Tokio Marine Japanese Equity Focus Fund Monthly Report August 2016

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Fund Manager Objective The objective of the Fund is to achieve long-term capital growth over TOPIX Total Return Index by investing in a concentrated, high-conviction portfolio of stocks, focusing on

Fund Details Launch Date 31 August 2010 Month-end Fund Size JPY 66,453 million Fund Performance since inception in JPY 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 Hiroyasu Sato NAV

1 Fund Manager Objective The objective of the Fund is to achieve long-term capital growth over TOPIX Total Return Index by investing in a concentrated, high-conviction portfolio of stocks, focusing on companies 3-5 year earnings growth. Fund Details Launch Date 31 August 2010 Month-end Fund Size JPY 66,453 million Fund Performance since inception in JPY 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 Hiroyasu Sato NAV TOPIX Total Return Index 8,000 Aug-10 Apr-11 Dec-11 Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16 Cumulative Performance 1 month 3 month 6 month YTD 1 year Since 3 year 5 year Inception (pa) (pa) (pa) Fund -3.31% -5.66% 1.52% % % 11.12% 15.37% 12.08% Benchmark 0.55% -3.47% 3.64% % % 8.45% 13.90% 10.49% Excess Return -3.86% -2.19% -2.12% -1.16% -0.73% 2.67% 1.47% 1.59% Fund 17.94% 13.31% 58.60% 16.56% % 9.03% Benchmark 12.06% 10.27% 54.41% 20.86% % 9.37% Excess Return 5.88% 3.04% 4.19% -4.29% 2.83% -0.34% 2010: 31 August (fund launch date) through December-end The Fund performance is represented by performance of Class D Past performance is not a guide to future performance 1 year:29 August through August-end Source: Tokio Marine Asset Management Co., Ltd. based on Net Asset Value per share calculated by SMT Fund Services (Ireland) Limited, in JPY. Top 10 Holdings as at month-end Ticker Name Fund Benchmark 7270 Fuji Heavy Industries Ltd. 5.61% 0.66% 7201 Nissan Motor Co., Ltd. 5.13% 0.70% 8750 Dai-Ichi Life Insurance Company, Limited 4.61% 0.46% 6981 Murata Manufacturing Co., Ltd. 4.38% 0.74% 8316 Sumitomo Mitsui Financial Group, Inc. 4.34% 1.45% 8591 Orix Corporation 4.11% 0.53% 7733 Olympus Corp. 3.85% 0.26% 9513 Electric Power Development Co., Ltd. 3.37% 0.11% 7974 Nintendo Co., Ltd. 3.26% 0.71% 5020 JX Holdings, Inc. 3.16% 0.24% Base Currency JPY Benchmark TOPIX Total Return Index Sector Japanese Equity Number of Holdings 39 (as at month-end) Domicile / Legal Structure Ireland, OEIC (UCITS) Liquidity Daily Investment Information Target Alpha 5.0 % Annualised Tracking Error 4.3% (for the past 3 years) Stock Holdings stocks Share Information Annual management charge 0.70%* 1 Min. initial investment JPY 100,000,000 GBP 1,000,000 EUR 1,000,000 USD 1,000,000 CHF 1,000,000 * 1 Annual management charge refers to combined investment management fee and distributor fee. Please see the prospectus or contact the distributor for fund fee structure details.

2 Positive/Negative Contributors Positive Contributors Negative Contributors Mabuchi Motor Co., Ltd Don Quijote Holdings Co.,Ltd Sumitomo Mitsui Financial Group, Inc Santen Pharmaceutical Co., Ltd SMC Corporation Otsuka Corporation Electric Pow er Development Co., Ltd Nitori Holdings Co., Ltd Murata Manufacturing Co., Ltd K'S Holdings Corporation Commentary and Outlook Market Review The yen strengthened and stock prices weakened at the beginning of the month after investors were left disappointed by the BOJ s Monetary Policy Meeting (MPM) at the end of July while the BOJ agreed to increase its ETF purchases, it chose to hold off on increasing negative interest rates and quantitative easing. However, the US stock market soared to a record high after employment statistics released on the 5th exceeded expectations. This, together with a decline in the value of the yen, drove the Japanese stock market towards recovery. Trading slowed in the second half of the month as the world entered summer holiday mode, impacting the usually brisk TSE First Section to the degree that daily trading frequently fell below the two trillion yen level. In the face of this, stocks largely managed to hold their ground as expectations of ETF purchases by the BOJ served to buffer the effects of a strong yen. Towards the end of August, the stock market was largely directionless, with the yen hovering around the 100 yen to the dollar level and the TOPIX at around 1,300 points, ahead of Federal Reserve Chair Janet Yellen s Jackson Hole speech. Yellen s speech on the 26th, in conjunction with Vice Chairman Stanley Fischer s remarks on the US economy, reinforced the prospect of rate rises, which, as a result, saw the yen lose ground against the dollar. Thanks to this, stocks rallied to close the month at around the level seen at the end of July. Sectors continued the trend of July whereby winners became losers and vice versa. Best performing sectors were cyclical, such as steel, mining, and non-ferrous metals; financials, such as banks; and exporters, such as transportation and electronic equipment. Worst performing sectors were defensive and domesticoriented sectors. Performance Review Portfolio activity: Increasing expectations of interest rate rises in the US in accordance with an expanding economy and recovery in emerging markets raised the risk of a correction to the valuation gap. As such, we made a concerted effort to switch from relatively high-priced stable growth stocks to comparatively undervalued names undergoing reform. Overall, we reduced our weighting in domestic-oriented sectors and increased our weighting in external demand-related and financial sectors. Performance analysis: The portfolio underperformed the benchmark in August. In terms of individual stocks, positive contributions came from previously cheap names, such as Mabuchi Motor (6592), which is expanding sales in automotive components; Murata Manufacturing (6981), which is expected to benefit from a recovery in demand for electronic components for smart phones; and Sumitomo Mitsui Financial Group (8316), whose earnings are expected to recover due to a rise in interest rates. The portfolio was negatively impacted by previously high performing, high-priced names, such as Santen Pharmaceutical (4536), Otsuka Corporation (4768), and Don Quijote Holdings (7532). The mean reversal that began in July continued through August. Previously underperforming cheap names in external demand-related and cyclical sectors outperformed, while previously outperforming relatively expensive names in sectors with stable demand underperformed. The market saw drastic and rapid change during August, which we were unable to keep pace with. Though we had been forecasting a contraction of the valuation gap, which had been continuously growing up until that point, the actual result was far greater than we had imagined, and thus the portfolio was negatively affected. NAV Information Month end NAV *2 Class B (EUR) Class G *3 (USD) Class H *5 (CHF) Class I *5 (JPY) 8, Class J *4 (EUR-H) Class K *4 (CHF-H) Class M *5 (USD-H) * 2 FX rate is WM Reuter as at month-end * 3 Class G started in February 2012 * 4 Classes started in July 2015 * 5 Classes started in August 2015 Fund Codes ISIN Class B (EUR) IE00B3ZYDS66 Class G* 3 (USD) IE00B4100S42 Class H *5 (CHF) IE00BYYTL300 Class I *5 (JPY) IE00BYYTL417 Class J *4 (EUR-H) IE00BYYTL524 Class K *4 (CHF-H) IE00BYYTL631 Class M *5 (USD-H) IE00BYYTL854 Key Information Investment Manager: Tokio Marine Asset Management Co., Ltd. Administrator: SMT Fund Services (Ireland) Limited Custodian: SMT Trustees (Ireland) Limited

3 Outlook and Investment Strategy We expect the yen exchange rate and Japanese stock prices to be particularly volatile over September as investor sentiment swings in relation to monetary policy in Japan and the US. Whereas a lack of events provided some degree of stability to the market in August, September has a full line-up scheduled. On the 2nd, the US employment statistics will be announced and these will form the basis for any decisions on monetary policy in the US. Over the 4th and 5th, the G20 Summit will be held in Hangzhou, China and we expect investor confidence to increase on the prospect of economic measures. With regard to monetary policy, the 8th will see the Governing Council of the ECB meet to discuss monetary policy, on the 15th, the Bank of England will convene the Monetary Policy Committee, and over the 20th and 21st, the BOJ s MPM and the FRB s FOMC are due to be held. The BOJ noted in its statement following the last MPM that it will carry out a comprehensive assessment of policies, but the question on everyone s mind will be whether monetary easing measures will exceed market consensus. Attention will also be paid to the Fed s decision on whether to raise interest rates, which has been put off since last December, and how the market will react. Should the policy of the central banks stray from consensus, we expect significant volatility in exchange rates and stock prices. We believe the stability of stock prices since July has been due to the BOJ s ETF purchases and share buybacks by corporations. Going forward, we expect early implementation of economic stimulus measures and securities tax revisions, as part of year-end tax revisions, to provide the tailwind for stocks. Note: Portfolio holdings information and detailed analysis are available to all fund investors upon request. Contact Information For further information regarding the Tokio Marine Japanese Equity Focus Fund, please contact Tokio Marine Asset Management (London) Limited. Authorised and Regulated by the Financial Conduct Authority Tel: + 44 (0) (calls may be recorded) Business Development: tmal@tokiomarine.co.uk General Enquiries: focus@tokiomarine.co.uk

4 Disclaimer This document is intended for indicative purposes only and no claims can be made based on the content provided therein. It does not constitute an offer or an investment recommendation to purchase or sell investment funds or to execute any other types of transactions. It makes no guarantee for the accuracy, reliability, currency and completeness of the information provided herein. The content of this document is subject to change without notice. This document is intended for institutional investors only and is only presented to a retail client on the explicit request of such a client. Further details about the Fund are available in the Prospectus and Key Investor Information Document of the Fund, which are available in English and can be obtained from This Fund is not authorised for public distribution and is not registered under the U.S. Securities Act of The Fund is not offered for sale in the United States of America, its territories or possessions nor to any US person. The information in this document is not intended for persons subject to jurisdictions to which country-specific or individual sales restrictions apply (e.g. United Kingdom). The parties involved with the Fund accept no liability for any damages whatsoever arising from action taken on the basis of the contents of this document. Any simulated performance data and/or past performance data is not a reliable indicator of future performance. Income from investments may fluctuate and investors may not recoup the amount originally invested. This financial promotion has been approved by Tokio Marine Asset Management (London) Limited which is authorised and regulated by the Financial Conduct Authority. Chilean Residents English version - The offer of the securities mentioned in this presentation is subject to General Rule No. 336 issued by the Superintendence of Securities and Insurance of Chile (Superintendencia de Valores y Seguros) ( SVS ). The subject matter of this offer are securities not registered with the Securities Registry (Registro de Valores) of the SVS, nor with the Foreign Securities Registry (Registro de Valores Extranjeros) of the SVS; therefore, such securities are not subject to the supervision of the SVS. Since the securities are not registered in Chile, there is no obligation of the issuer to make publicly available information about the securities in Chile. The securities shall not be subject to public offering in Chile unless registered with the relevant securities registry of the SVS. Spanish version - La oferta de los instrumentos mencionados en esta presentación se acoge a la Norma de Carácter General No.336 de la Superintendencia de Valores y Seguros ( SVS ). Los valores que se ofrecen no están inscritos bajo la Ley de Mercado de Valores en el Registro de Valores o en el Registro de Valores Extranjeros que lleva la SVS, por lo que tales valores no están sujetos a la fiscalización de ésta. Por tratarse de valores no inscritos, no existe obligación por parte del emisor de entregar en Chile información pública respecto de estos valores. Los valores no podrán ser objeto de oferta pública en Chile mientras no sean inscritos en el registro de valores correspondiente. English version - The use of these materials is only for general information purposes. The information and materials do not constitute and should not be construed as a public offering. Investing in securities involves risk of loss that clients should be prepared to bear. Different types of investments involve varying degrees of risk and there can be no assurance that any specific investment or investment strategy will either be suitable or profitable for a client's investment portfolio. Past performance is not indicative of future results. Client should not assume that the future performance of any specific investment, investment strategy, or product will be profitable or equal to past or current performance levels. We cannot assure that the investment objectives of any client will be realized. Spanish version - El uso de esta documentación es exclusivamente con propósitos de información general. La información y documentación no constituyen y no debe ser interpretadas como una oferta pública. La inversión en valores implica un riesgo de pérdida que los clientes deben estar preparados para soportar. Los diferentes tipos de inversiones implican diferentes grados de riesgo y no podemos asegurar que una determinada inversión o estrategia de inversión sea adecuada o útil para la cartera de inversiones de un cliente. La rentabilidad pasada no es indicativa de resultados futuros. El cliente no debe asumir que el rendimiento futuro de cualquier inversión o estrategia de inversión tendrá los mismos resultados que sus rendimientos pasados o actuales. No podemos asegurar la obtención de los objetivos de inversión del cliente.

5 Disclaimer Peruvian Residents The placement of Interests has not been registered nor authorized by the Peruvian Superintendence of Securities Market ( Superintendencia del Mercado de Valores ) and no public offering is being made in Peru. Accordingly, the Interests offered hereunder may not be marketed and offered for sale in Peru, other than under circumstances which are deemed not to be a public offer in accordance with the Peruvian legislation. This document may not be available nor may the Interests otherwise be offered or sold in Peru other than to investors who: (i) qualify as Institutional Investors according to the Peruvian Institutional Investors Market Regulation enacted by Resolution SMV N SMV/01, and (ii) have provided written confirmation of such qualification to Tokio Marine Asset Management (London) Limited. This document is for the recipient only and may not in any way be forwarded to any other person or entity in Peru. Israeli Residents Pursuant to Section 3(A2) (2) of the investment Consulting Law in Israel, neither the marketer or Tokio Marine Asset Management (London) do not hold a license and are not insured pursuant to the requirements of the Investment Consulting Law.

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