2007 7.63% -7.83% 42.80% -19.92% -5.19%

ZI HSBC International Select fund-Adventurous USD DZUSD 1.25 0.90 01/11/2007 2.16% -9.93% 30.90% -28.10% -7.62%

Managed balanced

ZI BlackRock Global Funds Global AllocationEUR4 BHEUR 1.50 1.59 28/11/2008 6.85% -2.99% 35.60% 27.36% 8.17%

ZI BlackRock Global Funds Global AllocationSGD ALSGD 1.50 1.57 28/11/2008 0.86% -6.93% 20.25% 25.29% 7.59%

ZI BlackRock Global Funds Global AllocationUSD ERUSD 1.50 1.62 28/11/2008 1.25% -5.82% 23.91% 29.36% 8.72%

ZI Emirates Balanced Managed3 L4USD 1.60 1.20 04/12/2009 0.84% -5.60% - -5.00% -2.45%ZI Fidelity Multi Asset Navigator P2USD 1.25 1.26 11/11/2009 1.04% -5.33% - 0.32% 0.15%ZI HSBC International Select fund-BalancedEUR DQEUR 1.25 1.20 01/11/2007 6.89% -4.25% 41.92% -4.40% -1.07%

ZI HSBC International Select fund-BalancedUSD DRUSD 1.25 1.07 01/11/2007 1.42% -6.54% 30.13% -14.32% -3.64%


of 0.75%.





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Managed balanced continued

ZI HSBC Open Global Distribution DPGBP 1.25 1.33 01/11/2007 2.62% -1.55% 25.24% 6.40% 1.50%ZI HSBC Open Global Return DOGBP 1.25 1.36 01/11/2007 1.50% -2.86% 20.41% 8.56% 1.99%

ZI Jupiter Merlin Balanced Managed EUR GYEUR 1.50 1.33 09/08/2010 6.50% -2.50% - 5.23% 3.73%ZI Jupiter Merlin Balanced Managed USD Y9USD 1.50 1.34 09/08/2010 0.75% -5.11% - 3.00% 2.15%ZI JPMorgan Global Capital PreservationSEK Hedged4 AKSEK 1.70 1.18 01/11/2011 - - - -5.47% -28.98%

ZI JPMorgan Global Capital PreservationUSD7 CKUSD 1.25 1.21 10/07/2008 -5.03% -5.25% 4.31% -3.28% -0.96%

ZI M&G Managed Growth EIGBP 1.50 1.23 01/11/2011 - - - -5.90% -30.96%

Managed cautious

ZI Emirates Conservative Managed3 M4USD 1.50 1.17 04/12/2009 0.43% -2.25% - -6.54% -3.21%ZI HSBC International Select fund-CautiousEUR DUEUR 1.25 1.42 01/11/2007 5.64% 1.21% 35.75% 13.92% 3.18%

ZI HSBC International Select fund-CautiousUSD DVUSD 1.25 1.28 01/11/2007 0.31% -1.09% 24.39% 2.00% 0.48%

Managed growth

ZI Jupiter Merlin International Equity EUR GZEUR 1.50 1.32 09/08/2010 7.60% -7.71% - 4.36% 3.11%ZI Jupiter Merlin International Equity USD Z9USD 1.50 1.33 09/08/2010 1.77% -10.29% - 2.08% 1.49%

Global equity

ZI Aberdeen Global Technology Equity ATUSD 1.75 0.56 01/11/2000 4.52% -4.15% 77.88% 9.04% 1.75%ZI BlackRock Global Funds Global EnhancedEquity Yield FIUSD 1.50 0.96 01/11/2007 6.65% -5.78% 28.61% -23.04% -6.10%

ZI Fidelity International FAUSD 1.50 1.44 01/11/1998 4.26% -10.21% 32.87% -18.34% -3.97%ZI Fidelity World FEEUR 1.50 1.08 03/10/2005 7.38% -11.21% 33.96% -24.31% -5.42%ZI Franklin Templeton Mutual GlobalDiscovery5 R2USD 1.50 1.28 11/11/2009 4.16% -7.67% - 1.03% 0.48%

ZI Harris Associates Global Value3 4EUSD 2.70 1.13 01/12/2010 0.98% -14.39% - -9.60% -8.76%ZI HSBC MultiAlpha Global Equity 3IUSD 1.90 1.31 09/08/2010 3.38% -10.92% - -0.30% -0.22%ZI Investec Global Strategic Equity GMUSD 1.50 1.17 03/10/2005 5.87% -9.85% 28.09% -27.70% -6.28%ZI JPMorgan Global Dynamic CJUSD 1.50 0.81 01/11/2007 2.78% -12.50% 27.47% -35.04% -9.84%ZI M&G Global Basics EUR FQEUR 1.75 1.60 11/11/2009 5.88% -12.98% - 25.94% 11.31%

ZI M&G Global Basics USD M3USD 1.75 1.41 11/11/2009 0.07% -15.49% - 9.74% 4.42%Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge

of 0.75%.





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Global equity continued

ZI M&G Global Leaders EUR FREUR 1.75 1.44 11/11/2009 8.28% -12.16% - 14.22% 6.37%ZI M&G Global Leaders USD N3USD 1.75 1.26 11/11/2009 2.35% -14.71% - -0.47% -0.22%

ZI Threadneedle Global Select GSUSD 1.50 1.57 01/11/2000 5.64% -9.44% 31.83% -11.12% -2.33%

UK equity

ZI BlackRock Global Funds United Kingdom CHGBP 1.50 1.17 01/11/2007 6.64% -8.86% 42.06% -6.24% -1.54%ZI Invesco Perpetual Income CIGBP 1.50 1.26 01/11/2007 5.97% 6.41% 30.81% 0.88% 0.21%ZI Threadneedle UK EQGBP 1.00 3.18 01/10/1995 8.69% -4.68% 42.07% 10.81% 2.07%

North American equity

ZI BlackRock Global Funds US FlexibleEquity MAUSD 1.50 1.18 01/11/1998 7.49% -1.83% 32.10% -19.11% -4.15%

ZI BNPPL1 Opportunities USA KKUSD 1.50 1.32 01/04/2007 -2.80% -19.90% 22.79% 5.35% 1.10%ZI HSBC MultiAlpha North American Equity 3HUSD 1.50 1.43 09/08/2010 7.74% -2.32% - 10.23% 7.24%ZI Investec GSF American Equity CGUSD 1.50 0.86 01/11/2007 4.12% -15.44% 30.90% -31.20% -8.59%ZI Threadneedle American EQUSD 1.00 3.85 01/10/1995 7.87% 2.28% 57.07% 5.07% 0.99%

European equity

ZI Baring GUF Eastern Europe NAUSD 1.50 6.11 01/11/1998 -6.55% -31.96% 51.15% -36.30% -8.62%ZI BlackRock Global Funds European Small& MidCap Opportunities MBUSD 1.50 2.13 01/11/1998 -3.14% -17.46% 37.58% -24.97% -5.58%

ZI Fidelity European Growth FDEUR 1.50 1.41 18/10/2004 5.87% -16.46% 26.44% -29.17% -6.66%ZI Fidelity Nordic FFSEK 1.50 8.87 01/04/2007 3.45% -18.08% 28.81% -29.86% -7.20%ZI Henderson Gartmore ContinentalEuropean CFEUR 1.50 0.90 01/11/2007 4.80% -10.93% 19.95% -28.32% -7.68%

ZI HSBC MultiAlpha Europe Equity HBEUR 1.50 1.22 09/08/2010 4.80% -13.15% - -7.56% -5.49%ZI Invesco Pan European Equity IVUSD 1.50 1.03 01/11/2000 0.29% -14.31% 26.23% -26.16% -5.89%ZI Threadneedle Pan European EQEUR 1.00 2.54 01/10/1995 8.26% -9.88% 47.48% -6.02% -1.23%ZI UBS Swiss Equity CMCHF 1.50 0.82 01/11/2007 4.31% -12.26% 6.74% -34.16% -9.55%

Far Eastern equity

ZI Aberdeen Global Asia Pacific Equity ARUSD 1.75 2.38 04/05/2005 0.46% -16.14% 76.48% 19.91% 3.70%ZI Aberdeen Global Chinese Equity ASUSD 1.75 2.52 15/03/2004 2.35% -15.85% 77.36% 26.10% 4.75%ZI Absolute Asia Pacific Rim Equities3 4HUSD 2.40 1.01 01/12/2010 1.10% -23.65% - -19.38% -17.77%

ZI Allianz RCM Oriental Income KNUSD 1.50 2.04 18/10/2004 2.15% -11.68% 34.36% -1.16% -0.23%Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge

of 0.75%.





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Far Eastern equity continued

ZI Allianz RCM Thailand KMUSD 1.75 2.69 18/10/2004 6.61% -5.07% 199.33% 80.81% 12.58%ZI Allianz RCM Total Return Asian Equity BZUSD 1.75 1.62 16/02/2006 3.84% -16.18% 61.23% 0.93% 0.19%

ZI Amundi Funds Equity ASEAN EXUSD 1.70 0.80 01/11/2007 6.53% -10.22% 96.80% -36.08% -10.19%ZI Baring Hong Kong China BXUSD 1.25 0.96 20/03/2008 -0.31% -19.80% 33.52% -8.10% -2.21%ZI Fidelity China Focus FKUSD 1.50 1.05 20/03/2008 1.35% -20.66% 39.52% -3.66% -0.98%ZI Fidelity India Focus FGUSD 1.50 0.81 20/03/2008 -14.36% -33.64% 57.84% -26.82% -7.93%ZI Fidelity Korea FBUSD 1.50 4.18 23/07/2001 1.55% -13.80% 76.30% -0.38% -0.08%ZI Fidelity Pacific EMUSD 1.50 0.80 01/11/2007 -1.24% -20.02% 64.40% -36.08% -10.19%ZI Fidelity Singapore EGSGD 1.50 0.91 01/11/2007 -1.76% -18.26% 54.68% -26.86% -7.24%ZI First State Asian Equity Plus FOUSD 1.50 2.38 03/10/2005 1.93% -11.07% 69.06% 42.00% 7.26%ZI First State China Growth FNUSD 1.50 3.41 03/10/2005 2.77% -15.33% 86.60% 54.50% 9.09%ZI Henderson Horizon China8 T2USD 1.20 0.90 11/11/2009 1.35% -32.33% - -28.47% -14.44%ZI HSBC GIF Chinese Equity HBUSD 1.50 4.42 01/11/1998 2.36% -20.52% 24.32% -12.76% -2.69%ZI HSBC GIF Hong Kong Equity HAUSD 1.00 3.03 01/11/1998 1.54% -23.05% 31.12% -4.24% -0.86%ZI HSBC GIF Indian Equity HCUSD 1.50 6.22 23/07/2001 -20.04% -45.28% 39.30% -26.62% -6.00%ZI HSBC GIF Thai Equity HGUSD 1.50 1.98 27/09/2005 7.50% -5.36% 150.82% 48.69% 8.26%ZI JF ASEAN JCUSD 1.50 4.95 01/11/1998 4.54% -11.83% 112.44% 30.51% 5.47%ZI JF Asia Domestic Opportunities7 APUSD 1.50 0.72 01/11/2007 -1.64% -24.84% 43.71% -42.40% -12.41%ZI JF Eastern JBUSD 1.50 4.28 01/11/1998 2.32% -22.30% 57.68% -1.29% -0.26%ZI JF Indonesia JRUSD 1.50 1.81 20/03/2008 5.11% 1.91% 256.50% 71.50% 15.33%ZI JF Korea JEUSD 1.50 3.22 18/10/2004 7.33% -21.98% 72.45% 13.37% 2.54%ZI JF Malaysia DIUSD 1.50 1.38 01/11/2007 10.40% -1.64% 114.29% 10.40% 2.40%ZI JF Pacific Securities JAUSD 1.50 4.67 01/11/1998 0.56% -20.76% 33.08% -1.95% -0.39%ZI JPMorgan JF India JIUSD 1.50 1.23 01/11/2006 -12.73% -31.94% 45.18% -10.19% -2.13%ZI JPMorgan JF Singapore CZUSD 1.50 0.83 01/11/2007 -1.66% -18.47% 80.04% -33.60% -9.37%ZI JPMorgan JF Taiwan IYUSD 1.50 1.23 01/11/2006 -3.23% -19.00% 63.95% -9.97% -2.08%ZI Threadneedle Asia PBUSD 1.00 2.58 01/10/1995 4.28% -19.05% 53.93% 5.43% 1.06%ZI UBS Australian Equity UDAUD 1.50 1.88 15/12/2003 2.96% -14.14% 16.35% -18.79% -4.08%

Japanese equity

ZI BlackRock Global Funds Japan Small &MidCap Opportunities MCUSD 1.50 0.90 01/11/2000 -8.44% -12.02% 10.70% -36.80% -8.77%

ZI Threadneedle Japan EQJPY 1.00 50.65 01/10/1995 -3.47% -19.91% -20.72% -62.82% -17.95%Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge

of 0.75%.





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Emerging markets equity

ZI Aberdeen Global Emerging MarketsSmaller Companies AFUSD 1.75 1.58 20/03/2008 3.55% -16.87% 122.11% 36.07% 8.49%

ZI BlackRock Global Funds EmergingEurope9 MKUSD 1.75 1.07 21/02/2006 -3.43% -28.27% 63.51% -33.60% -7.86%

ZI BlackRock Global Funds Latin American MIUSD 1.75 2.33 27/09/2005 1.93% -25.02% 94.25% 21.37% 3.95%ZI BNPPL1 Equity Russia KHEUR 1.75 1.05 01/11/2006 6.40% -25.04% 146.01% -24.44% -5.45%ZI Emirates MENA Top Companies3 3MUSD 1.75 1.18 09/08/2010 1.46% -8.46% - -5.52% -4.00%ZI Fidelity Emerging Europe, Middle Eastand Africa FBEUR 1.50 1.31 20/03/2008 6.96% -19.91% 97.13% 12.87% 3.25%

ZI Franklin MENA USD5 GCUSD 2.00 1.23 01/12/2008 0.82% -15.95% -0.57% -1.76% -0.57%ZI Hansberger Emerging Latin American3 4FUSD 2.70 0.89 01/12/2010 2.77% -28.86% - -28.74% -26.50%ZI HSBC GIF Brazil Equity USD Z6USD 1.75 1.02 05/05/2010 1.89% -26.08% - -15.38% -9.58%ZI HSBC MultiAlpha Global EmergingMarkets Equity 3FUSD 1.50 1.18 09/08/2010 2.34% -21.40% - -11.49% -8.38%

ZI JPMorgan Africa Equity EPUSD 1.50 2.27 01/12/2008 2.34% -23.66% 78.40% 82.70% 21.61%ZI JPMorgan Emerging Middle East Equity JGUSD 1.50 1.57 04/05/2005 -6.09% -28.32% 20.28% -12.33% -2.60%ZI Jupiter India Select 6FUSD 1.75 0.84 03/05/2011 -21.02% - - -32.09% -44.24%

ZI Morgan Stanley Investment FundsEmerging Markets Equity CUUSD 1.60 0.76 01/11/2007 -0.78% -19.51% 58.79% -39.28% -11.29%

ZI Natixis Emerging Europe3 7EUSD 2.70 1.08 01/09/2011 -6.35% - - -18.17% -45.42%ZI Parvest Equity Brazil 4TUSD 1.75 0.96 21/03/2011 4.22% - - -22.96% -27.52%ZI PineBridge Latin America Small & MidcapEquity FRUSD 1.30 1.18 01/11/2011 - - - -12.32% -55.10%

ZI Schroder ISF BRIC CCUSD 1.50 1.35 01/11/2006 0.67% -23.15% 47.81% -7.08% -1.46%ZI Templeton BRIC5 TFUSD 2.10 1.30 01/09/2006 -1.96% -27.30% 51.93% -13.95% -2.96%ZI Templeton Emerging Markets5 TBUSD 2.10 3.51 01/11/1998 3.06% -16.46% 63.80% -2.93% -0.59%ZI Threadneedle Latin America LAUSD 1.00 6.59 01/10/1996 6.48% -22.95% 87.49% 20.87% 3.86%

Specialist

ZI Amundi Funds Absolute Volatility WorldEquities7 N2USD 1.00 1.33 11/11/2009 3.60% 3.84% - 5.83% 2.67%

ZI Amundi Funds Equity Global Luxury andLifestyle CDUSD 1.70 1.22 01/11/2011 - - - -12.11% -54.43%

ZI BlackRock Global Funds New Energy MEUSD 1.75 0.93 01/11/2001 -0.85% -22.99% -18.97% -43.23% -10.71%Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge

of 0.75%.





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Specialist continued

ZI BlackRock Global Funds World Energy MHUSD 1.75 1.79 04/05/2005 6.69% -15.15% 35.92% -0.50% -0.10%ZI BlackRock Global Funds World Financials MJUSD 1.50 0.56 01/04/2007 -1.93% -23.71% 4.09% -55.34% -15.62%

ZI BlackRock Global Funds World Gold EUR IFEUR 1.75 1.17 01/11/2011 - - - -8.20% -40.58%ZI BlackRock Global Funds World Gold USD MDUSD 1.75 7.93 01/11/2001 -8.81% -21.08% 56.40% 35.34% 6.24%ZI BlackRock Global Funds World Gold -SGD hedged AOSGD 1.75 1.80 09/04/2009 -9.41% -22.60% - 44.12% 14.33%

ZI BlackRock Global Funds WorldHealthscience9 ONUSD 1.50 1.72 07/04/2009 2.20% 3.06% - 37.44% 12.36%

ZI BlackRock Global Funds World MiningSGD hedged AASGD 1.75 2.18 28/11/2008 -1.00% -32.75% 72.40% 74.85% 19.89%

ZI BlackRock Global Funds World MiningUSD MGUSD 1.75 2.77 18/10/2004 -0.14% -30.96% 83.94% 2.74% 0.54%

ZI BlackRock Global Funds WorldTechnology EUR FLEUR 1.50 1.60 11/11/2009 3.96% -11.34% - 25.75% 11.25%

ZI BlackRock Global Funds WorldTechnology USD K2USD 1.50 1.40 11/11/2009 -1.55% -14.07% - 9.04% 4.11%

ZI BlackRock Gold and General EJGBP 1.75 1.13 01/11/2011 - - - -11.54% -52.59%ZI BNPPL1Equity World Utilities KGEUR 1.50 0.88 01/11/2006 4.66% -5.71% -1.02% -32.67% -7.61%ZI DWS Global Agribusiness EVUSD 1.50 0.98 01/11/2007 -0.61% -15.65% 67.98% -21.52% -5.65%ZI DWS Global Thematic ESUSD 1.50 0.77 01/11/2007 0.13% -17.15% 33.05% -38.16% -10.90%ZI First State Global Resources 4LUSD 1.50 0.87 01/12/2010 0.00% -26.64% - -29.95% -27.99%ZI Franklin Templeton Gold and PreciousMetals EUR4,5 HTEUR 1.50 0.96 03/05/2011 -6.65% - - -24.33% -34.34%

ZI Franklin Templeton Gold and PreciousMetals SEK4,5 AHSEK 1.50 0.96 03/05/2011 -6.55% - - -24.19% -34.16%

ZI Franklin Templeton Gold and PreciousMetals USD5 6CUSD 1.50 0.96 03/05/2011 -6.07% - - -24.01% -33.93%

ZI Invesco Asia Consumer Demand CFUSD 1.50 1.45 10/07/2008 -0.96% -19.88% 67.67% 15.76% 4.30%ZI Invesco Asia Infrastructure DLUSD 1.50 0.71 01/11/2007 2.88% -18.12% 41.67% -42.88% -12.58%ZI Investec GSF Global Energy GNUSD 1.50 1.34 21/02/2006 8.13% -14.77% 38.70% 1.05% 0.21%ZI JF Five Elements CHUSD 1.50 1.13 10/07/2008 2.83% -25.25% 61.60% -9.76% -2.91%ZI JPMorgan Global Consumer Trends 6AUSD 1.50 1.02 03/05/2011 2.41% - - -21.72% -30.90%ZI JPMorgan Global Natural Resources EUR ILEUR 1.50 1.13 01/04/2007 2.65% -30.17% 125.45% -10.43% -2.29%

ZI JPMorgan Global Natural Resources USD CIUSD 1.50 0.87 10/07/2008 -2.78% -32.22% 105.41% -30.16% -9.82%Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge

of 0.75%.





12/30







ZI JPMorgan JF Pacific Technology IMUSD 1.50 1.16 01/04/2007 -0.26% -20.71% 33.03% -8.11% -1.77%ZI Jupiter Climate Change Solutions GBP EDGBP 1.50 1.07 03/05/2011 2.49% - - -16.07% -23.23%

ZI Jupiter Climate Change Solutions EUR HYEUR 1.50 1.13 03/05/2011 6.60% - - -10.66% -15.65%ZI Jupiter Climate Change Solutions USD 6JUSD 1.50 1.01 03/05/2011 0.80% - - -22.66% -32.15%ZI Jupiter Ecology GDGBP 1.50 2.11 18/10/2004 2.57% -11.73% 17.71% -2.94% -0.59%ZI Jupiter Global Financials EUR FOEUR 1.50 1.17 11/11/2009 5.67% -20.73% - -8.14% -3.87%ZI Jupiter Global Financials USD K3USD 1.50 1.02 11/11/2009 -0.87% -23.66% - -20.57% -10.15%ZI Schroder AS Commodity CNUSD 1.50 1.12 01/11/2007 -1.06% -9.05% 33.81% -10.72% -2.69%ZI Schroder AS Gold and Precious Metals L7USD 1.50 1.33 05/05/2010 -6.06% -1.77% - 8.73% 5.18%ZI Schroder ISF Global Climate ChangeEquity CLUSD 1.50 0.94 10/07/2008 2.61% -14.27% 27.09% -24.50% -7.77%

Islamic

ZI Amundi Islamic BRIC Quant EAUSD 1.70 1.20 01/11/2011 - - - -15.55% -64.25%ZI Amundi Islamic Global Resources EHUSD 1.70 1.31 01/11/2011 - - - -6.58% -33.93%ZI DWS Noor Precious Metals Securities ITUSD 1.50 1.35 01/04/2007 -10.57% -25.97% 37.88% 7.72% 1.58%ZI Emirates Islamic Balanced3 N4USD 1.60 1.19 22/01/2010 2.50% -3.72% - -5.41% -2.65%

ZI HSBC Amanah Asia Pacific ex Japan X2USD 1.50 1.25 11/11/2009 1.30% -19.31% - -2.43% -1.14%ZI HSBC Amanah Europe Equity Y2USD 1.50 1.19 11/11/2009 2.50% -13.63% - -6.51% -3.09%ZI HSBC Amanah Global Equity Z2USD 1.50 1.42 11/11/2009 4.41% -6.88% - 10.49% 4.75%ZI HSBC Amanah Global Equity Index HFUSD 0.75 1.44 18/10/2004 7.76% -1.50% 26.44% -7.55% -1.56%

Smaller companies

ZI JF Japan OTC JFJPY 1.75 35.83 04/05/2005 -4.68% -17.54% -13.58% -69.12% -20.94%ZI JF Pacific Smaller Companies JDUSD 1.50 1.52 15/03/2004 -3.18% -22.35% 50.54% -16.19% -3.47%ZI Templeton Global Smaller Companies5 TAUSD 1.50 1.95 01/11/1998 -5.52% -26.62% 49.58% -34.93% -8.24%ZI Threadneedle American SmallerCompanies SCUSD 1.00 3.09 01/10/1996 9.22% -9.38% 78.17% 16.76% 3.15%

ZI Threadneedle European SmallerCompanies SCEUR 1.00 4.66 01/10/1996 2.83% -9.58% 66.67% -1.65% -0.33%

ZI Threadneedle Japan Smaller Companies SCJPY 1.00 64.77 01/10/1996 -6.95% -11.76% -2.37% -55.23% -14.85%ZI Threadneedle UK Smaller Companies SCGBP 1.00 3.69 01/11/1998 3.71% -10.75% 69.29% -1.73% -0.35%

Alternative investments

ZI ASG Laser3 4GUSD 2.70 1.20 01/12/2010 -0.33% -5.83% - -4.32% -3.94%


of 0.75%.





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Alternative investments continued

ZI HSBC GIF GEM Debt Total Return HXUSD 1.00 1.53 20/03/2008 3.65% -2.29% 32.50% 23.03% 5.64%ZI JPMorgan Highbridge Statistical Market

Neutral SEK4 ADSEK 1.50 1.18 11/11/2009 0.25% -1.42% - -5.97% -2.82%ZI JPMorgan Highbridge Statistical MarketNeutral USD4,7 FQUSD 1.50 1.15 01/12/2008 -0.17% -3.11% -9.49% -7.23% -2.41%

ZI Jupiter Strategic Total Return GBP7 EBGBP 1.25 1.24 03/05/2011 0.24% - - -1.12% -1.69%ZI Jupiter Strategic Total Return EUR7 HWEUR 1.25 1.24 03/05/2011 0.32% - - -0.72% -1.08%ZI Jupiter Strategic Total Return USD7 6HUSD 1.25 1.23 03/05/2011 0.16% - - -1.28% -1.93%ZI Legg Mason Permal Global Absolute fundUSD O7USD 1.25 1.17 05/05/2010 -1.35% -6.58% - -6.65% -4.06%

ZI Legg Mason Permal Global Absolute fundSGD ATSGD 1.25 1.15 05/05/2010 -1.33% -6.86% - -8.05% -4.93%

ZI Lyxor Epsilon Managed Futures7 FZUSD 2.44 1.24 01/11/2011 - - - 1.06% 6.62%ZI Newton Phoenix Multi-asset LNGBP 1.50 1.63 18/10/2004 1.25% -2.87% 27.13% 2.39% 0.47%ZI Schroder ISF Emerging Markets DebtAbsolute Return7 OSUSD 1.50 1.45 09/04/2009 -0.62% -1.96% - 16.16% 5.64%

Closed to new business

ZI BlackRock ICS Euro Government10 DLEUR 0.20 1.23 09/04/2009 -0.16% -0.32% - -1.52% -0.56%ZI DWS Global Thematic10 ESUSD 1.50 0.77 01/11/2007 0.13% -17.15% 33.05% -38.16% -10.90%Dynamic Growth11 PGUSD 1.80 0.93 01/09/2006 0.11% -2.00% -1.06% -12.43% -2.62%ZI First State Hong Kong Growth12 FMUSD 1.50 2.58 27/09/2005 5.18% -12.51% 92.04% 52.00% 8.74%ZI Franklin MENA EUR5,10 BOEUR 2.00 1.21 01/12/2008 5.79% -13.87% 8.27% -3.75% -1.23%ZI HSBC GIF BRIC Equity13 HIUSD 1.00 1.70 27/09/2005 -2.24% -28.57% 69.12% -10.46% -2.19%ZI JPMorgan Global Capital PreservationEUR10 APEUR 1.25 1.20 10/07/2008 -5.14% -5.29% 5.27% -4.00% -1.17%

ZI JPMorgan Highbridge Statistical MarketNeutral EUR7,10 BIEUR 1.50 1.16 01/12/2008 -0.26% -2.68% -8.63% -6.43% -2.14%

ZI JPMorgan Highbridge Statistical MarketNeutral GBP4,7,10 AHGBP 1.50 1.16 01/12/2008 -0.26% -2.85% -9.16% -6.75% -2.24%

ZI Legg Mason WA Euro Core Bond10 CKEUR 1.00 1.23 01/11/2007 0.00% 1.40% 19.36% -1.36% -0.33%ZI Morgan Stanley Investment FundsAbsolute Return Currency7,8,10 AQEUR 2.00 1.22 10/07/2008 -0.08% -1.46% -0.41% -2.72% -0.79%

ZI Morgan Stanley Investment Funds USProperty14 DEUSD 1.40 3.02 01/11/2001 11.87% 3.54% 88.32% -16.34% -3.51%


of 0.75%.





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Closed to new business continued

ZI Pictet Funds Absolute Return GlobalConservative10 DOEUR 0.80 1.27 09/04/2009 0.88% -1.02% - 1.28% 0.47%

ZI Pictet Funds Absolute Return GlobalDiversified10 DPEUR 1.10 1.27 09/04/2009 1.68% -1.86% - 1.52% 0.55%

ZI Schroder ISF Emerging Markets DebtAbsolute Return EUR hedged10 DREUR 1.50 1.44 09/04/2009 -0.55% -1.77% - 15.53% 5.43%

ZI Schroder (SISF) US Smaller Companies15 CAUSD 1.50 3.47 01/11/1998 10.11% -7.61% 50.54% 0.93% 0.19%

Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deductions of the additional mirror fund charge

of 0.75%. You should note that investing in some of these markets could result in the possibility of large and sudden falls in the price of units. The shortfalls on cancellation or loss on realisation could be considerabl e. Details of the individual fundperformances are available on request. Mirror fund performance may not completely reflect the underlying fund performance due to some management charges incurred. The charges, expenses and taxation of the underlying fund are different andperformance may differ. Please refer to the Mirror funds - your guide booklet for details.


FE Crown Fund Ratings is a quantitative based ratings system founded on historical performance, volatility and consistency. Funds are ranked against a relative benchmark chosen by FE with the lowest-rated funds

carrying a single crown, and the highest awarded five crowns. Funds without a three-year track record are not rated. However, in some cases a rating is applied to funds whose underlying fund carries a three-year trackrecord. FE Crown Ratings are produced solely by FE and its accuracy or completeness cannot be guaranteed.

1For the Eagle funds, the fund price and performance is shown in sterling.

2 These funds are only available in US dollars and are advised upon by BlackRock Investment Management (UK) Limited. The series B funds were closed to new business on 14 December 2011. All other managed funds are advised upon by ThreadneedleAsset Management Limited.

3 Please note this fund is only available in the Middle East region.For investments into these funds, the fund manager may at their discretion, make payments based on the value of holdings in the funds to certain financial adviser firms. In the case ofthese funds, a distributor fee may be paid from the fund charges disclosed to you and rebated to the introducing broker via a commission sharing arrangement. Irrespective of any such arrangement, the fee paid by investors into the relevant shareclass of the underlying fund is the same and all investors rank equally with each other. Stated fund prices are inclusive of all such fees and relevant fund related charges. If these charges are relevant in your case, your financial adviser should makethese clear to you. Applications are subject to compliance with local regulations.

4 This fund is a hedged share class which aims to provide investors with a return correlated to the base currency performance of the fund, by reducing the effect of exchange rate fluctuations between the base and hedged currency. It is important tonote that the hedge is not perfect - it aims to reduce, not eliminate, currency risk.

5 The annual management charge (AMC) quoted may, in some instances contain an additional maintenance fee levied by the fund manager. This fee may be listed in the fund prospectus as separate to the AMC. For the purposes of this bulletin, wehave listed the AMC and the maintenance fee collectively.

6 The Investec Multi Asset Protector fund aims to provide protection of 80% of the highest net asset value per share ever achieved, however it is important to note that this level of protection is not guaranteed and applies only to the USD price. Theprotection mechanism is provided by a third party and Zurich International Life has no liability to investors in respect of this protection. The protection only applies to the capital amount invested in the fund and the application of plan charges by ZurichInternational Life may mean that investors could get back less than 80% of the capital invested.

7The manager of this fund may deduct a performance based fee from this fund. This charge is additional to the total yearly charge shown. For further information please refer to the fund manager's literature.

8 As the fund employs both long and short strategies, extreme market conditions could theoretically expose the fund to unlimited losses. Such extreme conditions could result in little or no growth and may result in losses to your original investment.Only investors seeking long-term growth over a five to ten year horizon with at least moderate volatility should consider this fund. With every investment, there is a risk to your capital and you may not get back what you originally invested.

9This fund is not available in the Middle East region.

10This fund was closed to new business on 23 November 2011. Existing investments in this fund are unaffected.

11This fund was closed to new business 27 January 2009. Existing investments in this fund are unaffected. The Dynamic Growth fund is available in US dollars. Its reference price as at 31 December 2011 is 0.908. For further details about the fund andits reference price please refer to the 'Investments-Your guide' brochure.

12This fund closed to new business on 31 December 2011. Existing investments in this fund are unaffected.

13The ZI HSBC BRIC Equity fund was closed to new business on 26 May 2006. Existing investments in this fund are unaffected.

14The ZI Morgan Stanley Investment Funds US Property fund was closed to new business on 1 May 2007. Existing investments in this fund are unaffected.

15The ZI Schroder (SISF) US Smaller Companies fund was closed to new business on 1 August 2002. Existing investments in this fund are unaffected.




15/30

Fund performance in US dollars to 31 December 2011




Low risk funds

Eagle Money Market1 SEEGL 0.75 13.83 01/03/1988 -0.69% 1.49% 9.70% 20.46% 3.79%Euro Money Market SEEUR 0.75 0.87 01/10/1995 -3.25% -3.12% -6.40% 3.68% 0.73%Japanese yen Money Market SEJPY 0.75 131.93 01/10/1995 0.18% 5.41% 20.02% 56.97% 9.44%

Sterling Money Market SEGBP 0.75 3.00 01/03/1988 -0.24% -0.70% 8.24% -18.22% -3.94%Swiss franc Money Market SECHF 0.75 1.24 31/12/2002 -2.87% -0.32% 13.82% 31.60% 5.65%US dollar Money Market SEUSD 0.75 2.09 01/03/1988 0.00% 0.00% 0.10% 5.56% 1.09%

Managed funds

Eagle Adventurous1 ADEGL 1.50 19.30 01/03/1988 6.59% -6.24% 45.96% -5.33% -1.09%Eagle Blue Chip1 BCEGL 1.50 23.08 01/03/1988 3.55% -3.37% 28.43% 5.51% 1.08%Eagle Performance1 PFEGL 1.50 21.41 01/03/1988 4.87% -5.70% 36.47% -1.46% -0.29%Euro Adventurous ADEUR 1.50 1.99 31/12/2002 6.19% -5.93% 45.38% -4.39% -0.89%Euro Blue Chip BCEUR 1.50 1.94 31/12/2002 1.57% -9.53% 17.05% -5.64% -1.15%Euro Cautious CAEUR 1.50 1.83 31/12/2002 0.49% -6.31% 13.86% 1.44% 0.29%Euro Defensive DEEUR 1.50 1.77 31/12/2002 -0.26% -2.63% 12.52% 10.56% 2.03%Euro Performance PFEUR 1.50 1.96 31/12/2002 3.17% -11.12% 24.58% -9.75% -2.03%Sterling Adventurous ADGBP 1.50 3.45 01/03/1988 7.39% -5.53% 46.42% -8.47% -1.75%Sterling Blue Chip BCGBP 1.50 4.19 01/03/1988 6.26% 0.95% 40.21% -4.43% -0.90%Sterling Cautious CAGBP 1.50 2.16 03/03/2003 6.10% 4.44% 37.67% -0.16% -0.03%Sterling Defensive DEGBP 1.50 1.96 03/03/2003 5.41% 7.79% 30.78% 1.86% 0.37%Sterling Performance PFGBP 1.50 4.19 01/03/1988 6.74% -4.03% 46.55% -6.71% -1.38%US dollar Adventurous ADUSD 1.50 2.87 01/03/1988 5.24% -7.06% 40.62% -7.89% -1.63%US dollar Adventurous - Series B2 KBUSD 1.50 1.19 01/07/2006 1.27% -13.62% 32.89% -13.37% -2.83%US dollar Blue Chip BCUSD 1.50 4.05 01/03/1988 4.11% 1.81% 31.56% 11.56% 2.21%US dollar Blue Chip - Series B 2 KCUSD 1.50 1.36 01/07/2006 3.42% -1.52% 33.79% 1.64% 0.33%US dollar Cautious CTUSD 1.50 1.91 03/03/2003 2.69% 3.98% 20.79% 14.82% 2.80%US dollar Cautious - Series B2 KDUSD 1.50 1.43 01/07/2006 2.51% 0.21% 27.79% 8.75% 1.69%US dollar Defensive DFUSD 1.50 1.83 03/03/2003 1.61% 5.05% 13.09% 19.90% 3.70%US dollar Defensive - Series B2 KEUSD 1.50 1.53 01/07/2006 1.59% 2.82% 26.17% 17.74% 3.32%US dollar Performance PFUSD 1.50 3.72 01/03/1988 5.11% -1.92% 38.26% 3.16% 0.62%US dollar Performance - Series B2 KFUSD 1.50 1.29 01/07/2006 3.37% -6.32% 35.40% -5.43% -1.11%





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Mirror funds

Money market

ZI Emirates Islamic Money Market3 3LUSD 0.35 1.27 09/08/2010 0.00% 0.40% - 1.28% 0.92%ZI Fidelity Currency EUR DVEUR 1.00 1.23 09/04/2009 -3.40% -3.94% - -3.76% -1.40%

ZI Fidelity Currency GBP BXGBP 1.00 1.23 09/04/2009 -0.40% -1.46% - 4.09% 1.48%ZI Fidelity Currency USD OYUSD 1.00 1.23 09/04/2009 -0.16% -0.73% - -2.00% -0.74%ZI Nordea 1 SEK Reserve AGSEK 0.13 1.27 05/05/2010 0.66% -0.28% - 9.12% 5.40%

Global bond

ZI Amundi Funds Bond Global Aggregate CWUSD 0.80 1.28 01/11/2011 - - - -1.61% -9.43%ZI BlackRock Global Funds GlobalGovernment Bond EUR4 ALEUR 0.75 1.41 10/07/2008 -2.76% -0.63% 1.45% -7.35% -2.17%

ZI BlackRock Global Funds GlobalGovernment Bond USD BPUSD 0.75 1.41 10/07/2008 0.43% 2.40% 8.82% 12.48% 3.44%

ZI Fidelity International Bond FCUSD 0.75 1.67 15/12/2003 -0.89% 1.96% 22.97% 22.16% 4.08%ZI HSBC MultiAlpha Global Aggregate Bond 3GUSD 0.90 1.28 09/08/2010 0.95% 2.56% - 1.19% 0.85%ZI Invesco Bond OPUSD 0.75 1.47 07/04/2009 -1.73% 5.89% - 17.92% 6.23%ZI Invesco Global Bond OQUSD 0.75 1.45 07/04/2009 0.21% 6.72% - 15.68% 5.48%ZI Invesco Global Bond EUR DNEUR 0.90 1.49 09/04/2009 2.53% 6.09% - 17.13% 5.96%ZI Loomis Sayles Multisector Income3 X7USD 1.80 1.36 01/06/2010 1.42% 2.18% - 9.14% 5.56%ZI Morgan Stanley Investment Funds GlobalBond DBUSD 0.80 2.10 01/11/1998 -0.85% 2.04% 13.72% 28.89% 5.21%

ZI Schroder ISF Global Convertible BondUSD R3USD 1.25 1.30 11/11/2009 0.00% -8.46% - 3.51% 1.62%

ZI Schroder ISF Global Convertible BondEUR FXEUR 1.25 1.29 05/11/2009 -3.40% -11.33% - -10.17% -4.86%

ZI Schroder ISF Global Inflation Linked BondEUR BLEUR 0.75 1.59 01/12/2008 -0.04% 7.35% 16.61% 31.26% 9.23%

ZI Schroder ISF Global Inflation Linked BondUSD4 GAUSD 0.75 1.58 01/12/2008 3.20% 10.17% 19.41% 26.48% 7.93%

ZI Templeton Global Bond SEK5 AJSEK 1.05 1.23 01/11/2011 - - - -6.83% -35.01%ZI Templeton Global Bond USD5 TEUSD 1.05 1.99 21/02/2006 0.50% -3.81% 25.02% 46.51% 7.94%ZI Templeton Global Total Return5 TDUSD 1.05 2.20 21/02/2006 1.20% -1.52% 49.32% 57.78% 9.55%ZI Threadneedle Global Bond IBUSD 0.75 2.24 01/10/1996 -1.36% 3.41% 1.36% 17.43% 3.27%

Sterling bond

ZI Threadneedle Sterling Bond BNGBP 1.00 2.91 01/10/1995 4.92% 12.87% 23.78% 2.69% 0.53%


of 0.75%.





17/30


18/30






Emerging markets bond continued

ZI HSBC GIF Global Emerging Markets Bond NUUSD 1.00 1.83 07/04/2009 5.34% 6.08% - 46.76% 15.11%ZI Invesco Emerging Local Currencies Debt 4YUSD 1.50 1.15 03/05/2011 -0.61% - - -10.24% -15.05%

ZI Threadneedle Emerging Market Bond EBUSD 1.50 5.05 01/11/1998 4.86% 5.96% 42.90% 34.49% 6.11%

Property

ZI Aviva Investors Property Trust DMGBP 1.25 1.06 04/05/2005 -0.05% -3.20% 9.85% -48.44% -12.41%ZI Henderson Horizon Asia Pacific PropertyEquities EFUSD 1.20 0.73 01/11/2007 -3.81% -27.60% 33.09% -41.44% -12.06%

ZI Henderson Horizon Global PropertyEquities BAUSD 1.20 0.97 01/11/2006 2.87% -11.10% 55.29% -27.85% -6.32%

ZI Morgan Stanley Investment Funds AsianProperty DCUSD 1.40 2.34 01/11/2001 -1.72% -23.97% 24.55% -26.15% -5.88%

ZI Morgan Stanley Investment FundsEuropean Property DDUSD 1.40 2.24 01/11/2001 -7.90% -16.49% 23.70% -59.49% -16.53%

ZI Schroder ISF Global Property Securities 7GUSD 1.50 1.16 01/09/2011 1.85% - - -8.74% -24.13%

Managed adventurous

ZI Emirates Active Managed3 K4USD 1.60 1.18 04/12/2009 2.52% -7.31% - -6.50% -3.19%

ZI HSBC International Select fund-Adventurous EUR DYEUR 1.25 1.00 01/11/2007 4.14% -10.81% 33.36% -27.98% -7.58%

ZI HSBC International Select fund-Adventurous USD DZUSD 1.25 0.90 01/11/2007 2.16% -9.93% 30.90% -28.10% -7.62%

Managed balanced

ZI BlackRock Global Funds Global AllocationEUR4 BHEUR 1.50 1.59 28/11/2008 3.38% -6.12% 26.64% 31.26% 9.23%

ZI BlackRock Global Funds Global AllocationSGD ALSGD 1.50 1.57 28/11/2008 1.36% -8.05% 33.61% 47.95% 13.56%

ZI BlackRock Global Funds Global AllocationUSD ERUSD 1.50 1.62 28/11/2008 1.25% -5.82% 23.91% 29.36% 8.72%

ZI Emirates Balanced Managed3 L4USD 1.60 1.20 04/12/2009 0.84% -5.60% - -5.00% -2.45%ZI Fidelity Multi Asset Navigator P2USD 1.25 1.26 11/11/2009 1.04% -5.33% - 0.32% 0.15%ZI HSBC International Select fund-BalancedEUR DQEUR 1.25 1.20 01/11/2007 3.42% -7.34% 32.54% -14.02% -3.56%

ZI HSBC International Select fund-Balanced

USD DRUSD 1.25 1.07 01/11/2007 1.42% -6.54% 30.13% -14.32% -3.64%


of 0.75%.





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Managed balanced continued

ZI HSBC Open Global Distribution DPGBP 1.25 1.33 01/11/2007 2.38% -2.28% 35.37% -20.57% -5.38%ZI HSBC Open Global Return DOGBP 1.25 1.36 01/11/2007 1.25% -3.58% 30.15% -18.95% -4.92%

ZI Jupiter Merlin Balanced Managed EUR GYEUR 1.50 1.33 09/08/2010 3.04% -5.65% - 3.14% 2.24%ZI Jupiter Merlin Balanced Managed USD Y9USD 1.50 1.34 09/08/2010 0.75% -5.11% - 3.00% 2.15%ZI JPMorgan Global Capital PreservationSEK Hedged4 AKSEK 1.70 1.18 01/11/2011 - - - -8.64% -42.31%

ZI JPMorgan Global Capital PreservationUSD7 CKUSD 1.25 1.21 10/07/2008 -5.03% -5.25% 4.31% -3.28% -0.96%

ZI M&G Managed Growth EIGBP 1.50 1.23 01/11/2011 - - - -8.29% -40.94%

Managed cautious

ZI Emirates Conservative Managed3 M4USD 1.50 1.17 04/12/2009 0.43% -2.25% - -6.54% -3.21%ZI HSBC International Select fund-CautiousEUR DUEUR 1.25 1.42 01/11/2007 2.21% -2.07% 26.77% 2.45% 0.58%

ZI HSBC International Select fund-CautiousUSD DVUSD 1.25 1.28 01/11/2007 0.31% -1.09% 24.39% 2.00% 0.48%

Managed growth

ZI Jupiter Merlin International Equity EUR GZEUR 1.50 1.32 09/08/2010 4.11% -10.70% - 2.29% 1.63%ZI Jupiter Merlin International Equity USD Z9USD 1.50 1.33 09/08/2010 1.77% -10.29% - 2.08% 1.49%

Global equity

ZI Aberdeen Global Technology Equity ATUSD 1.75 0.56 01/11/2000 4.52% -4.15% 77.88% 9.04% 1.75%ZI BlackRock Global Funds Global EnhancedEquity Yield FIUSD 1.50 0.96 01/11/2007 6.65% -5.78% 28.61% -23.04% -6.10%

ZI Fidelity International FAUSD 1.50 1.44 01/11/1998 4.26% -10.21% 32.87% -18.34% -3.97%ZI Fidelity World FEEUR 1.50 1.08 03/10/2005 3.89% -14.08% 25.10% -25.49% -5.72%ZI Franklin Templeton Mutual GlobalDiscovery5 R2USD 1.50 1.28 11/11/2009 4.16% -7.67% - 1.03% 0.48%

ZI Harris Associates Global Value3 4EUSD 2.70 1.13 01/12/2010 0.98% -14.39% - -9.60% -8.76%ZI HSBC MultiAlpha Global Equity 3IUSD 1.90 1.31 09/08/2010 3.38% -10.92% - -0.30% -0.22%ZI Investec Global Strategic Equity GMUSD 1.50 1.17 03/10/2005 5.87% -9.85% 28.09% -27.70% -6.28%ZI JPMorgan Global Dynamic CJUSD 1.50 0.81 01/11/2007 2.78% -12.50% 27.47% -35.04% -9.84%ZI M&G Global Basics EUR FQEUR 1.75 1.60 11/11/2009 2.45% -15.80% - 9.81% 4.45%

ZI M&G Global Basics USD M3USD 1.75 1.41 11/11/2009 0.07% -15.49% - 9.74% 4.42%Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge

of 0.75%.





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Global equity continued

ZI M&G Global Leaders EUR FREUR 1.75 1.44 11/11/2009 4.77% -15.00% - -0.41% -0.19%ZI M&G Global Leaders USD N3USD 1.75 1.26 11/11/2009 2.35% -14.71% - -0.47% -0.22%

ZI Threadneedle Global Select GSUSD 1.50 1.57 01/11/2000 5.64% -9.44% 31.83% -11.12% -2.33%

UK equity

ZI BlackRock Global Funds United Kingdom CHGBP 1.50 1.17 01/11/2007 6.39% -9.54% 53.56% -30.00% -8.21%ZI Invesco Perpetual Income CIGBP 1.50 1.26 01/11/2007 5.71% 5.63% 41.39% -24.69% -6.58%ZI Threadneedle UK EQGBP 1.00 3.18 01/10/1995 8.43% -5.38% 53.56% -12.01% -2.53%

North American equity

ZI BlackRock Global Funds US FlexibleEquity MAUSD 1.50 1.18 01/11/1998 7.49% -1.83% 32.10% -19.11% -4.15%

ZI BNPPL1 Opportunities USA KKUSD 1.50 1.32 01/04/2007 -2.80% -19.90% 22.79% 5.35% 1.10%ZI HSBC MultiAlpha North American Equity 3HUSD 1.50 1.43 09/08/2010 7.74% -2.32% - 10.23% 7.24%ZI Investec GSF American Equity CGUSD 1.50 0.86 01/11/2007 4.12% -15.44% 30.90% -31.20% -8.59%ZI Threadneedle American EQUSD 1.00 3.85 01/10/1995 7.87% 2.28% 57.07% 5.07% 0.99%

European equity

ZI Baring GUF Eastern EuropeNAUSD 1.50 6.11 01/11/1998 -6.55% -31.96% 51.15% -36.30% -8.62%ZI BlackRock Global Funds European Small

& MidCap Opportunities MBUSD 1.50 2.13 01/11/1998 -3.14% -17.46% 37.58% -24.97% -5.58%

ZI Fidelity European Growth FDEUR 1.50 1.41 18/10/2004 2.44% -19.16% 18.08% -30.27% -6.96%ZI Fidelity Nordic FFSEK 1.50 8.87 01/04/2007 3.65% -19.66% 48.59% -28.37% -6.79%ZI Henderson Gartmore ContinentalEuropean CFEUR 1.50 0.90 01/11/2007 1.39% -13.82% 12.02% -35.54% -10.01%

ZI HSBC MultiAlpha Europe Equity HBEUR 1.50 1.22 09/08/2010 1.40% -15.96% - -9.40% -6.84%ZI Invesco Pan European Equity IVUSD 1.50 1.03 01/11/2000 0.29% -14.31% 26.23% -26.16% -5.89%ZI Threadneedle Pan European EQEUR 1.00 2.54 01/10/1995 4.74% -12.80% 37.73% -7.48% -1.54%ZI UBS Swiss Equity CMCHF 1.50 0.82 01/11/2007 1.32% -12.54% 21.50% -18.36% -4.75%

Far Eastern equity

ZI Aberdeen Global Asia Pacific Equity ARUSD 1.75 2.38 04/05/2005 0.46% -16.14% 76.48% 19.91% 3.70%ZI Aberdeen Global Chinese Equity ASUSD 1.75 2.52 15/03/2004 2.35% -15.85% 77.36% 26.10% 4.75%ZI Absolute Asia Pacific Rim Equities3 4HUSD 2.40 1.01 01/12/2010 1.10% -23.65% - -19.38% -17.77%

ZI Allianz RCM Oriental Income KNUSD 1.50 2.04 18/10/2004 2.15% -11.68% 34.36% -1.16% -0.23%Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge

of 0.75%.





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Far Eastern equity continued

ZI Allianz RCM Thailand KMUSD 1.75 2.69 18/10/2004 6.61% -5.07% 199.33% 80.81% 12.58%ZI Allianz RCM Total Return Asian Equity BZUSD 1.75 1.62 16/02/2006 3.84% -16.18% 61.23% 0.93% 0.19%

ZI Amundi Funds Equity ASEAN EXUSD 1.70 0.80 01/11/2007 6.53% -10.22% 96.80% -36.08% -10.19%ZI Baring Hong Kong China BXUSD 1.25 0.96 20/03/2008 -0.31% -19.80% 33.52% -8.10% -2.21%ZI Fidelity China Focus FKUSD 1.50 1.05 20/03/2008 1.35% -20.66% 39.52% -3.66% -0.98%ZI Fidelity India Focus FGUSD 1.50 0.81 20/03/2008 -14.36% -33.64% 57.84% -26.82% -7.93%ZI Fidelity Korea FBUSD 1.50 4.18 23/07/2001 1.55% -13.80% 76.30% -0.38% -0.08%ZI Fidelity Pacific EMUSD 1.50 0.80 01/11/2007 -1.24% -20.02% 64.40% -36.08% -10.19%ZI Fidelity Singapore EGSGD 1.50 0.91 01/11/2007 -1.27% -19.24% 71.87% -18.21% -4.71%ZI First State Asian Equity Plus FOUSD 1.50 2.38 03/10/2005 1.93% -11.07% 69.06% 42.00% 7.26%ZI First State China Growth FNUSD 1.50 3.41 03/10/2005 2.77% -15.33% 86.60% 54.50% 9.09%ZI Henderson Horizon China8 T2USD 1.20 0.90 11/11/2009 1.35% -32.33% - -28.47% -14.44%ZI HSBC GIF Chinese Equity HBUSD 1.50 4.42 01/11/1998 2.36% -20.52% 24.32% -12.76% -2.69%ZI HSBC GIF Hong Kong Equity HAUSD 1.00 3.03 01/11/1998 1.54% -23.05% 31.12% -4.24% -0.86%ZI HSBC GIF Indian Equity HCUSD 1.50 6.22 23/07/2001 -20.04% -45.28% 39.30% -26.62% -6.00%ZI HSBC GIF Thai Equity HGUSD 1.50 1.98 27/09/2005 7.50% -5.36% 150.82% 48.69% 8.26%ZI JF ASEAN JCUSD 1.50 4.95 01/11/1998 4.54% -11.83% 112.44% 30.51% 5.47%

ZI JF Asia Domestic Opportunities7 APUSD 1.50 0.72 01/11/2007 -1.64% -24.84% 43.71% -42.40% -12.41%ZI JF Eastern JBUSD 1.50 4.28 01/11/1998 2.32% -22.30% 57.68% -1.29% -0.26%ZI JF Indonesia JRUSD 1.50 1.81 20/03/2008 5.11% 1.91% 256.50% 71.50% 15.33%ZI JF Korea JEUSD 1.50 3.22 18/10/2004 7.33% -21.98% 72.45% 13.37% 2.54%ZI JF Malaysia DIUSD 1.50 1.38 01/11/2007 10.40% -1.64% 114.29% 10.40% 2.40%ZI JF Pacific Securities JAUSD 1.50 4.67 01/11/1998 0.56% -20.76% 33.08% -1.95% -0.39%ZI JPMorgan JF India JIUSD 1.50 1.23 01/11/2006 -12.73% -31.94% 45.18% -10.19% -2.13%ZI JPMorgan JF Singapore CZUSD 1.50 0.83 01/11/2007 -1.66% -18.47% 80.04% -33.60% -9.37%ZI JPMorgan JF Taiwan IYUSD 1.50 1.23 01/11/2006 -3.23% -19.00% 63.95% -9.97% -2.08%ZI Threadneedle Asia PBUSD 1.00 2.58 01/10/1995 4.28% -19.05% 53.93% 5.43% 1.06%ZI UBS Australian Equity UDAUD 1.50 1.88 15/12/2003 8.60% -14.12% 71.09% 5.63% 1.10%

Japanese equity

ZI BlackRock Global Funds Japan Small &MidCap Opportunities MCUSD 1.50 0.90 01/11/2000 -8.44% -12.02% 10.70% -36.80% -8.77%

ZI Threadneedle JapanEQJPY 1.00 50.65 01/10/1995 -3.29% -15.57% -6.60% -42.42% -10.45%






22/30






Emerging markets equity

ZI Aberdeen Global Emerging MarketsSmaller Companies AFUSD 1.75 1.58 20/03/2008 3.55% -16.87% 122.11% 36.07% 8.49%

ZI BlackRock Global Funds EmergingEurope9 MKUSD 1.75 1.07 21/02/2006 -3.43% -28.27% 63.51% -33.60% -7.86%

ZI BlackRock Global Funds Latin American MIUSD 1.75 2.33 27/09/2005 1.93% -25.02% 94.25% 21.37% 3.95%ZI BNPPL1 Equity Russia KHEUR 1.75 1.05 01/11/2006 2.94% -27.46% 129.75% -25.62% -5.75%ZI Emirates MENA Top Companies3 3MUSD 1.75 1.18 09/08/2010 1.46% -8.46% - -5.52% -4.00%ZI Fidelity Emerging Europe, Middle Eastand Africa FBEUR 1.50 1.31 20/03/2008 3.48% -22.51% 84.10% -4.96% -1.34%

ZI Franklin MENA USD5 GCUSD 2.00 1.23 01/12/2008 0.82% -15.95% -0.57% -1.76% -0.57%ZI Hansberger Emerging Latin American3 4FUSD 2.70 0.89 01/12/2010 2.77% -28.86% - -28.74% -26.50%ZI HSBC GIF Brazil Equity USD Z6USD 1.75 1.02 05/05/2010 1.89% -26.08% - -15.38% -9.58%ZI HSBC MultiAlpha Global EmergingMarkets Equity 3FUSD 1.50 1.18 09/08/2010 2.34% -21.40% - -11.49% -8.38%

ZI JPMorgan Africa Equity EPUSD 1.50 2.27 01/12/2008 2.34% -23.66% 78.40% 82.70% 21.61%ZI JPMorgan Emerging Middle East Equity JGUSD 1.50 1.57 04/05/2005 -6.09% -28.32% 20.28% -12.33% -2.60%ZI Jupiter India Select 6FUSD 1.75 0.84 03/05/2011 -21.02% - - -32.09% -44.24%ZI Morgan Stanley Investment FundsEmerging Markets Equity CUUSD 1.60 0.76 01/11/2007 -0.78% -19.51% 58.79% -39.28% -11.29%

ZI Natixis Emerging Europe3 7EUSD 2.70 1.08 01/09/2011 -6.35% - - -18.17% -45.42%ZI Parvest Equity Brazil 4TUSD 1.75 0.96 21/03/2011 4.22% - - -22.96% -27.52%ZI PineBridge Latin America Small & MidcapEquity FRUSD 1.30 1.18 01/11/2011 - - - -12.32% -55.10%

ZI Schroder ISF BRIC CCUSD 1.50 1.35 01/11/2006 0.67% -23.15% 47.81% -7.08% -1.46%ZI Templeton BRIC5 TFUSD 2.10 1.30 01/09/2006 -1.96% -27.30% 51.93% -13.95% -2.96%ZI Templeton Emerging Markets5 TBUSD 2.10 3.51 01/11/1998 3.06% -16.46% 63.80% -2.93% -0.59%ZI Threadneedle Latin America LAUSD 1.00 6.59 01/10/1996 6.48% -22.95% 87.49% 20.87% 3.86%

Specialist

ZI Amundi Funds Absolute Volatility WorldEquities7 N2USD 1.00 1.33 11/11/2009 3.60% 3.84% - 5.83% 2.67%

ZI Amundi Funds Equity Global Luxury andLifestyle CDUSD 1.70 1.22 01/11/2011 - - - -12.11% -54.43%

ZI BlackRock Global Funds New EnergyMEUSD 1.75 0.93 01/11/2001 -0.85% -22.99% -18.97% -43.23% -10.71%






23/30







ZI BlackRock Global Funds World Energy MHUSD 1.75 1.79 04/05/2005 6.69% -15.15% 35.92% -0.50% -0.10%ZI BlackRock Global Funds World Financials MJUSD 1.50 0.56 01/04/2007 -1.93% -23.71% 4.09% -55.34% -15.62%

ZI BlackRock Global Funds World Gold EUR IFEUR 1.75 1.17 01/11/2011 - - - -12.86% -56.73%ZI BlackRock Global Funds World Gold USD MDUSD 1.75 7.93 01/11/2001 -8.81% -21.08% 56.40% 35.34% 6.24%ZI BlackRock Global Funds World Gold -SGD hedged AOSGD 1.75 1.80 09/04/2009 -8.96% -23.53% - 68.76% 21.13%

ZI BlackRock Global Funds WorldHealthscience9 ONUSD 1.50 1.72 07/04/2009 2.20% 3.06% - 37.44% 12.36%

ZI BlackRock Global Funds World MiningSGD hedged AASGD 1.75 2.18 28/11/2008 -0.51% -33.56% 91.56% 106.47% 26.54%

ZI BlackRock Global Funds World MiningUSD MGUSD 1.75 2.77 18/10/2004 -0.14% -30.96% 83.94% 2.74% 0.54%

ZI BlackRock Global Funds WorldTechnology EUR FLEUR 1.50 1.60 11/11/2009 0.58% -14.21% - 9.77% 4.43%

ZI BlackRock Global Funds WorldTechnology USD K2USD 1.50 1.40 11/11/2009 -1.55% -14.07% - 9.04% 4.11%

ZI BlackRock Gold and General EJGBP 1.75 1.13 01/11/2011 - - - -13.78% -59.44%ZI BNPPL1Equity World Utilities KGEUR 1.50 0.88 01/11/2006 1.26% -8.76% -7.56% -33.71% -7.89%

ZI DWS Global Agribusiness EVUSD 1.50 0.98 01/11/2007 -0.61% -15.65% 67.98% -21.52% -5.65%ZI DWS Global Thematic ESUSD 1.50 0.77 01/11/2007 0.13% -17.15% 33.05% -38.16% -10.90%ZI First State Global Resources 4LUSD 1.50 0.87 01/12/2010 0.00% -26.64% - -29.95% -27.99%ZI Franklin Templeton Gold and PreciousMetals EUR4,5 HTEUR 1.50 0.96 03/05/2011 -9.68% - - -33.81% -46.35%

ZI Franklin Templeton Gold and PreciousMetals SEK4,5 AHSEK 1.50 0.96 03/05/2011 -6.37% - - -33.19% -45.59%

ZI Franklin Templeton Gold and PreciousMetals USD5 6CUSD 1.50 0.96 03/05/2011 -6.07% - - -24.01% -33.93%

ZI Invesco Asia Consumer Demand CFUSD 1.50 1.45 10/07/2008 -0.96% -19.88% 67.67% 15.76% 4.30%ZI Invesco Asia Infrastructure DLUSD 1.50 0.71 01/11/2007 2.88% -18.12% 41.67% -42.88% -12.58%ZI Investec GSF Global Energy GNUSD 1.50 1.34 21/02/2006 8.13% -14.77% 38.70% 1.05% 0.21%ZI JF Five Elements CHUSD 1.50 1.13 10/07/2008 2.83% -25.25% 61.60% -9.76% -2.91%ZI JPMorgan Global Consumer Trends 6AUSD 1.50 1.02 03/05/2011 2.41% - - -21.72% -30.90%ZI JPMorgan Global Natural Resources EUR ILEUR 1.50 1.13 01/04/2007 -0.69% -32.43% 110.55% -13.06% -2.91%

ZI JPMorgan Global Natural Resources USD CIUSD 1.50 0.87 10/07/2008 -2.78% -32.22% 105.41% -30.16% -9.82%Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge

of 0.75%.





24/30







ZI JPMorgan JF Pacific Technology IMUSD 1.50 1.16 01/04/2007 -0.26% -20.71% 33.03% -8.11% -1.77%ZI Jupiter Climate Change Solutions GBP EDGBP 1.50 1.07 03/05/2011 2.24% - - -20.89% -29.79%

ZI Jupiter Climate Change Solutions EUR HYEUR 1.50 1.13 03/05/2011 3.14% - - -21.86% -31.08%ZI Jupiter Climate Change Solutions USD 6JUSD 1.50 1.01 03/05/2011 0.80% - - -22.66% -32.15%ZI Jupiter Ecology GDGBP 1.50 2.11 18/10/2004 2.33% -12.38% 27.23% -22.93% -5.08%ZI Jupiter Global Financials EUR FOEUR 1.50 1.17 11/11/2009 2.24% -23.29% - -19.90% -9.80%ZI Jupiter Global Financials USD K3USD 1.50 1.02 11/11/2009 -0.87% -23.66% - -20.57% -10.15%ZI Schroder AS Commodity CNUSD 1.50 1.12 01/11/2007 -1.06% -9.05% 33.81% -10.72% -2.69%ZI Schroder AS Gold and Precious Metals L7USD 1.50 1.33 05/05/2010 -6.06% -1.77% - 8.73% 5.18%ZI Schroder ISF Global Climate ChangeEquity CLUSD 1.50 0.94 10/07/2008 2.61% -14.27% 27.09% -24.50% -7.77%

Islamic

ZI Amundi Islamic BRIC Quant EAUSD 1.70 1.20 01/11/2011 - - - -15.55% -64.25%ZI Amundi Islamic Global Resources EHUSD 1.70 1.31 01/11/2011 - - - -6.58% -33.93%ZI DWS Noor Precious Metals Securities ITUSD 1.50 1.35 01/04/2007 -10.57% -25.97% 37.88% 7.72% 1.58%ZI Emirates Islamic Balanced3 N4USD 1.60 1.19 22/01/2010 2.50% -3.72% - -5.41% -2.65%ZI HSBC Amanah Asia Pacific ex Japan X2USD 1.50 1.25 11/11/2009 1.30% -19.31% - -2.43% -1.14%ZI HSBC Amanah Europe Equity Y2USD 1.50 1.19 11/11/2009 2.50% -13.63% - -6.51% -3.09%ZI HSBC Amanah Global Equity Z2USD 1.50 1.42 11/11/2009 4.41% -6.88% - 10.49% 4.75%ZI HSBC Amanah Global Equity Index HFUSD 0.75 1.44 18/10/2004 7.76% -1.50% 26.44% -7.55% -1.56%

Smaller companies

ZI JF Japan OTC JFJPY 1.75 35.83 04/05/2005 -4.68% -17.54% -13.58% -69.12% -20.94%ZI JF Pacific Smaller Companies JDUSD 1.50 1.52 15/03/2004 -3.18% -22.35% 50.54% -16.19% -3.47%ZI Templeton Global Smaller Companies5 TAUSD 1.50 1.95 01/11/1998 -5.52% -26.62% 49.58% -34.93% -8.24%ZI Threadneedle American SmallerCompanies SCUSD 1.00 3.09 01/10/1996 9.22% -9.38% 78.17% 16.76% 3.15%

ZI Threadneedle European SmallerCompanies SCEUR 1.00 4.66 01/10/1996 -0.51% -12.50% 55.65% -3.18% -0.64%

ZI Threadneedle Japan Smaller Companies SCJPY 1.00 64.77 01/10/1996 -6.78% -6.98% 15.03% -30.66% -7.06%ZI Threadneedle UK Smaller Companies SCGBP 1.00 3.69 01/11/1998 3.46% -11.41% 82.99% -21.97% -4.84%

Alternative investments

ZI ASG Laser3 4GUSD 2.70 1.20 01/12/2010 -0.33% -5.83% - -4.32% -3.94%


of 0.75%.





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Alternative investments continued

ZI HSBC GIF GEM Debt Total Return HXUSD 1.00 1.53 20/03/2008 3.65% -2.29% 32.50% 23.03% 5.64%ZI JPMorgan Highbridge Statistical Market

Neutral SEK4 ADSEK 1.50 1.18 11/11/2009 0.44% -3.32% - -3.80% -1.79%

ZI JPMorgan Highbridge Statistical MarketNeutral USD4,7 FQUSD 1.50 1.15 01/12/2008 -0.17% -3.11% -9.49% -7.23% -2.41%

ZI Jupiter Strategic Total Return GBP7 EBGBP 1.25 1.24 03/05/2011 0.01% - - -6.80% -10.09%ZI Jupiter Strategic Total Return EUR7 HWEUR 1.25 1.24 03/05/2011 -2.93% - - -13.16% -19.18%ZI Jupiter Strategic Total Return USD7 6HUSD 1.25 1.23 03/05/2011 0.16% - - -1.28% -1.93%ZI Legg Mason Permal Global Absolute fundUSD O7USD 1.25 1.17 05/05/2010 -1.35% -6.58% - -6.65% -4.06%

ZI Legg Mason Permal Global Absolute fundSGD ATSGD 1.25 1.15 05/05/2010 -0.84% -7.98% - -2.25% -1.36%

ZI Lyxor Epsilon Managed Futures7 FZUSD 2.44 1.24 01/11/2011 - - - 1.06% 6.62%ZI Newton Phoenix Multi-asset LNGBP 1.50 1.63 18/10/2004 1.00% -3.58% 37.42% -18.69% -4.05%ZI Schroder ISF Emerging Markets DebtAbsolute Return7 OSUSD 1.50 1.45 09/04/2009 -0.62% -1.96% - 16.16% 5.64%

Closed to new business

ZI BlackRock ICS Euro Government10

DLEUR 0.20 1.23 09/04/2009 -3.40% -3.55% - -3.37% -1.25%ZI DWS Global Thematic10 ESUSD 1.50 0.77 01/11/2007 0.13% -17.15% 33.05% -38.16% -10.90%Dynamic Growth11 PGUSD 1.80 0.93 01/09/2006 0.11% -2.00% -1.06% -12.43% -2.62%ZI First State Hong Kong Growth12 FMUSD 1.50 2.58 27/09/2005 5.18% -12.51% 92.04% 52.00% 8.74%ZI Franklin MENA EUR5,10 BOEUR 2.00 1.21 01/12/2008 2.36% -16.65% 1.11% -0.80% -0.26%ZI HSBC GIF BRIC Equity13 HIUSD 1.00 1.70 27/09/2005 -2.24% -28.57% 69.12% -10.46% -2.19%ZI JPMorgan Global Capital PreservationEUR10 APEUR 1.25 1.20 10/07/2008 -8.22% -8.36% -1.69% -21.10% -6.59%

ZI JPMorgan Highbridge Statistical MarketNeutral EUR7,10 BIEUR 1.50 1.16 01/12/2008 -3.49% -5.82% -14.67% -3.56% -1.17%

ZI JPMorgan Highbridge Statistical MarketNeutral GBP4,7,10 AHGBP 1.50 1.16 01/12/2008 -0.49% -3.56% -1.81% -2.35% -0.77%

ZI Legg Mason WA Euro Core Bond10 CKEUR 1.00 1.23 01/11/2007 -3.25% -1.88% 11.47% -11.29% -2.84%ZI Morgan Stanley Investment FundsAbsolute Return Currency7,8,10 AQEUR 2.00 1.22 10/07/2008 -3.33% -4.65% -6.99% -20.04% -6.24%

ZI Morgan Stanley Investment Funds US

Property14 DEUSD 1.40 3.02 01/11/2001 11.87% 3.54% 88.32% -16.34% -3.51%


of 0.75%.





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Closed to new business continued

ZI Pictet Funds Absolute Return GlobalConservative10 DOEUR 0.80 1.27 09/04/2009 -2.40% -4.22% - -0.62% -0.23%

ZI Pictet Funds Absolute Return GlobalDiversified10 DPEUR 1.10 1.27 09/04/2009 -1.62% -5.03% - -0.39% -0.14%

ZI Schroder ISF Emerging Markets DebtAbsolute Return EUR hedged10 DREUR 1.50 1.44 09/04/2009 -3.78% -4.95% - 13.36% 4.70%

ZI Schroder (SISF) US Smaller Companies15 CAUSD 1.50 3.47 01/11/1998 10.11% -7.61% 50.54% 0.93% 0.19%

Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deductions of the additional mirror fund charge

of 0.75%. You should note that investing in some of these markets could result in the possibility of large and sudden falls in the price of units. The shortfalls on cancellation or loss on realisation could be considerabl e. Details of the individual fundperformances are available on request. Mirror fund performance may not completely reflect the underlying fund performance due to some management charges incurred. The charges, expenses and taxation of the underlying fund are different andperformance may differ. Please refer to the Mirror funds - your guide booklet for details.


FE Crown Fund Ratings is a quantitative based ratings system founded on historical performance, volatility and consistency. Funds are ranked against a relative benchmark chosen by FE with the lowest-rated funds

carrying a single crown, and the highest awarded five crowns. Funds without a three-year track record are not rated. However, in some cases a rating is applied to funds whose underlying fund carries a three-year trackrecord. FE Crown Ratings are produced solely by FE and its accuracy or completeness cannot be guaranteed.

1For the Eagle funds, the fund price and performance is shown in sterling.

2 These funds are only available in US dollars and are advised upon by BlackRock Investment Management (UK) Limited. The series B funds were closed to new business on 14 December 2011. All other managed funds are advised upon by ThreadneedleAsset Management Limited.

3 Please note this fund is only available in the Middle East region.For investments into these funds, the fund manager may at their discretion, make payments based on the value of holdings in the funds to certain financial adviser firms. In the case ofthese funds, a distributor fee may be paid from the fund charges disclosed to you and rebated to the introducing broker via a commission sharing arrangement. Irrespective of any such arrangement, the fee paid by investors into the relevant shareclass of the underlying fund is the same and all investors rank equally with each other. Stated fund prices are inclusive of all such fees and relevant fund related charges. If these charges are relevant in your case, your financial adviser should makethese clear to you. Applications are subject to compliance with local regulations.

4 This fund is a hedged share class which aims to provide investors with a return correlated to the base currency performance of the fund, by reducing the effect of exchange rate fluctuations between the base and hedged currency. It is important tonote that the hedge is not perfect - it aims to reduce, not eliminate, currency risk.

5 The annual management charge (AMC) quoted may, in some instances contain an additional maintenance fee levied by the fund manager. This fee may be listed in the fund prospectus as separate to the AMC. For the purposes of this bulletin, wehave listed the AMC and the maintenance fee collectively.

6 The Investec Multi Asset Protector fund aims to provide protection of 80% of the highest net asset value per share ever achieved, however it is important to note that this level of protection is not guaranteed and applies only to the USD price. Theprotection mechanism is provided by a third party and Zurich International Life has no liability to investors in respect of this protection. The protection only applies to the capital amount invested in the fund and the application of plan charges by ZurichInternational Life may mean that investors could get back less than 80% of the capital invested.

7The manager of this fund may deduct a performance based fee from this fund. This charge is additional to the total yearly charge shown. For further information please refer to the fund manager's literature.

8 As the fund employs both long and short strategies, extreme market conditions could theoretically expose the fund to unlimited losses. Such extreme conditions could result in little or no growth and may result in losses to your original investment.

Only investors seeking long-term growth over a five to ten year horizon with at least moderate volatility should consider this fund. With every investment, there is a risk to your capital and you may not get back what you originally invested.9

This fund is not available in the Middle East region.10

This fund was closed to new business on 23 November 2011. Existing investments in this fund are unaffected.11This fund was closed to new business 27 January 2009. Existing investments in this fund are unaffected. The Dynamic Growth fund is available in US dollars. Its reference price as at 31 December 2011 is 0.908. For further details about the fund and

its reference price please refer to the 'Investments-Your guide' brochure.12

This fund closed to new business on 31 December 2011. Existing investments in this fund are unaffected.13

The ZI HSBC BRIC Equity fund was closed to new business on 26 May 2006. Existing investments in this fund are unaffected.14

The ZI Morgan Stanley Investment Funds US Property fund was closed to new business on 1 May 2007. Existing investments in this fund are unaffected.15

The ZI Schroder (SISF) US Smaller Companies fund was closed to new business on 1 August 2002. Existing investments in this fund are unaffected.




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The Eagle

The Eagle currency is a basket of four globally recognised currencies. Whilst the Eagle is designed to spread currency risk, it cannot remove volatility and the value of the Eagle exchange rate, like any currency, can changedaily. Each Eagle is made up of 1 sterling, 2 US dollars, approximately 2.05 euros plus 500 Japanese yen.

The Eagle is currently worth (buying price) as at 31 December 2011

USD 12.65 GBP 8.19

It must be remembered that the value of the Eagle can fluctuate and past performance is not a guide to future performance. The value of any investment and the income from it can fall as a result of

market and currency fluctuations and you may not get back the amount originally invested.




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Important information

a) The figures shown within this document include the deduction of the standard management charge.b) The figures have been calculated on bid prices on the last day of each month.c) Details of the individual fund performance are available on request.Zurich International Life is a business name of Zurich International Life Limited.Zurich International Life Limited is fully authorised under the Isle of Man Insurance Act 2008 and is regulated by Isle of Man Government Insurance and Pensions Authority which ensures that the company hassound and professional management and provision has been made to protect policy owners.For life assurance companies authorised in the Isle of Man, the Isle of Man's Life Assurance (Compensation of Policyholders) Regulations 1991, ensure that in the event of a life assurance company being unableto meet its liabilities to its policy owners, up to 90% of the liability to the protected policy owner will be met.The protection applies to the solvency of Zurich International Life Limited and does not extend to protecting the value of the assets held within any unit-linked funds linked to your policy.

Zurich International Life is only able to give information on the products of Zurich International Life Limited.Not for sale to residents or nationals of the United States.Zurich International Life Limited is registered (Registration No. 63) under UAE Federal Law Number 6 of 2007, and its activities in the UAE are governed by such law.Zurich International Life Limited is registered in Bahrain under Commercial Registration No. 17444.Zurich International Life Limited is authorised by the Qatar Financial Centre Regulatory Authority.The price of units can fall as well as rise, not only due to movements in the value of i nvestments, but also on account of currency movements where investments are not held in the currency of the fund.You should note that when investing into a mirror fund, the charges, expenses and taxation of the underlying fund are different and performance may differ.Nothing contained in this report should be construed as guidance to the suitability of the markets mentioned. Anyone considering investing in these markets should seek professional guidance. The informationcontained in this report is only a summary and may be subject to change without notice. It was obtained from what we believe to be reliable sources. However its accuracy or completeness cannot beguaranteed. Neither Zurich International Life Limited, nor any companies in the Zurich Group nor representatives, can accept responsibility for any errors or omissions.This bulletin is not intended as an offer to invest.Calls may be recor

Documents

Monthly Bulletin - January 2012