TMLS Asian Equity Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd..

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1 TMLS ASIAN EQUITY FUND SUMMARY (SUPPLEMENT TO PRODUCT SUMMARY) This supplement forms part of the product summary. You should read this together with the relevant Product Summary. Description of the Fund TMLS Asian Equity Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd.. Fund Structure The Fund is a feeder ILP Sub-Fund which invests substantially into the Aberdeen Standard Pacific Equity Fund^ (SGD Class) (the Underlying Fund ) managed by Aberdeen Standard Investments (Asia) Limited^^ (the Underlying Fund Manager ). The Underlying Fund is an open-ended non-specialized unit trust established under the umbrella fund structure known as Aberdeen Standard Select Portfolio^^^. The country of domicile of the Underlying Fund is Singapore. The Fund is not classified as an Excluded Investment Product. ^ Prior to 3 September 2018, Aberdeen Standard Pacific Equity Fund was known as Aberdeen Pacific Equity Fund. ^^ Prior to 3 September 2018, Aberdeen Standard Investments (Asia) Limited was known as Aberdeen Asset Management Asia Limited. ^^^ Prior to 3 September 2018, the umbrella fund structure was known as Aberdeen Select Portfolio. Investment Objectives The investment objective of the Underlying Fund is to provide medium to long-term capital growth from a diversified portfolio of Asian-Pacific equities excluding Japanese equities. Fund Details Launch Date 1 October 1999 Inception Date 29 October 1999 ILP Sub-Fund Manager Tokio Marine Life Insurance Singapore Ltd. (w.e.f. 1 July 2016) Underlying Fund Manager Fund Currency Subscription CPFIS Risk Classification Aberdeen Standard Investments (Asia) Limited SGD Bid/Offer Spread 5.0% Cash / SRS / CPFIS-OA Higher Risk Narrowly Focused Regional - Asia Fund Size S$28.10 mil (as at 30 June 2018) Fund Management Fee Valuation Frequency Benchmark 1.20% p.a. Daily MSCI AC Asia Pacific ex Japan Index Page 1 of 8

2 Fund Performance vs Benchmark (%) (as at 30 June 2018) Period TMLS Asian Equity Fund 1 Year 3 # 3 5 # 5 10 # 10 Since Inception # Since Inception Benchmark # Annualised returns The returns are calculated using bid-to-bid prices, in SGD terms, with all dividends and distribution reinvested. Fees and charges payable through deduction of premium or cancellation of units are excluded from this calculation. Investments are subject to investment risks including the possible loss of the principal amount invested. Returns on the units of the Fund are not guaranteed. The value of the units in the Fund and the income accruing to the units, if any, may fall or rise. Past performance is not indicative of future performance of the Underlying Fund or the Fund. Source: Aberdeen Standard Investments (Asia) Limited. Information on the Underlying Fund Manager The Aberdeen Standard Investments Group Aberdeen Asset Management PLC (Aberdeen PLC) and Standard Life plc merged in August 2017 to create Standard Life Aberdeen plc, one of the world s largest investment companies. Operating under the brand Aberdeen Standard Investments ('ASI'), the two investment businesses of Standard Life Aberdeen plc (Aberdeen and Standard Life Investments Limited) managed $778 billion of assets as at 31 December 2017 making it the largest active manager in the UK and the second largest in Europe. It has a significant global presence and the scale and expertise to help clients meet their investment goals. ASI manages equities, fixed income, property and tailored investment solutions spanning multiple asset classes (including alternatives and quantitative investment). Aberdeen Standard Investments employs over 5,300 people worldwide, including over 1,000 investment professionals. We focus on bringing together a global team that s diverse in terms of gender, background and experience and skill-set. In each region, we focus on hiring local professionals to give us an advantage in every market in which we operate. Our teams are networked across 46 locations worldwide. By being close to the investors we serve and the markets in which we invest, we believe we make better decisions and can assess investment opportunity swiftly and in far more depth than centralised investment managers. The Underlying Fund Manager is Aberdeen Standard Investments (Asia) Limited. The Underlying Fund Manager is licensed and regulated by the Monetary Authority of Singapore. It is a wholly-owned subsidiary of the Standard Life Aberdeen Plc and was established in Singapore in May 1992, as the regional headquarters to oversee all of its Asia-Pacific assets, including collective investment schemes. The Underlying Fund Manager has managed collective investment schemes and/or discretionary funds since May The Underlying Fund's assets are independent of the Underlying Fund Manager's and various parties are appointed to perform different roles and responsibilities. In the event of the Underlying Fund Manager being insolvent, the assets are ring-fenced and safeguarded by their trustee and may not be used by the Underlying Fund Manager to pay off any liabilities or debts. Page 2 of 8

3 The trustee who is independent of the Underlying Fund Manager, is responsible for the safe custody of the fund assets and ensures that the underlying fund is managed according to the guidelines laid out in the trust deed to minimise the risk of mismanagement by the Underlying Fund Manager. Source: Aberdeen Standard Investments (Asia) Limited. Investors should note that the past performance of the managers is not necessarily indicative of the future performance of the managers. Investment Focus and Approach The objective of the Fund is achieved through investments in the Underlying Fund. The Underlying Fund Manager adopts the investment philosophy that markets are not always efficient. Superior returns are therefore attainable by identifying good securities (defined in terms of the fundamentals which the Underlying Fund Manager believes will drive security prices over the long term) cheaply. This is achieved primarily through first-hand research and active management of portfolios. In emphasising the primacy of corporate performance, the Underlying Fund Manager tends to disregard the role of indices and the concept of relative return. Market capitalisation appears an unsound theoretical basis for a neutral portfolio position, being an inherently historical construct, while consensus-driven demand is potentially distorting. Absolute return is held to be more important over the long term, with risks controlled primarily at the security level. The Underlying Fund Manager invests all or substantially all the assets of the Underlying Fund in a diversified portfolio of Asian-Pacific equities excluding Japanese equities and as a feeder fund to invest in the equity-based Asia Pacific sub-funds of the Aberdeen Standard Select Portfolio, namely the Aberdeen Standard China Opportunities Fund, the Aberdeen Standard Indonesia Equity Fund, the Aberdeen Standard Malaysian Equity Fund, the Aberdeen Standard Singapore Equity Fund and the Aberdeen Standard Thailand Equity Fund, and invests up to 10% of its deposited property in the Aberdeen Global Indian Equity Fund, a sub-fund of the Luxembourg-registered Aberdeen Global (collectively known as the Underlying Sub-Funds ). In respect of the Underlying Fund, the Underlying Fund Manager may, invest in the securities of companies or institutions domiciled in, operating principally from, or deriving significant revenue from the relevant country or countries (as the case may be). Soft Dollar Commissions or Arrangements The Underlying Fund Manager does not receive soft-dollar commissions or arrangements for the Underlying Fund. In the management of the Underlying Fund, the investment managers/advisers/submanagers may receive or enter into soft-dollar commissions/arrangements for the Underlying Fund. The investment managers/advisers/sub-managers will comply with applicable regulatory and industry standards on soft-dollars. Any goods or services supplied under any soft-dollar commissions/arrangements to the investment managers/advisers/sub-managers shall be directly relevant to, and are used to assist in, the provision to their customers of investment management services, which may include but are not limited to advice on dealing in, or on the value of any investments, custody services relating to the investments belonging to or managed for their customers, services relating to valuation or performance measurement, research, analysis and advisory services (including those on economic factors and trends), data and quotation services and computer hardware associated with specialised software or research services. The investment managers/advisers/sub-managers shall not receive goods and services such as travel, accommodation or entertainment costs, office administrative computer software, purchase or rental Page 3 of 8

4 of standard office equipment or ancillary facilities, employees salaries or any other goods and services prohibited by the applicable regulator. The investment managers/advisers/sub-managers shall ensure that the broker has agreed to provide best execution for the transactions and that no unnecessary trades are entered into in order to qualify for such soft-dollar commissions/ arrangements. Risks 1. General Risks The value of the Underlying Fund may rise or fall. Investments in the Underlying Fund are subject to various risks such as market risks, fluctuations in interest rates and foreign exchange rates, political instability, exchange controls, changes in taxation and foreign investment policies and other restrictions and controls which may be imposed by the relevant authorities in other countries. The risk factors set out herein may cause you to lose some or all of your investment. These risks are elaborated upon below Market Risk The usual risks of investing in listed and unlisted securities apply. Prices of securities may rise or fall in response to changes in economic conditions, political conditions, interest rates, and market sentiment. These may cause the price of units in the Underlying Fund to go up or down as the price of Units is based on the current market value of the investments of the Underlying Fund Liquidity Risk The securities markets of some countries lack the liquidity, efficiency, regulatory and supervisory controls of more developed markets. The lack of liquidity may adversely affect the value or ease of disposal of assets, thereby increasing the risk of investing in such markets Currency Risk /Exchange Rate Risk The assets and income of the Underlying Fund will be substantially denominated in currencies other than the Singapore dollar. Currency fluctuations between foreign currencies and the Singapore dollar may affect the income and valuation of the assets of the Underlying Fund in ways unrelated to business performance. Investors should note that the Underlying Fund Manager generally does not hedge the currency positions of the Underlying Fund unless circumstances require it Political Risk The Underlying Fund may invest in countries with less stable political and economic environments and in securities markets with lower levels of regulation and different accounting, commercial and market practices than those of acceptable international standards. This is likely to increase the overall risk of the Underlying Fund Settlement Risk/Transactions Risk The property of the Underlying Fund is held by the trustee on behalf of the Holders, separate from the trustee s assets. It is therefore protected in the event of the insolvency of the trustee. There is, however, still a risk that there may be a temporary delay in subscriptions and redemptions of the Units Regulatory Risk The investment objectives and parameters of the Underlying Fund are restricted by applicable legislation and regulatory guidelines. There may be a risk that legislative or regulatory changes may make it less likely for the Underlying Fund to achieve its objectives. Page 4 of 8

5 1.7. Taxation Investors should note that the proceeds from the sale of securities in some markets or the receipt of any dividends or other income may be or may become subject to tax, levies, duties or other fees or charges imposed by the authorities in that market, including taxation levied by withholding at source. Tax law and practice in certain countries into which the Underlying Fund invests or may invest in the future (in particular Russia and other emerging markets) is not clearly established. It is possible therefore that the current interpretation of the law or understanding of practice might change, or that the law might be changed with retrospective effect, and this may have an effect upon the value of the relevant Underlying Fund Repurchase or Securities Lending Agreement Whilst the value of the collateral of repurchase or securities lending agreements will be maintained to at least equal to the value of the securities transferred, in the event of a sudden market movement there is a risk that the value of such collateral may fall below the value of the securities transferred. In relation to repurchase transactions, investors should note that:- (a) in the event of the failure of the counterparty with which cash of a Underlying Fund has been placed, there is the risk that collateral received may yield less than the cash placed out, whether because of inaccurate pricing of the collateral, adverse market movements, a deterioration in the credit rating of issuers of the collateral, or the illiquidity of the market in which the collateral is traded; that (b) (i) locking cash in transactions of excessive size or duration, (ii) delays in recovering cash placed out, or (iii) difficulty in realising collateral may restrict the ability of the Underlying Fund to meet redemption requests, security purchases or, more generally, reinvestment; and that (c) repurchase transactions will, as the case may be, further expose the Underlying Fund to risks similar to those associated with optional or forward derivative financial instruments. Securities lending involves counterparty risk, including the risk that the loaned securities may not be returned or returned in a timely manner and/or at a loss of rights in the collateral if the borrower or the lending agent defaults or fails financially. This risk is increased when the Underlying Fund s loans are concentrated with a single or limited number of borrowers. Investors must notably be aware that:- (a) if the borrower of securities lent by the Underlying Fund fail to return these, there is a risk that the collateral received may realise less than the value of the securities lent out, whether due to inaccurate pricing, adverse market movements, a deterioration in the credit rating of issuers of the collateral, or the illiquidity of the market in which the collateral is traded; that (b) in case of reinvestment of cash collateral such reinvestment may (i) create leverage with corresponding risks and risk of losses and volatility, (ii) introduce market exposures inconsistent with the objectives of the Underlying Fund, or (iii) yield a sum less than the amount of collateral to be returned; and that (c) delays in the return of securities on loans may restrict the ability of the Underlying Fund to meet delivery obligations under security sales Counterparty Risk In some markets there may be no secure method of delivery against payment which would avoid exposure to counterparty risk. The Underlying Fund may enter into transactions and other contracts that entail a credit exposure to certain counterparties. To the extent that a counterparty defaults on its obligation and the Underlying Fund is delayed or prevented from exercising its rights with respect to the investments in its portfolio, it may experience a decline in the value of its position, a loss of income and possible additional costs associated with asserting its rights. Page 5 of 8

6 Where financial derivative instruments are dealt in over-the-counter markets ( OTC derivatives ), there is a risk that the counterparty may default. It may be necessary to make payment on a purchase or delivery on a sale before receipt of the securities or, as the case may be, sale proceeds. Where financial instruments are dealt on cash delivery versus payment type transactions (DVP), there is a replacement risk if the counterparty is unable to deliver the securities or the cash to the Underlying fund. 2. Fund Specific Risks In addition to the general risk factors set out above, potential investors should be aware of certain fund specific risks as set out below: 2.1 Exposure to specific regional markets increases potential volatility because the concentration in specific regional markets makes the Underlying Fund less diversified compared to exposure to global markets. 2.2 Exposure to emerging markets increases potential volatility as emerging markets tend to be more volatile than mature markets and the value of underlying investments could move sharply up or down. In some circumstances, the underlying investments may become illiquid which may constrain the Underlying Fund Manager s or the Underlying Sub-Funds investment managers ability to realise some or all of the assets. The registration and settlement arrangements in emerging markets may be less developed than in more mature markets so the operational risks of investing in emerging markets are also higher. In addition, the legal, judicial and regulatory infrastructures in emerging markets are still developing and political risks and adverse economic circumstances are also more likely to arise: 2.3 Investment in the Underlying Sub-Funds which invest in investments in China is subject to certain additional risks. Investments in local Chinese securities are done through the use of a Qualified Foreign Institutional investor ( QFII ) licence and the QFII licence holder s name is used to set up nominee accounts for which the securities and other assets are held on behalf of the Underlying Funds. There is a risk that creditors of the QFII may attempt to assert that the securities and other assets in the nominee accounts are owned by the QFII and not the Underlying Fund. If a court upholds such an assertion, the creditors of the QFII may seek payment from the assets of the Underlying Funds. 2.4 The Underlying Fund may use financial derivative instruments for the purposes of hedging and/or efficient portfolio management to the extent permitted in the Deed. In no event are financial derivative instruments used to lever the Underlying Fund. Total Derivatives Exposure The Underlying Fund Manager will ensure for the Underlying Fund that its exposure relating to financial derivative instruments does not exceed the total net value of its portfolio. The Underlying Fund Manager will ensure that the global exposure of the Underlying Fund to financial derivative instruments or embedded financial derivative instruments will not exceed 100% of the net asset value of the Underlying Fund at all times. Such exposure will be calculated using the commitment approach as described in, and in accordance with the provisions of, the Code on Collective Investment Schemes issued by the MAS ( Code ). Potential Conflicts of Interest The Underlying Fund Manager and other companies in the Aberdeen Standard Investments Group may effect transactions in which they have, directly or indirectly, an interest which may involve a potential conflict with their duty to the sub-funds under the Aberdeen Standard Select Portfolio. Neither the Underlying Fund Manager nor other companies in the Aberdeen Standard Investments Page 6 of 8

7 Group shall be liable to account to the sub-funds for any profit, commission or remuneration made or received from or by reason of such transactions or any connected transactions nor will the Underlying Fund Manager s fees, unless otherwise provided, be abated. The Underlying Fund Manager will ensure that such transactions are effected on terms which are not less favourable to the sub-funds than if the potential conflict had not existed. Such potential conflicting interests or duties may arise because the Underlying Fund Manager or other members in the Aberdeen Standard Investments Group may have invested directly or indirectly in the sub-funds. More specifically, the Underlying Fund Manager, under the rules of conduct applicable to it, must try to avoid conflicts of interests and, where they cannot be avoided, ensure that its clients (including the sub funds) are fairly treated. Central Provident Fund ( CPF ) Investment Scheme The Fund is included under the CPF Investment Scheme Ordinary Account ( CPFIS-OA ) and is classified by the CPF Board under the CPFIS risk classification of Higher Risk- Narrowly Focused Regional - Asia. Expense Ratio The expense ratio of the Fund, including the Underlying Fund expense ratio as at 31 December 2017 is 1.43% 1. Expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. The expense ratio is calculated in accordance with the Investment Management Association of Singapore s guidelines. Turnover Ratio The turnover ratio of the Fund as at 31 December 2017 is 3.95% 1. The turnover ratio of the Underlying Fund as at 30 September 2017 is 15.43% 1. The turnover ratio means the number of times per year that a dollar of assets is reinvested. It is calculated based on the lesser of purchases or sales for the 12 months preceding the reporting date expressed as percentage of the daily average Net Asset Value. 1 Source: TMLS Annual Investment-Linked Funds Report (Jan Dec 2017) For more information on the Underlying Fund, please refer to the Underlying Fund s prospectus. Disclaimer: This document should not be construed as an offer, or solicitation to deal in any funds. The information shown is strictly for reference only and is not a contract of insurance. The precise terms and conditions of this insurance plan are specified in the policy contract. The content of this document is compiled by TMLS based on the information from respective sources, no liability for any error or omission is accepted by TMLS, or any of its Underlying Fund Managers and their affiliates. An investment in the Fund is not a direct investment in the Underlying Fund. Accordingly, policyholders will have no direct interest in the Underlying Fund nor have any contractual relationship with or direct rights of recourse to the Underlying Fund Manager and its affiliates. Past performance is not indicative of future performance. Investments are subject to investment risks including the possible loss of the principal amount invested. Returns on the units of the Fund are not guaranteed. The value of the units in the Fund and the income accruing to the units, if any, may Page 7 of 8

8 fall or rise. The fees and charges payable through deduction of premium or cancellation of units are excluded in the calculation of fund returns. Potential investors should read the product summary or seek relevant professional advice before making any investment decision. Page 8 of 8